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Companies news of 2010-11-03 (page 1)

  • Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third Quarter Results...
  • Turkcell Iletisim Hizmetleri A.S.: Third Quarter 2010 Results"Business Remains on Track...
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  • P&T Luxembourg and LUXGSM Selects Amdocs Software to Replace Existing SystemsAmdocs...
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  • Amdocs Limited Reports Quarterly Revenue of $762 Million, Up 7.7% YoYEli Gelman assuming...
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  • Ford e-News - Nov. 3, 2010
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  • Gameloft: Record Third Quarter Sales of EUR34.7 Million, up 15%
  • Pro-Dex, Inc. Announces Fiscal 2011 First Quarter Financial Results Conference Call and...
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    Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third Quarter Results for the Fiscal Year Ending December 31, 2010

    BUENOS AIRES, Argentina, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Nortel Inversora S.A. , whose substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose substantial source of cash income is cash dividends and other distributions paid on such stock, today announced consolidated net income of Ps. 726 million for the nine-month period of fiscal year 2010.

    Nortel's consolidated financial results for the third quarter of fiscal year 2010 are substantially identical to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding-company level.

    Relevant matters

    Summary of the resolutions passed by the Annual and Extraordinary and Special Class A Preferred Stockholders' Meeting held on April 30, 2010.

    On April 30, 2010, Nortel held its Annual and Extraordinary and Special Class A Preferred Stockholders' Meeting. Among other points, the Shareholders' Meetings approved:

    --  Fiscal years 2008 and 2009 Annual Reports and Financial Statements.
    --  The proposal to carry forward all non-appropriated profit amounts as of
    December 2009, due to the Company's lack of liquidity.
    --  The designation of Price Waterhouse & Co. as independent accountants of
    the Company.
    

    Dividends

    On October 5, 2010, the Board of Directors of the Company approved the distribution to the Class A preferred shares of a provisional dividend in cash -- subject to consideration by the next Annual Meeting that will consider the 2010 fiscal year's results -- for an amount of Ar$ 356,199,536.88, which was made available to the Class A preferred shareholders on October 22, 2010.

    Summary of the resolutions passed by the Extraordinary General Stockholders' Meeting and the General and Special Class A Preferred Stockholders' Meeting, both of which were held on October 26, 2010.

    The Extraordinary General Stockholders' Meeting and the General and Special Class A Preferred Stockholders' Meeting, both of which were held on October 26, 2010, approved, among others:

    --  The amendment to Article 15 of Nortel's by-laws.
    --  The election of active and alternate members of the Board of Directors
    and the Supervisory Committee
    

    NORTEL INVERSORA S.A. --------------------- THIRD QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2010 ---------------------------------------------------- (In millions of Argentine pesos, except statistical and ratio data)

    Consolidated Balance Sheet (*) ------------------------------ 2010 2009 Current assets 4,002 2,927 Non-current assets 7,835 7,690 ----- ----- Total assets 11,837 10,617 Current liabilities 4,854 4,176 Non-current liabilities 985 936 --- --- Total liabilities 5,839 5,112 Minority interests 2,675 2,552 Total shareholders' equity 3,323 2,953 ----- ----- Total liabilities and shareholders' equity 11,837 10,617

    (*) As a consequence of the application of the new rules, the comparative information for the intermediate periods of the Annual Financial Statements should be the one corresponding to the last complete fiscal year. The comparative information of the Income Statement, evolution of Shareholders' Equity and Cash Flow Statements should be the one corresponding to the equivalent period of the previous fiscal year

    Consolidated Income Statement ----------------------------- 2010 2009 Net revenues 10,484 8,861 Cost of services provided administrative and selling expenses (8,169) (6,829) ------ ------ Operating Profit 2,315 2,032 Equity gain from related companies 13 Financial results, net (31) (319) Other, net (205) (160) Income tax (754) (560) Minority interest (599) (464) ---- ---- Net Income 726 542

    Ratios ------ 2010 2009 Liquidity (a) 0.82 0.70 Indebtedness (b) 0.97 0.93

    (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third party interests.

    Contacts: Jose Gustavo Pozzi Nortel Inversora S.A. (5411) 4 968-3630

    Nortel Inversora S.A.

    CONTACT: Jose Gustavo Pozzi, Nortel Inversora S.A., +5411-4-968-3630

    Web site: http://www.nortelsa.com.ar/




    Turkcell Iletisim Hizmetleri A.S.: Third Quarter 2010 Results"Business Remains on Track with Improved Operational Profitability"

    ISTANBUL, November 3, 2010 /PRNewswire-FirstCall/ -- Turkcell , the leading communications and technology company, today announced results for the third quarter ended September 30, 2010. All financial results in this press release are unaudited, prepared in accordance with International Financial Reporting Standards ("IFRS") and expressed in Turkish liras and dollars unless otherwise stated.

    Please note that all financial data is consolidated and comprises Turkcell Iletisim Hizmetleri A.S., (the "Company", or "Turkcell") and its subsidiaries and its associates (together referred to as the "Group"). All non-financial data is unconsolidated and comprises Turkcell only. The terms "we", "us", and "our" in this press release refer only to the Company, except in discussions of financial data, where such terms refer to the Group, and where context otherwise requires.

    Highlights of the quarter - Group revenue decreased by 1.7% compared to the same period of 2009 to TRY2,327.4 million (TRY2,368.0 million) mainly due to the decrease in interconnection rates and maximum price cap in Turkey. - However, Group revenue in the third quarter benefited from an increased contribution from: a. Mobile internet and service revenues, up by 27.6% to TRY425.3 million (TRY333.3 million); b. Consolidated group subsidiaries, particularly Superonline in Turkey which increased revenues by 32.3% to TRY91.0 million (TRY68.8 million); c. An increase in our postpaid subscriber base in Turkey (29.2% of the total subscriber base, up from 25.3% a year ago), as well as increasing usage and ARPU. - Group EBITDA* increased by 6.1% to TRY863.6 million (TRY813.7 million), while the EBITDA margin improved to 37.1% (34.4%). This resulted from: a. Improved costs at Turkcell Turkey with declining interconnect expenses as a percentage of revenues mainly due to MTR declines coupled with lower transmission, roaming, selling and marketing expenses; b. Astelit's commitment to its turnaround strategy and effective cost control initiatives resulted in an increase in EBITDA margin to 25.3% from 7.9% in the same period of last year; c. Superonline's EBITDA margin increased from 6.6% to 12.3%. - Group net income increased by 12.0% year-on-year to TRY556.3 million (TRY496.8 million).

    *EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of EBITDA to net cash from operating activities.

    **In this press release, a year-on-year comparison of our key indicators is provided and figures in parentheses following the operational and financial results for September 30, 2010 refer to the same item as at September 30, 2009. For further details, please refer to our consolidated financial statements and notes as at and for September 30, 2010 which can be accessed via our web site in the investor relations section (http://www.turkcell.com.tr).

    **Please note that the Information and Communication Technologies Authority in Turkey is referred to as "the Telecommunications Authority" herein.

    Comments from the CEO, Sureyya Ciliv

    "We have recorded strong results in the third quarter of 2010 whereas we continued our investments and sustained customer loyalty with advantageous tariffs: Turkcell Group recorded TRY2,327 million in revenues, an EBITDA margin of 37.1% and TRY556 million in net income.

    Even in the face of global contraction in 2010 and 2009, we continued to invest for the benefit of our business, Turkey's economy and social welfare by bringing new technologies. In addition to establishing a strong 3G network and fiber infrastructure, we further strengthened our existing 2G network, built up our business model on mobile broadband and total telecom solutions, and prepared for the future.

    As a result of our investments, we upgraded our infrastructure quality and coverage above world standards. We achieved significant growth in voice and mobile internet usage by offering our customers advantageous tariffs.

    In this period when the recent reductions in mobile termination rates and maximum price cap had negative impact on our revenues, we offered much more affordable prices for our customers and increased usage. We improved our operational efficiency with a focus on cost control initiatives and due to higher contribution from our subsidiaries.

    In a new period, marked by an increasing share of smartphones in our market and an expanding 3G network, we are very excited that we will continue to grow our business model through our mobile services and applications tailored for our customers' needs. We will provide better opportunities to our customers by capitalizing on our strong brandname as the market leader.

    I would like to thank all of our customers, employees, business partners, and shareholders for their continued support during this period."

    OVERVIEW OF THE QUARTER IN TURKEY

    The macroeconomic recovery in Turkey continued with a GDP growth of 11.0% in the first half of 2010 while consumer confidence index hit 90.41 as of September 2010, compared to 81.92 a year ago. On the back of improved macroeconomic conditions and declining trend in multiple SIM Card usage, the mobile line penetration remained flat at 85% based on our estimates and we expect similar levels to prevail by the year end.

    During the quarter, all the mobile operators in Turkey continued to focus on postpaid subscription with lower priced voice packages. In the prepaid segment we have seen focus on youth segment and increase in usage incentives. Even though, we have seen some signs for a more rationale competitive environment compared to last year, the intensive competition in the market in the first half of the year, continued into the third quarter particularly with segmented offers as well as 3G offers and terminals.

    During the quarter, we continued to focus on growing our post-paid subscriber base and on maintaining our strong operational performance in the Turkish mobile market. For the remainder of the year, we will continue to focus on growing the share of postpaid in total subscriber base.

    We continued to differentiate ourselves with our unique mobile services and applications. We have seen growing interest in our cutting-edge applications such as mobile payment, mobile signature, mobile education, telemetry applications and e-government applications. Recently, our application "Gezenzi.com", Turkey's first location-based social sharing platform website, became one of the first services in the world to use "Messenger Connect" following our cooperation with Microsoft.

    In the first year following the launch of 3G in Turkey, we built on our highest quality 3G network. As we believe that smartphones increases mobile internet usage, thus revenues, we incentivized mobile internet usage with terminal bundled offers. Currently, on our network there are approximately 1.6 million smartphones which is significantly ahead of our expectations of approximately 1 million for 2010.

    In the third quarter of 2010, mobile internet revenues increased by 83.7%, constituting 28.3% of all mobile internet and service revenues in Turkey, up from 19.7% compared to a year ago. Consequently, Turkcell Turkey's share of mobile internet and service revenues increased by 4.9 percentage points to 20.5% (15.6%). The share of our consolidated mobile internet and service revenues increased by 4.4 percentage points to 19.5% (15.1%).

    Overview of the Macroeconomic Environment

    The foreign exchange rates which have been used in our financial reporting and certain macroeconomic indicators are set forth below.

    Q309 Q210 Q310 y/y % chg q/q % chg TRY / $ rate Closing Rate 1.4820 1.5747 1.4512 (2.1%) (7.8%) Average Rate 1.4910 1.5266 1.5109 1.3% (1.0%) Macroeconomic indicators Consumer Price 0.3% (0.3%) 1.1% 0.8pp 1.4pp Index GDP Growth (2.7%) 10.3% n/a n/a n/a UAH/$ Closing Rate 8.0100 7.9070 7.9135 (1.2%) 0.1% Average Rate 7.8357 7.9223 7.8965 0.8% (0.3%)

    Financial and Operational Review of the Third Quarter 2010

    The following discussion focuses principally on the developments and trends in our business in the third quarter of 2010. Selected financial information for the third quarter of 2009, second quarter of 2010 and third quarter of 2010 is also included at the end of this press release.

    For your convenience, selected financial information in TRY prepared in line with the Capital Markets Board of Turkey's standards is also included at the end of this press release.

    Financial Review of Turkcell Group Profit & Loss Statement (million TRY) Q309 Q210 Q310 y/y % q/q % chg chg Total Revenue 2,368.0 2,241.2 2,327.4 (1.7%) 3.8% Direct cost of revenues* (1,246.9) (1,220.6) (1,272.5) 2.1% 4.3% Depreciation and amortization (224.2) (277.7) (308.6) 37.6% 11.1% Gross Margin 47.3% 45.5% 45.3% (2.0pp) (0.2pp) Administrative expenses (100.8) (137.6) (120.6) 19.6% (12.4%) Selling and marketing expenses (430.9) (436.3) (379.3) (12.0%) (13.1%) EBITDA1 813.7 724.4 863.6 6.1% 19.2% EBITDA Margin 34.4% 32.3% 37.1% 2.7pp 4.8pp Net financial income / (expense) (1.8) 38.2 72.1 n/m 88.7% Financial expense (103.0) (68.1) (29.7) (71.2%) (56.4%) Financial income 101.2 106.3 101.8 0.6% (4.2%) Share of profit of associates 40.5 45.1 52.6 29.9% 16.6% Income tax expense (139.9) (113.6) (138.6) (0.9%) 22.0% Net Income 496.8 422.3 556.3 12.0% 31.7%

    (*): including depreciation and amortization expenses.

    Revenue: In Q3 2010, Turkcell's consolidated revenues declined by 1.7% compared to Q3 2009 to TRY2,327.4 million (TRY2,368.0 million). This was mainly due to the decline in mobile voice revenues in Turkey as a result of MTR decreasing by 52% and the maximum price cap by 38%. This was partially offset by:

    - An increase in mobile internet and service revenues by 27.6% to TRY425.3 million (TRY333.3 million); - An increased contribution from subsidiaries, particularly Superonline which increased revenues by 32.3% to TRY91.0 million (TRY68.8 million).

    Turkcell Turkey's interconnect revenues declined by 43.2% to TRY141.4 million from TRY249.1 million in Q3 2009 mainly due to a decrease in mobile termination rates.

    - Turkcell Turkey's interconnect revenues accounted for 6.8% of Turkcell Turkey's total revenues, decreasing by 4.8 percentage points from 11.6% in Q3 2009; - Turkcell Group's interconnect revenues share in consolidated group revenues decreased by 4.4 percentage points to 8.3% (12.7%).

    Compared to the previous quarter, Turkcell Group revenue grew by 3.8% mainly due to:

    - Larger postpaid subscriber base in Turkey resulting in higher mobile voice revenues; - The positive impact of seasonally higher usage on mobile voice revenues; - Higher mobile internet and services revenues, which increased by 9.6% compared to Q2 2010.

    Direct cost of revenues: Direct cost of revenues including depreciation and amortization increased by 2.1% to TRY1,272.5 million (TRY1,246.9 million) in Q3 2010.

    Direct cost as a percentage of total revenues increased to 54.7% from 52.7% in Q3 2009. This mainly arose from:

    - An increase in depreciation and amortization expenses (up 3.8 percentage points), network-related expenses (up 0.3 percentage points), and other items (up 0.5 percentage points); - Which were partially offset by lower interconnect costs (down 2.6 percentage points).

    The increase in depreciation and amortization expenses as a percentage of total revenues by 3.8 percentage points was mainly due to the TRY24.1 million (TRY13.4 million) write-offs registered this quarter for obsolete equipments owned by Turkcell and our group companies, and depreciation impact on asset retirement obligation.

    Quarter on quarter, direct cost as a percentage of total revenues increased by 0.2 percentage points mainly as a result of:

    - Increases in depreciation and amortization (up by 0.9 percentage points), interconnection costs (up by 0.3 percentage points), and Treasury share expenses (up by 0.3 percentage points); - Which were partially offset by the decreases in roaming expenses (down by 0.6 percentage points), network-related expenses (down by 0.4 percentage points), and other items (down by 0.3 percentage points).

    In Q3 2010, Turkcell Turkey's interconnect costs declined by 21.0% to TRY162.1 million (TRY205.3 million) year-on-year due to the decrease in mobile termination rates. Consequently, Turkcell Turkey's interconnect costs as a percentage of revenues decreased by 1.8 percentage points to 7.8% (9.6%). On the other hand, Turkcell Group's interconnect costs declined by 26.0% to TRY185.4 million (TRY250.7 million) year-on-year, while its share of consolidated group revenues decreased by 2.6 percentage points to 8.0% (10.6%) compared to Q3 2009.

    Administrative expenses: General and administrative expenses as a percentage of revenue increased by 0.9 percentage points to 5.2% year-on-year, mainly due to higher bad debt expenses which increased due to the change in calculation methodology of bad debt provisions starting from the Q2 2010.

    Compared to Q2 2010, general and administrative expenses as a percentage of revenues decreased by 1.0 percentage points, mainly due to bad debt expenses being 0.8 percentage points lower due to the fact that the change in calculation methodology had a one-time impact on the provision set aside in Q2 2010.

    Selling and marketing expenses: In Q3 2010, selling and marketing expenses as a percentage of consolidated revenues decreased by 1.9 percentage points compared to the same period of previous year. This was mainly due to:

    - Lower marketing expenses (down by 0.8 percentage points), selling expenses (down by 1.7 percentage points) and declining frequency usage fee (down by 0.3 percentage points) along with declining prepaid subscriber base.

    Quarter on quarter, selling and marketing expenses as a percentage of revenue decreased by 3.2 percentage points mainly due to lower communication activities as well as selling expenses.

    EBITDA[1]: EBITDA increased by 6.1% compared to Q3 2009 to TRY863.6 million (TRY813.7 million), while EBITDA margin improved to 37.1% from 34.4%.

    Quarter on quarter, along with a 3.8% growth in consolidated Group revenues, our EBITDA margin grew by 4.8 percentage points from 32.3% to 37.1%. This was mainly due to:

    - The increasing contribution of Group subsidiaries particularly EBITDA in Ukraine with a greater focus on profitability; - Lower selling, marketing and administrative expenses in Turkey.

    Net finance income/(expense): In Q3 2010 we recorded net finance income of TRY72.1 million as opposed to a finance expense of TRY1.8 million in Q3 2009. The increase in net finance income mainly arose from a TRY7.7 million translation gain recorded in Q3 2010, as opposed to a TRY69.5 million loss recorded during Q3 2009 due to decrease in translation loss as a result of UAH/ USD depreciation of 0.1% (5.0%) in Q3 2010 and increase in translation gain as a result of TRY/USD appreciation of 7.8% (3.1%) in Q3 2010.

    Quarter on quarter, finance income increased to TRY72.1 million from TRY38.2 million mainly due to a change in translation gain/(loss) by TRY50.9 million to TRY7.7 million translation gain from TRY43.2million translation loss.

    Share of profit of equity accounted investees: In Q3 2010 our share in the net income of unconsolidated investees, consisting of the net income/(expense) impact of Fintur and A-Tel, increased by 29.9% to TRY52.6 million year-on-year mainly due to the improved performance of Fintur's operations in Kazakhstan.

    The results of our 50%-owned subsidiary A-Tel impacted two items in our financial statements. A-Tel's revenue generated from Turkcell, amounting to TRY12.2 million, is netted out from the selling and marketing expenses in our consolidated financial statements in proportion to our ownership. The difference between the total net impact of A-Tel and the amount netted out from selling and marketing expenses amounted to TRY11.6 million and is recorded in the 'share of profit of equity accounted investees' line of our financial statements.

    Income tax expense: In Q3 2010 the total taxation charge slightly decreased to TRY138.6 million from TRY139.9 million in Q3 2009. The taxation charge in Q2 2010 was TRY113.6 million.

    Of the total tax charge, TRY151.2 million was related to current tax charges, while deferred tax income of TRY12.6 million was recorded.

    (million TRY) Q309 Q210 Q310 y/y % chg q/q % chg Current tax (140.9) (149.1) (151.2) 7.3% 1.4% expense Deferred Tax 1.0 35.5 12.6 1,160.0% (64.5%) income / (expense) Income Tax (139.9) (113.6) (138.6) (0.9)% 22.0% expense

    Net income: Year-on-year net income increased by 12.0% to TRY556.3 million and net income margin increased by 2.9 percentage points to 23.9%, mainly due to:

    - Higher EBITDA and lower translation losses;

    - Despite increased depreciation and amortization expenses.

    Compared to the previous quarter, net income increased by 31.7% and net income margin increased by 5.1 percentage points, again due to:

    - Higher EBITDA and lower translation losses;

    - Which were partially offset by higher depreciation expenses.

    Total Debt: Consolidated debt amounted to TRY2,609 million as of September 30, 2010, TRY853 million of which was related to Turkcell's Ukrainian operations. TRY1,777 million of our consolidated debt is at a floating rate and TRY605 million will mature in less than a year. We continue to maintain a strong balance sheet with a solid cash position and a debt/annual EBITDA ratio of 87.5%.

    Consolidated Cash Flow Q309 Q210 Q310 (million TRY) EBITDA* 813.7 724.4 863.6 LESS: Capex and License (433.2) (360.5) (310.1) Turkcell (250.0) (221.3) (145.7) Ukraine** (43.5) (21.7) (2.3) Investment & Marketable 45.6 47.3 - Securities Net Interest 67.7 81.4 64.3 Income/Expense Other (187.7) (105.2) (344.0) Net Change in Debt 605.5 284.3 155.7 Dividends paid - (859.3) - Cash Generated 911.6 (187.6) 429.5 Cash Balance 3,915.9 4,193.0 4,622.5

    (*) EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of EBITDA to net cash from operating activities.

    (**)The appreciation of reporting currency (TRY) against USD is included in this line.

    Cash Flow Analysis: Capital expenditures in Q3 2010 amounted to TRY310.1 million, of which TRY145.7 million was related to Turkcell Turkey, TRY2.3 million to our Ukrainian operations, TRY112.3 million to Superonline and TRY28.2 million to our Belarusian operations.

    The other item in cash flow mainly includes the corporate tax payment of TRY145 million, TRY50 million payment to Tax Authority regarding the settlement, TRY83 million bank overdraft outflow and TRY66 million change in other working capital items.

    Operational Review in Turkey Operational Data Q309 Q210 Q310 y/y % chg q/q % chg Number of total subscribers 36.0 33.9 33.9 (5.8%) - (million) Number of postpaid 9.1 9.8 9.9 8.8% 1.0% subscribers (million) Number of prepaid 26.9 24.2 24.0 (10.8%) (0.8%) subscribers (million) ARPU (Average Monthly 13.2 12.7 13.5 2.3% 6.3% Revenue per User), blended (US$) ARPU, postpaid (US$) 28.1 26.5 27.1 (3.6%) 2.3% ARPU, prepaid (US$) 8.4 7.4 7.9 (6.0%) 6.8% ARPU, blended (TRY) 19.7 19.4 20.4 3.6% 5.2% ARPU, postpaid (TRY) 41.8 40.5 41.0 (1.9%) 1.2% ARPU, prepaid (TRY) 12.5 11.2 12.0 (4.0%) 7.1% Churn (%) 10.2% 9.8% 8.9% (1.3pp) (0.9pp) MOU (Average Monthly Minutes 148.6 171.0 197.1 32.6% 15.3% of usage per subscriber), blended

    Subscribers: Our subscriber base in Turkey totaled 33.9 million and remained flat compared to Q2 2010.

    During this quarter, our focus on the postpaid segment continued while we saw a slowdown in the contraction of the prepaid subscriber base. In 3Q 2010, our postpaid subscribers increased by 8.8% year-on-year to 9.9 million (9.1 million). Of the total subscribers, the share of postpaid improved to 29.2%, up from 25.3% a year ago, with 92,000 net additions during the quarter demonstrating the success of our value focused subscriber acquisition approach.

    Churn Rate: Churn refers to voluntarily and involuntarily disconnected subscribers. In 3Q 2010, our churn rate decreased to 8.9%, down from 10.2% during the same period of 2009, mainly due to the decreasing involuntary churn of prepaid subscribers with increasing loyalty incentives.

    MoU: Our blended minutes of usage per subscriber ("MoU") increased by 32.6% to 197.1 minutes compared to Q3 2009 driven by the attractive tariff and campaign offers.

    ARPU: Blended average revenue per user ("ARPU") in TRY terms increased by 3.6% year-on-year to TRY20.4 despite decreasing interconnection rates. The increase in ARPU was mainly due to the increasing mobile internet revenues and our successful mobile marketing activities as well as our value focus.

    Postpaid ARPU in TRY terms was TRY41.0, a 1.9% decrease year-on-year. Prepaid ARPU in TRY terms declined by 4.0% to TRY12.0 in 3Q 2010 compared to the same period of last year. The decrease in postpaid and prepaid ARPU was due to the negative impact of declining MTRs and the reduction on maximum price cap, while the decline in postpaid ARPU was also impacted from the increase in prepaid to postpaid switch numbers.

    Other Domestic and International Operations

    Superonline

    Superonline, our wholly owned subsidiary, is providing fixed broadband services by investing in the build up of a fiber-optic network.

    Summary data for Q309 Q210 Q310 y/y % chg q/q % chg Superonline Revenue (TRY 68.8 80.9 91.0 32.3% 12.5% million) EBITDA(1) (TRY 4.5 10.5 11.2 148.9% 6.7% million) EBITDA margin 6.6% 13.0% 12.3% 5.7pp (0.7pp) Capex (TRY 62.3 65.8 112.3 80.3% 70.7% million)

    (1) EBITDA is a non-GAAP financial measure. See page 14 for the reconciliation of Superonline's EBITDA to net cash from operating activities.

    - As of Q3 2010, Superonline's fiber-optic network extended to 480,000 home passes (HP) and reached 18,400 km. Superonline's share in Turkcell's transmission costs reached 42% in Q3 2010. - Superonline recorded 32.3% year-on-year revenue growth in 3Q 2010 driven by the increase in residential and corporate segment revenues as well as increasing share in Turkcell's transmission costs. - In Q3 2010, Superonline's EBITDA tripled compared to a year ago mainly due to increase in share of data revenue within total revenue as a result of higher subscriber base with extended fiber roll-out. - We expect Superonline's contribution to Turkcell's financials to continue to improve and record double digit EBITDA margin in 2010 year end. - On the regulatory front, we have seen some improvement, yet the challenges on the effective implementation of fixed number portability and naked ADSL remain.

    Astelit

    Astelit, in which we hold a 55% stake through Euroasia, has operated in Ukraine since February 2005 under the brand "life:)".

    Summary data for Astelit Q309 Q210 Q310 y/y % chg q/q % chg Number of subscribers (million) Total 11.8 11.7 9.8 (16.9%) (16.2%) Active (3 months)(1) 7.8 8.0 6.3 (19.2%) (21.3%) MoU (minutes) 153.5 157.5 167.0 8.8% 6.0% Average Revenue per User(ARPU) in US$ Total 2.6 2.5 2.6 - 4.0% Active (3 months) 3.8 3.7 4.3 13.2% 16.2% Revenue (UAH million) 730.7 709.3 670.6 (8.2%) (5.5%) Revenue (US$ million) 93.2 89.5 84.9 (8.9%) (5.1%) EBITDA(2) (US$ million) 7.4 20.3 21.5 190.5% 5.9% EBITDA margin 7.9% 22.7% 25.3% 17.4pp 2.6pp Net Loss (US$ million) (42.5) (17.1) (26.4) (37.9%) 54.4% Capex (US$ million) 31.9 12.9 5.0 (84.3%) (61.2%)

    (1) Active subscribers are those who in the past three months made a transaction which brought revenue to the Company.

    (2) EBITDA is a non-GAAP financial measure. See page 15 for the reconciliation of Euroasia's EBITDA to net cash from operating activities. Euroasia holds 100% stake in Astelit.

    - During this period, we continued to see successful results due to our focus on profitability and contribution of the improving macroeconomic environment. - In Q3 2010, we closed down our non-profitable carrier business line and continued our focus on higher ARPU generating subscribers, rather than growing our subscriber share in the market. - The close down of the carrier business line and declining interconnect rates resulted in a decrease in Astelit's revenues by 8.9% to $84.9 million compared to 3Q 2009. In local currency terms, revenues in Q3 2010 decreased by 8.2% year-on-year. - In Q3 2010, Astelit's EBITDA tripled compared to a year ago thanks to its commitment to a turnaround strategy and effective cost control initiatives. Astelit's EBITDA margin increased to 25.3% from 7.9% in the same period of last year. The main drivers of this increase were the tariff redesigns to decrease interconnection costs and cost cutting measures. We expect Astelit to achieve a double digit EBITDA margin in 2010. - During the quarter, Astelit's definition of active subscriber is being modified, negatively impacting the number of registered and three-month active subscribers. The number of registered and three-month active subscribers were 9.8 million and 6.3 millon, respectively. - The 3-month active ARPU increased by 13.2% year-on-year mainly due to a decline in the number of active subscribers along with the change in the active subscriber definition. - MoU increased by 8.8% to 167.0 minutes year-on-year.

    Fintur

    Turkcell holds a 41.45% stake in Fintur and through Fintur has interests in mobile operations in Kazakhstan, Azerbaijan, Moldova, and Georgia.

    FINTUR Q309 Q210 Q310 y/y % chg q/q % chg Subscriber (million) Kazakhstan 7.1 7.8 8.4 18.3% 7.7% Azerbaijan 3.7 4.2 4.1 10.8% (2.4%) Moldova 0.6 0.7 0.8 33.3% 14.3% Georgia 1.6 1.9 1.9 18.8% - TOTAL 13.0 14.6 15.2 16.9% 4.1% Revenue (US$ million) Kazakhstan 223 249 272 22.0% 9.2% Azerbaijan 132 122 133 0.8% 9.0% Moldova 17 16 18 5.9% 12.5% Georgia 47 40 39 (17.0%) (2.5%) Other* 1 - (2) n/m n/m TOTAL 420 428 460 9.5% 7.5% (*)Includes intersegment eliminations (TRY million) Q309 Q210 Q310 y/y % chg q/q % chg Fintur's 61.3 54.9 65.8 7.3% 19.9% contribution to Turkcell Group's net income

    Fintur's subscriber base continued to grow in 3Q 2010. The total number of subscribers increased by 16.9% to 15.2 million compared to the same period last year driven by strong net additions in Kazakhstan. Fintur's consolidated revenue increased by 9.5% year-on-year to $460 million in Q3 2010 mainly driven by a 22.0% increase in revenues of our operation in Kazakhstan along with a strong subscriber acquisition and an improved macroeconomic environment.

    We account for our investment in Fintur using the equity method. Fintur's contribution to net income increased to TRY65.8 million ($43.7 million) in 3Q 2010, from TRY61.3 million ($41.1 million) a year ago.

    Reconciliation of Non-GAAP Financial Measures

    We believe that EBITDA is a measure commonly used by companies, analysts and investors in the telecommunications industry, which enhances the understanding of our cash generation ability and liquidity position and assists in the evaluation of our capacity to meet our financial obligations. We also use EBITDA as an internal measurement tool and, accordingly, we believe that the presentation of EBITDA provides useful and relevant information to analysts and investors.

    Our EBITDA definition includes Revenue, Direct Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses and Administrative expenses, but excludes translation gain/(loss), finance income, share of profit of equity accounted investees, gain on sale of investments, income/(loss) from related parties, minority interest and other income/(expense).

    EBITDA is not a measure of financial performance under IFRS and should not be construed as a substitute for net earnings (loss) as a measure of performance or cash flow from operations as a measure of liquidity.

    The following table provides a reconciliation of EBITDA, which is a non-GAAP financial measure, to net cash from operating activities, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.

    TURKCELL Q309 Q210 Q310 y/y % chg q/q % chg $ million EBITDA 545.4 474.1 570.7 4.6% 20.4% Income Tax Expense (93.8) (74.2) (91.4) (2.6%) 23.2% Other operating 7.0 (5.3) (0.2) (102.9%) (96.2%) income/(expense) Finance income (0.5) (3.4) (1.1) 120.0% (67.6%) Finance expense (26.9) (13.2) (25.1) (6.7%) 90.2% Net 86.1 (21.9) (36.9) (142.9%) 68.5% increase/(decrease) in assets and liabilities Net cash from 517.3 356.0 416.0 (19.6%) 16.9% operating activities Superonline Q309 Q210 Q310 y/y % chg q/q % chg TRY million EBITDA 4.5 10.5 11.2 148.9% 6.7% Other operating 0.3 0.4 0.6 100.0% 50.0% income/(expense) Finance income (3.7) 1.5 15.9 (529.7%) 960.0% Finance expense 0.5 (7.3) (27.2) (5,540.0%) 272.6% Net (11.2) (9.0) 20.8 (285.7%) (331.1%) increase/(decrease) in assets and liabilities Net cash from (9.6) (3.9) 21.3 (321.9%) (646.2%) operating activities EUROASIA (Astelit) Q309 Q210 Q310 y/y % chg q/q % chg $ million EBITDA 7.4 20.3 21.5 190.5% 5.9% Other operating 2.1 0.3 - - - income/(expense) Finance income 0.2 0.2 0.2 0.0% 0.0% Finance expense (0.2) (11.4) (6.2) 3,000.0% (45.6%) Net 13.2 (5.6) (5.7) (143.2%) 1.8% increase/(decrease) in assets and liabilities Net cash from 22.7 3.9 9.8 (56.8%) 151.3% operating activities

    Turkcell Group Subscribers

    We had approximately 60.4 million subscribers as of September 30, 2010. This figure is calculated by taking the number of subscribers in Turkcell and each of our subsidiaries and unconsolidated investees. This figure includes the total number of mobile subscribers in Astelit, BeST, in our operations in the Turkish Republic of Northern Cyprus ("Northern Cyprus") and Fintur. In the past, when presenting our total group subscribers, we have presented this figure on a proportional basis, adjusted to reflect our ownership interest in each subsidiary. We believe that presenting total subscribers is a good indicator of our Group's reach and intend to use this new method of calculation going forward.

    During the third quarter, Turkcell Group subscribers declined by 1.6 million compared to the previous quarter. This was resulted mainly from changes at Astelit in Ukraine and BeST in Belarus. Astelit's definition of active subscriber is being modified to churn out any subscriber whose only activity is the receipt of bulk SMSs or call forwarding. Astelit will no longer maintain such subscribers. The total change in Astelit's registered subscribers at the end of 3Q 2010 as compared to Q2 is a decrease from approximately 11.7 million to approximately 9.8 million and in active three-month subscribers from approximately 8.0 million to approximately 6.3 million.

    BeST's definition of registered subscriber is being modified to churn out any subscriber not refilling the account for more than six months. BeST's previous registered subscriber definition retained subscribers for 13 months after their last refill. As a result, the impact of the change on BeST's registered subscribers at the end of 3Q 2010 is a decrease from approximately 1.5 million to approximately 1.2 million and on active three-month subscribers from approximately 1.3 million to approximately 1.2 million.

    On a separate note, the Telecommunications Authority has implemented a new "active subscriber" definition for prepaid subscribers in the Turkish market effective as of October 1, and we are aligning our definition with the Telecommunication Authority's. Under the new definition, the definition of active subscriber will lengthen the duration of prepaid churn to nine months from seven months. We estimate that there will be a one time impact resulting from this change, which will reduce the number of churning subscribers in 2011 due to a longer duration to churn.

    Turkcell Group Q309 Q210 Q310 y/y % chg q/q % chg Subscribers (million) Turkcell 36.0 33.9 33.9 (5.8%) - Ukraine 11.8 11.7 9.8 (16.9%) (16.2%) Fintur 13.0 14.6 15.2 16.9% 4.1% Northern Cyprus 0.3 0.3 0.3 - - Belarus 0.8 1.5 1.2 50.0% (20.0%) TURKCELL GROUP 61.9 62.0 60.4 (2.4%) (2.6%)

    Forward-Looking Statements

    This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as, among others, "will," "expect," "intend," "estimate," "believe" or "continue."

    Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements.

    For a discussion of certain factors that may affect the outcome of such forward looking statements, see our Annual Report on Form 20-F for 2009 filed with the U.S. Securities and Exchange Commission, and in particular the risk factor section therein.

    We undertake no duty to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

    http://www.turkcell.com.tr

    ABOUT TURKCELL

    Turkcell is the leading communications and technology company in Turkey with 33.9 million postpaid and prepaid customers and a market share of approximately 55% as of September 30, 2010 (Source: Our estimations, operator's and the Telecommunication Authority's announcements). Turkcell provides high quality data and voice services to approximately 90% of the Turkish population through its 3G technology supported network and to 99.07% of the Turkish population through its 2G technology supported network. Turkcell reported TRY2.3 billion ($1.5 billion) net revenue for the period ended September 30, 2010 and its total assets reached TRY14.5 billion ($10.0 billion) as of September 30, 2010. Turkcell has become one of the first operators among the global operators to have implemented HSDPA+ and to reach to 42.2 Mbps speed with HSPA multi carrier solution. Turkcell is a leading regional player and has interests in international mobile operations in Azerbaijan, Belarus, Georgia, Kazakhstan, Moldova, Northern Cyprus and Ukraine which, together with its Turkish operations, had approximately 60.4 million subscribers as of September 30, 2010. Turkcell has been listed on the NYSE and the ISE since July 2000 and is the only NYSE-listed company in Turkey and is among the top 15% of companies listed on NYSE by its size as of October 2010. 51.00% of Turkcell's share capital is held by Turkcell Holding, 0.05% by Cukurova Holding, 13.07% by Sonera Holding, 2.32% by M.V. Group and 0.01% by others while the remaining 33.55% is free float.

    (1) EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of EBITDA to net cash from operating activities.

    TURKCELL ILETISIM HIZMETLERI A.S. IFRS SELECTED FINANCIALS (TRY Million) Quarter Quarter Quarter Nine Nine Ended Ended Ended Months Months Ended Ended September 30, June 30, September 30, September 30, Sept- 2009 2010 2010 2009 ember 30 2010 Consolidated Statement of Operations Data Revenues Communication fees 2,291.0 2,124.7 2,210.3 6,411.5 6,492.7 Commission fees on betting business 10.5 9.7 10.3 43.1 30.8 Monthly fixed fees 15.2 28.7 34.8 49.9 82.5 Simcard sales 9.9 15.0 6.1 28.4 28.1 Call center revenues and other revenues 41.4 63.1 65.9 142.9 183.3 Total revenues 2,368.0 2,241.2 2,327.4 6,675.8 6,817.4 Direct cost of revenues (1,246.9) (1,220.6) (1,272.5) (3,448.1) (3,770.6) Gross profit 1,121.1 1,020.6 1,054.9 3,227.7 3,046.8 Administrative expenses (100.8) (137.6) (120.6) (299.2) (382.6) Selling & marketing expenses (430.9) (436.3) (379.3) (1,259.4) (1,207.3) Other Operating Income / (Expense) 10.4 (6.4) (2.0) 7.9 (48.7) Operating profit before financing costs 599.8 440.3 553.0 1,677.0 1,408.2 Finance costs (103.0) (68.1) (29.7) (265.6) (148.0) Finance income 101.2 106.3 101.8 381.0 324.3 Share of profit of equity accounted investees 40.5 45.1 52.6 79.5 143.9 Income before taxes and minority interest 638.5 523.6 677.7 1,871.9 1,728.4 Income tax expense (139.9) (113.6) (138.6) (412.1) (378.8) Income before minority interest 498.6 410.0 539.1 1,459.8 1,349.6 Non-controlling interests (1.8) 12.3 17.2 (11.0) 46.5 Net income 496.8 422.3 556.3 1,448.8 1,396.1 Net income per share 0.225890 0.191955 0.252870 0.658561 0.634610 Other Financial Data Gross margin 47% 46% 45.3% 48% 40% EBITDA(*) 813.7 724.4 863.6 2,296.5 2,299.3 Capital expenditures 433.2 360.5 310.1 2,026.8 1,037.2 Consolidated Balance Sheet Data (at period end) Cash and cash equivalents 3,915.9 4,193.0 4,622.5 3,915.9 4,622.5 Total assets 13,153.0 14,071.5 14,496.4 13,153.0 14,496.4 Long term debt 830.7 1,673.7 2,003.9 830.7 2,003.9 Total debt 1,722.4 2,664.4 2,609.0 1,722.4 2,609.0 Total liabilities 4,605.9 5,331.5 5,174.4 4,605.9 5,174.4 Total shareholders' equity / Net Assets 8,547.1 8,740.0 9,322.0 8,547.1 9,322.0 ** For further details, please refer to our consolidated financial statements and notes as at 30 September 2010 on our web site. TURKCELL ILETISIM HIZMETLERI A.S. IFRS SELECTED FINANCIALS (US$ MILLION) Quarter Quarter Quarter Nine Nine Ended Ended Ended Months Months Ended Ended September 30, June 30, September 30, September 30, Sept- 2009 2010 2010 2009 ember 30 2010 Consolidated Statement of Operations Data Revenues Communication fees 1,536.3 1,391.4 1,462.0 4,101.2 4,281.3 Commission fees on betting business 7.0 6.4 6.8 27.1 20.4 Monthly fixed fees 10.2 18.8 23.0 31.7 54.3 Simcard sales 6.6 10.0 4.0 18.2 18.6 Call center revenues and other revenues 27.8 41.1 43.8 90.7 120.9 Total revenues 1,587.9 1,467.7 1,539.6 4,268.9 4,495.5 Direct cost of revenues (836.4) (799.0) (842.9) (2,208.4) (2,487.1) Gross profit 751.5 668.7 696.7 2,060.5 2,008.4 Administrative expenses (67.6) (90.0) (79.8) (191.1) (252.1) Selling & marketing expenses (289.0) (286.1) (251.0) (804.7) (796.3) Other Operating Income / (Expense) 7.0 (4.4) (1.3) 5.3 (32.1) Operating profit before financing costs 401.9 288.2 364.6 1,070.0 927.9 Finance costs (70.5) (44.8) (20.0) (173.1) (98.1) Finance income 69.3 69.7 67.3 242.2 214.1 Share of profit of equity accounted investees 27.2 29.6 35.0 52.0 95.0 Income before taxes and minority interest 427.9 342.7 446.9 1,191.1 1,138.9 Income tax expense (93.8) (74.2) (91.4) (261.4) (249.5) Income before minority interest 334.1 268.5 355.5 929.7 889.4 Non-controlling interests (1.2) 8.0 11.5 (6.8) 30.8 Net income 332.9 276.5 367.0 922.9 920.2 Net income per share 0.151330 0.125678 0.166817 0.419515 0.418289 Other Financial Data Gross margin 47% 46% 45% 48% 45% EBITDA(*) 545.4 474.1 570.7 1,466.3 1,515.5 Capital expenditures 326.1 220.8 253.0 1,367.6 714.7 Consolidated Balance Sheet Data (at period end) Cash and cash equivalents 2,642.3 2,662.7 3,185.3 2,642.3 3,185.3 Total assets 8,875.2 8,936.0 9,989.3 8,875.2 9,989.3 Long term debt 560.5 1,062.9 1,380.8 560.5 1,380.8 Total debt 1,162.2 1,692.0 1,797.8 1,162.2 1,797.8 Total liabilities 3,107.9 3,385.7 3,565.6 3,107.9 3,565.6 Total equity 5,767.3 5,550.3 6,423.7 5,767.3 6,423.7 * Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 14-15 ** For further details, please refer to our consolidated financial statements and notes as at 30 September 2010 on our web site. TURKCELL ILETISIM HIZMETLERI A.S. CMB SELECTED FINANCIALS (TRY Million) Quarter Quarter Quarter Nine Nine Ended Ended Ended Months Months Ended Ended September 30, June 30, September 30, September 30, Sept- 2009 2010 2010 2009 ember 30 2010 Consolidated Statement of Operations Data Revenues Communication fees 2,291.0 2,124.7 2,210.3 6,411.5 6,492.7 Commission fees on betting business 10.5 9.7 10.3 43.1 30.8 Monthly fixed fees 15.2 28.7 34.8 49.9 82.5 Simcard sales 9.9 15.0 6.1 28.4 28.1 Call center revenues and other revenues 41.4 63.1 65.9 142.9 183.3 Total revenues 2,368.0 2,241.2 2,327.4 6,675.8 6,817.4 Direct cost of revenues (1,243.2) (1,217.7) (1,269.0) (3,436.5) (3,761.4) Gross profit 1,124.8 1,023.5 1,058.4 3,239.3 3,056.0 Administrative expenses (100.8) (137.6) (120.6) (299.2) (382.6) Selling & marketing expenses (430.9) (436.3) (379.3) (1,259.4) (1,207.3) Other Operating Income / (Expense) 9.8 (6.9) (2.8) 8.0 (49.9) Operating profit before financing costs 602.9 442.7 555.7 1,688.7 1,416.2 Finance costs (103.0) (68.1) (29.7) (265.6) (148.0) Finance income 101.2 106.3 101.8 381.0 324.3 Share of profit of equity accounted investees 40.5 45.1 52.6 79.5 143.9 Income before taxes and minority interest 641.6 526.0 680.4 1,883.6 1,736.4 Income tax expense (140.4) (113.1) (140.1) (414.6) (380.4) Income before minority interest 501.2 412.9 540.3 1,469.0 1,356.0 Non-controlling interests (1.8) 12.3 17.3 (11.1) 46.5 Net income 499.4 425.2 557.6 1,457.9 1,402.5 Net income per share 0.226996 0.193212 0.253450 0.662691 0.637509 Other Financial Data Gross margin 48% 46% 45% 49% 45% EBITDA(*) 813.7 724.4 863.6 2,297.0 2,299.3 Capital expenditures 433.2 360.5 310.1 2,026.8 1,037.2 Consolidated Balance Sheet Data (at period end) Cash and cash equivalents 3,915.9 4,193.0 4,622.5 3,915.9 4,622.5 Total assets 13,090.4 14,021.4 14,449.0 13,090.4 14,449.0 Long term debt 830.7 1,673.7 2,003.9 830.7 2,003.9 Total debt 1,722.4 2,664.4 2,609.0 1,722.4 2,609.0 Total liabilities 4,594.9 5,321.9 5,166.3 4,594.9 5,166.3 Total shareholders' equity / Net Assets 8,495.5 8,699.5 9,282.7 8,495.5 9,282.7 ** For further details, please refer to our consolidated financial statements and notes as at 30 September 2010 on our web site. For further information please contact Turkcell Corporate Affairs Koray Ozturkler, Chief Corporate Affairs Officer Tel: +90-212-313-1500 Email: koray.ozturkler@turkcell.com.tr Investors: Nihat Narin, Investor and International Media Relations Tel: +90-212-313-1244 Email: nihat.narin@turkcell.com.tr investor.relations@turkcell.com.tr Media: Filiz Karagul Tuzun, Corporate Communications Tel: +90-212-313-2304 Email: filiz.karagul@turkcell.com.tr

    Turkcell

    CONTACT: For further information please contact Turkcell, Corporate
    Affairs, Koray Ozturkler, Chief Corporate Affairs Officer, Tel:
    +90-212-313-1500, Email: koray.ozturkler@turkcell.com.tr; Investors: Nihat
    Narin, Investor and International, Media Relations, Tel: +90-212-313-1244,
    Email: nihat.narin@turkcell.com.tr, investor.relations@turkcell.com.tr;
    Media: Filiz Karagul Tuzun, Corporate Communications, Tel:
    +90-212-313-2304, Email: filiz.karagul@turkcell.com.tr




    Schimatic Cash Transactions Network Inc (SCTN) DBA Smart Chip Technologies LLC, Phoenix Technology Holding Inc. and TII Menalco Settle Lawsuit

    LAS VEGAS, Nov. 3, 2010 /PRNewswire/ -- Phoenix Technology Holding Inc. (PTHI), Schimatic Cash Transactions Network.com, Inc , dba Smart Chip Technologies, LLC, The International Investor K.S.C.C., Menalco, FZE (collectively "TII") have settled the lawsuit commenced in 2007. The settlement and dismissal was filed in the Nevada Federal Court on Friday, the 29th of October, 2010.

    The Company's Management and its Board of Directors in consultation with our attorneys determined that it was in the best interest of Phoenix and SCTN to settle rather than continue the litigation.. The cost to continue to trial would be prohibitive and when combined with the risks of continued litigation, it was clear that we should direct our resources and energy to projecting the value of the services that our companies bring to clients and customers that simultaneously build value for our shareholders.

    CEO, Bernard F. McHale.

    Note: More information concerning the parties in this news release can be found on their individual web-sites

    PHOENIX TECHNOLOGY HOLDING US-For more information contact Bernard McHale at bernard.mchale@phoenix-tec.com or Stephanie.Mosqueda@phoenix-tec.com, phone 702 309 7051, or at www.phoenix-tec.com

    SCHIMATIC CASH TRANSACTIONS NETWORK INC DBA SMART CHIP TECHNOLOGIES LLC receives royalty payments for usage of its products. For more information contact Bernard McHale, CEO at www.bmchale@sctn.com or Stephanie Mosqueda at 702 309 7052 or e-mail www.sctn.com

    Disclaimer:

    Any statements contained in this document that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties.

    Phoenix Technology Holding Inc.

    CONTACT: Bernard F. McHale, bernard.mchale@phoenix-tec.com, or Stephanie,
    Mosqueda, Stephanie.Mosqueda@phoenix-tec.com, both of Phoenix Technology
    Holding Inc., +1-702-309-7051; or Bernard F. McHale, CEO, bmchale@sctn.com,
    or Stephanie Mosqueda, both of SCHIMATIC CASH TRANSACTIONS NETWORK INC DBA
    SMART CHIP TECHNOLOGIES LLC, +1-702-309-7052, www.sctn.com

    Web site: www.phoenix-tec.com/
    http://www.sctn.com/




    Spreadtrum Communications, Inc. Schedules Third Quarter 2010 Earnings Release on Wednesday, November 17, 2010Earnings Conference Call to be held on November 17, 2010 at 8:00 pm (Eastern) / 5:00 pm (Pacific) / November 18, 2010 at 9:00 am (Hong Kong)

    SHANGHAI, Nov. 3, 2010 /PRNewswire-Asia-FirstCall/ -- Spreadtrum Communications, Inc. , a fabless semiconductor company that designs, develops, and markets baseband and RF processor solutions for the wireless communications market, today announced that it will release unaudited financial results for the third quarter 2010 after the US market close on Wednesday, November 17, 2010. The earnings release will be available on the investor relations section of its website at http://www.spreadtrum.com.

    Following the earnings announcement, the Company's senior management will host a conference call at 8:00 pm (Eastern) / 5:00 pm (Pacific) on Wednesday, November 17, 2010, which is 9:00 am (Hong Kong) on Thursday, November 18, 2010 to discuss the financial results and recent business activities. The conference call may be accessed by calling:

    Toll Free Toll --------- ---- -- United States +1-800-260-8140 +1-617-614-3672 -- China 10-800-130-0399 China Telecom - South China 10-800-130-0399 China Netcom 10-800-852-1490 China Telecom - North China 10-800-152-1490 -- Hong Kong 800-96-3844 -- United Kingdom 00-800-280-02002 Participant Passcode "SPRD" or "Spreadtrum"

    A telephone replay will be available shortly after the call until November 24, 2010 at

    (US Toll Free) +1-888-286-8010 or (US Toll) +1-617-801-6888. Passcode: 62358799.

    A live webcast of the conference call and replay will be available in the investor relations section of the Company's website.

    About Spreadtrum Communications, Inc.:

    Spreadtrum Communications, Inc. is a fabless semiconductor company that designs, develops, and markets baseband and RF processor solutions for the wireless communications market. The Company combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. The Company has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich and meet their cost and time-to-market requirements.

    Contact: IR at +86-21-5080-2727 or IR@spreadtrum.com.

    Spreadtrum Communications, Inc.

    CONTACT: IR, +86-21-5080-2727 or IR@spreadtrum.com

    Web site: http://www.spreadtrum.com/




    FARO Reports Third Quarter 2010 Sales Growth of 26.8%; Orders Growth of 30.7%; Net Income of $2.3 million

    LAKE MARY, Fla., Nov. 3, 2010 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. today announced results for the third quarter ended October 2, 2010. Sales in the third quarter of 2010 increased 26.8%, to $45.3 million, from $35.7 million in the third quarter of 2009. The Company reported net income of $2.3 million, or $0.14 per share, compared to a net loss of $0.08 per share in the third quarter of 2009.

    New order bookings for the third quarter of 2010 were $46.8 million, an increase of $11.0 million, or 30.7%, compared to $35.8 million in the third quarter of 2009.

    "We generated strong double-digit orders and sales growth for the third straight quarter as customers continued to focus on improving their manufacturing efficiency and workforce productivity, particularly as demand in their end-markets is increasing," stated Jay Freeland, FARO's President and CEO. "FARO's products are used to achieve the efficiency gains that they're looking for."

    "We also introduced the FARO Focus 3D Laser Scanner and the FARO AMP 3D Imager. We believe these revolutionary new products are another example of FARO's ability to stay ahead of the technology curve, leading the marketplace forward. Our continuing commitment to outstanding customer support and service was also reinforced with the announcement of the Innovative Solutions Network; a marketing, sales and support collaboration in North America with Carl Zeiss Industrial Metrology. "

    Gross margin for the third quarter of 2010 was 58.3%, compared to 54.9% in the third quarter of 2009. Gross margin increased primarily due to an increase in the proportion of higher margin product sales relative to lower margin service revenue.

    "We're getting good operating leverage and staying aggressive in our sales and R&D execution while still running lean throughout the organization. We earned $0.14 per share in the third quarter despite incurring more than $1 million in legal costs associated with the FCPA monitor in connection with the DOJ and SEC settlement and our patent suit. We are optimistic about the fourth quarter, but are maintaining our practice of not providing specific financial guidance," Freeland concluded.

    This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, such as statements about FARO's focus, plans and strategies, and its future operating results and financial condition. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "intend," "believe," "will," "expect" and similar expressions or discussions of our strategy or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.

    Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:

    --  development by others of new or improved products, processes or
    technologies that make the Company's products obsolete or less
    competitive;
    --  the cyclical nature of the industries of the Company's customers and
    material adverse changes in customers' access to liquidity and capital;
    --  declines or other adverse changes, or lack of improvement, in industries
    that the Company serves or the domestic and international economies in
    the regions of the world where the Company operates and other general
    economic, business, and financing conditions;
    --  fluctuations in the Company's annual and quarterly operating results and
    the inability to achieve its financial operating targets;
    --  risks associated with expanding international operations, such as
    fluctuations in currency exchange rates, difficulties in staffing and
    managing foreign operations, political and economic instability,
    compliance with import and export regulations, and the burdens and
    potential exposure of complying with a wide variety of U.S. and foreign
    laws and labor practices;
    --  other risks detailed in Part I, Item 1A. Risk Factors in the Company's
    Annual Report on Form 10-K for the year ended December 31, 2009.
    

    Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    About FARO

    With over 20,000 installations and 11,000 customers globally, FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement and imaging devices and software used to create digital models -- or to perform evaluations against an existing model -- for anything requiring highly detailed 3-D measurements, including part and assembly inspection, factory planning and asset documentation, as well as specialized applications ranging from surveying, recreating accident sites and crime scenes to digitally preserving historical sites.

    FARO's technology increases productivity by dramatically reducing the amount of on-site measuring time, and the various industry-specific software packages enable users to process and present their results quickly and more effectively.

    Principal products include the world's best-selling portable measurement arm -- the FaroArm; the world's best-selling laser tracker -- the FARO Laser Tracker X and Xi; the FARO Laser ScanArm; FARO Photon Laser Scanners; the FARO Gage, Gage-PLUS and PowerGAGE; and the CAM2 Q family of advanced CAD-based measurement and reporting software. FARO Technologies is ISO-9001 certified and ISO-17025 laboratory registered.

    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

    Three Months Ended ------------------ (in thousands, except share and per share data) Oct 2, 2010 Oct 3, 2009 ----------------------------------- ----------- ----------- SALES Product $36,725 $27,876 Service 8,561 7,837 Total Sales 45,286 35,713 ------ ------ COST OF SALES Product 12,901 11,261 Service 6,002 4,850 Total Cost of Sales (exclusive of depreciation and amortization, shown separately below) 18,903 16,111 ------ ------ GROSS PROFIT 26,383 19,602 OPERATING EXPENSES: Selling 11,707 11,482 General and administrative 7,201 6,158 Depreciation and amortization 1,779 1,410 Research and development 2,850 2,802 Total operating expenses 23,537 21,852 ------ ------ INCOME (LOSS) FROM OPERATIONS 2,846 (2,250) OTHER (INCOME) EXPENSE Interest income (38) (31) Other (income) expense, net (544) (183) Interest expense 2 3 --- --- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 3,426 (2,039) INCOME TAX EXPENSE (BENEFIT) 1,098 (766) ----- ---- NET INCOME (LOSS) $2,328 $(1,273) ------ ------- NET INCOME (LOSS) PER SHARE - BASIC $0.14 $(0.08) ----- ------ NET INCOME (LOSS) PER SHARE - DILUTED $0.14 $(0.08) ----- ------ Weighted average shares - Basic 16,160,378 16,093,759 ---------- ---------- Weighted average shares - Diluted 16,270,741 16,093,759 ---------- ----------

    Nine Months Ended ----------------- (in thousands, except share and per share data) Oct 2, 2010 Oct 3, 2009 ------------------------------- ----------- ----------- SALES Product $107,875 $79,292 Service 25,385 22,385 Total Sales 133,260 101,677 ------- ------- COST OF SALES Product 36,796 30,647 Service 17,602 15,805 Total Cost of Sales (exclusive of depreciation and amortization, shown separately below) 54,398 46,452 ------ ------ GROSS PROFIT 78,862 55,225 OPERATING EXPENSES: Selling 34,969 36,434 General and administrative 19,476 18,591 Depreciation and amortization 4,834 4,090 Research and development 8,836 9,566 Total operating expenses 68,115 68,681 ------ ------ INCOME (LOSS) FROM OPERATIONS 10,747 (13,456) OTHER (INCOME) EXPENSE Interest income (83) (225) Other (income) expense, net 1,800 (359) Interest expense 31 9 --- --- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 8,999 (12,881) INCOME TAX EXPENSE (BENEFIT) 2,770 (2,919) ----- ------ NET INCOME (LOSS) $6,229 $(9,962) ------ ------- NET INCOME (LOSS) PER SHARE - BASIC $0.39 $(0.62) ----- ------ NET INCOME (LOSS) PER SHARE - DILUTED $0.38 $(0.62) ----- ------ Weighted average shares - Basic 16,144,366 16,131,680 ---------- ---------- Weighted average shares - Diluted 16,292,938 16,131,680 ---------- ----------

    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

    October 2, 2010 December 31, (in thousands, except share data) Unaudited 2009 --------------------------------- --------- ---- ASSETS Current Assets: Cash and cash equivalents $44,625 $35,078 Short-term investments 64,985 64,986 Accounts receivable, net 43,218 42,944 Inventories, net 28,395 26,582 Deferred income taxes, net 5,520 4,473 Prepaid expenses and other current assets 9,414 6,016 Total current assets 196,157 180,079 ------- ------- Property and Equipment: Machinery and equipment 23,930 19,867 Furniture and fixtures 5,308 5,225 Leasehold improvements 9,430 9,434 ----- ----- Property and equipment at cost 38,668 34,526 Less: accumulated depreciation and amortization (24,086) (20,788) ------- ------- Property and equipment, net 14,582 13,738 ------ ------ Goodwill 19,371 19,934 Intangible assets, net 7,224 7,985 Service inventory 13,369 12,079 Deferred income taxes, net 1,444 1,895 Total Assets $252,147 $235,710 -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $8,083 $8,985 Accrued liabilities 13,292 8,173 Income taxes payable - 229 Current portion of unearned service revenues 12,627 12,226 Customer deposits 2,652 2,173 Current portion of obligations under capital leases 23 80 Total current liabilities 36,677 31,866 Unearned service revenues -less current portion 6,286 5,910 Deferred tax liability, net 2,953 1,143 Obligations under capital leases -less current portion 215 193 Total Liabilities 46,131 39,112 ------ ------ Shareholders' Equity: Common stock -par value $.001, 50,000,000 shares authorized; 16,842,093 and 16,795,289 issued; 16,161,858 and 16,115,054 outstanding, respectively 17 17 Additional paid-in capital 154,585 152,380 Retained earnings 53,144 46,915 Accumulated other comprehensive income 7,345 6,361 Common stock in treasury, at cost - 680,235 shares (9,075) (9,075) Total Shareholders' Equity 206,016 196,598 Total Liabilities and Shareholders' Equity $252,147 $235,710 -------- --------

    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

    Nine Months Ended ----------------- (in thousands) Oct 2, 2010 Oct 3, 2009 -------------- ------------ ----------- CASH FLOWS FROM: OPERATING ACTIVITIES: Net income (loss) $6,229 $(9,962) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,834 4,090 Compensation for stock options and restricted stock units 1,799 1,827 Provision for bad debts 1,638 961 Deferred income tax expense 1,210 1,919 Change in operating assets and liabilities: Decrease (increase) in: Accounts receivable (2,548) 14,040 Inventories, net (5,141) 6,202 Prepaid expenses and other current assets (3,455) (4,234) Income tax benefit from exercise of stock options (27) (2) Increase (decrease) in: Accounts payable and accrued liabilities 4,197 (11,220) Income taxes payable (318) (1,965) Customer deposits 444 186 Unearned service revenues 923 (1,490) --- ------ Net cash provided by (used in) operating activities 9,785 352 ----- --- INVESTING ACTIVITIES: Purchases of property and equipment (2,533) (2,919) Payments for intangible assets (574) (504) Purchases of short- term investments - (64,979) Proceeds from sales of short-term investments - 81,965 --- ------ Net cash (used in) provided by investing activities (3,107) 13,563 ------ ------ FINANCING ACTIVITIES: Proceeds from notes payable 2,490 - Payments on notes payable (2,490) - Payments on capital leases (60) (55) Income tax benefit from exercise of stock options 27 2 Purchases of treasury stock - (8,829) Proceeds from issuance of stock, net 380 45 --- --- Net cash provided by (used in) financing activities 347 (8,837) --- ------ EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 2,522 (1,171) ----- ------ INCREASE IN CASH AND CASH EQUIVALENTS 9,547 3,907 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 35,078 23,494 ------ ------ CASH AND CASH EQUIVALENTS, END OF PERIOD $44,625 $27,401 ======= =======

    FARO Technologies, Inc.

    CONTACT: Keith Bair, Senior Vice President and CFO, +1-407-333-9911,
    keith.bair@FARO.com

    Web site: http://www.faro.com/




    Iowa Becomes First State in Qwest Local Region to Approve CenturyLink-Qwest MergerMerger Now Approved by 12 States and the District of Columbia

    MONROE, La. and DENVER, Nov. 3, 2010 /PRNewswire-FirstCall/ -- The Iowa Utilities Board met this morning and took action resulting in its unanimous approval of the pending merger between CenturyLink Inc. and Qwest Communications . Iowa is the first state with both CenturyLink and Qwest local service areas to approve the merger.

    "We appreciate the Iowa Utilities Board's thorough review of our application. We are receiving outstanding support from policymakers, consumers and businesses that recognize the merits of our pending transaction," said John Jones, vice president - state government affairs of CenturyLink. "CenturyLink has a proven track record of successfully integrating companies and providing high-quality, value-added services to customers. This transaction is no exception and will positively impact Iowa as well as millions of customers across the country."

    "Qwest has a long history of providing communications services to customers throughout the state of Iowa, and we appreciate the Iowa Utilities Board granting approval for us to combine our operations with CenturyLink," said Steve Davis, senior vice president - public policy and government relations of Qwest. "This combination will create scope and scale advantages that will increase the variety and quality of services for all of our Iowa customers."

    Previously, CenturyLink and Qwest had reached agreements with the Iowa Office of Consumer Advocate as well as several competitive carriers in the state relating to various retail and wholesale issues. Additionally, the new combined company has committed to spend a minimum $25 million on broadband deployment in Iowa over the next five years.

    Last month, regulatory commissions in Virginia and Pennsylvania provided their consent to the merger, bringing the total number of approvals to 12 states and the District of Columbia. The companies must also receive approvals from nine additional states and the Federal Communications Commission. The transaction is expected to be completed during the first half of 2011.

    Also last month, the companies reached an agreement with the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW). The unions agreed that the merger is in the public interest.

    The proposed merger already has received antitrust clearance from the U.S. Department of Justice and the Federal Trade Commission. Additionally, shareholders from both companies approved proposals related to the transaction in August.

    As of Sept. 30, 2010, CenturyLink served approximately 2.4 million broadband customers, 6.6 million access lines and 588,000 satellite video subscribers. On the same date, Qwest served approximately 2.9 million broadband customers, 9.1 million access lines, 960,000 video subscribers and more than one million wireless customers. The combination will create a robust 180,000-route-mile national fiber network, which will enable the delivery of a diverse mix of offerings and increased scale.

    For more information about the merger, visit centurylinkqwestmerger.com.

    About CenturyLink

    CenturyLink is a leading provider of high-quality broadband, entertainment and voice services over its advanced communications networks to consumers and businesses in 33 states. CenturyLink, headquartered in Monroe, La., is an S&P 500 company and is included among the Fortune 500 list of America's largest corporations. For more information on CenturyLink, visit www.centurylink.com.

    About Qwest

    Customers coast to coast turn to Qwest's industry-leading national fiber-optic network and world-class customer service to meet their communications and entertainment needs. For residential customers, Qwest offers a new generation of fiber-optic-fast Internet service, high-speed internet solutions, as well as home phone, Verizon Wireless, and DIRECTV(R) services. Fortune 500 companies and other large businesses and wholesale customers, as well as small businesses and governmental agencies, choose Qwest to deliver a full suite of network, data and voice services. Additionally, Qwest participates in Networx, the largest communications services contract in the world and is recognized as a leader in the network services market by leading technology industry analyst firms.

    Forward Looking Statements

    Certain non-historical statements made in this release and future oral or written statements or press releases by us or our management are intended to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations only, and are subject to a number of risks, uncertainties and assumptions, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the timing, success and overall effects of competition from a wide variety of competitive providers; the risks inherent in rapid technological change; the effects of ongoing changes in the regulation of the communications industry (including those arising out of the Federal Communication Commission's National Broadband Plan released in the first quarter of 2010); our ability to effectively adjust to changes in the communications industry; changes in our allocation of the Embarq purchase price after the date hereof; our ability to successfully integrate Embarq into our operations, including the possibility that the anticipated benefits from the Embarq merger cannot be fully realized in a timely manner or at all, or that integrating Embarq's operations into ours will be more difficult, disruptive or costly than anticipated; our ability to successfully complete our pending acquisition of Qwest, including timely receiving all shareholder and regulatory approvals and realizing the anticipated benefits of the transaction; our ability to effectively manage our expansion opportunities, including retaining and hiring key personnel; possible changes in the demand for, or pricing of, our products and services; our ability to successfully introduce new product or service offerings on a timely and cost-effective basis; our continued access to credit markets on favorable terms; our ability to collect our receivables from financially troubled communications companies; our ability to pay a $2.90 per common share dividend annually, which may be affected by changes in our cash requirements, capital spending plans, cash flows or financial position; unanticipated increases in our capital expenditures; our ability to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; the effects of adverse weather; other risks referenced from time to time in this report or other of our filings with the Securities and Exchange Commission (the "SEC"); and the effects of more general factors such as changes in interest rates, in tax rates, in accounting policies or practices, in operating, medical, pension or administrative costs, in general market, labor or economic conditions, or in legislation, regulation or public policy. These and other uncertainties related to our business and our July 2009 acquisition of Embarq are described in greater detail in Item 1A to our Form 10-K for the year ended December 31, 2009, as updated and supplemented by our subsequent SEC reports. You should be aware that new factors may emerge from time to time and it is not possible for us to identify all such factors nor can we predict the impact of each such factor on the business or the extent to which any one or more factors may cause actual results to differ from those reflected in any forward-looking statements. You are further cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We undertake no obligation to update any of our forward-looking statements for any reason.

    CenturyLink Inc.

    CONTACT: Debra Peterson of CenturyLink, +1-913-323-4881,
    debra.d.peterson@centurylink.com; or Tom McMahon of Qwest, +1-202-429-3106,
    tom.mcmahon@qwest.com

    Web site: http://www.centurylink.com/
    http://www.centurylinkqwestmerger.com/




    Sierra Wireless Reports Third Quarter 2010 Results

    - Record quarterly revenue and lower non-GAAP operating expenses drove higher than expected earnings - Revenue of $172.7 million, up 27% compared to the third quarter of 2009 and up 9% compared to the second quarter of 2010 - GAAP net earnings of $0.7 million and diluted earnings per share of $0.02 - Non-GAAP net earnings of $6.5 million and non-GAAP diluted earnings per share of $0.21 TSX: SW NASDAQ: SWIR

    VANCOUVER, BRITISH COLUMBIA, Nov. 3 /PRNewswire-FirstCall/ - Sierra Wireless, Inc. today reported third quarter 2010 results. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles ("GAAP"), except as otherwise indicated below.

    Revenue for the third quarter of 2010 was a record $172.7 million, an increase of 27% compared to $135.7 million in the third quarter of 2009 and an increase of 9% compared to $159.1 million in the second quarter of 2010. Machine-to-Machine ("M2M") revenue was $76.1 million, up 42% compared to $53.8 million in the third quarter of 2009. Mobile Computing revenue was $96.6 million, up 18% compared to $81.9 million in the third quarter of 2009.

    "In the third quarter, our M2M and Mobile Computing lines of business delivered strong year-over-year revenue growth, driven by new product introductions and broad-based demand across our diversified customer base," said Jason Cohenour, President and Chief Executive Officer. "This revenue growth, combined with a continued focus on cost management, resulted in better than expected earnings in the quarter."

    "Looking forward, new AirCard product launches at AT&T and Telstra and the introduction of the first of our LTE product lineup demonstrate the strength of our channel position and product pipeline in Mobile Computing. In M2M, new design wins in a number of our key segments and strategic wins with our AirVantage services platform demonstrate that we are well positioned to build on our market leadership and drive growth over the long term."

    On a GAAP basis, gross margin was 28.3% in the third quarter of 2010, compared to 35.8% in the third quarter of 2009. Operating expenses were $51.2 million and loss from operations were $2.2 million in the third quarter of 2010, compared to operating expenses of $58.7 million and a loss from operations of $10.2 million in the third quarter of 2009. Net earnings were $0.7 million, or $0.02 per diluted share, compared to a net loss of $7.6 million, or $0.25 per diluted share, in the third quarter of 2009.

    On a non-GAAP basis, gross margin was 28.4% in the third quarter of 2010, compared to 35.9% in the third quarter of 2009. Operating expenses were $41.3 million and earnings from operations were $7.8 million in the third quarter of 2010, compared to operating expenses of $43.6 million and earnings from operations of $5.1 million in the third quarter of 2009. Net earnings were $6.5 million, or $0.21 per diluted share, compared to net earnings of $5.5 million, or $0.18 per diluted share, in the third quarter of 2009.

    Non-GAAP results exclude transaction costs related to the Wavecom acquisition, restructuring costs, acquisition related integration costs, stock based compensation expense, acquisition related amortization, foreign exchange gains or losses, tax adjustments and non-controlling interest related to non-GAAP adjustments. The reconciliation between GAAP and non-GAAP results of operations is provided in the accompanying schedules.

    Financial Guidance

    The following guidance for the fourth quarter of 2010 reflects current business indicators and expectations. Relative to the third quarter, the company expects sequential growth in M2M revenue as the result of broad-based demand and expects a sequential decline in Mobile Computing revenue as the result of lower AirCard sales. The company also expects a modest increase in gross margin percentage in the quarter, partially offset by slightly higher operating expenses driven by new product certification and launch costs. The net result of which is an expected modest increase in net earnings compared to the third quarter of 2010. This guidance also reflects the uncertain macroeconomic environment and expected component supply constraints. Inherent in this guidance are risk factors that are described in greater detail in the company's regulatory filings. Actual results could differ materially from those presented below. All figures are approximations based on management's current beliefs and assumptions.

    Consolidated Q4 2010 Guidance Non-GAAP ---------------- ------------ Revenue $170 - $175 million Earnings from operations $8.0 - $9.0 million Net earnings $6.8 - $7.6 million Diluted earnings per share $0.22 - $0.24/share

    Conference Call, Webcast and Instant Replay

    Sierra Wireless will host a conference call and webcast today, Wednesday, November 3, 2010 at 2:30 pm PDT/5:30 pm EDT to review its third quarter 2010 results. You can participate in the conference call either via telephone or webcast. To participate in this conference call, please dial the following number approximately ten minutes prior to the commencement of the call. A live slide presentation will be available for viewing during the call from the link provided below.

    Telephone participation:

    Toll free (Canada and US): +1-888-231-8191 (passcode not required) Outside Canada and the US: +1-647-427-7450 (passcode not required)

    For those unable to participate in the live call, an instant replay will be available for seven business days following the call. Dial +1-800-642-1687 or +1-416-849-0833 and enter passcode 92787423 followed by the pound (#) key to access the replay.

    Webcast:

    The conference call will also be broadcast over the Internet. To access the web broadcast, please follow the link below and choose one of the following options:

    - If you are following the conference call on the phone, please choose the "Non-Streaming" version - If you would prefer to follow online only, with streaming audio, select any of the other options according to your preferred format

    http://event.on24.com/r.htm?e=239495&s=1&k=169ABC381D43379E9238724AFC132D20

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

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release that are not based on historical facts constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws ("forward-looking statements"). These forward-looking statements are not promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties and other factors that could cause our actual results, performance, achievements or developments in our business or in our industry to differ materially from those expressed, anticipated or implied by such forward-looking statements. Forward-looking statements in this press release include all financial guidance for the fourth quarter of 2010, and all other disclosure regarding possible events, conditions, circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These forward-looking statements appear in a number of different places in this press release and can be identified by words such as "may", "estimates", "projects", "expects", "intends", "believes", "plans", "anticipates", "continue", "growing", "expanding", or their negatives or other comparable words. Forward-looking statements include statements regarding the outlook for our future operations, plans and timing for the introduction or enhancement of our services and products, statements concerning strategies or developments, statements about future market conditions, supply conditions, end customer demand conditions, channel inventory and sell through, revenue, gross margin, operating expenses, profits, forecasts of future costs and expenditures, the outcome of legal proceedings, and other expectations, intentions and plans that are not historical fact. The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include, amongst others, our ability to develop, manufacture, supply and market new products that we do not produce today that meet the needs of customers and gain commercial acceptance, our reliance on the deployment of next generation networks by major wireless operators, the continuous commitment of our customers, and increased competition. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada. Many of these factors and uncertainties are beyond our control. Consequently, all forward-looking statements in this press release are qualified by this cautionary statement and we cannot assure you that actual results, performance, achievements or developments that we anticipate will be realized. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and we do not undertake any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and opinions change, except as required by law.

    About Sierra Wireless

    Sierra Wireless offers industry-leading mobile computing and machine-to-machine (M2M) communications products and solutions that connect people, devices, and applications over cellular networks. Wireless service providers, equipment manufacturers, enterprises and government organizations around the world depend on us for reliable wireless technology. We offer 2G, 3G and 4G wireless modems, routers and gateways as well as a comprehensive suite of software, tools, and services that ensure our customers can successfully bring wireless applications to market. For more information about Sierra Wireless, visit www.sierrawireless.com.

    AirCard is a registered trademark, and AirPrime, AirLink, and AirVantage are trademarks belonging to Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

    SIERRA WIRELESS, INC. Consolidated Statements of Operations and Retained Earnings (Deficit) (Expressed in thousands of United States ("U.S.") dollars, except per share amounts) (Prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP")) (Unaudited) Three months ended Nine months ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Revenue...................... $ 172,732 $ 135,677 $ 483,165 $ 382,432 Cost of goods sold........... 123,778 87,088 341,667 253,869 ---------- ---------- ---------- ---------- Gross margin................. 48,954 48,589 141,498 128,563 ---------- ---------- ---------- ---------- Expenses: Sales and marketing........ 12,137 14,692 39,476 39,644 Research and development... 22,178 22,546 64,253 60,182 Administration............. 8,865 9,589 27,284 26,928 Acquisition costs.......... - 364 - 7,690 Restructuring.............. 4,316 5,332 7,508 15,927 Integration................ 727 1,332 4,204 2,522 Amortization............... 2,939 4,889 8,964 12,310 ---------- ---------- ---------- ---------- 51,162 58,744 151,689 165,203 ---------- ---------- ---------- ---------- Loss from operations......... (2,208) (10,155) (10,191) (36,640) Foreign exchange gain (loss) 2,359 1,981 (6,759) 3,015 Other income (expense)....... 12 (88) (221) (4,120) ---------- ---------- ---------- ---------- Net earnings (loss) before income taxes................ 163 (8,262) (17,171) (37,745) Income tax expense (recovery) (499) (634) (1,587) 328 ---------- ---------- ---------- ---------- Net earnings (loss).......... 662 (7,628) (15,584) (38,073) Net loss attributable to the non-controlling interest.... (48) - (218) (909) ---------- ---------- ---------- ---------- Net earnings (loss) attributable to Sierra Wireless, Inc............... 710 (7,628) (15,366) (37,164) Retained earnings (deficit), beginning of period......... (34,702) (8,263) (18,626) 21,273 ---------- ---------- ---------- ---------- Deficit, end of period....... $ (33,992) $ (15,891) $ (33,992) $ (15,891) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings (loss) per share attributable to Sierra Wireless, Inc.: Basic...................... $ 0.02 $ (0.25) $ (0.49) $ (1.20) Diluted.................... $ 0.02 $ (0.25) $ (0.49) $ (1.20) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Weighted average number of shares (in thousands): Basic...................... 31,077 31,032 31,061 31,032 Diluted.................... 31,208 31,032 31,061 31,032 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- SIERRA WIRELESS, INC. Consolidated Balance Sheets (Expressed in thousands of U.S. dollars) (Prepared in accordance with U.S. GAAP) September 30, December 31, ------------- ------------ 2010 2009 ---- ---- (Unaudited) Assets Current assets: Cash and cash equivalents.................. $ 102,573 $ 107,491 Short-term investments..................... 2,413 26,898 Accounts receivable, net of allowance for doubtful accounts of $4,588 (2009 - $6,504)........................... 132,249 86,466 Inventories................................ 36,576 24,708 Deferred income taxes...................... 6,803 6,168 Prepaid expenses and other................. 13,291 14,039 ------------- ------------- 293,905 265,770 Fixed assets................................. 22,002 27,956 Intangible assets............................ 73,200 86,674 Goodwill..................................... 91,350 95,064 Deferred income taxes........................ 1,533 1,794 Other........................................ - 7,261 ------------- ------------- $ 481,990 $ 484,519 ------------- ------------- ------------- ------------- Liabilities and Shareholders' Equity Current liabilities: Accounts payable........................... $ 67,557 $ 71,035 Accrued liabilities........................ 81,457 54,419 Deferred revenue and credits............... 636 750 Current portion of long-term obligations... 1,392 3,371 Current portion of obligations under capital leases............................ 364 293 ------------- ------------- 151,406 129,868 Long-term obligations........................ 1,915 3,197 Obligations under capital leases............. 290 245 Other long-term liabilities.................. 25,661 32,663 Deferred income taxes........................ 1,345 1,950 Shareholders' equity: Share capital.............................. 326,463 326,043 Shares held for restricted share unit ("RSU") distribution, at cost............. (3,915) (6,442) Additional paid-in capital................. 15,787 13,133 Deficit.................................... (33,992) (18,626) Accumulated other comprehensive loss....... (4,166) (37) ------------- ------------- 300,177 314,071 Non-controlling interest in Wavecom S.A...... 1,196 2,525 ------------- ------------- Total shareholders' equity................... 301,373 316,596 ------------- ------------- $ 481,990 $ 484,519 ------------- ------------- ------------- ------------- SIERRA WIRELESS, INC. Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars) (Prepared in accordance with U.S. GAAP) (Unaudited) Three months ended Nine months ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Cash flows from operating activities: Net earnings (loss)........ $ 662 $ (7,628) $ (15,584) $ (38,073) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities Amortization............. 8,693 12,179 26,177 30,545 Stock-based compensation 2,107 1,693 5,551 6,427 Non-cash restructuring and other............... 13 4,163 (884) 4,163 Deferred income taxes.... (395) - (1,093) - Loss (gain) on disposal.. (61) 42 (72) (7) Unrealized foreign exchange loss on restricted cash......... - - - 15,653 Unrealized foreign exchange loss on term loan - - - 1,215 Changes in operating assets and liabilities Accounts receivable...... (33,015) (12,314) (50,358) 21,861 Inventories.............. (5,705) 4,344 (12,216) 17,148 Prepaid expenses and other assets............ 1,128 1,027 7,248 1,010 Accounts payable......... (900) 10,281 13,901 (7,236) Accrued liabilities...... 16,765 1,896 9,845 (8,206) Deferred revenue and credits................. - (548) 127 (457) ---------- ---------- ---------- ---------- Net cash provided by (used in) operating activities................ (10,708) 15,135 (17,358) 44,043 Cash flows from investing activities: Business acquisition, net of cash acquired of $139,785.................. - - - (26,493) Acquisition of OCEANE convertible bonds......... - - - (104,767) Decrease in restricted cash - - - 175,820 Purchase of Wavecom S.A. shares.................... - - (1,553) - Proceeds on disposal....... 67 23 73 119 Purchase of fixed assets... (1,817) (1,449) (7,535) (8,268) Increase in intangible assets.................... (966) (3,595) (2,965) (5,075) Purchase of short-term investments............... (2,411) (22,998) (16,910) (47,445) Proceeds on maturity of short-term investments.... 13,420 16,200 41,389 40,260 ---------- ---------- ---------- ---------- Net cash provided by (used in) investing activities........ 8,293 (11,819) 12,499 24,151 Cash flows from financing activities: Proceeds on issuance of term loan................. - - - 102,716 Repayment of term loan..... - - - (103,931) Financing costs............ - - - (3,914) Issuance of common shares, net of share issue costs.. 251 5 279 5 Purchase of treasury shares for RSU distribution...... - (3,899) - (6,417) Proceeds on exercise of Wavecom options........... - - - 4,148 Repayment of long-term liabilities............... (242) (334) (2,339) (900) ---------- ---------- ---------- ---------- Net cash provided by (used in) financing activities........ 9 (4,228) (2,060) (8,293) Effect of foreign exchange changes on cash and cash equivalents................. 2,970 (1,486) 2,001 (12,574) ---------- ---------- ---------- ---------- Net increase (decrease) in cash and cash equivalents... 564 (2,398) (4,918) 47,327 Cash and cash equivalents, beginning of period......... 102,009 112,983 107,491 63,258 ---------- ---------- ---------- ---------- Cash and cash equivalents, end of period............... $ 102,573 $ 110,585 $ 102,573 $ 110,585 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- SIERRA WIRELESS, INC. Reconciliation of GAAP and Non-GAAP Results (Unaudited) Three months ended Nine months ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2010 2009 2010 2009 (in millions of U.S. dollars) ---- ---- ---- ---- Revenue - GAAP and Non-GAAP $ 172.7 $ 135.7 $ 483.2 $ 382.4 Gross margin - GAAP $ 49.0 $ 48.6 $ 141.5 $ 128.6 Stock-based compensation 0.1 0.1 0.4 0.4 ---------- ---------- ---------- ---------- Gross margin - Non-GAAP $ 49.1 $ 48.7 $ 141.9 $ 129.0 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Loss from operations - GAAP $ (2.2) $ (10.2) $ (10.2) $ (36.6) Stock-based compensation 2.1 1.7 5.5 6.4 Transaction costs - 0.4 - 7.7 Restructuring and other costs 3.8 5.5 7.0 15.2 Integration costs 0.7 1.3 4.2 2.5 Acquisition related amortization 3.4 6.4 10.1 14.9 ---------- ---------- ---------- ---------- Earnings from operations - Non-GAAP $ 7.8 $ 5.1 $ 16.6 $ 10.1 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net earnings (loss) - GAAP $ 0.7 $ (7.6) $ (15.4) $ (37.2) Stock-based compensation, transaction, restructuring, integration and acquisition amortization costs, net of tax 9.6 15.1 25.2 46.1 Foreign exchange (gain) loss (2.4) (2.0) 6.8 (3.0) Interest expense - - - 4.3 Non-controlling interest - - (0.1) (0.7) Tax impact related to net change in tax assets and tax provision adjustment for actual taxes filed (1.4) - (1.4) - ---------- ---------- ---------- ---------- Net earnings - Non-GAAP $ 6.5 $ 5.5 $ 15.1 $ 9.5 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Diluted earnings (loss) per share - GAAP $ 0.02 $ (0.25) $ (0.49) $ (1.20) Diluted earnings per share - Non-GAAP $ 0.21 $ 0.18 $ 0.48 $ 0.30 SIERRA WIRELESS, INC. REVENUE BY BUSINESS LINE (Expressed as a percentage of revenue) Three months ended Nine months ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- M2M.......................... 44% 40% 51% 36% Mobile Computing............. 56 60 49 64 ---------- ---------- ---------- ---------- 100% 100% 100% 100% ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- SIERRA WIRELESS, INC. REVENUE BY PRODUCT LINE (Expressed as a percentage of revenue) Three months ended Nine months ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- AirPrime Intelligent Embedded Modules............ 39% 33% 46% 30% AirCard Mobile Broadband Devices..................... 52 58 45 61 AirLink Intelligent Gateways and Routers................. 7 8 7 8 AirVantage Solutions and Other 2 1 2 1 ---------- ---------- ---------- ---------- 100% 100% 100% 100% ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------

    Sierra Wireless, Inc.

    CONTACT: Investor Contact: David G. McLennan, Chief Financial Officer,
    (604) 231-1181; Media Contact: Sharlene Myers, Public & Media Relations,
    (604) 232-1445; Sierra Wireless, Inc., Website: www.sierrawireless.com,
    Email: investor@sierrawireless.com




    LendingTree.com Weekly Mortgage Rate Pulse Reveals Rates Climb for Third Consecutive WeekNew Round of Quantitative Easing Expected to Keep Rates Low

    CHARLOTTE, N.C., Nov. 3, 2010 /PRNewswire/ -- Average mortgage rates climbed for the third consecutive week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

    On November 2, average home loan rates offered by LendingTree network lenders increased week-over-week to 4.37% percent (4.60% APR) for 30-year fixed mortgages, 3.76 percent (4.11% APR) for 15-year fixed mortgages and 3.28 percent (3.59% APR) for 5/1 ARMs.

    On the same day, mortgage rates offered by lenders on the LendingTree network were as low as 3.875 percent (4.01% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.75 percent (3.12% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for all product types remained flat week-over-week.

    "In an effort to stimulate the economy, the Federal Reserve today announced its plan to buy an additional $600 billion and re-invest principal payments of between $250-$300 billion (total of $850-$900 billion) in U.S. government debt over the next eight months," said Cameron Findlay, LendingTree's chief economist. "This is good news for borrowers looking to purchase or refinance a home loan as it is expected to keep rates low. However, the long term erosion of the dollar is probably outweighing the benefit and may have long term negative consequences."

    Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.

    STATE-BY-STATE MORTGAGE DATA 11/3/10 *Updated Quarterly STATE LOWEST LOAN-TO- % WITH MORTGAGE RATE VALUE RATIO* NEGATIVE EQUITY* Alabama 3.88% (4.01% APR) 67% 9.8% Alaska 3.88% (4.06% APR) 67% 10.6% Arizona 3.88% (3.99% APR) 94% 50% Arkansas 3.88% (3.99% APR) 74% 12% California 3.88% (3.99% APR) 70% 32.8% Colorado 3.88% (4.06% APR) 72% 19.7% Connecticut 3.88% (4.01% APR) 58% 12% Delaware 3.75% (3.85% APR) 68% 13.5% District of Columbia 3.88% (4.10% APR) 59% 15.5% Florida 3.75% (3.85% APR) 90% 46.4% Georgia 3.88% (4.02% APR) 80% 28.1% Hawaii 3.88% (4.06% APR) 55% 10.7% Idaho 3.88% (4.06% APR) 73% 23.7% Illinois 3.88% (4.06% APR) 71% 19.7% Indiana 3.88% (4.01% APR) 70% 11% Iowa 3.88% (4.06% APR) 67% 8.8% Kansas 3.88% (4.06% APR) 70% 10.8% Kentucky 3.88% (4.01% APR) 67% 8.5% Louisiana 3.88% (4.06% APR) N/A 23% Maine 3.88% (3.99% APR) N/A 23% Maryland 3.88% (4.01% APR) 69% 22.2% Massachusetts 3.88% (4.06% APR) 60% 15% Michigan 3.88% (4.01% APR) 86% 38% Minnesota 3.75% (3.86% APR) 65% 16.3% Mississippi 3.88% (4.06% APR) N/A 23% Missouri 3.88% (4.00% APR) 71% 15.5% Montana 3.88% (4.06% APR) 60% 7.7% Nebraska 3.88% (4.06% APR) 73% 9.3% Nevada 4.00% (4.19% APR) 120% 68.1% New Hampshire 3.88% (4.06% APR) 69% 18.4% New Jersey 3.75% (3.84% APR) 61% 15.4% New Mexico 3.88% (4.06% APR) 66% 12.2% New York 3.88% (3.98% APR) 50% 7.1% North Carolina 3.88% (4.01% APR) 70% 10.4% North Dakota 3.88% (4.06% APR) 60% 7.4% Ohio 3.88% (4.06% APR) 74% 19.7% Oklahoma 3.88% (3.99% APR) 70% 5.8% Oregon 4.00% (4.06% APR) 69% 15.7% Pennsylvania 3.75% (3.84% APR) 62% 7.3% Rhode Island 3.88% (4.06% APR) 62% 20.3% South Carolina 3.88% (4.00% APR) 71% 14.3% South Dakota 3.75% (3.86% APR) N/A 23% Tennessee 3.88% (4.06% APR) 71% 13.8% Texas 3.88% (4.01% APR) 70% 11.3% Utah 3.88% (4.06% APR) 73% 20.4% Vermont 3.88% (4.06% APR) N/A 23% Virginia 3.88% (4.01% APR) 71% 22.7% Washington 3.88% (4.06% APR) 66% 15.2% West Virginia 3.88% (4.06% APR) N/A 23% Wisconsin 3.88% (4.06% APR) 67% 13.7% --------- ----------------- --- ---- Wyoming 3.88% (3.99% APR) N/A 23% ------- ----------------- --- ---

    Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates/.

    The LendingTree Weekly Mortgage Rate Pulse will be published every Wednesday. Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower's loan details and credit profile. Visit www.lendingtree.com to learn more.

    About LendingTree, LLC

    LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 27 million loan requests and $207 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. . For more information go to www.lendingtree.com or 800-555-TREE.

    MEDIA CONTACT: Bethany Ciampa, Mullen (617)226-9950 bethany.ciampa@mullen.com

    LendingTree, LLC

    CONTACT: Bethany Ciampa, Mullen, +1-617-226-9950,
    bethany.ciampa@mullen.com

    Web site: http://www.lendingtree.com/




    Merriman Capital Acted as Sole Placement Agent in OCZ Technology Group's $22.0 Million Private Placement

    SAN FRANCISCO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. , today announced that it has acted as sole placement agent in OCZ Technology Group, Inc.'s $22 million private placement of common stock and warrants to several institutional investors at approximately $3.08 per share. The transaction was closed on November 2,( )2010. OCZ will use the net proceeds to support its fast growing solid state drive business.

    (Logo: http://photos.prnewswire.com/prnh/20100914/SF64919LOGO)

    (Logo: http://www.newscom.com/cgi-bin/prnh/20100914/SF64919LOGO)

    "It took five days from start to finish to raise $22 million from top tier investors, with the deal pricing 'at market' and now trading up significantly. We couldn't be happier with the work Merriman did on this transaction," said Ryan Petersen, president and chief executive officer of OCZ Technology Group.

    Details on the transaction can be found at OCZ Technology's website: http://www.ocztechnology.com/ .

    About OCZ Technology Group, Inc.

    Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. ("OCZ"), is a leader in the design, manufacturing, and distribution of high performance and reliable Solid State Drives (SSDs) and premium computer components. OCZ has built on its expertise in high-speed memory to become a leader in the SSD market, a technology that competes with traditional rotating magnetic hard disk drives (HDDs). SSDs are faster, more reliable, generate less heat and use significantly less power than the HDDs used in the majority of computers today. In addition to SSD technology, OCZ also offers high performance components for computing devices and systems, including enterprise-class power management products as well leading-edge computer gaming solutions. For more information, please visit: www.ocztechnology.com.

    About Merriman Holdings, Inc.

    Merriman Holdings, Inc. is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in three growth industry sectors: CleanTech, Consumer, Media & Internet and Technology. For more information, please go to www.merrimanco.com.

    Note to Investors

    This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 30, 2010. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 30, 2010 and the Form 10-Q filed on August 12, 2010, together with this press release and the financial information contained herein, are available on our website, www.mcfco.com. Please click on "Investor Relations."

    Photo: http://photos.prnewswire.com/prnh/20100914/SF64919LOGO
    http://www.newscom.com/cgi-bin/prnh/20100914/SF64919LOGO
    AP Archive: http://photoarchive.ap.org
    PRN Photo Desk, photodesk@prnewswire.com Merriman Holdings, Inc.

    CONTACT: Peter Coleman, Chief Financial Officer of Merriman Holdings,
    Inc., +1-415-248-5640

    Web site: http://www.merrimanco.com/
    http://www.ocztechnology.com/




    STMicroelectronics Innovation Cuts the Cost of Meeting Highest Efficiency TargetsPatented energy-recovery circuit enables ultra-high efficiency using competitively priced silicon diodes

    GENEVA, Nov. 3, 2010 /PRNewswire/ -- STMicroelectronics , a world leader in power semiconductors, has released details of a patented high-efficiency circuit and dedicated optimized power components. This new technology will produce cost savings while helping designers comply with the highest power-efficiency standards. The new circuit and power components are ideally suited for boost or buck converters, which are power devices that are usually used in solar inverters or SMPS (Switched-Mode Power Supplies) for computers and telecom equipment.

    Legislation governing energy efficiency and power quality already requires many types of mains-powered equipment to be fitted with Power Factor Correction (PFC) circuitry to minimize energy loss and distortion. These PFC circuits typically combine a power MOSFET, a rectifier diode, an inductor, and a capacitor. Historically, engineers required expensive technology, such as silicon carbide (SiC) for the rectifier diode, to meet high efficiency certification levels such as 80 Plus Bronze, Silver or Gold.

    ST's new design, called BC2 (Back-Current Circuit), now allows competitively priced silicon diodes to be used in preference to SiC devices in boost or buck converters inside solar inverters or SMPS applications such as desktop PCs, servers, telecom base stations. Where the low recovery current of an SiC boost diode helps to minimize the MOSFET switching-on losses, BC2 fully removes these losses and recycles the energy linked to the recovery of the boost diode. Compared to a standard circuit, the new topology requires one additional inductor and three optimized diodes. This approach increases the efficiency by as much as 2% at approximately half the price of a solution using SiC devices.

    To enable designers to implement BC2 in new power supply designs, ST has announced a family of six silicon-based rectifiers and free-wheel diodes optimized for this application:

    --  STTH8BC060D/STTH8BC065DI, STTH10BC065CT and STTH16BC065CT - 600V and
    650V rectifier diodes, offering current ratings of 8A, 10A and 16A,
    respectively;
    

    --  STTH3BCF060U and STTH5BCF060 - 600V free-wheel diodes offering current
    ratings of 3A and 5A, respectively.
    

    Used in kits, these diodes permit the design of competitive high-efficiency circuits up to 2kW. ST provides full design support for the new topology, to help designers achieve the best performance and efficiency. Prices begin at $1.70 for an 8A kit in quantities of 1000 units. Alternative pricing options are available for larger quantities.

    About STMicroelectronics

    STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. In 2009, the Company's net revenues were $8.51 billion. Further information on ST can be found at www.st.com.

    STMicroelectronics

    CONTACT: Michael Markowitz of STMicroelectronics, +1-781-591-0354,
    michael.markowitz@st.com

    Web site: http://www.st.com/




    tw telecom Reports Third Quarter 2010 Results- Delivered 5% revenue growth and 6% M-EBITDA growth year over year -- Grew Ethernet and managed VPN revenue 28% year over year -- Delivered strong Levered Free Cash Flow and Margins -

    LITTLETON, Colo., Nov. 3, 2010 /PRNewswire-FirstCall/ -- tw telecom inc. , a leading provider of managed voice, Internet and data networking solutions for business customers, today announced its third quarter 2010 financial results, including $320.3 million of revenue, $115.5 million in Modified EBITDA(1) ("M-EBITDA"), $23.8 million in levered free cash flow(3) and net income of $16.1 million.

    (Logo: http://photos.prnewswire.com/prnh/20080626/LATH527LOGO)

    (Logo: http://www.newscom.com/cgi-bin/prnh/20080626/LATH527LOGO)

    "We continue to see momentum in our business," said Larissa Herda, tw telecom's Chairman, CEO and President "as we strategically position ourselves for growth. We've demonstrated ongoing leadership with Ethernet and IP services, and we're further leveraging these areas through new product enhancements. We launched these services mid-year and we have already achieved strong initial sales. Our growing capabilities, expanding product portfolio, and quality customer service continue to resonate well with customers, positioning us to serve enterprise customers' demand for increasing bandwidth, greater efficiencies and better network capabilities."

    Highlights for the Quarter

    --  Grew total revenue 5% year over year and 1% sequentially.
    --  Grew enterprise revenue 6% year over year and 1% sequentially.
    --  Grew data and Internet revenue 16% year over year and 3% sequentially.
    As a subset of data and Internet revenue, grew Ethernet and managed VPN
    services 28% year over year.
    --  Achieved a 20% increase in bookings(4), or sales, for the first nine
    months of the year compared to the same period last year
    --  Grew M-EBITDA 6% year over year and 1% sequentially.  Achieved a 36.1%
    M-EBITDA margin
    --  Delivered $23.8 million of levered free cash flow, representing 7% of
    revenue
    --  Grew EPS $0.06 per basic share year over year to $0.11, and returned $8
    million to shareholders in the form of share repurchases in the current
    quarter and $12 million year to date
    --  Ended the quarter with $507.5 million in cash, equivalents and short
    term investments
    

    Business Trends

    "We continue to execute well, delivering solid comprehensive results, quarter after quarter," said Mark Peters, tw telecom's Executive Vice President and Chief Financial Officer. "While a few large customer disconnects along with other quarterly fluctuations impacted net revenue growth this quarter, our fundamentals remain strong. We're seeing momentum in the business through growth in our bookings and installations(8). We've also achieved strong margins and cash flow, while investing in future growth both through operating and capital investments, as we continue to strategically position for higher revenue growth."

    Operational Metrics

    Revenue churn(5) was 1.1% for the current quarter, 1.0% for the prior quarter, and 1.2% for the same quarter last year. The increase in revenue churn sequentially was primarily related to two large customers. As a component of revenue churn, revenue lost from customers fully disconnecting service was 0.3% for both the current quarter and the same quarter last year, and 0.2% for the prior quarter, indicative of a loyal customer base, strong customer experience strategy and competitive product portfolio. The Company expects to experience ongoing quarterly fluctuations in revenue, including disconnects from two large enterprise customers that are expected to impact the fourth quarter.

    The Company had nearly 27,400 customers as of September 30, 2010. Customer churn(5) was 1.0% for the current quarter, down from 1.1% for the prior quarter and 1.2% for the same period last year.

    The Company ended the third quarter with approximately 27,800 route miles (including nearly 21,000 metro miles), 11,347 fiber connected on-net(6) buildings and 2,932 employees, including 545 sales associates.

    Other Trends

    The Company continues to expect business fluctuations to impact sequential trends in revenue, margins and cash flow. This includes the timing, as well as any seasonal nature of sales and installations, usage, disputes, repricing for contract renewals, and fluctuations in revenue churn, expenses and capital expenditures.

    Capital Expenditures

    Capital expenditures were $77.8 million for the quarter compared to $85.0 million for the prior quarter and $59.9 million for the same period last year. The sequential decrease primarily reflects product enhancements completed in the prior quarter that did not recur and the timing of projects for success-based capital and IT initiatives. The year over year increase primarily reflects increased success-based opportunities associated with higher bookings and the timing of IT initiatives. For the full year, the Company expects capital investments to be at the high end of its previous guidance of $300 to $325 million.

    Year over Year Results - Third Quarter 2010 compared to Third Quarter 2009

    Revenue

    Revenue for the quarter was $320.3 million compared to $304.8 million for the third quarter last year, representing a year over year increase of $15.5 million, or 5%. Key changes in revenue included:

    --  $13.9 million increase in revenue from enterprise customers, or 6% year
    over year
    --  $1.0 million increase in revenue from carriers, primarily due to
    increase in revenue from wireless providers, which outpaced churn
    

    By product line, the percentage change in revenue year over year was as follows:

    --  16% increase for data and Internet services, primarily due to continued
    success with Ethernet and IP-based product sales
    --  1% decrease in voice services, primarily reflecting churn which outpaced
    new sales and an increase in certain taxes and fees
    --  3% decrease for network services, primarily reflecting growth in high
    capacity and collocation services, as well as increased transport
    services to wireless providers, outpaced by churn
    

    M-EBITDA and Margins

    M-EBITDA grew to $115.5 million for the quarter, an increase of 6%, or $6.1 million from the same period last year. The growth in M-EBITDA represents the contribution from revenue growth and network cost efficiencies, partially offset by an increase in employee expenses and field related costs.

    Operating costs for the quarter increased year over year, primarily due to increased network access costs associated with higher revenue and increased field related costs that included higher maintenance and utility expenses, partially offset by network cost efficiencies. Operating costs as a percent of revenue were 42% for both the current period and the same period last year.

    Selling, general and administrative costs ("SG&A") increased year over year, primarily reflecting an increase in employee costs, including increased commissions due to higher installations as well as increased sales headcount. SG&A costs as a percent of revenue were 24% for both the current quarter and the same period last year.

    Modified gross margin(7) was 58.7% for the quarter compared to 58.6% for the same period last year, an increase of 10 basis points. M-EBITDA margin for the quarter was 36.1% as compared to 35.9% for the same period last year, a 20 basis point improvement.

    The Company utilizes a fully burdened modified gross margin, including network costs, and personnel costs for customer care, provisioning, network maintenance, technical field and network operations, excluding non-cash stock-based compensation expense.

    Net Income

    For the quarter, net income was $16.1 million compared to net income of $7.7 million for the same period last year. The increase in net income reflected strong M-EBITDA growth, offset by a reduction in depreciation and interest expense.

    Sequential Results - Third Quarter 2010 compared to Second Quarter 2010

    Revenue

    Revenue for the quarter was $320.3 million, as compared to $316.8 million for the second quarter of 2010, an increase of $3.4 million, or 1%. Key changes in revenue included:

    --  $3.3 million increase in enterprise revenue, representing strong
    installations, partially offset by churn and a decrease in certain taxes
    and fees
    --  $0.5 million increase in revenue from carrier customers, primarily from
    wireless providers, which outpaced churn and disputes
    

    By product line, the percentage change in revenue sequentially was as follows:

    --  3% increase for data and Internet services, primarily due to continued
    success with Ethernet and IP-based product sales
    --  1% decrease in voice services, primarily reflecting churn and a decrease
    in certain taxes and fees which outpaced new sales
    --  Network services were relatively flat, primarily reflecting growth in
    high capacity services, as well as increased transport services to
    wireless providers, outpaced by churn
    

    M-EBITDA and Margins

    M-EBITDA was $115.5 million for the quarter, compared to $114.4 million for the prior quarter. The growth in M-EBITDA represents contribution from revenue growth and network cost efficiencies.

    Operating costs increased primarily reflecting increased access costs associated with the growth in revenue, offset by network cost efficiencies and a decrease in certain taxes and fees. Operating costs were 42% of revenue for both the current and prior quarter.

    SG&A costs increased, primarily reflecting increased commissions due to higher installations and an increase in bad debt expense. Bad debt expense was 0.3% of revenue for the current quarter compared to 0.1% for the prior quarter. SG&A was 24% of revenue for both the current and prior quarter.

    Modified gross margin was 58.7% for the quarter compared to 58.5% for the prior quarter, an increase of 20 basis points. M-EBITDA margin was 36.1% for both the current and prior quarter.

    Net Income

    For the quarter, the Company reported net income of $16.1 million compared to $242.3 million for the prior quarter. The sequential decrease in net income reflected M-EBITDA growth offset by the impact of a $227.3 million non-cash income tax benefit recognized in the prior quarter.

    Summary

    "We're working to position the business for higher revenue growth through our ongoing high quality customer care, targeted investing, and strategic positioning to align our capabilities with key customer demand to garner greater market share," said Herda.

    tw telecom plans to conduct a webcast conference call to discuss its earnings results on November 4, 2010 at 9:00 a.m. MDT (11:00 a.m. EDT). To access the webcast and the financial and other information to be discussed in the webcast, visit www.twtelecom.com under "Investor Relations."

    (1) The Company uses a modified definition of EBITDA to eliminate certain non-cash and non-operating income or charges to earnings to enhance the comparability of its financial performance from period to period. Modified EBITDA (or "M-EBITDA") is defined as net income or loss before depreciation, amortization, accretion, impairment charges and other income and losses, interest expense, debt extinguishment costs, interest income, income tax expense or benefit, cumulative effect of change in accounting principle, and non-cash stock-based compensation expense.

    (2) The Company defines unlevered free cash flow as Modified EBITDA less capital expenditures. Unlevered free cash flow is reconciled to Net Cash provided by (used in) operating activities in the supplemental information posted on the Company's website.

    (3) The Company defines levered free cash flow as Modified EBITDA less capital expenditures and net interest expense from operations (but excludes debt extinguishment costs, non-cash interest expense and deferred debt costs). Levered free cash flow is reconciled to Net Cash provided by (used in) operating activities in the supplemental information posted on the Company's website.

    (4) Bookings reflect signed customer sales. The timing of when these sales are installed and recognized as revenue varies based on the underlying contract.

    (5) The Company defines revenue churn as the lost recurring monthly billing for the quarter from a customer's partial or complete disconnection of services (excluding repricing impacts and usage) compared to reported revenue for the quarter. Customer churn is defined as the average monthly customer turnover for the quarter compared to the average monthly customer count for the quarter.

    (6) Fiber connected buildings on-net represent locations to which the Company's fiber is directly connected with lit electronics. This does not include buildings which are exclusively Local Serving Office locations or buildings with fiber but no lit electronics.

    (7) The Company defines modified gross margin as total revenue less operating costs excluding non-cash stock-based compensation expense. Modified gross margin is reconciled to gross margin in the financial tables.

    (8) Installations reflect services from signed customer sales that are installed and recognized as revenue from the date of installation.

    Financial Measures

    The Company provides financial measures using U.S. generally accepted accounting principles ("GAAP") as well as adjustments to GAAP measures to describe its business trends, including Modified EBITDA. Management believes that its definition of Modified EBITDA (see above) is a standard measure of operating performance and liquidity that is commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because it eliminates many differences in financial, capitalization, and tax structures, as well as non-cash and non-operating income or charges to earnings. Modified EBITDA is not intended to replace operating income (loss), net income (loss), cash flow, and other measures of financial performance and liquidity reported in accordance with GAAP. Management uses Modified EBITDA internally to assess on-going operations and it is the basis for various financial covenants contained in the Company's debt agreements and for operating performance and liquidity. Modified EBITDA is reconciled to Net Income (Loss), the most comparable GAAP measure for operating performance within the Consolidated Operations Highlights and in the supplemental information posted on the Company's website. Modified EBITDA, as a measure of liquidity, is also reconciled to Net Cash provided by operating activities on the Company's website.

    In addition, management uses unlevered and levered free cash flow, which measure the ability of M-EBITDA to cover capital expenditures. The Company uses these cash flow definitions to eliminate certain non-cash costs. Levered and unlevered free cash flow are reconciled to Net Cash provided by operating activities and also to Modified EBITDA in the supplemental information posted on the Company's website. The Company also provides an adjustment to the measure gross margin by eliminating the impact of non-cash stock-based compensation expense. Management uses modified gross margin internally to assess on-going operations. Modified gross margin is reconciled to gross margin in the financial tables.

    Forward Looking Statements

    The statements in this press release and related conference call concerning the outlook for 2010 and beyond, including product plans, growth prospects, market opportunities, bookings, sales momentum, operational improvements, sales and installations timing, demand, revenue growth, service disconnections, churn, business trends and fluctuations, seasonality, and expected capital expenditures are forward-looking statements that reflect management's views with respect to future events and financial performance. These statements are based on management's current expectations and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those in the forward looking statements include the risks disclosed in the Company's SEC filings, especially the section entitled "Risk Factors" in its 2009 Annual Report on Form 10-K and in its quarterly report on Form 10-Q for the quarter ended June 30, 2010. tw telecom undertakes no obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    About tw telecom

    tw telecom, headquartered in Littleton, Colo., provides managed network services, specializing in converged services, Ethernet and data networking, Internet access, local and long distance voice, VPN, VoIP and network security, to enterprise organizations and communications services companies throughout the U.S. including their global locations. As a leading provider of integrated and converged network solutions, tw telecom delivers customers overall economic value, quality service, and improved business productivity. For more information please visit www.twtelecom.com.

    tw telecom inc. Consolidated Operations Highlights (Dollars in thousands) Unaudited (1)

    Three Months Ended September 30, ------------- 2010 2009 Growth % ---- ---- -------- Revenue Data and Internet services $138,838 $119,977 16% Network services 90,151 93,233 -3% Voice services 82,944 83,799 -1% ------ ------ --- Service Revenue 311,933 297,009 5% Intercarrier compensation 8,361 7,757 8% ----- ----- --- Total Revenue 320,294 304,766 5% ------- ------- --- Expenses Operating costs 133,237 127,155 ------- ------- Gross Margin 187,057 177,611 Selling, general and administrative costs 78,452 74,611 Depreciation, amortization, and accretion 71,612 74,280 ------ ------ Operating Income 36,993 28,720 Interest expense (14,180) (15,852) Debt extinguishment costs - - Non cash interest expense and deferred debt costs (5,454) (4,880) Other income 825 - Interest income 209 116 --- --- Income before income taxes 18,393 8,104 Income tax (benefit) expense (2) 2,314 406 ----- --- Net Income $16,079 $7,698 ======= ====== SUPPLEMENTAL INFORMATION TO RECONCILE MODIFIED GROSS MARGIN AND MODIFIED EBITDA -------------------------------- Gross Margin $187,057 $177,611 Add back non-cash stock-based compensation expense 825 961 --- --- Modified Gross Margin 187,882 178,572 5% === Selling, general and administrative costs 78,452 74,611 Add back non-cash stock-based compensation expense 6,102 5,465 ----- ----- Modified EBITDA 115,532 109,426 6% === Non-cash stock-based compensation expense 6,927 6,426 Depreciation, amortization, and accretion 71,612 74,280 Net Interest expense 13,971 15,736 Debt extinguishment costs - - Non cash interest expense and deferred debt costs 5,454 4,880 Other income 825 - Income tax (benefit) expense 2,314 406 ----- --- Net Income $16,079 $7,698 ======= ====== Modified Gross Margin % 58.7% 58.6% ==== ==== Modified EBITDA Margin % 36.1% 35.9% ==== ==== Free Cash Flow: Modified EBITDA $115,532 $109,426 6% Less: Capital Expenditures 77,809 59,931 30% ------ ------ --- Unlevered Free Cash Flow 37,723 49,495 -24% Less: Net interest expense 13,971 15,736 -11% ------ ------ --- Levered Free Cash Flow $23,752 $33,759 -30% ======= ======= ===

    Nine Months Ended September 30, ------------- 2010 2009 Growth % ---- ---- -------- Revenue Data and Internet services $402,111 $347,848 16% Network services 269,699 280,396 -4% Voice services 250,979 250,414 0% ------- ------- --- Service Revenue 922,789 878,658 5% Intercarrier compensation 25,565 24,798 3% ------ ------ --- Total Revenue 948,354 903,456 5% ------- ------- --- Expenses Operating costs 394,411 374,105 ------- ------- Gross Margin 553,943 529,351 Selling, general and administrative costs 230,364 225,935 Depreciation, amortization, and accretion 217,030 221,877 ------- ------- Operating Income 106,549 81,539 Interest expense (44,478) (48,768) Debt extinguishment costs (17,070) - Non cash interest expense and deferred debt costs (15,846) (14,449) Other income 825 - Interest income 438 327 --- --- Income before income taxes 30,418 18,649 Income tax (benefit) expense (2) (223,522) 2,159 -------- ----- Net Income $253,940 $16,490 ======== ======= SUPPLEMENTAL INFORMATION TO RECONCILE MODIFIED GROSS MARGIN AND MODIFIED EBITDA -------------------------------- Gross Margin $553,943 $529,351 Add back non-cash stock-based compensation expense 2,332 2,464 ----- ----- Modified Gross Margin 556,275 531,815 5% === Selling, general and administrative costs 230,364 225,935 Add back non-cash stock-based compensation expense 18,301 16,911 ------ ------ Modified EBITDA 344,212 322,791 7% === Non-cash stock-based compensation expense 20,633 19,375 Depreciation, amortization, and accretion 217,030 221,877 Net Interest expense 44,040 48,441 Debt extinguishment costs 17,070 - Non cash interest expense and deferred debt costs 15,846 14,449 Other income 825 - Income tax (benefit) expense (223,522) 2,159 -------- ----- Net Income $253,940 $16,490 ======== ======= Modified Gross Margin % 58.7% 58.9% ==== ==== Modified EBITDA Margin % 36.3% 35.7% ==== ==== Free Cash Flow: Modified EBITDA $344,212 $322,791 7% Less: Capital Expenditures 243,726 202,543 20% ------- ------- --- Unlevered Free Cash Flow 100,486 120,248 -16% Less: Net interest expense 44,040 48,441 -9% ------ ------ --- Levered Free Cash Flow $56,446 $71,807 -21% ======= ======= ===

    (1) For complete financials and related footnotes, please refer to the Company's SEC filings. (2) Includes a non-cash income tax benefit of $227.3 million in the nine months ended September 30, 2010 to recognize the value of tax assets

    tw telecom inc. Consolidated Operations Highlights (Dollars in thousands) Unaudited (1)

    Three Months Ended ------------ Sept 30, June 30, 2010 2010 ---- ---- Revenue Data and Internet services $138,838 $134,152 Network services 90,151 90,000 Voice services 82,944 83,963 ------ ------ Service Revenue 311,933 308,115 Intercarrier compensation 8,361 8,734 ----- ----- Total Revenue 320,294 316,849 ------- ------- Expenses Operating costs 133,237 132,319 ------- ------- Gross Margin 187,057 184,530 Selling, general and administrative costs 78,452 76,810 Depreciation, amortization, and accretion 71,612 72,031 ------ ------ Operating Income 36,993 35,689 Interest expense (14,180) (14,392) Non cash interest expense and deferred debt costs (5,454) (5,357) Other income 825 - Interest income 209 172 --- --- Income (Loss) before income taxes 18,393 16,112 Income tax (benefit) expense (2) 2,314 (226,211) ----- -------- Net Income (Loss) $16,079 $242,323 ======= ======== SUPPLEMENTAL INFORMATION TO RECONCILE MODIFIED GROSS MARGIN AND MODIFIED EBITDA -------------------------------- Gross Margin $187,057 $184,530 Add back non-cash stock-based compensation expense 825 749 --- --- Modified Gross Margin 187,882 185,279 Selling, general and administrative costs 78,452 76,810 Add back non-cash stock-based compensation expense 6,102 5,980 ----- ----- Modified EBITDA 115,532 114,449 Non-cash stock-based compensation expense 6,927 6,729 Depreciation, amortization, and accretion 71,612 72,031 Net Interest expense 13,971 14,220 Non cash interest expense and deferred debt costs 5,454 5,357 Other income 825 - Income tax (benefit) expense 2,314 (226,211) ----- -------- Net Income $16,079 $242,323 ======= ======== Modified Gross Margin % 58.7% 58.5% ==== ==== Modified EBITDA Margin % 36.1% 36.1% ==== ==== Free Cash Flow Modified EBITDA $115,532 $114,449 Less: Capital Expenditures 77,809 84,988 ------ ------ Unlevered Free Cash Flow 37,723 29,461 Less: Net interest expense 13,971 14,220 ------ ------ Levered Free Cash Flow $23,752 $15,241 ======= =======

    Growth % -------- Revenue Data and Internet services 3% Network services 0% Voice services -1% --- Service Revenue 1% Intercarrier compensation -4% --- Total Revenue 1% --- Expenses Operating costs Gross Margin Selling, general and administrative costs Depreciation, amortization, and accretion Operating Income Interest expense Non cash interest expense and deferred debt costs Other income Interest income Income (Loss) before income taxes Income tax (benefit) expense (2) Net Income (Loss) SUPPLEMENTAL INFORMATION TO RECONCILE MODIFIED GROSS MARGIN AND MODIFIED EBITDA ------------------------------------------ Gross Margin Add back non-cash stock-based compensation expense Modified Gross Margin 1% === Selling, general and administrative costs Add back non-cash stock-based compensation expense Modified EBITDA 1% === Non-cash stock-based compensation expense Depreciation, amortization, and accretion Net Interest expense Non cash interest expense and deferred debt costs Other income Income tax (benefit) expense Net Income Modified Gross Margin % Modified EBITDA Margin % Free Cash Flow Modified EBITDA 1% Less: Capital Expenditures -8% --- Unlevered Free Cash Flow 28% Less: Net interest expense -2% --- Levered Free Cash Flow 56% ===

    (1) For complete financials and related footnotes, please refer to the Company's SEC filings. (2) Includes a non-cash income tax benefit of $227.3 million in the three months ended June 30, 2010 to recognize the value of tax assets.

    tw telecom inc. Highlights of Results Per Share Unaudited (1) (2)

    Three Months Ended ---------------------- 9/30/10 6/30/10 9/30/09 ------- ------- ------- Weighted Average Shares Outstanding (thousands) Basic 149,374 149,698 148,082 ======= ======= ======= Diluted (2) 151,698 171,884 149,952 ======= ======= ======= Basic Income per Common Share Prior to the recognition of the value of tax assets $0.11 $0.10 $0.05 Recognition of the value of tax assets - 1.50 - --- ---- --- Total $0.11 $1.60 $0.05 ===== ===== ===== Diluted Income per Common Share $0.10 $1.43 $0.05 ===== ===== ===== As of ----- 9/30/10 6/30/10 9/30/09 ------- ------- ------- Common shares (thousands) Actual Shares Outstanding 151,290 151,584 149,335 ======= ======= ======= Unvested Restricted Stock Units and Restricted Stock Awards (thousands) 3,444 3,459 2,827 ===== ===== ===== Options (thousands) Options Outstanding 9,490 10,887 13,033 ===== ====== ====== Options Exercisable 5,983 7,331 8,161 ===== ===== ===== Options Exercisable and In-the- Money 3,410 2,605 1,781 ===== ===== ===== (1) For complete financials and related footnotes, please refer to the Company's SEC filings. (2) Stock options, restricted stock units/awards and convertible debt subject to conversion, are excluded from the computation of diluted weighted average shares outstanding if inclusion would be anti-dilutive. See the Company's SEC filings for more details.

    tw telecom inc. Condensed Consolidated Balance Sheet Highlights (Dollars in thousands) Unaudited (1)

    Sept 30, June 30, Sept 30, 2010 2010 2009 ---- ---- ---- ASSETS Cash, equivalents, and short term investments $507,458 $486,922 $432,331 Receivables 88,779 88,250 86,324 Less: allowance (8,703) (8,821) (11,011) ------ ------ ------- Net receivables 80,076 79,429 75,313 Other current assets 110,259 104,577 22,800 Property, plant and equipment 3,690,547 3,640,018 3,443,554 Less: accumulated depreciation (2,346,622) (2,315,477) (2,149,487) ---------- ---------- ---------- Net property, plant and equipment 1,343,925 1,324,541 1,294,067 Other Assets 649,532 655,809 510,037 ------- ------- ------- $2,691,250 $2,651,278 $2,334,548 ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $67,988 $54,556 $45,999 Deferred revenue 36,889 35,806 33,110 Accrued taxes, franchise and other fees 67,801 65,764 67,160 Accrued interest 7,447 12,377 9,462 Accrued payroll and benefits 48,464 36,657 43,612 Accrued carrier costs 31,979 35,834 30,502 Current portion of debt and lease obligations 7,119 7,290 8,264 Other current liabilities 42,441 41,029 39,590 ------ ------ ------ Total current liabilities 310,128 289,313 277,699 Long-Term Debt and Capital Lease Obligations 2 3/8% convertible senior debentures, due 4/1/2026 373,744 373,744 373,750 Unamortized Discount (51,395) (55,961) (69,094) ------- ------- ------- Net 322,349 317,783 304,656 Floating rate senior secured debt -Term Loan B, due 1/7/2013 577,500 579,000 583,500 9 1/4% senior unsecured notes, due 2/15/2014 - - 400,243 8% senior unsecured notes, due 2018 427,130 427,034 - Capital lease obligations 15,617 16,019 17,706 Less: current portion (7,119) (7,290) (8,264) ------ ------ ------ Total long-term debt and capital lease obligations 1,335,477 1,332,546 1,297,841 Long-Term Deferred Revenue 15,374 15,884 16,506 Other Long-Term Liabilities 31,271 31,050 30,197 Stockholders' Equity 999,000 982,485 712,305 ------- ------- ------- $2,691,250 $2,651,278 $2,334,548 ========== ========== ==========

    (1) For complete financials and related footnotes, please refer to the Company's SEC filings.

    tw telecom inc. Condensed Consolidated Statements of Cash Flows (Dollars in thousands) Unaudited (1)

    Three Months Ended ------------------ Sept Sept 30, June 30, 30, 2010 2010 2009 ---- ---- ---- Cash flows from operating activities: Net Income $16,079 $242,323 $7,698 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization, and accretion 71,612 72,031 74,280 Deferred income taxes 647 (226,297) - Stock-based compensation 6,926 6,729 6,426 Amortization of discount on debt and deferred debt costs and other 4,617 5,358 4,902 Changes in operating assets and liabilities: Receivables, prepaid expense and other assets (5,713) (5,872) 232 Accounts payable, deferred revenue, and other liabilities 11,265 (1,394) 14,237 ------ ------ ------ Net cash provided by operating activities 105,433 92,878 107,775 ------- ------ ------- Cash flows from investing activities: Capital expenditures (77,809) (84,988) (59,931) Purchase of investments (34,446) (43,390) (6,080) Proceeds from redemptions of investments 70,086 8,288 - Proceeds from sale of assets and other investing activities (1,650) (2,539) - ------ ------ --- Net cash used in investing activities (43,819) (122,629) (66,011) ------- -------- ------- Cash flows from financing activities: Net proceeds from issuance of common stock upon exercise of stock options and vesting of restricted stock awards and units 1,298 733 576 Purchases of treasury stock (8,182) (3,523) - Net proceeds from issuance of debt - (52) - Payment of debt and capital lease obligations (1,847) (1,685) (1,810) ------ ------ ------ Net cash used in financing activities (8,731) (4,527) (1,234) ------ ------ ------ Increase (decrease) in cash and cash equivalents 52,883 (34,278) 40,530 Cash and cash equivalents at the beginning of the period 352,633 386,911 391,801 ------- ------- ------- Cash and cash equivalents at the end of the period $405,516 $352,633 $432,331 ======== ======== ======== Supplemental disclosures cash, equivalents and short term investments Cash and cash equivalents at the end of the period $405,516 $352,633 $391,801 Short term investments 101,942 134,289 - ------- ------- --- Total of cash, equivalents and short term investments $507,458 $486,922 $391,801 ======== ======== ======== Supplemental disclosures of cash flow information: Cash paid for interest $19,928 $8,773 $23,643 ======= ====== ======= Cash paid for income taxes $975 $2,955 $618 ==== ====== ==== (1) For complete financials and related footnotes, please refer to the Company's SEC filings.

    tw telecom inc. Selected Operating Statistics Unaudited (1)

    Three Months Ended ------------------ 2009 ---- Mar. 31 Jun. 30 Sept. 30 Dec. 31 ------- ------- -------- ------- Operating Metrics: ------------------ Buildings Fiber connected buildings, on- net 9,685 9,934 10,170 10,407 Headcount Total Headcount 2,853 2,861 2,849 2,870 Sales Associates 486 494 503 522 Customers Total Customers 29,256 28,676 28,347 27,989

    Three Months Ended ------------------ 2010 ---- Mar. 31 Jun. 30 Sept. 30 ------- ------- -------- Operating Metrics: ------------------ Buildings Fiber connected buildings, on- net 10,647 10,967 11,347 Headcount Total Headcount 2,887 2,901 2,932 Sales Associates 523 528 545 Customers Total Customers 27,685 27,460 27,382

    (1) For complete financials and related footnotes, please refer to the Company's SEC filings.

    Photo: http://photos.prnewswire.com/prnh/20080626/LATH527LOGO
    http://www.newscom.com/cgi-bin/prnh/20080626/LATH527LOGO
    http://photoarchive.ap.org
    PRN Photo Desk, photodesk@prnewswire.com tw telecom inc.

    CONTACT: Investor Relations, Carole Curtin, +1-303 566-1000,
    carole.curtin@twtelecom.com, or Media Relations, Bob Meldrum, +1-303
    566-1354, bob.meldrum@twtelecom.com, both of tw telecom inc.

    Web site: http://www.twtelecom.com/




    P&T Luxembourg and LUXGSM Selects Amdocs Software to Replace Existing SystemsAmdocs software will enable recently merged company to offer converged services; quickly and efficiently launch new products such as mobile broadband and IPTV

    ST. LOUIS, Nov. 3, 2010 /PRNewswire/ -- Amdocs , the leading provider of customer experience systems, today announced that P&T Luxembourg and LUXGSM has selected Amdocs software to replace its incumbent charging and billing system following a merger between state-owned P&T Luxembourg's telecom sales entity and its mobile subsidiary LUXGSM S.A. serving approximately 600,000 subscribers.

    The new company, a subsidiary of P&T Luxembourg will offer converged fixed-line, mobile and Internet services. P&T Luxembourg and LUXGSM will deploy the Amdocs Business Support Systems (BSS) Pack to deliver bundled offerings and services, enable a self service portal, and improve real time rating. By streamlining the systems and processes, the new Amdocs system will enable the company to sell products and services more effectively across multiple channels, including self care, call center and retail stores. In addition, the Amdocs solution will allow the company to offer the right product to the right customer by providing sales representatives with access to the relevant customer information at the right time.

    "As part of the merger, one of the priorities was to determine a strategy for a combined customer management and charging and billing system to retain a market-leading position and deliver new and innovative offerings in a convergent market to our customers quickly," said Marc Rosenfeld, LUXGSM's CEO. "The Amdocs solution will enable us to improve the customer experience, aiding in customer retention and our ability to attract new customers. Amdocs will also help us modernize and drive efficiency to reduce operational and capital expenditures."

    The convergent customer management, ordering and billing package is part of the Amdocs CES (customer experience systems) portfolio. Amdocs BSS Pack offers a customer management, ordering and billing package that delivers a rapid, low-risk solution for new and existing lines of business. It provides out-of the box functionality to support the business processes for mobile, fixed and broadband. The solution is pre-integrated and tested, ensuring rapid, successful implementation at reduced cost.

    Supporting Resources

    --  Keep up with Amdocs news by visiting the company's website and Blog.
    --  Subscribe to Amdocs' RSS Feed and follow us on Twitter, Facebook and
    LinkedIn.
    

    About Amdocs

    Amdocs is the market leader in customer experience systems innovation. The company combines business and operational support systems, service delivery platforms, proven services, and deep industry expertise to enable service providers and their customers to do more in the connected world. Amdocs' offerings help service providers explore new business models, differentiate through personalized customer experiences, and streamline operations. A global company with revenue of $2.86 billion in fiscal 2009, Amdocs has approximately 18,000 employees and serves customers in more than 60 countries worldwide. For more information, visit Amdocs at www.amdocs.com.

    Amdocs' Forward-Looking Statement

    This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs' ability to grow in the business segments it serves, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future, however the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2009, filed on December 7, 2009 and in our quarterly 6-K forms furnished on February 8, May 13 and August 9, 2010.

    Amdocs

    CONTACT: Michael Zema of Weber Shandwick for Amdocs, +1-212-455-8181,
    mzema@webershandwick.com

    Web site: http://www.amdocs.com/




    Solera Holdings, Inc. Reports First Quarter Fiscal Year 2011 ResultsFirst Quarter Revenue of $158.9 Million, Up 5.4% on a GAAP Basis and Up 10.5% on a Constant Currency Basis; GAAP Diluted Net Income Attributable to Solera Holdings, Inc. Per Common Share of $0.41, up 41.4%; Adjusted Net Income per Diluted Common Share of $0.58, up 16.0%; Company Raises Guidance for Fiscal Year 2011; Company Announces Quarterly Dividend

    DALLAS, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Solera Holdings, Inc. , the leading global provider of software and services to the automobile insurance claims processing industry, today reported results for the first quarter of fiscal year 2011.

    Results for the First Quarter Ended September 30, 2010:

    GAAP Results

    --  Revenue for the first quarter was $158.9 million, a 5.4% increase over
    the prior year first quarter revenue of $150.8 million. After adjusting
    for changes in foreign currency exchange rates ("FX Changes"), revenue
    for the first quarter of fiscal year 2011 increased by approximately
    10.5% over the prior year first quarter revenue;
    --  GAAP net income attributable to Solera Holdings, Inc. for the first
    quarter was $29.1 million, a 45.7% increase over the prior year first
    quarter GAAP net income attributable to Solera Holdings, Inc. of $20.0
    million;
    --  Diluted net income attributable to Solera Holdings, Inc. per share for
    the first quarter was $0.41, a 41.4% increase over the prior year first
    quarter diluted net income attributable to Solera Holdings, Inc. per
    share of $0.29.
    

    "I am pleased to report a good start to our fiscal 2011. On a constant currency basis, our first quarter growth came in at 10.5% - above the high end of our total revenue growth range of 7% - 9%," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "Although not all of our countries have entered a recovery phase, this marks the third consecutive quarter of accelerating top-line growth rates and increased profitability."

    Non-GAAP Results

    --  Adjusted EBITDA for the first quarter was $69.7 million, a 12.1%
    increase over the prior year first quarter Adjusted EBITDA of $62.2
    million. After adjusting for FX Changes, Adjusted EBITDA for the first
    quarter of fiscal year 2011 increased by approximately 19.3% over the
    prior year first quarter Adjusted EBITDA;
    --  Adjusted Net Income for the first quarter was $40.9 million, an 18.4%
    increase over the prior year first quarter Adjusted Net Income of $34.5
    million;
    --  Adjusted Net Income per diluted share for the first quarter was $0.58, a
    16.0% increase over the prior year first quarter Adjusted Net Income per
    diluted share of $0.50.
    

    In the first quarter of fiscal year 2011, we announced the creation of the Highly Established Market Initiatives ("HEMI") Region through the alignment our operations in the United States, Canada and the Netherlands. As a result, our Netherlands operations, which have historically been included in our EMEA reportable segment, are now included in our Americas reportable segment. The financial information presented below reflects the inclusion of the Netherlands in Americas for all periods.

    Business Statistics

    --  EMEA revenues were $89.9 million for the first quarter, representing a
    6.6% increase over the prior year period. After adjusting for FX
    Changes, EMEA revenues for the first quarter increased 15.2%, over the
    prior year period;
    --  Americas revenues were $69.0 million for the first quarter, representing
    a 3.9% increase over the prior year period. After adjusting for FX
    Changes, Americas revenues for the first quarter increased 4.6% over the
    prior year period;
    --  Revenues from insurance company customers were $64.1 million for the
    first quarter, representing a 7.3% increase over the prior year period.
    After adjusting for FX Changes, revenues from insurance company
    customers for the first quarter increased 11.3% over the prior year
    period;
    --  Revenues from collision repair facility customers were $55.7 million for
    the first quarter, representing a 3.3% increase over the prior year
    period. After adjusting for FX Changes, revenues from collision repair
    facility customers for the first quarter increased 8.8% over the prior
    year period;
    --  Revenues from independent assessors were $16.6 million for the first
    quarter, representing a 10.6% increase over the prior year period. After
    adjusting for FX Changes, revenues from independent assessors for the
    first quarter increased 20.8% over the prior year period;
    --  Revenues from automotive recycling, salvage and other customers were
    $22.5 million for the first quarter, representing a 1.7% increase over
    the prior year period. After adjusting for FX Changes, revenues from
    automotive recycling, salvage and other customers for the first quarter
    increased 5.8% over the prior year period.
    

    Fiscal Year 2011 Outlook:

    Our updated outlook for our full fiscal year ending June 30, 2011 is as follows:

    Previous Fiscal Current Fiscal Year 2011 Year 2011 Outlook Outlook --------------- -------------- Revenues $640 million - $648 million $666 million - $672 million Net Income $94 million - $100 million $104 million - $110 million Adjusted EBITDA $269 million - $275 million $283 million - $288 million Adjusted Net Income $152 million - $156 million $162 million - $166 million Adjusted Net Income per diluted share $2.15 - $2.22 $2.27 - $2.33

    The fiscal year 2011 outlook above assumes constant currency exchange rates from those currently prevailing, no acquisitions of businesses, and an assumed 28% tax rate to calculate Adjusted Net Income.

    Exchange rates between most of the major foreign currencies we use to transact our business and the U.S. dollar have fluctuated significantly over the last few years, and we expect that they will continue to fluctuate. The majority of our revenues and costs are denominated in Euros, Pound Sterling, Swiss francs, Canadian dollars and other international currencies. The following table provides the average quarterly exchange rates for the Euro and Pound Sterling since the beginning of fiscal year 2010:

    Average Average Period Euro-to- Pound ------ -------- ------- U.S. Sterling- Dollar to-U.S. ------- ---------- Exchange Dollar Rate Exchange --------- --------- Rate ---- Quarter ended September 30, 2009 1.43 1.64 Quarter ended December 31, 2009 1.48 1.63 Quarter ended March 31, 2010 1.39 1.56 Quarter ended June 30, 2010 1.28 1.49 Quarter ended September 30, 2010 1.29 1.55

    During the three months ended September 30, 2010 as compared to the three months ended September 30, 2009, the U.S. dollar strengthened against most major foreign currencies we use to transact our business. The average U.S. dollar strengthened versus the Euro by 9.7% and the Pound Sterling by 5.6%, which decreased our revenues and expenses for the three months ended September 30, 2010. A hypothetical 5% increase or decrease in the U.S. dollar versus other currencies in which we transact our business would have resulted in a $6.2 million decrease or increase, as the case may be, to our revenues during the three months ended September 30, 2010.

    All percentage amounts and ratios were calculated using the underlying data in whole dollars. We measure constant currency, or the effects on our results that are attributable to FX Changes, by measuring the incremental difference between translating the prior period and the current results at the monthly average rates for the same period from the prior year.

    Quarterly Dividend:

    The Audit Committee of our Board of Directors has approved the payment of a quarterly cash dividend of $0.075 per outstanding share of common stock and per outstanding restricted stock unit. The Audit Committee has also approved a quarterly stock dividend equivalent of $0.075 per outstanding restricted stock unit granted to certain of our executive officers during fiscal year 2011 in lieu of the cash dividend, which dividend equivalent will be paid to the restricted stock unit holders as the restricted stock unit vests. The dividends are payable on December 3, 2010 to stockholders and restricted stock unit holders of record at the close of business on November 17, 2010.

    Earnings Conference Call:

    We will host our first quarter ended September 30, 2010 earnings call today at 5:00 p.m. (Eastern Time) -November 3, 2010. The conference call will be webcast live on the Internet and can be accessed by visiting: www.solerainc.com. A replay will be available on the Solera website until midnight on November 17, 2010. A live audio broadcast of the call will be accessible to the public by calling (800) 299-7098 or for international callers, (617) 801-9715; please enter the following access code when prompted: 13307276. Callers should dial in approximately ten minutes before the call begins. For those unable to participate in the live audiocast, a replay will be available until midnight on November 17, 2010. To access the replay, dial (888) 286-8010 or, from outside the U.S., (617) 801-6888 and enter the following access code when prompted: 33247777.

    SOLERA HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 (In thousands, except per share amounts) (Unaudited)

    Three Months Ended September 30, ------------------ 2010 2009 ---- ---- Revenues $158,908 $150,769 Cost of revenues: Operating expenses 31,141 32,970 Systems development and programming costs 15,512 16,170 ------ ------ Total cost of revenues (excluding depreciation and amortization) 46,653 49,140 Selling, general and administrative expenses 41,826 38,815 Depreciation and amortization 19,552 21,635 Restructuring charges, asset impairments, and other costs of exit or disposal activities 2,490 1,729 Acquisition and related costs 1,203 1,614 Interest expense 7,319 8,764 Other (income) expense, net (675) 414 118,368 122,111 ------- ------- Income before income tax provision 40,540 28,658 Income tax provision 8,602 6,531 ----- ----- Net income 31,938 22,127 Less: Net income attributable to noncontrolling interests 2,814 2,144 Net income attributable to Solera Holdings, Inc. $29,124 $19,983 ======= ======= Net income attributable to Solera Holdings, Inc. per common share: Basic $0.41 $0.29 ===== Diluted $0.41 $0.29 ===== Dividends paid per share $0.08 $0.06 ===== ===== Weighted average shares used in the calculation of net income attributable to Solera Holdings, Inc. per common share: Basic 69,985 69,291 ====== ====== Diluted 70,273 69,358 ====== ======

    Non-GAAP Financial Measures:

    We use a number of non-GAAP financial measures that are not intended to be used in lieu of GAAP presentations, but are provided because management believes that they provide additional information with respect to the performance of our fundamental business activities and are also frequently used by securities analysts, investors and other interested parties to facilitate the evaluation of our business on a comparable basis to other companies. The three primary non-GAAP financial measures that we use are Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted common share. We believe that Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per diluted common share are useful to investors in providing information regarding our operating results. We rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management team in connection with our executive compensation and bonus plans. Adjusted EBITDA also allows us to compare our current operating results with corresponding prior periods as well as to the operating results of other companies in our industry. We present Adjusted Net Income and Adjusted Net Income per diluted common share because we believe both of these measures provide useful information regarding our operating results in addition to our GAAP measures. We believe that Adjusted Net Income and Adjusted Net Income per diluted common share provide investors with valuable insight into our profitability exclusive of unusual adjustments, and provide further insight into the cash impact resulting from the different treatments of goodwill for financial reporting and tax purposes.

    Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per diluted common share have limitations as analytical tools, and you should not consider them in isolation or as a substitute for net income, net income per share and other consolidated income statement data prepared in accordance with accounting principles generally accepted in the United States. Because of these limitations, Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted common share should not be considered as a replacement for net income. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted common share as supplemental information.

    --  Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net
    income attributable to Solera Holdings, Inc., excluding (i) interest
    expense, (ii) provision for income taxes, (iii) depreciation and
    amortization, (iv) stock-based compensation expense, (v) restructuring
    charges, asset impairments, and other costs associated with exit or
    disposal activities, (vi) other (income) expense, net and (vii)
    acquisition and related costs. Acquisition and related costs include
    legal and professional fees and other transaction costs associated with
    completed and contemplated business combinations and asset acquisitions,
    costs associated with integrating acquired businesses, including costs
    incurred to eliminate workforce redundancies and for product rebranding,
    and other charges incurred as a direct result of our acquisition
    efforts. These other charges include changes to the fair value of
    contingent purchase consideration, acquired assets and assumed
    liabilities subsequent to the completion of the purchase price
    allocation, purchase price that is deemed to be compensatory in nature
    and gains and losses resulting from the settlement of a pre-existing
    contractual relationship with an acquiree. A reconciliation of our
    Adjusted EBITDA to GAAP net income attributable to Solera Holdings,
    Inc., the most directly comparable GAAP measure, is provided in the
    attached table.
    

    SOLERA HOLDINGS, INC. RECONCILIATION TO ADJUSTED EBITDA FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 (In thousands, except per share amounts) (Unaudited)

    Three Months Ended September 30, ------------------ 2010 2009 ---- ---- Net income attributable to Solera Holdings, Inc. $29,124 $19,983 Add: Income tax provision 8,602 6,531 ----- ----- Net income attributable to Solera Holdings, Inc. before income tax provision 37,726 26,514 Add: Depreciation and amortization 19,552 21,635 Add: Restructuring charges, asset impairments and other costs of exit or disposal activities 2,490 1,729 Add: Acquisition and related costs 1,203 1,614 Add: Interest expense 7,319 8,764 Add: Other (income) expense, net (675) 414 Add: Stock-based compensation expense 2,069 1,488 Adjusted EBITDA $69,684 $62,158 ======= =======

    --  Adjusted Net Income is a non-GAAP financial measure that represents GAAP
    net income attributable to Solera Holdings, Inc., excluding (i)
    provision for income taxes, (ii) amortization of acquired intangible
    assets, (iii) stock-based compensation expense, (iv) restructuring
    charges, asset impairments, and other costs associated with exit or
    disposal activities, (v) other (income) expense, excluding interest
    income and (vi) acquisition and related costs. From this amount, we
    subtract an assumed provision for income taxes to arrive at Adjusted Net
    Income. We assume a 28% tax rate as an approximation of our long-term
    effective corporate tax rate, which includes certain benefits from net
    operating loss carryforwards, tax deductible goodwill and amortization,
    and a low tax-rate jurisdiction for a certain corporate holding company.
    A reconciliation of our Adjusted Net Income to GAAP net income
    attributable to Solera Holdings, Inc., the most directly comparable GAAP
    measure, is provided in the attached table.
    --  Adjusted Net Income per diluted common share is a non-GAAP financial
    measure that represents Adjusted Net Income (as defined above) divided
    by the number of diluted shares outstanding for the period used in the
    calculation of GAAP net income attributable to Solera Holdings, Inc. per
    diluted common share. A reconciliation of our Adjusted Net Income per
    diluted common share to GAAP net income attributable to Solera Holdings,
    Inc. per diluted common share, the most directly comparable GAAP
    measure, is provided in the attached table.
    

    SOLERA HOLDINGS, INC. RECONCILIATION TO ADJUSTED NET INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 (In thousands, except per share amounts) (Unaudited)

    Three Months Ended September 30, ------------------ 2010 2009 ---- ---- Net income attributable to Solera Holdings, Inc. $29,124 $19,983 Add: Income tax provision 8,602 6,531 ----- ----- Net income attributable to Solera Holdings, Inc. before income tax provision 37,726 26,514 Add: Amortization of acquisition-related intangibles 13,516 15,771 Add: Restructuring charges, asset impairments and other costs of exit or disposal activities 2,490 1,729 Add: Acquisition and related costs 1,203 1,614 Add: Other (income) expense, not including interest income (191) 852 Add: Stock-based compensation expense 2,069 1,488 ----- ----- Adjusted Net Income before income tax provision 56,813 47,968 Less: Assumed provision for income taxes at 28% (15,908) (13,431) Adjusted Net Income $40,905 $34,537 ======= ======= Adjusted Net Income per share: Basic $0.58 $0.50 ===== ===== Diluted $0.58 $0.50 ===== ===== Weighted average shares used in the calculation of GAAP Net Income attributable to Solera Holdings, Inc. and Adjusted Net Income per share: Basic 69,985 69,291 ====== ====== Diluted 70,273 69,358 ====== ======

    SOLERA HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2010 AND JUNE 30, 2010 (In thousands, except per share amounts) (Unaudited)

    September 30, June 30, 2010 2010 ---- ---- Assets Current assets: Cash and cash equivalents $284,434 $240,522 Short-term investments 18,010 - Accounts receivable, net 113,579 99,682 Other receivables 13,446 12,989 Other current assets 21,751 20,713 Deferred income tax assets 3,007 4,059 ----- ----- Total current assets 454,227 377,965 Property and equipment, net 56,661 53,255 Goodwill 693,909 635,709 Intangible assets, net 281,519 275,492 Other noncurrent assets 11,663 12,065 Noncurrent deferred income tax assets 2,198 2,167 Total assets $1,500,177 $1,356,653 ========== ========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $30,898 $25,420 Accrued expenses and other current liabilities 110,056 103,921 Income taxes payable 9,367 7,041 Deferred income tax liabilities 1,326 1,673 Current portion of long-term debt 5,813 5,442 ----- ----- Total current liabilities 157,460 143,497 Long-term debt 572,934 538,018 Other noncurrent liabilities 32,960 34,140 Noncurrent deferred income tax liabilities 35,211 33,752 ------ ------ Total liabilities 798,565 749,407 Redeemable noncontrolling interests 106,887 94,431 Stockholders' equity: Solera Holdings, Inc. stockholders' equity: Common Shares, $0.01 par value, 150,000 shares authorized; 70,192 shares and 70,017 shares issued and outstanding, as of September 30, 2010 and June 30, 2010, respectively 550,476 545,048 Retained earnings 46,389 22,550 Accumulated other comprehensive loss (9,972) (60,583) Total Solera Holdings, Inc. stockholders' equity 586,893 507,015 Noncontrolling interests 7,832 5,800 Total stockholder's equity 594,725 512,815 ------- ------- Total liabilities and stockholders' equity $1,500,177 $1,356,653 ========== ==========

    SOLERA HOLDINGS, INC. SELECTED STATEMENTS OF CASH FLOWS INFORMATION FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 and 2009 (In thousands) (Unaudited)

    Three months ended September 30, ------------------ 2010 2009 ---- ---- Net cash provided by operating activities $46,952 $30,396 Net cash used in investing activities (18,933) (8,194) Net cash used in financing activities (3,872) (7,117) Effect of foreign currency exchange rate changes on cash and cash equivalents 19,765 8,268 ------ ----- Net change in cash and cash equivalents 43,912 23,353 Cash and cash equivalents, beginning of period 240,522 223,420 ------- ------- Cash and cash equivalents, end of period $284,434 $246,773 ======== ======== Supplemental cash flow information: Cash paid for interest $8,578 $8,419 Cash paid for income taxes $7,564 $12,865 Supplemental disclosure of non-cash investing and financing activities: Capital assets financed $2,192 $3,143

    About Solera:

    Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 50 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium, Sidexa in France, ABZ and Market Scan in the Netherlands, HPI in the United Kingdom, Hollander serving the North American recycling market, AUTOonline providing salvage disposition in a number of European and Latin American countries, and IMS providing medical review services. For more information, please refer to the company's website at http://www.solerainc.com.

    Cautions about Forward-Looking Statements:

    This press release contains forward-looking statements, including statements about our expectations regarding our prospects and business outlook for fiscal year 2011, our expectations regarding changes in foreign currency exchange rates, and statements about dividends, historical results or performance that may suggest trends for our business. These statements are based on our current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: our reliance on a limited number of customers for a substantial portion of our revenues; unpredictability and volatility of our operating results, which include the volatility associated with foreign currency exchange risks, our sales cycle, seasonality and other factors; risks associated with the uncertainty in and volatility of global economic conditions; risks associated with and possible negative consequences of acquisitions, joint ventures, divestitures and similar transactions, including our ability to successfully integrate our acquired businesses; effects of competition on our software and service pricing and our business; time and expenses associated with customers switching from competitive software and services to our software and services; rapid technology changes in our industry; effects of changes in or violations by us or our customers of government regulations; costs and possible future losses or impairments relating to our acquisitions; the financial impact of future significant restructuring and severance charges; the impact of changes in our tax provision (benefit) or effective tax rate; use of cash to service our debt and effects on our business of restrictive covenants in our debt facility; risks associated with operating in multiple countries; our ability to obtain additional financing as necessary to support our operations; our ability to pay dividends in future periods; our dependence on a limited number of key personnel; effects of system failures or security breaches on our business and reputation; our reliance on third-party information for our software and services; and any material adverse impact of current or future litigation on our results or business. For a discussion of these and other factors that could impact our operations or financial results and cause our results to differ materially from those in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, particularly our Annual Report on Form 10-K for the Year Ended June 30, 2010. Solera is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

    Solera Holdings, Inc.

    CONTACT: Kamal Hamid, Investor Relations of Solera Holdings, Inc.,
    +1-858-946-1676, kamal.hamid@solerainc.com

    Web site: http://www.solerainc.com/




    Amdocs Limited Reports Quarterly Revenue of $762 Million, Up 7.7% YoYEli Gelman assuming CEO position on November 15, 2010

    ST. LOUIS, Nov. 3, 2010 /PRNewswire-FirstCall/ --

    Key highlights:

    --  Eli Gelman will be appointed Chief Executive Officer of Amdocs
    Management Limited on November 15, 2010, accelerated from the previously
    announced timeframe of the first calendar quarter of 2011
    --  Fourth quarter revenue of $762 million, compared to the $755-$770
    million guidance range.  Foreign currency movements positively impacted
    revenue by approximately $3 million sequentially relative to the third
    quarter
    --  Fourth quarter non-GAAP operating income of $137 million; non-GAAP
    operating margin of 18.0%; GAAP operating income of $103 million
    --  Fourth quarter diluted non-GAAP EPS of $0.62, compared to the
    $0.57-$0.60 guidance range, excluding amortization of purchased
    intangible assets and other acquisition related costs and equity-based
    compensation expense, net of related tax effects
    --  Diluted GAAP EPS of $0.48 for the fourth quarter, compared to the
    $0.44-$0.49 guidance range
    --  Free cash flow of $120 million for the fourth quarter
    --  Twelve-month backlog of $2.525 billion at the end of the fourth quarter,
    up $55 million from the end of the third quarter
    --  First quarter fiscal 2011 guidance: Expected revenue of approximately
    $760-$780 million and diluted non-GAAP EPS of $0.49-$0.58, excluding
    acquisition-related costs and approximately $0.06-$0.08 per share of
    equity-based compensation expense, net of related tax effects.  Diluted
    GAAP EPS is expected to be approximately $0.34-$0.45
    --  Repurchased $181 million of ordinary shares during fourth quarter
    --  Analyst Day rescheduled for February 23, 2011 from December 8, 2010
    

    Amdocs Limited today reported that for its fiscal fourth quarter ended September 30, 2010, revenue was $762.2 million, up 1.2% sequentially from the third fiscal quarter of 2010 and up 7.7% as compared to last year's fourth fiscal quarter. Net income on a non-GAAP basis was $122.4 million, or $0.62 per diluted share, compared to non-GAAP net income of $109.2 million, or $0.53 per diluted share, in the fourth quarter of fiscal 2009. Non-GAAP net income excludes amortization of purchased intangible assets and other acquisition related costs and equity-based compensation expenses of $27.6 million, net of related tax effects, in the fourth quarter of fiscal 2010 and excludes such amortization and equity-based compensation expenses of $23.4 million, net of related tax effects, in the fourth quarter of fiscal 2009. The Company's GAAP net income for the fourth quarter of fiscal 2010 was $94.7 million, or $0.48 per diluted share, compared to GAAP net income of $85.8 million, or $0.42 per diluted share, in the prior year's fourth quarter.

    "Our fourth quarter results mark a solid conclusion to fiscal 2010, a year in which Amdocs reached a positive inflection point after a period of significant macroeconomic volatility, improved its competitive position and successfully won new business globally. While there are some near-term challenges ahead, I strongly believe in the opportunities for Amdocs and have great confidence that Eli Gelman will lead the company to success in years to come. Eli has the experience, energy and deep understanding of Amdocs and our industry to reignite our long-term growth engines and invest in the future," said Dov Baharav, retiring chief executive officer of Amdocs Management Limited.

    "I would like to thank Dov for his 8 years as CEO during which he has successfully positioned the company for the future. I am assuming the leadership of Amdocs with great humbleness and respect," said Eli Gelman, incoming chief executive officer. "The future of Amdocs remains bright, and I strongly believe Amdocs has the best people, products and business model to address the needs of our industry. In 2011, we plan to execute against the opportunities ahead of us with a keen focus on reaccelerating the long-term growth of the business."

    Gelman continued, "In the near-term, however, we expect some pressure on profitability due to three components. We strongly believe that these actions are in the best interest of our shareholders and our customers. First, we are investing in several programs in early fiscal 2011 that span training, knowledge transfer and productivity efforts as we continue to rebuild momentum in the wake of the recession. Second, we are making investments in several customer-centric initiatives. These investments include incremental effort and costs associated with certain on-going implementations, including for customers in the cable industry. We have also identified a highly strategic emerging markets sales opportunity in the first fiscal quarter which may warrant up-front expense. Third, a portion of the implementation program at Clearwire has been suspended due to a change in the customer's business priorities. This is resulting in further pressure on our profitability, though we will continue to support all of Clearwire's subscribers on our systems in a managed services relationship."

    Gelman concluded, "We believe fiscal 2011 will mark an important transition year for Amdocs as we overcome our near-term challenges and hone our focus on long-term growth initiatives. As I transition into the CEO office, we plan to provide greater detail on our long-term strategy at our Analyst Day in February. I strongly believe that the opportunities at Amdocs are vast, and I look forward to growing the business, further expanding our market leading position, and driving long-term shareholder value."

    Financial Discussion of Fourth Fiscal Quarter Results

    Free cash flow was $120 million for the quarter, comprised of cash flow from operations of $148 million less approximately $28 million in net capital expenditures and other.

    Twelve-month backlog, which includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities, was $2.525 billion at the end of the fourth quarter of fiscal 2010.

    Financial Outlook

    Amdocs expects that revenue for the first quarter of fiscal 2011 will be approximately $760-$780 million. Diluted earnings per share on a non-GAAP basis for the first quarter are expected to be $0.49-$0.58, excluding acquisition-related costs and approximately $0.06-$0.08 per share of equity-based compensation expense, net of related tax effects. Amdocs estimates GAAP diluted earnings per share for the first quarter will be $0.34-$0.45.

    Fiscal Year 2010 Results

    For the fiscal year ended September 30, 2010, revenue increased by 4.2% to $3.0 billion. Fiscal 2010 net income on a non-GAAP basis was $471.7 million, or $2.31 per diluted share (excluding amortization of purchased intangible assets and other acquisition related costs, equity-based compensation expense and loss from divestiture of a subsidiary, net of related tax effects, of $127.8 million), compared to non-GAAP net income of $438.9 million, or $2.11 per diluted share, in fiscal 2009 (excluding amortization of purchased intangible assets, in-process research and development write-off, restructuring charges and equity-based compensation expense, net of related tax effects, of $112.7 million). The Company's GAAP net income in fiscal 2010 was $343.9 million, or $1.69 per diluted share, compared to GAAP net income of $326.2 million, or $1.57 per diluted share, in fiscal 2009.

    Conference Call Details

    Amdocs will host a conference call on November 3, 2010 at 5 p.m. Eastern Time to discuss the Company's fourth quarter results. The call will be carried live on the Internet via the Amdocs website, www.amdocs.com.

    Non-GAAP Financial Measures

    This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other income (expense), net, non-GAAP income taxes and non-GAAP net income. These non-GAAP measures exclude the following items:

    --  amortization of purchased intangible assets and other acquisition
    related costs;
    --  in-process research and development write-off;
    --  restructuring charges;
    --  equity-based compensation expense;
    --  impairment on investment in a subsidiary; and
    --  tax effects related to the above.
    

    These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs' results of operations in conjunction with the corresponding GAAP measures.

    Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of service, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP interest and other income (expense), net, non-GAAP income taxes and non-GAAP net income, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

    For its internal budgeting process and in monitoring the results of the business, Amdocs' management uses financial statements that do not include amortization of purchased intangible assets, in-process research and development write-off, restructuring charges, equity-based compensation expense, impairment on investment in a subsidiary and related tax effects. Amdocs' management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these non-cash expenses in reviewing its results and those of its competitors, because the amounts of the expenses between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the expenses.

    Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of service, research and development, selling, general and administrative, operating income, interest and other income (expense), net, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments.

    Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

    About Amdocs

    Amdocs is the market leader in customer experience systems innovation. The company combines business and operational support systems, service delivery platforms, proven services, and deep industry expertise to enable service providers and their customers to do more in the connected world. Amdocs' offerings help service providers explore new business models, differentiate through personalized customer experiences, and streamline operations. A global company with revenue of $3.0 billion in fiscal 2010, Amdocs has over 19,000 employees and serves customers in more than 60 countries worldwide. For more information, visit Amdocs at www.amdocs.com.

    This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs ability to grow in the business markets that it serves, Amdocs ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2009 filed on December 7, 2009 and in our quarterly 6-Ks filed February 8, 2010, May 13, 2010 and August 9, 2010.

    AMDOCS LIMITED Consolidated Statements of Income (in thousands, except per share data)

    Three months ended Twelve months ended September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Revenue: License $25,276 $27,267 $100,967 $135,146 Service 736,918 680,152 2,883,256 2,727,461 ------ ------ 762,194 707,419 2,984,223 2,862,607 Operating expenses: Cost of license 375 589 2,021 2,686 Cost of service 485,916 450,122 1,903,645 1,831,947 Research and development 54,287 50,274 207,836 210,387 Selling, general and administrative 96,531 88,030 373,585 344,335 Amortization of purchased intangible assets 22,197 21,559 86,703 85,153 and other Restructuring charges and in-process research and development - - - 20,780 --- --- --- ------ 659,306 610,574 2,573,790 2,495,288 ------- ------- --------- --------- Operating income 102,888 96,845 410,433 367,319 Interest and other income (expense), net 2,109 (151) (25,135) (1,165) ----- ---- ------- ------ Income before income taxes 104,997 96,694 385,298 366,154 Income taxes 10,259 10,943 41,392 39,978 ------ ------ ------ ------ Net income $94,738 $85,751 $343,906 $326,176 ======= ======= ======== ======== Basic earnings per share $0.49 $0.42* $1.70 $1.60* ===== ====== ===== ===== Diluted earnings per share $0.48 $0.42* $1.69 $1.57* ===== ====== ===== ====== Basic weighted average number of shares 195,189 204,732* 202,584 204,023* outstanding ======= ======== ======= ======== Diluted weighted average number of shares 196,487 205,434* 204,076 208,350* outstanding ======= ======== ======= ========

    * The basic and diluted weighted average number of shares outstanding for the three and twelve months ended September 30, 2009 have been retroactively adjusted to reflect the adoption of new Earnings Per Share authoritative guidance requiring the inclusion of unvested share-based payment awards containing nonforfeiture rights to dividends or dividend equivalents in the calculation of basic weighted average number of shares outstanding. This adjustment reduced basic and dilutive earnings per share by $0.01 for the twelve months ended September 30, 2009.

    AMDOCS LIMITED Selected Financial Metrics (in thousands, except per share data)

    Three months ended Twelve months ended September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Revenue $762,194 $707,419 $2,984,223 $2,862,607 Non-GAAP operating income 137,212 127,984 541,591 516,163 Non-GAAP net income 122,351 109,198 471,708 438,878 Non-GAAP diluted earnings per share $0.62 $0.53* $2.31 $2.11* Diluted weighted average number of shares 196,487 205,434* 204,076 208,350* outstanding

    * The basic and diluted weighted average number of shares outstanding for the three and twelve months ended September 30, 2009 have been retroactively adjusted to reflect the adoption of new Earnings Per Share authoritative guidance requiring the inclusion of unvested share-based payment awards containing nonforfeiture rights to dividends or dividend equivalents in the calculation of basic weighted average number of shares outstanding. This adjustment reduced non-GAAP diluted earnings per share by $0.01 for the twelve months ended September 30, 2009.

    AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands)

    Three months ended ------------------ September 30, 2010 ------------------ Reconciliation items ---------------------------------- Amortization of purchased Equity intangible based assets and compensation Tax Non- GAAP other expense effect GAAP ---- ----- ------- ------ ---- Operating expenses: Cost of license $375 $- $- $- $375 Cost of service 485,916 - (5,438) - 480,478 Research and development 54,287 - (1,064) - 53,223 Selling, General and administrative 96,531 - (5,625) - 90,906 Amortization of purchased intangible assets and other 22,197 (22,197) - - - Total operating expenses 659,306 (22,197) (12,127) - 624,982 ------- ------- ------- --- -------- Operating income 102,888 22,197 12,127 - 137,212 ------- ------ ------ --- ------- Income taxes 10,259 - - 6,711 16,970 ------ --- --- ----- ------ Net income $94,738 $22,197 $12,127 $(6,711) $122,351 ------- ------- ------- ------- --------

    Three months ended ------------------ September 30, 2009 ------------------ Reconciliation items ---------------------------------- Amortization of purchased Equity intangible based assets compensation Tax Non- GAAP expense effect GAAP ---- ------ ------- ------ ---- Operating expenses: Cost of license $589 $- $- $- $589 Cost of service 450,122 - (4,957) - 445,165 Research and development 50,274 - (972) - 49,302 Selling, General and administrative 88,030 - (3,651) - 84,379 Amortization of purchased intangible assets 21,559 (21,559) - - - and other Total operating expenses 610,574 (21,559) (9,580) - 579,435 ------- ------- ------ --- -------- Operating income 96,845 21,559 9,580 - 127,984 ------ ------ ----- --- ------- Income taxes 10,943 - - 7,692 18,635 ------ --- --- ----- ------ Net income $85,751 $21,559 $9,580 $(7,692) $109,198 ------- ------- ------ ------- --------

    AMDOCS LIMITED Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP (in thousands)

    Twelve months ended ------------------- September 30, 2010 ------------------ Reconciliation items -------------------- Amortization of purchased Equity Intangible based assets compensation GAAP and other expense ---- --------- ------- Operating expenses: Cost of license $2,021 $- $- Cost of service 1,903,645 - (20,061) Research and development 207,836 - (4,218) Selling, general and administrative 373,585 - (20,176) Amortization of purchased intangible assets 86,703 (86,703) - and other Total operating expenses 2,573,790 (86,703) (44,455) --------- ------- ------- Operating income 410,433 86,703 44,455 ------ ------ ------ Interest and other (expense) income, net (25,135) - - ------- --- --- Income taxes 41,392 - - ----- --- --- Net income $343,906 $86,703 $44,455 -------- ------- -------

    Twelve months ended ------------------- September 30, 2010 ------------------ Reconciliation items -------------------- Loss from divestiture of a subsidiary Tax effect Non-GAAP ---------- ---------- -------- Operating expenses: Cost of license $- $- $2,021 Cost of service - - 1,883,584 Research and development - - 203,618 Selling, general and administrative - - 353,409 Amortization of purchased intangible assets and other - - - Total operating expenses - - 2,442,632 --- --- --------- Operating income - - 541,591 --- --- ------- Interest and other (expense) income, net 23,399 - (1,736) ------ --- ------ Income taxes - 26,755 68,147 --- ------ ------ Net income $23,399 $(26,755) $471,708 ------- -------- --------

    Twelve months ended ------------------- September 30, 2009 ------------------ Reconciliation items ---------------------------------------------- Amortization Restructuring of charges and purchased in-process Intangible research assets and GAAP development ---- --------- ----------- Operating expenses: Cost of license $2,686 $- $- Cost of service 1,831,947 - - Research and development 210,387 - - Selling, general and administrative 344,335 - - Amortization of purchased intangible assets 85,153 (85,153) - and other Restructuring charges and in- process research and 20,780 - (20,780) development Total operating expenses 2,495,288 (85,153) (20,780) --------- ------- ------- Operating income 367,319 85,153 20,780 ------ ------ ------ Income taxes 39,978 - - ----- --- --- Net income $326,176 $85,153 $20,780 -------- ------- -------

    Twelve months ended ------------------- September 30, 2009 ------------------ Reconciliation items -------------------- Equity Tax based effect Non-GAAP compensation ------- -------- expense ------- Operating expenses: Cost of license $- $- $2,686 Cost of service (21,733) - 1,810,214 Research and development (4,249) - 206,138 Selling, general and administrative (16,929) - 327,406 Amortization of purchased intangible assets - - - and other Restructuring charges and in- process research and - - - development Total operating expenses (42,911) - 2,346,444 ------- --- --------- Operating income 42,911 - 516,163 ------ --- ------- Income taxes - 36,142 76,120 --- ------ ------ Net income $42,911 $(36,142) $438,878 ------- -------- --------

    AMDOCS LIMITED Condensed Consolidated Balance Sheets (in thousands)

    As of September 30, September 30, 2010 2009 ---- ---- ASSETS Current assets Cash, cash equivalents and short-term interest- bearing investments $1,433,299 $1,173,041 Accounts receivable, net, including unbilled of $62,246 and $21,749, respectively 580,000 454,965 Deferred income taxes and taxes receivable 126,083 117,848 Prepaid expenses and other current assets 112,417 126,704 ------- Total current assets 2,251,799 1,872,558 Equipment and leasehold improvements, net 258,273 279,659 Goodwill and other intangible assets, net 1,856,178 1,766,761 Other noncurrent assets 454,354 409,439 Total assets $4,820,604 $4,328,417 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable, accruals and other $621,549 $415,371 Short-term financing arrangements 200,000 - Deferred revenue 184,481 186,158 Deferred income taxes and taxes payable 18,117 9,338 ------ ----- Total current liabilities 1,024,147 610,867 Noncurrent liabilities and other 567,077 504,497 Shareholders' equity 3,229,380 3,213,053 Total liabilities and shareholders' equity $4,820,604 $4,328,417 ========== ==========

    AMDOCS LIMITED Consolidated Statements of Cash Flows (in thousands)

    Year ended September 30, 2010 2009 ---- ---- Cash Flow from Operating Activities: Net income $343,906 $326,176 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 195,940 198,119 Loss from divestiture of a subsidiary 23,399 - In-process research and development expenses - 5,640 Equity-based compensation expense 44,455 42,911 Loss on sale of equipment 400 197 Deferred income taxes (22,235) 16,249 Gain on repurchase of convertible notes - (2,185) Excess tax benefit from equity-based compensation (126) (18) (Gain) loss from short-term interest- bearing investments (1,284) 4,449 Net changes in operating assets and liabilities, net of amounts acquired: Accounts receivable, net (131,387) 131,527 Prepaid expenses and other current assets 9,009 (13,614) Other noncurrent assets (35,948) (2,690) Accounts payable, accrued expenses and accrued personnel 187,652 (160,321) Deferred revenue 33,927 20,956 Income taxes payable, net 20,272 (19,980) Other noncurrent liabilities 17,218 (28,260) Net cash provided by operating activities 685,198 519,156 ------- ------- Cash Flow from Investing Activities: Payments for purchase of equipment and leasehold (86,945) (82,331) improvements, net Proceeds from sale of short-term interest-bearing investments 1,503,231 1,045,278 Purchase of short-term interest-bearing investments (1,449,494) (963,433) Net cash paid for acquisitions (200,307) (65,890) Net cash received from divestiture of a subsidiary and other 22,009 - Net cash used in investing activities (211,506) (66,376) -------- ------- Cash Flow from Financing Activities: Borrowings under financing arrangements 200,000 450,000 Payments under financing arrangements - (450,000) Redemption and repurchase of convertible notes - (446,795) Repurchase of shares (389,287) (20,014) Proceeds from employee stock options exercised 23,644 27,893 Payments under capital lease, short-term financing arrangements (616) (3,952) and other Net cash used in financing activities (166,259) (442,868) -------- -------- Net increase in cash and cash equivalents 307,433 9,912 Cash and cash equivalents at beginning of year 728,762 718,850 Cash and cash equivalents at end of year $1,036,195 $728,762 ========== ========

    AMDOCS LIMITED Supplementary Information (in millions)

    Three months ended ------------------ September 30, June 30, March 31, December 31, September 30, 2010 2010 2010 2009 2009 ---- ---- ---- ---- ---- North America $569.7 $572.3 $572.4 $547.6 $528.0 Europe 91.0 80.6 92.1 89.5 93.0 Rest of World 101.5 100.3 79.5 87.7 86.4 ----- ----- ---- ---- ---- Total Revenue $762.2 $753.2 $744.0 $724.8 $707.4 ====== ====== ====== ====== ======

    Three months ended ------------------ September 30, June 30, March 31, December 31, September 30, 2010 2010 2010 2009 2009 ---- ---- ---- ---- ---- Customer Experience $714.9 $693.0 $689.0 $678.4 $668.6 Systems Directory 47.3 60.2 55.0 46.4 38.8 Total Revenue $762.2 $753.2 $744.0 $724.8 $707.4 ====== ====== ====== ====== ======

    As of ----- September 30, June 30, March 31, December 31, September 30, 2010 2010 2010 2009 2009 ---- ---- ---- ---- ---- 12-Month Backlog $ 2,525 $ 2,470 $ 2,460 $ 2,425 $ 2,385 ------- ------- ------- ------- -------

    Amdocs

    CONTACT: Elizabeth W. Grausam, Vice President of Investor Relations,
    Amdocs, +1-314-212-8328, dox_info@amdocs.com

    Web site: http://www.amdocs.com/




    Points International Reports Third Quarter 2010 Financial Results

    -   Revenue of $23.5 million increased 8.5% sequentially

    - Gross Margin(1) expanded 228 basis points sequentially to 22.2%

    - EBITDA(2) of $1.2 million increased 391% sequentially; marks fifth consecutive quarter of positive EBITDA

    -   Net income of $1.1 million increases over ten-fold sequentially; marks fourth consecutive quarter of net income profitability

    TORONTO, Nov. 3 /PRNewswire-FirstCall/ - Points International Ltd. , the owner and operator of Points.com, the world's leading reward program management web site, today announced results for the third quarter ended September 30, 2010. All financial results are in US Dollars.

    "We are pleased to deliver another quarter of strong operating and financial performance," said CEO Rob MacLean. "Through the ongoing execution of our business strategy, we delivered another quarter of improved financial performance marked by sequential revenue growth, expanding margins and improved profitability.  We believe our performance reflects not only the value proposition Points' proprietary technology platform offers to current and prospective loyalty program partners, but also the growing consumer interest in, and demand for a platform to build, manage and transact points."

    MacLean continued, "Importantly, we continue to recognize organic revenue growth derived from increased involvement and engagement levels among existing partners as well as incremental revenue contribution from new partners to the Points Partner Network. During the third quarter, we expanded several strategic relationships including welcoming Jet Blue as one of Points.com's newest trading partners and enabling Continental One Pass members' additional opportunities to exchange and redeem miles.  In addition, we continued to extend the global reach of our platform with the addition of Qatar Airways' Privilege Club frequent flyer program to the Points network, marking our expansion into the Middle East.  We are also pleased with the positive response to the re-launch of Points.com, which has resulted in increased interest levels and participation among current and prospective loyalty program partners."

    Third Quarter 2010 Financial Results

    Total revenue for the third quarter of 2010 was $23.5 million.  Revenue was up 13.4% over $20.7 million reported in the third quarter of 2009, and up 8.5% over $21.7 million reported in the second quarter of 2010.

    Gross margin for the third quarter of 2010 was $5.2 million, or 22.2% of revenue, compared to gross margin of $3.8 million, or 18.1% of revenue in the third quarter of 2009.  Gross margin for the second quarter of 2010 was $4.3 million, or 19.9% of revenue.

    Points reported net income for the third quarter of 2010 of $1,081,000. This compares to a net loss in the third quarter of 2009 of $265,000, and to net income in the second quarter of 2010 of $92,000.

    During the third quarter of 2010, Points reported EBITDA of $1,164,000 compared to EBITDA of $72,000 in the same period of 2009 and EBITDA of $237,000 in the second quarter of 2010.

    As of September 30, 2010, total funds available, comprised of cash and cash equivalents together with security deposits, restricted cash, and amounts with payment processors was $28.7 million.  The sequential decline is attributable to traditional seasonal cash flows, and, to a lesser degree, investment in capital expenditures.  The Company remains debt-free.   The Company is pleased with its overall financial position and its ability to leverage its strong cash position and positive free cash flow to fund capital expenditures internally. 

    _________________________________

    (1) Gross Margin (total revenues less direct cost of principal revenue) is considered by management to be an integral measure of performance. Gross Margin is not a recognized measure under generally accepted accounting principles. (2) EBITDA (Earnings (loss) before interest, taxes, amortization, foreign exchange, impairment and restructuring) is considered by management to be an integral measure of performance. EBITDA is not a recognized measure under generally accepted accounting principles.

    Third Quarter 2010 Business Metrics

    * For comparative purposes, Buy, Gift and Transfer activity for Delta has been excluded from the 2009 metrics presented.

    Business Outlook

    The Company is reiterating its financial guidance for the year ended December 31, 2010, as follows:

    --  Revenue is expected to be in the range of $85 million to $95 million,
    representing a 7% to 19% increase over 2009 revenue
    --  EBITDA, as a percentage of revenue, is expected to be in the range of 3%
    to 5%
    --  Net Income is expected to be positive on a full year basis
    

    MacLean continued, "Looking to the remainder of 2010, we are on track to meet our strategic and financial goals. As such, we are reiterating our 2010 full year guidance which reflects solid year-over-year revenue growth and expansion in EBITDA profitability.  Our ongoing ability to drive expansion of the Points Partner Network across our white label and branded Points.com platforms, grow revenues and deliver improved margins and strengthened profitability, provide us increased confidence in our business strategy and growth prospects for the remainder of 2010 and beyond."

    Special Shareholders' Meeting Results

    As previously announced, at the Special Meeting of its shareholders held on October 26, 2010, the following proposals were overwhelmingly approved by the Company's shareholders:

    --  Authorized the Company's Board of Directors to affect a share
    consolidation through a reverse stock split in the range of
    one-for-eight to one-for-twelve; and
    --  Authorized the Company's Board of Directors to amend the Company's
    incentive stock option plan to increase the maximum number of
    pre-consolidation common shares that may be issued thereunder by an
    additional 4,500,000
    

    Implementation of the Share Consolidation and Option Plan Amendment are now at the discretion of the Company's Board of Directors, which may choose to do so at any time prior to October 26, 2011.  The Share Consolidation and Option Plan Amendment are also subject to the approval of the Toronto Stock Exchange.

    Investor Conference Call

    Points' quarterly conference call with investors will be held today at 4:30 PM Eastern Time. To participate in the conference call, investors from the US and Canada should dial 877-941-2069 ten minutes prior to the scheduled start time. International callers should dial 480-629-9713. Points International will also offer a live and archived webcast, accessible from the "Investor Relations" section of the company's Web site at www.pointsinternational.com.  A telephonic replay of the conference call will also be available until 11:59 pm ET on Wednesday, November 10, 2010 by dialing 877-870-5176 and entering passcode: 4374761.

    About Points International Ltd

    Points International Ltd. is the owner and operator of Points.com, the world's leading reward program management web site which was recently named one of the 28 Best Travel Sites by Kiplinger's. At Points.com consumers can Swap, Earn, Buy, Gift, Share and Redeem miles and points from more than 25 of the world's leading reward programs. Participating programs include American Airlines AAdvantage(R) program, Aeroplan(R), AsiaMiles(TM), British Airways Executive Club, Delta SkyMiles(R) and InterContinental Hotels Group's Priority Club(R) Rewards. Redemption partners include Amazon.com(R) and Starbucks. For more information, visit www.pointsinternational.com.

    Caution Regarding Forward-Looking Statements

    This press release contains or incorporates forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and forward-looking information within the meaning of Canadian securities legislation (collectively "forward-looking statements"). These forward-looking statements include our guidance for 2010 with respect to revenue, net income and EBITDA. These statements are not historical facts but instead represent only Points' expectations, estimates and projections regarding future events.

    Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance and are subject to important risks and uncertainties that are difficult to predict. Certain material assumptions or estimates are applied in making forward-looking statements, and may not prove to be correct. In particular, the financial outlooks herein assume we will be able to generate new business from our pipeline at expected margins, our in-market and newly launched products and services will perform in a manner consistent with the Company's past experience, and we will be able to contain costs and realize operational efficiencies from our upgraded technology platform. Other important risk factors that could cause actual results to differ materially include the risk factors discussed in Points' annual information form, Form-20-F, annual and interim management's discussion and analysis, and annual and interim financial statements and the notes thereto. These documents are available at www.sedar.com and www.sec.gov.

    The forward-looking statements contained in this press release are made as at the date of this release and, accordingly, are subject to change after such date. Except as required by law, Points does not undertake any obligation to update or revise any forward-looking statements made or incorporated in this press release, whether as a result of new information, future events or otherwise.

    Points International Ltd. CONSOLIDATED BALANCE SHEETS

    Points International Ltd. SCHEDULE OF NON-GAAP RECONCILIATIONS

    Reconciliation of Operating Income (Loss) to EBITDA

    Points International Ltd.

    CONTACT:

    Contact:

    Addo Communications
    Andrew Greenebaum /
    Laura Foster
    href="mailto:andrewg@addocommunications.com">andrewg@addocommunications.com
    ; href="mailto:lauraf@addocommunications.com">lauraf@addocommunications.coma>
    (310) 829-5400




    Blackboard Inc. Reports Third Quarter Revenue of $120.8 Million- Revenue Increases 23 Percent Year-Over-Year -- Company Raises Revenue, Non-GAAP Earnings and Cash Flow Guidance -

    WASHINGTON, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Blackboard Inc. today announced financial results for the third quarter ended September 30, 2010 and updated guidance for the fourth quarter and the full year of 2010.

    Total revenue for the quarter ended September 30, 2010 was $120.8 million, an increase of 23 percent over the third quarter of 2009. Product revenues for the quarter were $112.3 million, an increase of 28 percent over the third quarter of 2009, while professional services revenues for the quarter were $8.5 million, a decrease of 19 percent over the third quarter of 2009.

    GAAP net income was $5.7 million, resulting in net income per diluted share of $0.16 for the third quarter of 2010 compared to net income of $4.3 million and net income per diluted share of $0.13 for the third quarter of 2009. Non-GAAP adjusted net income for the third quarter of 2010, which excludes the amortization of acquisition-related intangible assets, stock-based compensation expense, and non-cash interest expense, all net of taxes, was $15.6 million, resulting in non-GAAP adjusted net income per diluted share of $0.45 compared to non-GAAP adjusted net income of $13.3 million and non-GAAP adjusted net income per diluted share of $0.40 for the third quarter of 2009.

    "We are pleased with our results in the third quarter. Our renewal rates were once again strong during our peak renewal quarter, emphasizing the unmatched value we provide to our clients, and that we remain a core part of their learning infrastructure," said Michael Chasen, CEO and President of Blackboard Inc. "During the quarter, we experienced solid demand across our solutions with particular interest in our new Blackboard Mobile(TM) Learn offering, as well as continued success with Blackboard Managed Hosting. Additionally, the integration of both Elluminate and Wimba continues to track along very well under our new Blackboard Collaborate banner. We have successfully rolled out our initial product roadmap to the client community and received a very positive reception from the client community."

    Additional Financial Highlights from the Third Quarter of 2010

    --  Deferred revenue was $236.7 million as of September 30, 2010, an
    increase of 14  percent compared to September 30, 2009.
    --  Total cash flow from operations was $68.0 million for the third quarter
    of 2010.
    --  Total free cash flow (cash flow from operations less purchases of
    property and equipment) was $64.5 million for the third quarter of 2010.
    --  Cash and cash equivalents were $86.4 million as of September 30, 2010.
    

    "Financial results were solid across the business in the third quarter," said John Kinzer, CFO of Blackboard Inc. "Based on the ongoing strength of our business and improvements in invoicing and cash collections, we are raising our expectations for free cash flow for the full year."

    Highlights from the Third Quarter of 2010

    --  A few of Blackboard's new and expanded client relationships in the
    quarter included:
    --  U.S. Higher Education: Albany State University, Bowie State
    University, The Citadel, Florida State University, Georgia Institute
    of Technology, Georgia Virtual and Technical College, Greenville
    Technical College, Hillsborough Community College, Merrimack
    College, San Jacinto Community College District, South Texas
    College, Tufts University, University of Tennessee-Knoxville,
    University of Texas at Tyler and others.
    --  International: Instituto Profesional DUOC, Rijks Universiteit
    Groningen, Royal Melbourne Institute of Technology, Southern Denmark
    University, TU Delft, Universdad de Los Andes, Universidade Cruzeiro
    do Sul and others.
    --  K-12: Ascension Parish Public Schools (LA), Bridges Canada (Ontario,
    Canada), Clay County Public Schools (FL), Delaware Department of
    Education (DE), Fairmont Schools (CA), Hawaii Department of
    Education (HI), Metro Nashville Public Schools (TN), Muscogee County
    School District (GA), Orange County Superintendent of Schools (CA),
    Randolph Township School District (NJ), Rutherford County School
    District (NC), Union Public Schools (OK) and others.
    --  Professional Education (ProEd): Alta - Westwood College, Astoria
    University, Defense Institute of Security Assistance Management, FBI
    Academy, Marine Corps Institute, Naval War College, School of Visual
    Arts and others.
    

    --  Blackboard acquired both Elluminate, Inc. and Wimba, Inc., two of the
    leading providers of synchronous learning and collaboration technology
    to the education markets.  The newly combined businesses have been
    integrated under the Blackboard Collaborate(TM) brand.
    --  Blackboard and McGraw-Hill Higher Education, a unit of The McGraw-Hill
    Companies , formed a business partnership to introduce a new, best of
    class learning management offering that joins McGraw-Hill's media-rich
    content, assessment engines, and industry leading adaptive learning
    tools with the latest capabilities of Blackboard's Web-based teaching
    and learning platform, Blackboard Learn(TM).
    --  Blackboard and Barnes & Noble Inc. , the world's largest bookseller and
    leading operator of college bookstores, introduced a partnership that
    aims to make it easier for millions of higher education students to
    access and use interactive e-textbooks as part of their online course
    experience.
    --  Blackboard and Follett Higher Education Group launched a partnership to
    give students the ability to purchase and use digital textbooks directly
    in the Blackboard Learn platform with a free integration that brings
    interactive texts into the course experience.
    

    Outlook for the Fourth Quarter and Full Year of 2010

    Fourth Quarter of 2010:

    --  Revenue of $114.8 million to $118.8 million;
    --  Amortization of acquired intangibles of approximately $10.2 million;
    --  Stock-based compensation expense of approximately $5.5 million;
    --  GAAP net income of $200,000 to $1.7 million;
    --  GAAP net income per diluted share of $0.01 to $0.05, which is based on
    an estimated 35.2 million diluted shares and an estimated effective tax
    rate of approximately 30.0 percent;
    --  Non-GAAP adjusted net income of $10.7 to $12.3 million, which excludes
    the amortization of acquisition-related intangible assets, stock-based
    compensation expense, and non-cash interest expense, all net of taxes;
    and
    --  Non-GAAP adjusted net income per diluted share of $0.31 to $0.35 based
    on an estimated 35.2 million diluted shares and an estimated effective
    tax rate of approximately 37.0 percent.
    

    Full Year 2010:

    --  Revenue of $444.4 to $448.4 million;
    --  Amortization of acquired intangibles of approximately $38.3 million;
    --  Stock-based compensation expense of approximately $20.4 million;
    --  GAAP net income of $15.3 to $16.9 million,
    --  GAAP net income per diluted share of $0.44 to $0.48, which is based on
    an estimated 34.8 million diluted shares and an estimated effective tax
    rate of approximately 30.0 percent;
    --  Non-GAAP adjusted net income of $54.7 to $56.2 million, which excludes
    the amortization of acquisition-related intangible assets, stock-based
    compensation expense, and non-cash interest expense, all net of taxes;
    --  Non-GAAP adjusted net income per diluted share of $1.57 to $1.61  based
    on an estimated 34.8 million diluted shares and an estimated effective
    tax rate of approximately 37.0 percent; and
    --  Free cash flow from operations (cash flow from operations less purchases
    of property and equipment) of $80.0 to $90.0 million.
    

    Conference Call

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

    A replay of the call will be available via telephone at approximately 7:00 p.m. (ET) on November 3, 2010. To listen to the replay, participants in the U.S. and Canada should dial 888-286-8010, and international participants should dial +1 (617) 801-6888. The conference ID for the replay is 46865053.

    BLACKBOARD INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts)

    Three Months Ended September 30 ------------ 2009 2010 ---- ---- Revenues: Product $87,862 $112,307 Professional services 10,546 8,515 ------ ----- Total revenues 98,408 120,822 Operating expenses: Cost of product revenues, excludes $2,480 and $2,348 for the three months ended September 30, 2009 and 2010, respectively, and $8,153 and $7,672 for the nine months ended September 30, 2009 and 2010, respectively, in amortization of acquired technology included in amortization of intangibles resulting from acquisitions shown below (1) 23,849 28,425 Cost of professional services revenues (1) 5,550 5,989 Research and development (1) 11,428 15,081 Sales and marketing (1) 24,670 32,563 General and administrative (1) 14,636 18,077 Patent related impairment and other costs - - Amortization of intangibles resulting from acquisitions 9,282 9,677 ----- ----- Total operating expenses 89,415 109,812 ------ ------- Income from operations 8,993 11,010 Other expense, net: Interest expense (3,015) (3,182) Interest income 36 34 Other income (expense), net 300 361 --- --- Income before provision for income taxes 6,314 8,223 Provision for income taxes (2,007) (2,490) ------ ------ Net income $4,307 $5,733 ====== ====== Net income per common share: Basic $0.13 $0.17 ===== ===== Diluted $0.13 $0.16 ===== ===== Weighted average number of common shares: Basic 32,073,491 34,295,259 ========== ========== Diluted 33,045,337 34,790,856 ========== ========== (1) Includes the following amounts related to stock- based compensation: Cost of product revenues $347 $316 Cost of professional services revenues 138 179 Research and development 284 335 Sales and marketing 1,501 2,122 General and administrative 1,775 1,957 Reconciliation of GAAP net income before provision for income taxes to non- GAAP adjusted net income (2): GAAP Net income before provision for income taxes $6,314 $8,223 Add: Non-cash patent related impairment - - Add: Amortization of intangibles resulting from acquisitions 9,282 9,677 Add: Stock-based compensation 4,045 4,909 Add: Non-cash interest expense 1,571 1,646 Adjusted provision for income taxes (3) (7,892) (8,902) ------ ------ Non-GAAP adjusted net income $13,320 $15,553 ======= ======= Non-GAAP adjusted net income per common share - diluted $0.40 $0.45 ===== ===== Weighted average number of diluted common shares 33,045,337 34,790,856 ========== ==========

    Nine Months Ended September 30 ------------ 2009 2010 ---- ---- Revenues: Product $251,369 $303,511 Professional services 25,597 26,105 ------ ------ Total revenues 276,966 329,616 Operating expenses: Cost of product revenues, excludes $2,480 and $2,348 for the three months ended September 30, 2009 and 2010, respectively, and $8,153 and $7,672 for the nine months ended September 30, 2009 and 2010, respectively, in amortization of acquired technology included in amortization of intangibles resulting from acquisitions shown below (1) 67,055 80,368 Cost of professional services revenues (1) 15,020 15,854 Research and development (1) 33,848 39,333 Sales and marketing (1) 74,008 85,808 General and administrative (1) 42,476 49,633 Patent related impairment and other costs 10,984 - Amortization of intangibles resulting from acquisitions 25,728 28,014 ------ ------ Total operating expenses 269,119 299,010 ------- ------- Income from operations 7,847 30,606 Other expense, net: Interest expense (8,877) (8,978) Interest income 202 105 Other income (expense), net 1,103 (545) ----- ---- Income before provision for income taxes 275 21,188 Provision for income taxes (77) (6,059) --- ------ Net income $198 $15,129 ==== ======= Net income per common share: Basic $0.01 $0.45 ===== ===== Diluted $0.01 $0.44 ===== ===== Weighted average number of common shares: Basic 31,682,212 33,929,754 ========== ========== Diluted 32,466,179 34,660,010 ========== ========== (1) Includes the following amounts related to stock- based compensation: Cost of product revenues $923 $923 Cost of professional services revenues 398 476 Research and development 768 898 Sales and marketing 4,625 5,843 General and administrative 5,270 6,792 Reconciliation of GAAP net income before provision for income taxes to non- GAAP adjusted net income (2): GAAP Net income before provision for income taxes $275 $21,188 Add: Non-cash patent related impairment 7,447 - Add: Amortization of intangibles resulting from acquisitions 25,728 28,014 Add: Stock-based compensation 11,984 14,932 Add: Non-cash interest expense 4,689 4,711 Adjusted provision for income taxes (3) (19,463) (24,884) ------- ------- Non-GAAP adjusted net income $30,660 $43,961 ======= ======= Non-GAAP adjusted net income per common share - diluted $0.94 $1.27 ===== ===== Weighted average number of diluted common shares 32,466,179 34,660,010 ========== ==========

    (2) Non-GAAP adjusted net income and non-GAAP adjusted net income per share are non-GAAP financial measures and have no standardized measurement prescribed by GAAP. Management believes that both measures provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations and since the Company has historically reported these non-GAAP results they provide an additional basis for comparisons to prior periods. The non-GAAP financial measures may not be comparable with similar non-GAAP financial measures used by other companies and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The Company provides the above reconciliation to the most directly comparable GAAP financial measure to allow investors to appropriately consider each non-GAAP financial measure. (3) Adjusted provision for income taxes is applied at an effective rate of approximately 37.2% and 36.4% for the three months ended September 30, 2009 and 2010, respectively, and approximately 38.8% and 36.1% for the nine months ended September 30, 2009 and 2010, respectively.

    BLACKBOARD INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

    December 31, September 30, 2009 2010 ---- ---- ASSETS Current assets: Cash and cash equivalents $167,353 $86,425 Accounts receivable, net 69,098 137,069 Inventories 1,557 181 Prepaid expenses and other current assets 15,232 18,225 Deferred tax asset, current portion 2,692 1,090 Deferred cost of revenues 7,664 6,026 ----- ----- Total current assets 263,596 249,016 Deferred tax asset, noncurrent portion 18,188 17,999 Investment in common stock warrant 3,124 3,124 Restricted cash 3,923 4,801 Property and equipment, net 34,483 38,857 Other assets 1,453 2,178 Goodwill 328,858 429,798 Intangible assets, net 71,309 103,966 ------ ------- Total assets $724,934 $849,739 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $2,360 $1,322 Accrued expenses 28,264 41,877 Deferred rent, current portion 1,021 462 Deferred tax liability, current portion - 1,326 Deferred revenues, current portion 186,702 229,673 Convertible senior notes, net of debt discount - 160,787 --- ------- Total current liabilities 218,347 435,447 Convertible senior notes, net of debt discount 156,177 - Deferred rent, noncurrent portion 11,507 12,487 Deferred tax liability, noncurrent portion 1,474 5,586 Deferred revenues, noncurrent portion 5,957 7,007 Stockholders' equity: Common stock, $0.01 par value 331 343 Additional paid-in capital 406,751 449,509 Accumulated other comprehensive loss - (159) Accumulated deficit (75,610) (60,481) ------- ------- Total stockholders' equity 331,472 389,212 ------- ------- Total liabilities and stockholders' equity $724,934 $849,739 ======== ========

    BLACKBOARD INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

    Nine Months Ended September 30 ------------ 2009 2010 ---- ---- Cash flows from operating activities Net income $198 $15,129 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax benefit (2,455) 3,355 Excess tax benefits from stock-based compensation (763) (2,751) Amortization of debt discount and issuance costs 4,689 4,711 Depreciation and amortization 14,045 14,808 Amortization of intangibles resulting from acquisitions 25,728 28,014 Patent related impairment charge 7,447 - Change in allowance for doubtful accounts 1,233 (712) Stock-based compensation 11,984 14,932 Gain on investment in common stock warrant (1,136) - Changes in operating assets and liabilities: Accounts receivable 987 (57,036) Inventories (357) 1,375 Prepaid expenses and other current assets (3,319) (605) Deferred cost of revenues (483) 1,639 Accounts payable 2,885 (3,315) Accrued expenses 8,780 9,591 Deferred rent 1,345 421 Deferred revenues 19,002 34,926 ------ ------ Net cash provided by operating activities 89,810 64,482 Cash flows from investing activities Acquisitions, net of cash acquired (91,784) (155,069) Purchases of property and equipment (15,919) (16,327) Purchase of available-for-sale securities (6,586) - Redemptions of available-for-sale securities 6,586 - Payments for patent enforcement costs (414) - ---- --- Net cash used in investing activities (108,117) (171,396) Cash flows from financing activities Releases of letters of credit 110 61 Payments on letters of credit - (184) Payment for debt issuance costs - (1,727) Excess tax benefits from stock-based compensation 763 2,751 Proceeds from exercise of stock options 7,737 25,085 ----- ------ Net cash provided by financing activities 8,610 25,986 ----- ------ Net decrease in cash and cash equivalents (9,697) (80,928) Cash and cash equivalents at beginning of period 141,746 167,353 ------- ------- Cash and cash equivalents at end of period $132,049 $86,425 ======== =======

    About Blackboard Inc.

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

    Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the "Risk Factors" section of our Form 10-Q filed on August 9, 2010 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of November 3, 2010. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to November 3, 2010.

    Use of Non-GAAP Financial Measures

    This release includes information about the Company's non-GAAP adjusted net income and non-GAAP adjusted net income per share, which are non-GAAP financial measures. Management believes that both measures, which exclude the amortization or impairment of intangible assets, stock-based compensation, and non-cash interest expense, provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations and aspects of current operating performance that can be effectively managed. Because the Company has historically reported these non-GAAP results to the investment community, management also believes the inclusion of these non-GAAP financial measures provides enhanced comparability in its financial reporting and facilitates investors' understanding of the Company's historic operating trends by providing an additional basis for comparisons to prior periods. In addition, the Company's internal reporting, including information provided to the Company's Audit Committee and Board of Directors, contains non-GAAP measures. The Company has also adopted internal compensation metrics that are determined on a basis that excludes amortization of acquired intangibles and the associated tax impact, and in 2010 also excludes stock-based compensation expense, non-cash patent related impairment charges, non-cash interest expense and other items as determined by the Board of Directors.

    A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable with similar non-GAAP financial measures used by other companies. The Company compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure which investors can use to appropriately consider each financial measure determined under GAAP as well as on the adjusted non-GAAP basis. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition to the information contained in this release, investors should also review information contained in the Company's Form 10-Q dated August 9, 2010, as well as other filings with the Securities and Exchange Commission when assessing the Company's financial condition and results of operations.

    Blackboard Inc.

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

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




    DealerTrack Holdings Reports Third Quarter 2010 Financial ResultsREAFFIRMS REVENUE AND NON-GAAP EARNINGS GUIDANCE AND UPDATES GAAP EARNINGS GUIDANCE

    LAKE SUCCESS, N.Y., Nov. 3, 2010 /PRNewswire-FirstCall/ -- DealerTrack Holdings, Inc. today reported financial results for the third quarter ended September 30, 2010.

    (Logo: http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO )

    (Logo: http://www.newscom.com/cgi-bin/prnh/20101028/DEALERTRACKLOGO )

    GAAP Results for the Third Quarter 2010

    --  Revenue for the quarter was $63.1 million, as compared to $58.8 million
    for the third quarter of 2009.
    --  GAAP net income for the quarter was $1.2 million, as compared to GAAP
    net loss of $(0.2) million for the third quarter of 2009.
    --  Diluted GAAP net income per share for the quarter was $0.03, as compared
    to GAAP net loss per share of $(0.01) for the third quarter of 2009.
    

    Non-GAAP Results for the Third Quarter 2010

    --  Adjusted EBITDA for the quarter was $12.9 million, as compared to $10.8
    million for the third quarter of 2009.
    --  Adjusted net income for the quarter was $6.6 million, as compared to
    $6.0 million for the third quarter of 2009.
    --  Diluted adjusted net income per share was $0.16 for the quarter, as
    compared to $0.15 for the third quarter of 2009.
    

    GAAP Results for the Nine Months Ended September 30, 2010

    --  Revenue for the nine months was $181.8 million, as compared to $172.4
    million for the same period in 2009.
    --  GAAP net loss for the nine months was $(1.4) million, as compared to
    GAAP net loss of $(3.7) million for the same period in 2009.
    --  GAAP net loss per share for the nine months was $(0.03), as compared to
    GAAP net loss of $(0.09) per share for the same period in 2009.
    

    Non-GAAP Results for the Nine Months Ended September 30, 2010

    --  Adjusted EBITDA for the nine months was $27.6 million, as compared to
    $26.3 million for the same period in 2009.
    --  Adjusted net income for the nine months was $13.7 million, as compared
    to $16.6 million for the same period in 2009.
    --  Diluted adjusted net income per share for the nine months was $0.33, as
    compared to $0.41 per share for the same period in 2009.
    

    Guidance for 2010 Annual Performance

    DealerTrack reaffirms its revenue and non-GAAP earnings guidance and updates GAAP earnings guidance for the full year 2010 as follows:

    Expected GAAP Results

    --  Revenue for the year is expected to be between $240.0 million and $246.0
    million, net of approximately $1.6 million of contra-revenue.
    --  GAAP net income for the year is expected to be between $1.5 million and
    $3.8 million, compared to the previous estimate of $2.0 million to $4.0
    million.
    --  Diluted GAAP net income per share for the year is expected to be between
    $0.04 and $0.09, compared to the previous estimate of $0.05 to $0.09.
    

    Expected Non-GAAP Results

    --  Adjusted EBITDA for the year is expected to be between $41.0 million and
    $45.0 million.
    --  Adjusted net income for the year is expected to be between $21.5 million
    and $24.0 million.
    --  Diluted adjusted net income per share for the year is expected to be
    between $0.51 and $0.57.
    

    GAAP net income and adjusted net income per share guidance for the year are based on an assumed 41.5 million diluted weighted average shares outstanding.

    The updated GAAP earnings guidance reflects the impact of certain items that are excluded for non-GAAP financial measures.

    Mark O'Neil, chairman and chief executive officer of DealerTrack, commented, "We are very pleased with our results for the third quarter as revenue for both our transaction and subscription businesses rose." O'Neil continued, "We are continuing to see the benefits of our investments as we generated an adjusted EBITDA margin in excess of 20 percent for the quarter."

    Conference Call

    DealerTrack will host a conference call to discuss its third quarter 2010 results, 2010 guidance, and other matters on November 3, 2010 at 5:00 p.m. Eastern Time. The conference call will be webcast live on the Internet at http://ir.dealertrack.com/eventdetail.cfm?eventid=87443. In addition, a live audio of the call will be accessible to the public by calling 877-303-6648 (domestic) or 970-315-0443 (international); no access code is necessary. Callers should dial in approximately 10 minutes before the call begins. A replay will be available on the DealerTrack website until November 17, 2010.

    Non-GAAP Financial Measures

    The non-GAAP measures of adjusted EBITDA and adjusted net income disclosures are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of net income. Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income (loss) excluding interest, taxes, depreciation and amortization expenses, contra-revenue and may exclude certain items such as: impairment charges, restructuring charges, acquisition-related earn-out compensation expense and professional service fees, realized gains or (losses) on securities and certain other non-recurring items. Adjusted net income is a non-GAAP financial measure that represents GAAP net income (loss) excluding stock-based compensation expense, the amortization of acquired identifiable intangibles, contra-revenue and may also exclude certain items, such as: impairment charges, restructuring charges, acquisition-related earn-out compensation expense and professional service fees, realized gains or (losses) on securities and certain other non-recurring items. These adjustments, which are shown before taxes, are adjusted for their tax impact.

    Adjusted EBITDA and adjusted net income are presented because management believes they provide additional information with respect to the performance of our fundamental business activities as the purchase accounting treatment of acquisitions can have a negative impact on our GAAP results because the depreciation and amortization expenses associated with acquired assets, as well as particular intangibles (which tend to have a relatively short useful life), can be substantial in the first several years following an acquisition. As a result, we monitor our adjusted EBITDA and adjusted net income and other business statistics as a measure of operating performance in addition to net income and the other measures included in our consolidated financial statements. Management believes the adjusted EBITDA and adjusted net income information is useful to investors for these reasons. Adjusted EBITDA and adjusted net income are non-GAAP financial measures and should not be viewed as an alternative to GAAP measures of performance. Management believes the most directly comparable GAAP financial measure for adjusted EBITDA and adjusted net income is GAAP net income and has provided a reconciliation of adjusted EBITDA to GAAP net income and adjusted net income to GAAP net income, in Attachment 4 to this press release.

    About DealerTrack (www.dealertrack.com)

    DealerTrack's intuitive and high-value software solutions enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, agents and aftermarket providers. Our solution set for dealers is the industry's most comprehensive. DealerTrack operates the industry's largest online credit application network, connecting approximately 17,000 dealers with over 900 lenders. Our Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access that will streamline any automotive business. Dealers using DealerTrack AAX get the inventory management tools and services needed to accelerate turns and increase profit. Our Sales and F&I solution enables dealers to streamline the entire sales process while structuring all types of deals from a single integrated platform. DealerTrack's Compliance solution helps dealers meet legal and regulatory requirements and protect their hard-earned assets. DealerTrack's family of companies also includes data and consulting services providers ALG and Chrome Systems. For more information, visit www.dealertrack.com.

    Safe Harbor for Forward-Looking and Cautionary Statements

    Statements in this press release regarding DealerTrack's expected 2010 performance, the long-term outlook for its business, and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

    Factors that might cause such a difference include: economic trends that affect the automotive retail industry or the indirect automotive financing industry including the number of new and used cars sold; reductions in auto dealerships; increased competitive pressure from other industry participants, including Open Dealer Exchange, RouteOne, CUDL, Finance Express and AppOne; the impact of some vendors of software products for automotive dealers making it more difficult for DealerTrack's customers to use DealerTrack's solutions and services; security breaches, interruptions, failures and/or other errors involving DealerTrack's systems or networks; the failure or inability to execute any element of DealerTrack's business strategy, including selling additional products and services to existing and new customers; the volatility of DealerTrack's stock price; new regulations or changes to existing regulations; the integration of recent acquisitions and the expected benefits, as well as the integration and expected benefits of any future acquisitions that DealerTrack may pursue; DealerTrack's success in expanding its customer base and product and service offerings, the impact of recent economic trends, and difficulties and increased costs associated with raising additional capital and other risks listed in DealerTrack's reports filed with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and DealerTrack disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.

    Attachment (1) Actual Results: Three-Month Period DEALERTRACK HOLDINGS, INC. Consolidated Statements of Operations (Dollars in thousands, except per share data) (Unaudited)

    Three Months Ended September 30, ------------- 2010 2009 -- -- Net revenue $63,128 $58,809 ------- ------- Cost of revenue 31,684 28,665 Product development 3,354 3,391 Selling, general and administrative 25,679 25,471 ---- ---- Total operating expenses 60,717 57,527 ---- ---- Income from operations 2,411 1,282 Interest and other income, net 286 168 - - Income before provision for income taxes 2,697 1,450 Provision for income taxes (1,515) (1,665) ------ ------ Net income (loss) $1,182 $(215) ------ ----- Basic net income (loss) per share $0.03 ($0.01) Diluted net income (loss) per share $0.03 ($0.01) Weighted average shares outstanding (basic) 40,404,126 39,705,553 Weighted average shares outstanding (diluted) 41,354,680 39,705,553 Adjusted EBITDA (non-GAAP) (a) $12,855 $10,760 Adjusted EBITDA margin (non-GAAP) (b) 20% 18% Adjusted net income (non-GAAP) (a) $6,631 $6,046 Diluted adjusted net income per share (non-GAAP) (c) $0.16 $0.15 Stock-based compensation expense was classified as follows: Cost of revenue $438 $582 Product development $164 $194 Selling, general and administrative $2,248 $2,400

    (a) See Reconciliation Data in Attachment 4. (b) Represents adjusted EBITDA as a percentage of net revenue. (c) For the three months ended September 30, 2009, the adjusted net income per share of approximately $0.15 is based on 41,463,310 diluted weighted average shares outstanding.

    Attachment (1) Actual Results: Nine-Month Period DEALERTRACK HOLDINGS, INC. Consolidated Statements of Operations (Dollars in thousands, except per share data) (Unaudited)

    Nine Months Ended September 30, ------------- 2010 2009 -- -- Net revenue $181,820 $172,379 -------- -------- Cost of revenue 93,666 86,638 Product development 10,291 11,037 Selling, general and administrative 80,347 83,069 ---- ---- Total operating expenses 184,304 180,744 ----- ----- Loss from operations (2,484) (8,365) Interest and other income, net 1,316 837 Realized gain on securities 582 1,393 - --- Loss before (provision for) benefit from income taxes (586) (6,135) (Provision for) benefit from income taxes (800) 2,482 ---- --- Net loss $(1,386) $(3,653) ------- ------- Basic net loss per share ($0.03) ($0.09) Diluted net loss per share ($0.03) ($0.09) Weighted average shares outstanding (basic) 40,246,374 39,435,766 Weighted average shares outstanding (diluted) 40,246,374 39,435,766 Adjusted EBITDA (non-GAAP) (a) $27,597 $26,261 Adjusted EBITDA margin (non-GAAP) (b) 15% 15% Adjusted net income (non-GAAP) (a) $13,703 $16,607 Diluted adjusted net income per share (non-GAAP) (c) (d) $0.33 $0.41 Stock-based compensation expense was classified as follows: Cost of revenue $1,279 $1,829 Product development $471 $602 Selling, general and administrative $6,929 $11,557

    (a) See Reconciliation Data in Attachment 4. (b) Represents adjusted EBITDA as a percentage of net revenue. (c) For the nine months ended September 30, 2010, the adjusted net income per share of approximately $0.33 is based on 41,201,433 diluted weighted average shares outstanding. (d) For the nine months ended September 30, 2009, the adjusted net income per share of approximately $0.41 is based on 40,974,553 diluted weighted average shares outstanding.

    Attachment (2) Condensed Consolidated Balance Sheets DEALERTRACK HOLDINGS, INC. Condensed Consolidated Balance Sheets (Dollars in thousands) (Unaudited)

    September 30, December 31, 2010 2009 - - ASSETS Cash and cash equivalents $177,824 $197,509 Short-term investments 1,563 1,484 Accounts receivable, net 24,538 17,478 Prepaid expenses and other current assets 17,789 9,620 ------ ----- Total current assets 221,714 226,091 Property and equipment, net 19,615 13,514 Software and web site development costs, net 28,613 21,158 Intangible assets, net 27,911 41,604 Goodwill 135,314 134,747 Deferred taxes and other long- term assets 47,124 35,213 ------ ------ Total assets $480,291 $472,327 -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $27,468 $26,960 Deferred revenue 5,114 4,992 Due to acquirees and other current liabilities 391 2,245 --- ----- Total current liabilities 32,973 34,197 Long-term liabilities 17,712 17,244 --- --- Total liabilities 50,685 51,441 Total stockholders' equity 429,606 420,886 ---- ---- Total liabilities and stockholders' equity $480,291 $472,327 -------- --------

    Attachment (3) Consolidated Statements of Cash Flows DEALERTRACK HOLDINGS, INC. Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited)

    Nine Months Ended ----------------- September 30, ------------- 2010 2009 - - Operating activities: Net loss $(1,386) $(3,653) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 27,475 26,288 Deferred tax benefit (2,650) (4,848) Stock-based compensation expense 8,679 13,988 Provision for doubtful accounts and sales credits 4,015 6,478 Loss (gain) on sale of property and equipment 19 (172) Amortization of bond premium - 56 Amortization of deferred interest 68 111 Deferred compensation - 225 Stock-based compensation windfall tax benefit (1,398) (1,966) Realized gain on securities (582) (1,393) Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable (10,938) (8,711) Prepaid expenses and other current assets (4,108) (1,230) Accounts payable and accrued expenses (5,121) 7,546 Deferred revenue and other current liabilities 115 (39) Other long-term liabilities 6 (468) Deferred rent 89 113 Other long-term assets (11,408) (200) ------- ---- Net cash provided by operating activities 2,875 32,125 Investing activities: Capital expenditures (9,669) (4,197) Restricted cash - 142 Sale of investments 1,419 44,569 Capitalized software and website development costs (13,369) (9,977) Proceeds from sale of property and equipment 1 83 Payment for acquisition of business and intangible assets, net of acquired cash (3,028) (34,680) ------ ------- Net cash used in investing activities (24,646) (4,060) Financing activities: Principal payments on capital lease obligations (388) (284) Proceeds from the exercise of employee stock options 1,024 2,152 Proceeds from employee stock purchase plan 556 700 Purchase of treasury stock (612) (352) Principal payments on notes payable - (636) Stock-based compensation windfall tax benefit 1,398 1,966 ----- ----- Net cash provided by financing activities 1,978 3,546 Net (decrease) increase in cash and cash equivalents (19,793) 31,611 Effect of exchange rate changes on cash and cash equivalents 108 2,509 Cash and cash equivalents, beginning of period 197,509 155,456 ------- ------- Cash and cash equivalents, end of period $177,824 $189,756 -------- --------

    Nine Months Ended September 30, 2010 2009 - - Supplemental disclosure: Cash paid for: Income taxes $5,421 $4,019 Interest $47 $41

    Attachment (4) Reconciliation Data DEALERTRACK HOLDINGS, INC. Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA (Dollars in thousands) (Unaudited)

    Three Months Ended ------------------ September 30, ------------- 2010 2009 - - GAAP net income (loss) $1,182 $(215) Interest income (132) (194) Interest expense 36 27 Provision for income taxes 1,515 1,665 Depreciation and amortization 4,510 3,429 Amortization of acquired identifiable intangibles 4,661 4,971 ----- ----- EBITDA (non-GAAP) 11,772 9,683 Adjustments: Restructuring costs - (17) Acquisition related professional fees 478 94 Acquisition related earn out compensation expense - 1,000 Contra-revenue 605 - - - Adjusted EBITDA (non-GAAP) $12,855 $10,760 ------- -------

    DEALERTRACK HOLDINGS, INC. Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income (Dollars in thousands) (Unaudited)

    Three Months Ended ------------------ September 30, ------------- 2010 2009 - - GAAP net income (loss) $1,182 $(215) Adjustments: Stock-based compensation (excluding restructuring costs) 2,850 3,176 Amortization of acquired identifiable intangibles 4,661 4,971 Acquisition related professional fees 478 94 Amended state tax return impact (non- taxable) 101 - Restructuring costs - (17) Acquisition related earn-out compensation expense - 1,000 Contra-revenue 605 - Tax impact of adjustments (a) (3,246) (2,963) ------ ------ Adjusted net income (non-GAAP) $6,631 $6,046 ------ ------

    (a) The tax impact of adjustments for the three months ended September 30, 2010, are based on a U.S. effective tax rate of 38.3% applied to taxable adjustments other than amortization of acquired identifiable intangibles and stock-based compensation expense, which are based on a blended effective tax rate of 37.4% and 38.1%, respectively. The tax impact of adjustments for the three months ended September 30, 2009, are based on a U.S. effective tax rate of 32.9% applied to taxable adjustments other than amortization of acquired identifiable intangibles and stock-based compensation, which are based on a blended effective tax rate of 33.1% and 32.9%, respectively.

    Reconciliation Data DEALERTRACK HOLDINGS, INC. Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA (Dollars in thousands) (Unaudited)

    Nine Months Ended ----------------- September 30, ------------- 2010 2009 - - GAAP net loss $(1,386) $(3,653) Interest income (381) (937) Interest expense 155 153 Provision for (benefit from) income taxes 800 (2,482) Depreciation and amortization 12,651 10,895 Amortization of acquired identifiable intangibles 14,824 15,393 ------ ------ EBITDA (non-GAAP) 26,663 19,369 Adjustments: Restructuring costs (including stock- based compensation) (a) - 6,692 Acquisition related professional fees 715 593 Realized gain on securities (582) (1,393) Acquisition related earn-out compensation expense - 1,000 Contra-revenue 801 - - - Adjusted EBITDA (non-GAAP) $27,597 $26,261 ------- -------

    (a) Includes costs related to a reduction in workforce, a plant relocation related to DealerTrack's Digital Services business and a gain related to DealerTrack's exit from the SCS business.

    DEALERTRACK HOLDINGS, INC. Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Income (Dollars in thousands) (Unaudited)

    Nine Months Ended ----------------- September 30, ------------- 2010 2009 - - GAAP net loss $(1,386) $(3,653) Adjustments: Stock-based compensation (excluding restructuring costs) 8,679 10,104 Amortization of acquired identifiable intangibles 14,824 15,393 Acquisition related professional fees 715 593 Realized gain on securities (non- taxable) (582) (1,393) Amended state tax return impact (non- taxable) 101 (1,070) Restructuring costs - 6,692 Acquisition related earn-out compensation expense - 1,000 Contra-revenue 801 - Tax impact of adjustments (a) (9,449) (11,059) ------ ------- Adjusted net income (non-GAAP) $13,703 $16,607 ------- -------

    (a) The tax impact of adjustments for the nine months ended September 30, 2010, are based on a U.S. effective tax rate of 38.3% applied to taxable adjustments other than amortization of acquired identifiable intangibles and stock-based compensation, which are based on a blended effective tax rate of 37.5% and 38.2%, respectively. The tax impact of adjustments for the nine months ended September 30, 2009, are based on a U.S. effective tax rate of 32.9% applied to taxable adjustments other than amortization of acquired identifiable intangibles and stock-based compensation, which are based on a blended effective tax rate of 33.1% and 32.9%, respectively.

    DEALERTRACK HOLDINGS, INC. Reconciliation of Forward-looking GAAP Net Loss to Forward-looking Non-GAAP Adjusted EBITDA (Dollars in millions) (Unaudited)

    Year Ending December 31, 2010 ------------------------ Expected Range -------------- GAAP net income $1.5 $3.8 Interest income (0.5) (0.5) Interest expense 0.2 0.2 Provision for income taxes 1.0 2.5 Depreciation and amortization 17.0 17.2 Amortization of acquired identifiable intangibles 19.6 19.6 ---- ---- EBITDA (non-GAAP) 38.8 42.8 Adjustments: Acquisition related professional fees 1.2 1.2 Realized gain on securities (non- taxable) (0.6) (0.6) Contra-revenue 1.6 1.6 - - Adjusted EBITDA (non-GAAP) $41.0 $45.0 ----- -----

    DEALERTRACK HOLDINGS, INC. Reconciliation of Forward-looking GAAP Net Income to Forward-looking Non-GAAP Adjusted Net Income (Dollars in millions) (Unaudited)

    Year Ending ----------- December 31, 2010 ----------------- Expected Range -------------- GAAP net income $1.5 $3.8 Adjustments: Stock-based compensation charges 11.0 11.3 Amortization of acquired identifiable intangibles 19.6 19.6 Acquisition related professional fees 1.2 1.2 Realized gain on securities (non-taxable) (0.6) (0.6) Contra-revenue 1.6 1.6 Tax impact of adjustments (a) (12.8) (12.9) ----- ----- Adjusted net income (non-GAAP) $21.5 $24.0 ----- -----

    (a) The tax impact of adjustments are based on a U.S. effective tax rate of between 39.7% and 40.0% applied to all adjustments other than amortization of acquired identifiable intangibles which is based on a blended effective tax rate of 38.0%.

    Attachment (5) Summary of Business Statistics (Unaudited) DEALERTRACK HOLDINGS, INC.

    Three months ended ------------------ Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2010 2010 2010 2009 2009 -- -- -- -- -- Active U.S. dealers (a) 16,961 17,120 17,102 16,690 17,241 Active U.S. lenders (b) 921 891 847 823 790 Transactions processed (c) 13,296 12,239 11,841 10,114 13,804 (in thousands) Active U.S. lender to dealer relationships (d) 137,388 137,919 127,724 118,209 120,305 Subscribing dealers (e) 13,856 13,468 13,705 13,852 13,959

    (a) We consider a dealer to be active as of a date if the dealer completed at least one revenue-generating credit application processing transaction using the U.S. DealerTrack network during the most recently ended calendar month. For the three months ended March 31, 2010, the number of active U.S. dealers was updated from the number originally reported (16,860). For the three months ended June 30, 2010, the number of active U.S. dealers was updated from the number originally reported (17,343). The number of active U.S. dealers is based on the number of dealer accounts as communicated by lenders on the DealerTrack network. (b) We consider a lender to be active in our DealerTrack network as of a date if it is accepting credit application data electronically from U.S. dealers in the DealerTrack network. (c) Represents revenue-generating transactions processed in the DealerTrack, DealerTrack Digital Services and DealerTrack Canada networks at the end of a given period. (d) Each lender to dealer relationship represents a pair between an active U.S. lender and an active U.S. dealer. (e) Represents the number of dealerships with one or more active subscriptions on the DealerTrack or DealerTrack Canada networks at the end of a given period.

    Three months ended ------------------ Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2010 2010 2010 2009 2009 -- -- -- -- -- Transaction revenue $27,188 $26,851 $22,870 $20,237 $25,483 (in thousands) Subscription revenue $31,273 $30,341 $29,728 $28,982 $28,978 (in thousands) Other revenue $4,667 $4,715 $4,187 $4,028 $4,348 (in thousands) Average transaction price (a) $2.09 $2.19 $1.93 $2.00 $1.85 Average monthly subscription revenue per subscribing dealership (b) $759 $749 $719 $695 $692

    (a) Represents the average revenue earned per transaction processed in the DealerTrack, DealerTrack Digital Services and DealerTrack Canada networks during a given period. Revenue used in calculation adds back contra-revenue. (b) For the 2010 periods, represents net subscription revenue divided by average subscribing dealers for a given period in the DealerTrack and DealerTrack Canada networks.

    TRAK-E

    Photo: http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO
    http://www.newscom.com/cgi-bin/prnh/20101028/DEALERTRACKLOGO DealerTrack Holdings, Inc.

    CONTACT: Investor Relations, DealerTrack, +1-888-450-0478,
    investorrelations@dealertrack.com

    Web site: http://www.dealertrack.com/




    LeCroy Corporation Announces Proposed Public Offering of Common Stock

    CHESTNUT RIDGE, N.Y., Nov. 3, 2010 /PRNewswire-FirstCall/ -- LeCroy Corporation today announced that it is offering to sell shares of its common stock in an underwritten public offering. Needham & Company, LLC and Stifel Nicolaus Weisel are the underwriters for the offering. The offering is expected to price on Thursday, November 4, 2010.

    LeCroy intends to use the net proceeds from the offering to repay indebtedness and for general corporate purposes, including working capital.

    The shares described above are being offered by LeCroy pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement relating to the offering has also been filed with the SEC and is available on the SEC's website at http://www.sec.gov.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, (800) 903-3268; or Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, (415) 364-2500.

    About LeCroy Corporation

    LeCroy Corporation is a worldwide leader in serial data test solutions, creating advanced instruments that drive product innovation by quickly measuring, analyzing and verifying complex electronic signals. LeCroy offers high-performance oscilloscopes, serial data analyzers and global communications protocol test solutions used by design engineers in the computer, semiconductor and consumer electronics, data storage, automotive and industrial, and military and aerospace markets. LeCroy's 45-year heritage of technical innovation is the foundation for its recognized leadership in "WaveShape Analysis" - capturing, viewing and measuring the high-speed signals that drive today's information and communications technologies. LeCroy is headquartered in Chestnut Ridge, New York. Company information is available at http://www.lecroy.com.

    Safe Harbor

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks detailed from time to time in our filings with the Securities and Exchange Commission, and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.

    CONTACT: Sean O'Connor Vice President, Finance and Chief Financial Officer LeCroy Corporation (845) 425-2000

    LeCroy Corporation

    CONTACT: Sean O'Connor, Vice President, Finance and Chief Financial
    Officer, LeCroy Corporation, +1-845-425-2000

    Web site: http://www.lecroy.com/




    Dot Hill Reports Third Quarter 2010 Results- Company achieves non-GAAP net income earlier than expected- Third quarter non-GAAP gross margin and operating expense exceed guidance- Reiterates expectation of fourth quarter non-GAAP financial metrics

    LONGMONT, Colo., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Dot Hill Systems Corp. today announced financial results for the third quarter ended September 30, 2010.

    Operational Highlights:

    --  Substantially completed restructuring designed to expand gross margin,
    reduce operating expenses and to achieve profitable non-GAAP EBITDA;
    --  Signed agreements with multiple partners in Japan for its new AssuredUVS
    unified virtual storage software, from the Cloverleaf Communications
    acquisition in January of 2010;
    --  Signed an OEM agreement with Lenovo to market private branded storage
    systems  based on the Company's AssuredSAN 3000 series products;
    --  Announced numerous other customer design wins for the AssuredSAN 3000
    series products;
    --  Introduced the AssuredSAN 3400 series to deliver affordable 10Gb iSCSI
    storage arrays; and
    --  Finalized the accelerated transfer of associated manufacturing rights to
    NetApp effective December 1, 2010.
    

    Dana Kammersgard, the Company's president and chief executive officer stated "I am pleased to report that we achieved non-GAAP operating profit in the third quarter. Delivering profitability is an important event for us and a goal that we have been working towards for a long time. While we have a lot of work ahead of us, we believe that our Q3 results demonstrate the viability of our strategy and represent the potential for a new beginning for Dot Hill."

    Third Quarter 2010 Financial Details:

    The Company recognized net revenue of $61.6 million for the third quarter of 2010, as compared to $63.6 million for the third quarter of 2009 and $65.5 million for the second quarter of 2010. Included in third quarter 2009 net revenue, was revenue associated with a sequential reduction of Dot Hill-owned finished goods hub inventories of $4.1 million as we worked with certain of our customers to improve supply chain efficiencies and transfer ownership to them of much of the inventory that we had previously held on their behalf. GAAP gross margin for the third quarter of 2010 was 18.3 percent, compared to 18.3 percent for the third quarter of 2009 and 14.8 percent for the second quarter of 2010. Operating expenses for the third quarter of 2010 were $12.6 million, as compared to $12.9 million for the third quarter of 2009 and $15.5 million for the second quarter of 2010.

    Net loss for the third quarter of 2010 was $1.3 million, or $0.02 per share, as compared to a net loss of $1.1 million, or $0.02 per share, for the third quarter of 2009, and $5.8 million, or $0.11 per share, for the second quarter of 2010.

    Non-GAAP gross margin was 19.3 percent for the third quarter of 2010, as compared to 18.4 percent for the third quarter of 2009 and 15.8 percent for the second quarter of 2010. The improved gross margin was largely attributable to increasing software sales, lower manufacturing overhead and supply chain related variances including the move to ocean freight and product cost reductions. Total non-GAAP operating expenses for the third quarter of 2010 were $11.7 million, as compared to $11.7 million for the third quarter of 2009 and $13.6 million for the second quarter of 2010. Included in the third quarter of 2010 non-GAAP operating expenses, were investments in the Company's channel program and software development initiative, which were primarily added between the fourth quarter of 2009 and the second quarter of 2010. The sequential reduction in operating expenses was largely due to the restructuring activities the Company undertook at the end of the second quarter of 2010, which included the closure of its Carlsbad, California facility, salary reductions and headcount reductions.

    Non-GAAP net income for the third quarter of 2010 was $0.2 million, or $0.00 per share, as compared to third quarter 2009 non-GAAP net income of $0.1 million, or $0.00 per share, and a second quarter 2010 non-GAAP net loss of $3.3 million, or $0.06 per share. Non-GAAP EBITDA for the third quarter of 2010 was positive $0.7 million, as compared to positive $0.4 million for the third quarter of 2009 and negative $2.8 million for the second quarter of 2010.

    Balance Sheet and Cash Flows:

    The Company exited the third quarter of 2010 with cash and cash equivalents of $41.8 million, as compared to $42.6 million at the end of the second quarter of 2010. The sequential decline in cash was largely a result of working capital timing, including payments related to the Company's restructuring activities, and operating losses. At the end of the third quarter of 2010, the Company elected to pay $3.0 million earlier than due to take advantage of discounts that will benefit the Company in the fourth quarter of 2010. The Company also borrowed $3.0 million to offset this accelerated payment.

    Hanif Jamal, the Company's senior vice president and chief financial officer, commented, "I am very pleased with the third quarter 2010 financial results and feel that we are on track to establishing a business that is both sustainable and profitable. During the fourth quarter of 2010, we expect revenues to be between $58 and $62 million and non-GAAP earnings per share to be between positive $0.01 and negative $0.03 per share. The potential of a sequential decline in revenue is due entirely to the transfer of manufacturing rights to NetApp beginning on December 1, 2010 and consequently we expect no revenue from NetApp in December. Over the next few quarters we currently project the trajectory for EPS to be relatively flat in the break-even range, with the possibility of a small improvement or degradation, as we replace the NetApp margin with margin from new OEM revenues, software and channel revenues."

    The Company stated that it expected to maintain gross cash above $40 million, but may elect to borrow against its credit facility and take advantage of similar "early pay" discounts as they did in the second and third quarters of 2010.

    Conference Call Information:

    Dot Hill's third quarter 2010 financial results conference call is scheduled to take place on Wednesday, November 3, 2010 at 4:30 p.m. ET. Please join us for a live audio webcast at www.dothill.com in the Investor Relations section. If you prefer to join via telephone, please dial 877-303-3196 (U.S.) or 408-427-3864 (International) at least five minutes prior to the start of the call. A replay of the webcast is scheduled to be available for one week on the Dot Hill web site following the conference call. For a telephone replay, dial 800-642-1687 (U.S.) or 706-645-9291 (International) and enter conference ID# 20040459.

    About Non-GAAP Financial Measures

    This press release contains financial results that exclude the effects of stock-based compensation expense, severance costs, restructuring costs, intangible asset amortization, transaction expenses associated with the Company's acquisition of Cloverleaf, a contingent consideration adjustment and foreign currency gains or losses, and are not in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that these non-GAAP financial measures provide meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for the Company's financial results in accordance with GAAP. A reconciliation of GAAP to non-GAAP measures is attached to this press release.

    About Dot Hill

    Delivering innovative technology and global support, Dot Hill empowers the OEM community to bring unique storage solutions to market, quickly, easily and cost-effectively. Offering high performance and industry-leading uptime, Dot Hill's RAID technology is the foundation for best-in-class storage solutions offering enterprise-class security, availability and data protection. The Company's products are in use today by the world's leading service and equipment providers, common carriers and advanced technology and telecommunications companies, as well as government agencies. Dot Hill solutions are certified to meet rigorous industry standards and military specifications, as well as RoHS and WEEE international environmental standards. Headquartered in Longmont, Colorado, Dot Hill has offices and/or representatives in China, Germany, Japan, the United Kingdom, Singapore, Israel and the United States. For more information, visit us at http://www.dothill.com.

    HILL-F

    Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include statements regarding Dot Hill's projected future financial results, financing activities, and Dot Hill's prospects and maintaining the achievement of profitability. The risks that contribute to the uncertain nature of the forward-looking statements include, among other things: the risk that Dot Hill's next-generation products may not achieve market acceptance; the Company's expense reduction and resource allocation plans may not continue to have the anticipated positive effects on the Company's financial results; the risks associated with macroeconomic factors that are outside of Dot Hill's control; the fact that no Dot Hill customer agreements provide for mandatory minimum purchase requirements; the risk that one or more of Dot Hill's OEM or other customers may cancel or reduce orders, not order as forecasted or terminate their agreements with Dot Hill; the risk that Dot Hill's new products may not prove to be popular; the risk that one or more of Dot Hill's suppliers or subcontractors may fail to perform or may terminate their agreements with Dot Hill; unforeseen technological, intellectual property, personnel or engineering issues; and the additional risks set forth in the Forms 10-K and 10-Q most recently filed with the Securities and Exchange Commission by Dot Hill. All forward-looking statements contained in this press release speak only as of the date on which they were made. Dot Hill undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Contact: Hanif Jamal Chief Financial Officer Tel: 303-845-3200 email: investors@dothill.com Peter Seltzberg Hayden IR Tel: 212-946-2849 Email: peter@haydenir.com

    DOT HILL SYSTEMS CORP. UNAUDITED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)

    Three Months Ended ------------------ June 30, September 30, September 30, 2010 2009 2010 --------- -------------- -------------- Net revenue $65,493 $63,600 $61,586 Cost of goods sold 55,824 51,969 50,291 ------ ------ ------ Gross profit 9,669 11,631 11,295 Operating expenses: Research and development 8,447 7,241 7,439 Sales and marketing 3,379 2,772 2,592 General and administrative 2,225 2,320 2,424 Restructuring charge 1,413 530 104 ----- --- --- Total operating expenses 15,464 12,863 12,559 ------ ------ ------ Operating loss (5,795) (1,232) (1,264) Other income (expense): Interest income, net 4 17 6 Other income (expense), net (8) (10) (2) --- --- --- Total other income (expense) (4) 7 4 --- --- --- Loss before income taxes (5,799) (1,225) (1,260) Income tax (benefit) expense 35 (88) 9 --- --- --- Net loss $(5,834) $(1,137) $(1,269) ======= ======= ======= Net loss per basic and diluted share $(0.11) $(0.02) $(0.02) ====== ====== ====== Shares used to compute net loss per basic and diluted share 53,246 47,258 53,529 ====== ====== ======

    Nine Months Ended ----------------- September 30, September 30, 2009 2010 -------------- -------------- Net revenue $171,817 $187,053 Cost of goods sold 142,955 157,964 ------- ------- Gross profit 28,862 29,089 Operating expenses: Research and development 21,327 23,659 Sales and marketing 7,856 9,332 General and administrative 7,562 7,725 Restructuring charge 941 1,806 --- ----- Total operating expenses 37,686 42,522 ------ ------ Operating loss (8,824) (13,433) Other income (expense): Interest income, net 132 13 Other income (expense), net (17) (17) --- --- Total other income (expense) 115 (4) --- --- Loss before income taxes (8,709) (13,437) Income tax (benefit) expense (94) 93 --- --- Net loss $(8,615) $(13,530) ======= ======== Net loss per basic and diluted share $(0.18) $(0.26) ====== ====== Shares used to compute net loss per basic and diluted share 46,978 52,778 ====== ======

    DOT HILL SYSTEMS CORP. UNAUDITED BALANCE SHEETS (In thousands, except par value data)

    December September 31, 30, --------- ---------- 2009 2010 ---- ---- Assets Current assets: Cash and cash equivalents $57,574 $41,811 Accounts receivable, net 34,197 35,795 Inventories 4,333 7,499 Prepaid expenses and other assets 5,314 5,256 ----- ----- Total current assets 101,418 90,361 Property and equipment, net 3,616 3,654 Intangible assets, net 3,029 8,105 Goodwill - 4,140 Other assets 217 408 --- --- Total assets $108,280 $106,668 ======== ======== Liabilities and stockholders' equity Current liabilities: Accounts payable $28,411 $29,403 Accrued compensation 3,602 2,622 Accrued expenses 4,220 3,362 Deferred revenue 1,217 1,428 Restructuring accrual 1,697 1,646 Bank borrowings and current portion of long-term note payable 261 3,271 --- ----- Total current liabilities 39,408 41,732 Long-term note payable 346 141 Other long-term liabilities 2,175 1,271 Commitments and Contingencies Stockholders' equity: Preferred stock, $.001 par value, 10,000 shares authorized, - - no shares issued and outstanding at December 31, 2009 and September 30, 2010, respectively Common stock, $.001 par value, 100,000 shares authorized, 49 55 48,952 and 55,321 issued and outstanding at December 31, 2009 and September 30, 2010, respectively Additional paid-in capital 303,841 314,653 Accumulated other comprehensive loss (3,439) (3,554) Accumulated deficit (234,100) (247,630) -------- -------- Total stockholders' equity 66,351 63,524 ------ Total liabilities and stockholders' equity $108,280 $106,668 ======== ========

    DOT HILL SYSTEMS CORP. UNAUDITED STATEMENTS OF CASH FLOWS (In thousands)

    Three Months Ended ------------------ June 30, 2010 September 30, September 30, --------- 2009 2010 ---- ---- Cash Flows From Operating Activities: Net loss $(5,834) $(1,137) $(1,269) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 1,028 642 1,025 Provision for (reduction in) bad debt reserve - 28 - Adjustment to contingent consideration - - - Stock-based compensation expense 771 598 551 Changes in operating assets and liabilities, net of business acquisition: Accounts receivable (298) (5,629) (271) Inventories (947) 4,676 228 Prepaid expenses and other assets (408) (2,591) 750 Accounts payable (6,939) 7,143 1,356 Accrued compensation and other accrued expenses 383 502 (1,770) Deferred revenue 106 (1,131) (250) Restructuring accrual 1,054 240 (783) Other long-term liabilities (134) (16) (192) ---- --- ---- Net cash provided by (used in) operating activities (11,218) 3,325 (625) ------- ----- ---- Cash Flows From Investing Activities: Acquisition, net of cash acquired - - - Purchases of property and equipment (179) (1,343) (450) ---- ------ ---- Net cash used in investing activities (179) (1,343) (450) ---- ------ ---- Cash Flows From Financing Activities: Principal payment of note and loan payable (65) (62) (66) Proceeds from bank borrowings 2,800 - 3,000 Payments on bank borrowings - - (2,800) Common stock issued under stock plans, net (38) 190 38 --- --- --- Net cash provided by financing activities 2,697 128 172 ----- --- --- Effect of Exchange Rate Changes on Cash and Cash Equivalents 26 24 78 --- --- --- Net Increase (Decrease) in Cash and Cash Equivalents (8,674) 2,134 (825) Cash and Cash Equivalents, beginning of period 51,310 57,074 42,636 ------ ------ ------ Cash and Cash Equivalents, end of period $42,636 $59,208 $41,811 ======= ======= ======= Supplemental Disclosures of Non- Cash Investing and Financing Activities: Capital assets acquired but not paid $249 $175 $25 ==== ==== ===

    DOT HILL SYSTEMS CORP. UNAUDITED RECONCILIATION OF NON-GAAP MEASURES (In thousands, except per share amounts)

    Three Months Ended ------------------ June 30, 2010 September 30, September 30, --------- 2009 2010 ---- --- Gross profit, as reported $9,669 $11,631 $11,295 Effect of stock-based compensation 139 75 92 Effect of severance costs 17 - (5) Effect of intangible asset amortization 519 - 518 --- --- --- Non-GAAP gross profit $10,344 $11,706 $11,900 ======= ======= ======= Operating expenses, as reported $15,464 $12,863 $12,559 Effect of currency gain (loss) 286 134 (317) Effect of stock-based compensation (632) (523) (459) Effect of contingent consideration adjustment - - - Effect of restructuring charge (1,413) (530) (104) Effect of intangible asset amortization - (284) - Effect of severance costs (62) - 12 Effect of Cloverleaf acquisition costs 2 - - --- --- --- Non-GAAP operating expenses $13,645 $11,660 $11,691 ======= ======= ======= Net loss, as reported $(5,834) $(1,137) $(1,269) Effect of currency (gain) loss (286) (134) 317 Effect of stock-based compensation 771 598 551 Effect of contingent consideration adjustment - - - Effect of restructuring charge 1,413 530 104 Effect of intangible asset amortization 519 284 518 Effect of severance costs 79 - (17) Effect of Cloverleaf acquisition costs (2) - - --- --- --- Non-GAAP net income (loss) $(3,340) $141 $204 ======= ==== ==== Non-GAAP net income (loss) per share Basic and diluted $(0.06) $0.00 $0.00 ====== ===== ===== Weighted average shares used to calculate net income (loss) per share: Basic 53,246 47,258 53,529 ====== ====== ====== Diluted 53,246 47,556 53,884 ====== ====== ====== Non-GAAP net income (loss) $(3,340) $141 $204 Interest expense 9 11 9 Income tax expense (benefit) 35 (88) 9 Depreciation 509 358 507 --- --- --- Non-GAAP EBITDA $(2,787) $422 $729 ======= ==== ====

    Nine Months Ended ----------------- September 30, September 30, 2009 2010 --- --- Gross profit, as reported $28,862 $29,089 Effect of stock-based compensation 288 412 Effect of severance costs 3 12 Effect of intangible asset amortization - 1,480 --- ----- Non-GAAP gross profit $29,153 $30,993 ======= ======= Operating expenses, as reported $37,686 $42,522 Effect of currency gain (loss) (108) 148 Effect of stock-based compensation (1,863) (1,902) Effect of contingent consideration adjustment - 285 Effect of restructuring charge (941) (1,806) Effect of intangible asset amortization (852) - Effect of severance costs 3 (55) Effect of Cloverleaf acquisition costs - (314) --- ---- Non-GAAP operating expenses $33,925 $38,878 ======= ======= Net loss, as reported $(8,615) $(13,530) Effect of currency (gain) loss 108 (148) Effect of stock-based compensation 2,151 2,314 Effect of contingent consideration adjustment - (285) Effect of restructuring charge 941 1,806 Effect of intangible asset amortization 852 1,479 Effect of severance costs - 67 Effect of Cloverleaf acquisition costs - 314 --- --- Non-GAAP net income (loss) $(4,563) $(7,983) ======= ======= Non-GAAP net income (loss) per share Basic and diluted $(0.10) $(0.15) ====== ====== Weighted average shares used to calculate net income (loss) per share: Basic 46,978 52,778 ====== ====== Diluted 46,978 52,778 ====== ====== Non-GAAP net income (loss) $(4,563) $(7,983) Interest expense 45 29 Income tax expense (benefit) (94) 93 Depreciation 1,227 1,545 ----- ----- Non-GAAP EBITDA $(3,385) $(6,316) ======= =======

    Dot Hill Systems Corp.

    CONTACT: Hanif Jamal, Chief Financial Officer of Dot Hill Systems Corp.,
    +1- 303-845-3200, investors@dothill.com; or Peter Seltzberg of Hayden IR,
    +1-212-946-2849, peter@haydenir.com, for Dot Hill Systems Corp.

    Web site: http://www.dothill.com/




    Telecast Fiber Systems' CopperHead(TM) 3400 Receives Prestigious Best of IBC2010 AwardNext-Generation Fiber Optic Transceiver Mounts to Dual-Camera 3D Rig for Streamlined, Fiber-Based Transport of Stereoscopic HD Signals

    WORCESTER, Mass., Nov. 3, 2010 /PRNewswire/ -- Belden Inc. , a global leader in signal transmission solutions for mission critical applications, today announced that its Telecast Fiber Systems brand has received a Best of IBC2010 award for its groundbreaking CopperHead(TM) 3400 fiber optic video transceiver. Honored by TVBEurope Magazine and The IBC Daily as one of the best product innovations of last month's IBC2010 show, the CopperHead 3400 is designed for high-end 3D cinema production and the first of its kind to mount directly onto a dual-camera 3D rig.

    "The editors of TVBEurope and The IBC Daily have unique insight into the IBC exhibitor community and a very broad perspective on the most innovative products at the show - so it is a great honor that they chose the CopperHead 3400 for this prestigious award," said Steve DeFrancesco, vice president and general manager of Telecast Fiber Systems. "By supporting the full range of compact HD cameras and 3D rigs, the CopperHead 3400 provides a highly versatile and cost-effective solution for 3D productions of many types."

    Mounting directly onto a dual-camera 3D rig, the CopperHead 3400 allows producers to harness the flexibility and cost-effectiveness of tactical fiber for transporting high-quality stereoscopic HD signals over long distances. The CopperHead 3400 transports all of the signals to and from two HD cameras, as well as the 3D rig's control system to the control room or truck, and also carries a return 3D HD/SDI signal back to the camera operator. The system enables not only full control of both cameras from the base station but also enables the convergence operator to control the 3D rig's interocular convergence -- all over a thin, lightweight fiber optic cable.

    "We asked the strongest combined editorial team in the business to identify the most innovative, cleverest new product introductions at the world's electronic marketplace," said TVBEurope editor Fergal Ringrose. "We were especially looking for new products that clearly show the potential to make money, or save money, for end users -- rather than clever technology for technology's sake."

    The CopperHead 3400 is available directly from Telecast Fiber Systems, or via a network of authorized CopperHead dealers.

    About Belden

    St. Louis-based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,600 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry.

    For more information, visit www.belden.com. More information about Telecast Fiber Systems can be found at www.telecast-fiber.com.

    Press Contact: Emmy Maynes FD Tel: (312) 861-4709 E-mail: emmy.maynes@fd.com

    Belden Inc.

    CONTACT: Emmy Maynes of FD, +1-312-861-4709, emmy.maynes@fd.com, for
    Belden Inc.

    Web site: http://www.belden.com/




    WebMD Announces Third Quarter Financial ResultsWebMD Total Revenue Increased 21%; Advertising Revenue Increased 26%WebMD Adjusted EBITDA Increased 46%

    NEW YORK, Nov. 3, 2010 /PRNewswire-FirstCall/ -- WebMD Health Corp. , the leading source of health information, today announced financial results for its third quarter ended September 30, 2010:

    --  Revenue was $135.3 million, compared to $111.6 million in the prior year
    period, an increase of 21%.
    --  Earnings before interest, taxes, non-cash and other items ("Adjusted
    EBITDA") was $44.6 million, compared to $30.6 million in the prior year
    period, an increase of 46%.
    --  Income from continuing operations was $14.6 million or $0.24 per share,
    compared to $2.9 million or $0.05 per share in the prior year period.
    --  Net income was $13.6 million or $0.22 per share, compared to $30.3
    million or $0.61 per share in the prior year period. Net income would
    have been $16.0 million in the current period as compared to $5.0
    million in the prior year period without the effect of the after-tax
    impact of a loss on convertible notes of $(1.4) million and a loss from
    discontinued operations of $(1.0) million in the current period and the
    after-tax impact of income from discontinued operations of $27.5 million
    and a loss attributable to non-controlling interest of $(2.2) million in
    the prior year period.
    

    "Our strong financial and operating performance underscores WebMD's continued momentum in providing the most valuable brand of health and wellness information to the marketplace today," said Wayne Gattinella, President and CEO. "The scale and engagement of the WebMD consumer and physician audiences are drawing more dollars from traditional marketing channels as the transformation to digital marketing in the health sector takes hold."

    Financial Summary

    Revenue for the third quarter was $135.3 million, compared to $111.6 million in the prior year period, an increase of 21%.

    Public portal advertising and sponsorship revenue was $113.1 million for the third quarter, compared to $89.4 million in the prior year period, an increase of 26%. Traffic to the WebMD Health Network continued to grow, reaching an average of 83.3 million unique users per month and total traffic of 1.8 billion page views during the third quarter, increases of 41% and 23%, respectively, from a year ago. 1.5 million continuing medical education (CME) programs were completed on the WebMD Professional Network during the third quarter.

    Private portal services revenue was $22.2 million for the third quarter which was consistent with the prior year period. The base of large employers and health plans using WebMD's private Health and Benefits portals during the third quarter was 124.

    During the third quarter, WebMD repurchased $9.9 million principal amount of its 3 1/8% convertible notes and had conversions of $26.2 million principal amount of the notes, which resulted in the issuance of approximately 750 thousand shares of WebMD common stock.

    WebMD utilized $156 million in cash to complete a tender offer for 3 million shares of its common stock during the third quarter.

    As of September 30, 2010, WebMD had approximately $352 million in cash and cash equivalents and approximately $85 million in aggregate principal amount of its 3 1/8% convertible notes outstanding.

    Financial Guidance

    WebMD increased its financial guidance for 2010 today based on year-to-date actual results and its outlook for the fourth quarter.

    For the fourth quarter of 2010, WebMD expects:

    --  Revenue to be in excess of $165 million, an increase of at least 20%
    over the prior year period. Advertising revenue is expected to increase
    at least 25% while private portal revenue is expected to decline by
    approximately 8%.
    --  Adjusted EBITDA to be in excess of 40% of revenue.
    --  Net income to be in excess of 16% of revenue.
    

    For the year ended December 31, 2010, WebMD expects:

    --  Revenue to be in excess of $531 million, an increase of at least 21%
    over the prior year period. Advertising revenue is expected to increase
    at least 28% while private portal revenue is expected to decline by
    approximately 5%.
    --  Adjusted EBITDA to be in excess of 32% of revenue.
    --  Net income to be in excess of 8.3% of revenue.
    

    WebMD is providing a schedule (attached to this press release) to reflect these changes as well as updates for non-cash and other items primarily to reflect the impact of convertible note conversions and repurchases and the tender offer completed by WebMD during the third quarter of 2010.

    Analyst and Investor Conference Call

    As previously announced, WebMD will hold a conference call with investors and analysts to discuss its third quarter results at 4:45 p.m. (Eastern) today. The call can be accessed at www.wbmd.com (in the Investor Relations section). A replay of the audio webcast will be available at the same web address.

    About WebMD

    WebMD Health Corp. is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications.

    The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, eMedicine, eMedicine Health, RxList, theHeart.org and drugs.com.

    All statements contained in this press release and the related analyst and investor conference call, other than statements of historical fact, are forward-looking statements, including those regarding: guidance on our future financial results and other projections or measures of our future performance; market opportunities and our ability to capitalize on them; and the benefits expected from new or updated products or services and from other potential sources of additional revenue. These statements speak only as of the date of this press release, are based on our current plans and expectations, and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of our products and services; our relationships with customers and strategic partners; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries. Further information about these matters can be found in our Securities and Exchange Commission filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

    This press release, and the accompanying tables, include both financial measures in accordance with accounting principles generally accepted in the United States of America, or GAAP, as well as certain non-GAAP financial measures. The tables attached to this press release include reconciliations of these non-GAAP financial measures to GAAP financial measures. In addition, an "Explanation of Non-GAAP Financial Measures" is attached to this press release as Annex A.

    WebMD(R), Medscape(R), eMedicine(R), MedicineNet(R), RxList(R), Subimo(R), Medsite(R), Summex(R) and Medscape(R) Mobile are trademarks of WebMD Health Corp. or its subsidiaries.

    WEBMD HEALTH CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data, unaudited)

    Three Months Ended September 30, ------------- 2010 2009 ---- ---- Revenue $135,305 $111,568 Cost of operations 47,610 41,965 Sales and marketing 28,957 26,265 General and administrative 22,964 21,967 Depreciation and amortization 6,935 7,134 Interest income 21 1,840 Interest expense 1,797 5,541 (Loss) gain on convertible notes (2,232) - Loss on investments 131 - Other income (expense), net 107 (123) --- ---- Income from continuing operations before income tax provision (benefit) 24,807 10,413 Income tax provision (benefit) 10,193 5,389 ------ Consolidated income from continuing operations 14,614 5,024 Consolidated (loss) income from discontinued operations, net of tax (1,024) 27,462 ------- Consolidated net income inclusive of noncontrolling interest 13,590 32,486 Income attributable to noncontrolling interest - (2,184) --- Net income attributable to Company stockholders $13,590 $30,302 ======= ======= Amounts attributable to Company stockholders: Income from continuing operations $14,614 $2,872 (Loss) income from discontinued operations (1,024) 27,430 ------- Net income attributable to Company stockholders $13,590 $30,302 ======= ======= Basic income (loss) per common share: Income from continuing operations $0.25 $0.06 (Loss) income from discontinued operations (0.02) 0.59 ------ Net income attributable to Company stockholders $0.23 $0.65 ===== ===== Diluted income (loss) per common share: Income from continuing operations $0.24 $0.05 (Loss) income from discontinued operations (0.02) 0.56 ------ Net income attributable to Company stockholders $0.22 $0.61 ===== ===== Weighted-average shares outstanding used in computing income (loss) per common share: Basic 58,095 46,096 ====== ====== Diluted 61,435 48,609 ====== ======

    Nine Months Ended September 30, ------------- 2010 2009 ---- ---- Revenue $366,042 $300,463 Cost of operations 135,972 117,759 Sales and marketing 86,789 80,623 General and administrative 62,350 65,818 Depreciation and amortization 20,268 21,193 Interest income 3,850 6,060 Interest expense 10,106 17,858 (Loss) gain on convertible notes (16,970) 10,120 Loss on investments 22,977 - Other income (expense), net (92) (944) --- ---- Income from continuing operations before income tax provision (benefit) 14,368 12,448 Income tax provision (benefit) (4,140) 4,922 ------- Consolidated income from continuing operations 18,508 7,526 Consolidated (loss) income from discontinued operations, net of tax (1,024) 14,695 ------- Consolidated net income inclusive of noncontrolling interest 17,484 22,221 Income attributable to noncontrolling interest - (3,181) --- Net income attributable to Company stockholders $17,484 $19,040 ======= ======= Amounts attributable to Company stockholders: Income from continuing operations $18,508 $3,381 (Loss) income from discontinued operations (1,024) 15,659 ------- Net income attributable to Company stockholders $17,484 $19,040 ======= ======= Basic income (loss) per common share: Income from continuing operations $0.33 $0.07 (Loss) income from discontinued operations (0.01) 0.34 ------ Net income attributable to Company stockholders $0.32 $0.41 ===== ===== Diluted income (loss) per common share: Income from continuing operations $0.31 $0.06 (Loss) income from discontinued operations (0.02) 0.33 ------ Net income attributable to Company stockholders $0.29 $0.39 ===== ===== Weighted-average shares outstanding used in computing income (loss) per common share: Basic 54,602 45,637 ====== ====== Diluted 58,660 47,167 ====== ======

    WEBMD HEALTH CORP. CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION (In thousands, unaudited)

    Three Months Ended September 30, ------------- 2010 2009 ---- ---- Revenue Public portal advertising and sponsorship $113,078 $89,414 Private portal services 22,227 22,154 $135,305 $111,568 ======== ======== Earnings before interest, taxes, non- cash and other items ("Adjusted EBITDA") (a) $44,578 $30,564 Interest, taxes, non-cash and other items (b) Interest income 21 1,840 Interest expense (1,797) (5,541) Income tax (provision) benefit (10,193) (5,389) Depreciation and amortization (6,935) (7,134) Non-cash stock-based compensation (8,804) (9,217) Non-cash advertising - - (Loss) gain on convertible notes (2,232) - Loss on investments (131) - Other income (expense), net 107 (99) --- --- Consolidated income from continuing operations 14,614 5,024 Consolidated (loss) income from discontinued operations, net of tax (1,024) 27,462 ------ ------ Consolidated net income inclusive of noncontrolling interest 13,590 32,486 Income attributable to noncontrolling interest - (2,184) --- ------ Net income attributable to Company stockholders $13,590 $30,302 ======= =======

    Nine Months Ended September 30, ------------- 2010 2009 ---- ---- Revenue Public portal advertising and sponsorship $299,927 $232,695 Private portal services 66,115 67,768 $366,042 $300,463 ======== ======== Earnings before interest, taxes, non- cash and other items ("Adjusted EBITDA") (a) $104,536 $65,846 Interest, taxes, non-cash and other items (b) Interest income 3,850 6,060 Interest expense (10,106) (17,858) Income tax (provision) benefit 4,140 (4,922) Depreciation and amortization (20,268) (21,193) Non-cash stock-based compensation (23,605) (27,783) Non-cash advertising - (1,753) (Loss) gain on convertible notes (16,970) 10,120 Loss on investments (22,977) - Other income (expense), net (92) (991) --- ---- Consolidated income from continuing operations 18,508 7,526 Consolidated (loss) income from discontinued operations, net of tax (1,024) 14,695 ------ ------ Consolidated net income inclusive of noncontrolling interest 17,484 22,221 Income attributable to noncontrolling interest - (3,181) --- ------ Net income attributable to Company stockholders $17,484 $19,040 ======= =======

    (a) See Annex A-Explanation of Non-GAAP Financial Measures. (b) Reconciliation of Adjusted EBITDA to consolidated income from continuing operations.

    WEBMD HEALTH CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited)

    September 30, December 31, 2010 2009 ------------- ------------- Assets ------ Cash and cash equivalents $352,199 $459,766 Accounts receivable, net 120,361 118,155 Prepaid expenses and other current assets 17,055 11,419 Investments - 9,932 Deferred tax assets 27,346 - Total current assets 516,961 599,272 Investments - 338,446 Property and equipment, net 62,221 52,194 Goodwill 202,104 202,104 Intangible assets, net 23,388 26,020 Deferred tax assets 78,631 50,789 Other assets 17,407 19,723 Total Assets $900,712 $1,288,548 ======== ========== Liabilities and Equity ---------------------- Accrued expenses $63,832 $63,721 Deferred revenue 101,887 98,474 1.75% convertible notes - 264,583 Deferred tax liabilities - 12,955 Liabilities of discontinued operations 20,574 34,197 Total current liabilities 186,293 473,930 3 1/8% convertible notes, net of discount of $5,693 at September 30, 2010 and $22,641 at December 31, 2009 79,634 227,659 Other long-term liabilities 24,263 22,191 Stockholders' equity 610,522 564,768 Total Liabilities and Equity $900,712 $1,288,548 ======== ==========

    WEBMD HEALTH CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited)

    Nine Months Ended September 30, ------------- 2010 2009 ---- ---- Cash flows from operating activities: Consolidated net income inclusive of noncontrolling interest $17,484 $22,221 Adjustments to reconcile consolidated net income inclusive of noncontrolling interest to net cash provided by operating activities: Consolidated loss (income) from discontinued operations, net of tax 1,024 (14,695) Depreciation and amortization 20,268 21,193 Non-cash interest, net 4,862 7,737 Non-cash advertising - 1,753 Non-cash stock-based compensation 23,605 27,783 Deferred income taxes (17,260) 7,563 Loss (gain) on convertible notes 16,970 (10,120) Loss on investments 22,977 - Changes in operating assets and liabilities: Accounts receivable (2,206) 6,010 Prepaid expenses and other, net (3,006) (8,394) Accrued expenses and other long- term liabilities 1,695 (7,740) Deferred revenue 3,413 4,248 ----- ----- Net cash provided by continuing operations 89,826 57,559 Net cash (used in) provided by discontinued operations (17,082) 9,273 ------- ----- Net cash provided by operating activities 72,744 66,832 Cash flows from investing activities: Proceeds from sales of available- for-sale securities 362,259 2,200 Purchases of property and equipment (20,329) (14,248) Finalization of sale price of discontinued operations (1,430) 2,840 ------ ----- Net cash provided by (used in) continuing operations 340,500 (9,208) Net cash used in discontinued operations - (3,315) --- ------ Net cash provided by (used in) investing activities 340,500 (12,523) Cash flows from financing activities: Proceeds from exercise of stock options 57,168 30,004 Cash used for withholding taxes due on stock-based awards (76,559) (1,234) Repurchases of convertible notes (94,475) (123,857) Purchase of treasury stock under repurchase program (14,914) - Payment for shares tendered in 2009, delivered in 2010 (6,818) - Purchase of treasury stock in tender offers (399,216) - Excess tax benefit on stock-based awards 14,003 63 ------ --- Net cash used in financing activities (520,811) (95,024) Effect of exchange rates on cash - 420 --- --- Net decrease in cash and cash equivalents (107,567) (40,295) Cash and cash equivalents at beginning of period 459,766 629,848 ------- ------- Cash and cash equivalents at end of period $352,199 $589,553 ======== ========

    WEBMD HEALTH CORP. CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMPANY STOCKHOLDERS (In thousands, except per share data, unaudited)

    Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Numerator: Income from continuing operations $14,614 $2,872 $18,508 $3,381 Effect of participating non-vested restricted stock (152) (31) (222) (37) ---- --- ---- --- Income from continuing operations -Basic 14,462 2,841 18,286 3,344 Effect of dilutive securities of subsidiary - (188) - (285) --- ---- --- ---- Income from continuing operations -Diluted $14,462 $2,653 $18,286 $3,059 ======= ====== ======= ====== (Loss) income from discontinued operations $(1,024) $27,430 $(1,024) $15,659 Effect of participating non-vested restricted stock 12 (293) 12 (171) --- ---- --- ---- (Loss) income from discontinued operations --Basic (1,012) 27,137 (1,012) 15,488 Effect of dilutive securities of subsidiary - (3) - 53 --- --- --- --- (Loss) income from discontinued operations --Diluted $(1,012) $27,134 $(1,012) $15,541 ======= ======= ======= ======= Denominator: Weighted-average shares - Basic 58,095 46,096 54,602 45,637 Employee stock options and restricted stock 3,340 2,513 4,058 1,530 ----- ----- ----- ----- Adjusted weighted- average shares after assumed conversions - Diluted 61,435 48,609 58,660 47,167 ====== ====== ====== ====== Basic income (loss) per common share: Income from continuing operations $0.25 $0.06 $0.33 $0.07 (Loss) income from discontinued operations (0.02) 0.59 (0.01) 0.34 ----- ---- ----- ---- Net income attributable to Company stockholders $0.23 $0.65 $0.32 $0.41 ===== ===== ===== ===== Diluted income (loss) per common share: Income from continuing operations $0.24 $0.05 $0.31 $0.06 (Loss) income from discontinued operations (0.02) 0.56 (0.02) 0.33 ----- ---- ----- ---- Net income attributable to Company stockholders $0.22 $0.61 $0.29 $0.39 ===== ===== ===== =====

    WebMD Health Corp. 2010 Financial Guidance (in millions)

    Quarter Ended Year Ended December 31, December 31, 2010 2010 ------------- ------------- $ As % of $ As % of --- Revenue --- Revenue ------- ------- Revenue - in excess of $165.0 100% $531.0 100% ====== === ====== === Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") -in excess of 40% 32% Interest, taxes, non- cash and other items (a) Interest expense, net -1.0% -1.5% Depreciation and amortization -5.0% -5.4% Non-cash stock-based compensation -6.0% -6.3% Loss on convertible notes (b) 0.0% -3.2% Loss on investments (b) 0.0% -4.3% Other expenses, net (b) 0.0% 0.0% --- --- Consolidated pre-tax income from continuing operations - in excess of 28.0% 11.3% Income tax provision -12.0% -3.0% Consolidated income from continuing operations - in excess of 16.0% 8.3% ==== ===

    (a) Reconciliation of Adjusted EBITDA to consolidated income from continuing operations; See Annex A - Explanation of Non-GAAP Financial Measures. (b) The above table reflects actual amounts through September 30, 2010 for "loss on convertible notes," "loss on investments" and "other expenses, net" but does not reflect guidance for these items for the quarter ending December 31, 2010 in either column. We do not make projections for these items, although they may recur in future quarters. Additional information regarding fourth quarter and full year 2010 forecast: --Income tax rate is forecasted to be approximately 42% of pretax income for the fourth quarter of 2010. --The distribution of the revenue is expected to be approximately 87% public portal advertising and sponsorship and 13% private portal services for the fourth quarter of 2010. -- Weighted- average basic and diluted shares outstanding for the fourth quarter of 2010 is expected to be approximately 57 million and 63 million, respectively. The weighted-average diluted shares outstanding for the fourth quarter of 2010 includes approximately 2.4 million shares related to outstanding 3 1/8 % Notes as these Notes are expected to be dilutive to earnings per share for the fourth quarter. -- Weighted-average basic and diluted shares outstanding for full year 2010 is expected to be approximately 55 million and 63 million, respectively. The weighted-average diluted shares outstanding for the full year 2010 does not include any shares related to outstanding 3 1/8 % Notes as these Notes are not expected to be dilutive to earnings per share for the full year 2010.

    ANNEX A

    Explanation of Non-GAAP Financial Measures

    (All dollar amounts in thousands)

    The accompanying WebMD Health Corp. press release and financial tables include both financial measures in accordance with U.S. generally accepted accounting principles, or GAAP, as well as non-GAAP financial measures. The non-GAAP financial measures represent earnings before interest, taxes, non-cash and other items (which we refer to as "Adjusted EBITDA") and related per share amounts. Adjusted EBITDA should be viewed as supplemental to, and not as an alternative for, "consolidated income (loss) from continuing operations" or "net income (loss) attributable to Company stockholders" calculated in accordance with GAAP. The accompanying financial tables include reconciliations of non-GAAP financial measures to GAAP financial measures.

    Adjusted EBITDA is used by our management as an additional measure of our company's performance for purposes of business decision-making, including developing budgets, managing expenditures, and evaluating potential acquisitions or divestitures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our company's financial results that may not be shown solely by period-to-period comparisons of consolidated income (loss) from continuing operations or net income (loss) attributable to Company stockholders. In addition, we use Adjusted EBITDA in the incentive compensation programs applicable to many of our employees in order to evaluate our company's performance. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature. In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in consolidated income (loss) from continuing operations or net income (loss) attributable to Company stockholders, as well as trends in those items. The amounts of those items are set forth, for the applicable periods, in the reconciliations of Adjusted EBITDA to consolidated income (loss) from continuing operations or to net income (loss) attributable to Company stockholders that accompany our press releases and disclosure documents containing non-GAAP financial measures, including the reconciliations contained in the accompanying financial tables.

    We believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results for reasons similar to the reasons why our management finds it useful and because it helps facilitate investor understanding of decisions made by management in light of the performance metrics used in making those decisions. In addition, as more fully described below, we believe that providing Adjusted EBITDA, together with a reconciliation of Adjusted EBITDA to consolidated income (loss) from continuing operations or to net income (loss) attributable to Company stockholders, helps investors make comparisons between our company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation. However, Adjusted EBITDA is intended to provide a supplemental way of comparing our company with other public companies and is not intended as a substitute for comparisons based on "consolidated income (loss) from continuing operations" or "net income (loss) attributable to Company stockholders" calculated in accordance with GAAP. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding GAAP measures provided by each company under applicable SEC rules.

    The following is an explanation of the items excluded by us from Adjusted EBITDA but included in consolidated income (loss) from continuing operations:

    --  Depreciation and Amortization.  Depreciation and amortization expense is
    a non-cash expense relating to capital expenditures and intangible
    assets arising from acquisitions that are expensed on a straight-line
    basis over the estimated useful life of the related assets.  We exclude
    depreciation and amortization expense from Adjusted EBITDA because we
    believe that (i) the amount of such expenses in any specific period may
    not directly correlate to the underlying performance of our business
    operations and (ii) such expenses can vary significantly between periods
    as a result of new acquisitions and full amortization of previously
    acquired tangible and intangible assets.  Accordingly, we believe that
    this exclusion assists management and investors in making
    period-to-period comparisons of operating performance.  Investors should
    note that the use of tangible and intangible assets contributed to
    revenue in the periods presented and will contribute to future revenue
    generation and should also note that such expense will recur in future
    periods.
    

    --  Stock-Based Compensation Expense.  Stock-based compensation expense is a
    non-cash expense arising from the grant of stock-based awards to
    employees.  We believe that excluding the effect of stock-based
    compensation from Adjusted EBITDA assists management and investors in
    making period-to-period comparisons in its operating performance because
    (i) the amount of such expenses in any specific period may not directly
    correlate to the underlying performance of our business operations and
    (ii) such expenses can vary significantly between periods as a result of
    the timing of grants of new stock-based awards, including grants in
    connection with acquisitions.  Additionally, we believe that excluding
    stock-based compensation from Adjusted EBITDA assists management and
    investors in making meaningful comparisons between our operating
    performance and the operating performance of other companies that may
    use different forms of employee compensation or different valuation
    methodologies for their stock-based compensation.  Investors should note
    that stock-based compensation is a key incentive offered to employees
    whose efforts contributed to the operating results in the periods
    presented and are expected to contribute to operating results in future
    periods.  Investors should also note that such expenses will recur in
    the future.  Stock-based compensation expenses included in the
    Consolidated Statement of Operations are summarized as follows:
    

    Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Non-cash stock-based compensation included in: Cost of operations $1,889 $1,743 $5,153 $4,921 Sales and marketing $1,867 $1,948 $5,749 $5,499 General and administrative $5,048 $5,526 $12,703 $17,363 Income (loss) from discontinued operations $-- $112 $-- $654

    --  Non-Cash Advertising Expense.  This expense relates to the usage of
    non-cash advertising obtained from News Corporation ("Newscorp") in
    exchange for equity securities issued in 2000.  The advertising was
    available only on various Newscorp properties, primarily its television
    network and cable channels, without any cash cost to us and expired in
    2009.  We exclude this expense from Adjusted EBITDA (i) because it is a
    non-cash expense, (ii) because it is incremental to other non-television
    cash advertising expense that we may otherwise incur and (iii) to assist
    management and investors in comparing its operating results over
    multiple periods.  Investors should note that it is likely that we
    derived some benefit from such advertising. Non-cash advertising
    expenses included in the Consolidated Statement of Operations in Sales
    and Marketing expense were $1,753 for the nine months ended September
    30, 2009.
    

    --  Interest Income and Expense.  Interest income is associated with the
    level of marketable debt securities and other interest bearing accounts
    in which we invest, as well as with interest expense arising from our
    company's capital structure (including non-cash interest expense
    relating to our convertible notes).  Interest income and expense varies
    over time due to a variety of financing transactions and due to
    acquisitions and divestitures that we have entered into or may enter
    into in the future.  We have, in the past, issued convertible
    debentures, repurchased shares in cash tender offers and repurchased
    shares and convertible debentures through other repurchase transactions,
    and completed the divestiture of certain businesses.  We exclude
    interest income and interest expense from Adjusted EBITDA (i) because
    these items are not directly attributable to the performance of our
    business operations and, accordingly, their exclusion assists management
    and investors in making period-to-period comparisons of operating
    performance and (ii) to assist management and investors in making
    comparisons to companies with different capital structures.  Investors
    should note that interest income and expense will recur in future
    periods.  The following provides detail of the components of interest
    expense of our convertible notes:
    

    Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2010 2009 2010 2009 ---- ---- ---- ---- Non-cash interest expense 1.75% Convertible Notes $-- $303 $885 $970 3 1/8% Convertible Notes $977 $2,124 $4,264 $6,767 Cash interest expense 1.75% Convertible Notes $-- $1,157 $1,564 $3,760 3 1/8% Convertible Notes $820 $1,955 $3,392 $6,354

    --  Income Tax Provision (Benefit).  We maintain a valuation allowance on a
    portion of our net deferred tax assets (including our net operating loss
    carryforwards), the amount of which may change from quarter to quarter
    based on factors that are not directly related to our results for the
    quarter.  The valuation allowance is either reversed through the
    statement of operations or additional paid-in capital.  The timing of
    such reversals has not been consistent and as a result, our income tax
    expense can fluctuate significantly from period to period in a manner
    not directly related to our operating performance.  We exclude the
    income tax provision (benefit) from Adjusted EBITDA (i) because we
    believe that the income tax provision (benefit) is not directly
    attributable to the underlying performance of our business operations
    and, accordingly, its exclusion assists management and investors in
    making period-to-period comparisons of operating performance and (ii) to
    assist management and investors in making comparisons to companies with
    different tax attributes.  Investors should note that income tax
    provision (benefit) will recur in future periods.
    

    --  Other Items.  We engage in other activities and transactions that can
    impact our overall consolidated income (loss) from continuing
    operations.  In recent periods, these other items have included, but
    were not limited to, (i) legal expenses relating to the ongoing
    Department of Justice investigation, (ii) gain or loss on repurchases
    and conversions of our convertible notes, (iii) a reduction of certain
    sales and use tax contingencies resulting from the expiration of certain
    applicable statutes of limitations, (iv) advisory expenses relating to
    the merger of HLTH Corporation into our company in 2009, (v) gain or
    loss on investments, and (vi) restructuring charge.  We exclude these
    other items from Adjusted EBITDA because we believe these activities or
    transactions are not directly attributable to the performance of our
    business operations and, accordingly, their exclusion assists management
    and investors in making period-to-period comparisons of operating
    performance.  Investors should note that some of these other items may
    recur in future periods.
    

    WebMD

    CONTACT: Investors: Risa Fisher, rfisher@webmd.net, +1-212-624-3817, or
    Media: Adam Grossberg, agrossberg@webmd.net, +1-212-624-3732

    Web site: http://www.webmd.com/




    Qualcomm Announces Fourth Quarter and Fiscal 2010 ResultsFiscal 2010 Revenues $11 Billion, EPS $1.96Non-GAAP EPS $2.46Reports Record MSM Shipments and Record EPS

    SAN DIEGO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Qualcomm Incorporated , a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the fourth fiscal quarter and year ended September 26, 2010.

    "I am very pleased with our performance this year as we delivered record earnings per share and record MSM chipset volumes," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "Our outlook includes strong revenue and earnings growth in fiscal 2011. In the coming year, we expect continued strong growth in CDMA-based device shipments, including smartphones and other data-centric devices, driven by the global adoption of 3G and accelerating consumer demand for wireless data. With our industry-leading chipset roadmap, broad licensing program and increasing number of global partners, we are well positioned to take advantage of these industry trends."

    GAAP Results

    Qualcomm results are reported in accordance with generally accepted accounting principles (GAAP).

    Fourth Quarter Fiscal 2010

    --  Revenues:  $2.95 billion, up 10 percent year-over-year (y-o-y) and 9
    percent sequentially.
    --  Operating income:  $837 million, up 40 percent y-o-y and 6 percent
    sequentially.
    --  Net income:  $865 million, up 8 percent y-o-y and 13 percent
    sequentially.
    --  Diluted earnings per share:  $0.53, up 10 percent y-o-y and 13 percent
    sequentially.
    --  Effective tax rate:  17 percent.
    --  Operating cash flow:  $1.09 billion, down 17 percent y-o-y; 37 percent
    of revenues.
    --  Return of capital to stockholders:  $427 million, including $305
    million, or $0.19 per share, of cash dividends paid, and $122 million to
    repurchase 3.5 million shares of our common stock.
    

    Fiscal 2010

    --  Revenues:  $10.99 billion, up 6 percent y-o-y.
    --  Operating income:  $3.28 billion, up 47 percent y-o-y.
    --  Net income:  $3.25 billion, up 104 percent y-o-y.
    --  Diluted earnings per share:  $1.96, up 106 percent y-o-y.
    --  Effective tax rate:  20 percent.
    --  Operating cash flow:  $4.08 billion, down 43 percent y-o-y; 37 percent
    of revenues.
    --  Return of capital to stockholders:  $4.19 billion, including $1.18
    billion, or $0.72 per share, of cash dividends paid, and $3.02 billion
    to repurchase 79.8 million shares of our common stock.
    

    Non-GAAP Results

    Non-GAAP results exclude the Qualcomm Strategic Initiatives (QSI) segment, certain share-based compensation, certain tax items that are not related to the current year and acquired in-process research and development (R&D) expense.

    Fourth Quarter Fiscal 2010

    --  Revenues:  $2.95 billion, up 10 percent y-o-y and 9 percent
    sequentially.
    --  Operating income:  $1.13 billion, up 36 percent y-o-y and 14 percent
    sequentially.
    --  Net income:  $1.11 billion, up 36 percent y-o-y and 18 percent
    sequentially.
    --  Diluted earnings per share:  $0.68, up 42 percent y-o-y and 19 percent
    sequentially.  The current quarter excludes $0.05 loss per share
    attributable to the QSI segment, $0.07 loss per share attributable to
    certain share-based compensation and $0.02 loss per share attributable
    to certain tax items (the sum of Non-GAAP earnings per share and items
    excluded do not equal GAAP earnings per share due to rounding).
    --  Effective tax rate:  19 percent.
    --  Free cash flow:  $1.11 billion, down 14 percent y-o-y; 38 percent of
    revenues (defined as net cash from operating activities less capital
    expenditures).
    

    Fiscal 2010

    --  Revenues:  $10.98 billion, up 6 percent y-o-y.
    --  Operating income:  $4.32 billion, up 37 percent y-o-y.
    --  Net income:  $4.07 billion, up 86 percent y-o-y.
    --  Diluted earnings per share:  $2.46, up 88 percent y-o-y.  The current
    fiscal year excludes $0.13 loss per share attributable to the QSI
    segment, $0.27 loss per share attributable to certain share-based
    compensation and $0.10 loss per share attributable to certain tax items.
    --  Effective tax rate:  20 percent.
    --  Free cash flow:  $4.16 billion, down 40 percent y-o-y; 38 percent of
    revenues.
    

    Detailed reconciliations between results reported in accordance with GAAP and Non-GAAP results are included at the end of this news release.

    In the year-over-year comparisons summarized above, the following should be noted: fiscal 2009 results (GAAP and Non-GAAP) included a $783 million charge related to a litigation settlement and patent agreement with Broadcom Corporation, including $35 million recorded in the fourth quarter of 2009; both the fourth quarter and fiscal 2009 results (GAAP and Non-GAAP) also included a $230 million charge related to the Korea Fair Trade Commission fine; GAAP results in fiscal 2009 included a $155 million tax benefit related to prior years as a result of tax audits; net income was favorably impacted in fiscal 2010 (GAAP and Non-GAAP) due to a significant increase in net investment income; and fiscal 2009 operating and free cash flow included the receipt of a $2.5 billion payment related to the license and settlement agreements with Nokia.

    Key Business Metrics

    Fourth Quarter Fiscal 2010

    --  CDMA-based Mobile Station Modem(TM) (MSM(TM)) shipments: approximately
    111 million units, up 22 percent y-o-y and 8 percent sequentially.
    --  Total reported device sales*:  approximately $28.3 billion, up 14
    percent y-o-y and 12 percent sequentially.
    --  Estimated CDMA-based device shipments*:  approximately 153 to 157
    million units at an estimated average selling price of approximately
    $179 to $185 per unit.
    

    Fiscal 2010

    --  CDMA-based MSM shipments: approximately 399 million units, up 26 percent
    y-o-y.
    --  Total reported device sales*:  approximately $105.7 billion, up 7
    percent y-o-y.
    --  Estimated CDMA-based device shipments*:  approximately 561 to 577
    million units at an estimated average selling price of approximately
    $183 to $189 per unit.
    

    *Royalties are recognized when reported, generally one quarter following shipment.

    Cash and Marketable Securities

    Our cash, cash equivalents and marketable securities totaled approximately $18.4 billion at the end of the fourth quarter of fiscal 2010, compared to $17.6 billion at the end of the third quarter of fiscal 2010 and $17.7 billion a year ago. On October 13, 2010, we announced a cash dividend of $0.19 per share payable on December 22, 2010 to stockholders of record as of November 24, 2010.

    Research and Development Share-Based ($ in millions) Non-GAAP Compensation QSI GAAP -------- ------------ --- ---- Fourth quarter fiscal 2010 $547 $79 $30 $656 As a % of revenues 19% N/M 22% Fourth quarter fiscal 2009 $518 $71 $25 $614 As a % of revenues 19% N/M 23% Year-over-year change ($) 6% 11% 20% 7% N/M -Not Meaningful

    Non-GAAP R&D expenses increased 6 percent y-o-y primarily due to an increase in costs related to the development of integrated circuit products, next-generation CDMA and OFDMA technologies and other initiatives to support the acceleration of advanced wireless products and services. QSI R&D expenses were primarily related to our FLO TV(TM) subsidiary.

    Selling, General and Administrative Share-Based ($ in millions) Non-GAAP Compensation QSI GAAP -------- ------------ --- ---- Fourth quarter fiscal 2010 $364 $70 $37 $471 As a % of revenues 12% N/M 16% Fourth quarter fiscal 2009 $300 $66 $24 $390 As a % of revenues 11% N/M 14% Year-over-year change ($) 21% 6% 54% 21%

    Non-GAAP selling, general and administrative (SG&A) expenses increased 21 percent y-o-y primarily due to an increase in legal and patent-related costs. QSI SG&A expenses were primarily related to FLO TV.

    Effective Income Tax Rate

    Our fiscal 2010 effective income tax rates were 20 percent for both GAAP and Non-GAAP. The fiscal 2010 GAAP effective tax rate included tax expense of $137 million because deferred revenue related to the 2008 license and settlement agreements with Nokia was taxable in fiscal 2010, but the resulting deferred tax asset will reverse in future years when our state tax rate, based on the legislation in effect during fiscal 2010, will be lower. The fiscal 2010 GAAP effective tax rate also included $20 million of tax expense as a result of prior year tax audits completed during the fiscal year. The tax expense related to these items was excluded from our Non-GAAP results to provide a clearer understanding of our ongoing tax rate and after tax earnings.

    Qualcomm Strategic Initiatives

    The QSI segment manages our strategic investment activities, including FLO TV, and makes strategic investments in early-stage companies and in wireless spectrum, such as the Broadband Wireless Access (BWA) spectrum recently won in the auction in India. GAAP results for the fourth quarter fiscal 2010 included a $0.05 loss per share for the QSI segment. The fourth quarter fiscal 2010 QSI results included $132 million in operating expenses primarily related to FLO TV. In June 2010, in connection with the India BWA spectrum purchase, we entered into a bank loan agreement that is payable in full in Indian rupees in December 2010. At the end of the fourth quarter fiscal 2010, the carrying value of the loan was $1.09 billion.

    Business Outlook

    The following statements are forward looking and actual results may differ materially. The "Note Regarding Forward-Looking Statements" at the end of this news release provides a description of certain risks that we face, and our annual and quarterly reports on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks.

    Our outlook does not include provisions for future asset impairments or the consequences of injunctions, damages or fines related to any pending legal matters unless awarded or imposed by a court, governmental entity or other regulatory body. Further, due to their nature, certain income and expense items, such as realized investment gains or losses, or gains and losses on certain derivative instruments, cannot be accurately forecast. Accordingly, we only include such items in our business outlook to the extent they are reasonably certain; however, actual results may vary materially from the business outlook.

    We have commenced a restructuring plan under which we expect to exit the current FLO TV service business. In addition to our ongoing operating costs, we expect to incur restructuring charges related to this plan in the range of $125 million to $175 million in fiscal 2011, which are primarily related to certain contractual obligations and are included in our fiscal 2011 outlook included herein. Additionally, we continue to evaluate strategic options for the FLO TV business, which include, but are not limited to, operating the FLO TV network under a new wholesale service; sale to, or joint venture with, a third party; and/or the sale of the spectrum licenses and the discontinuance of the operation of the network. Additional charges, including impairment of assets, may be incurred as we continue to evaluate or implement these strategic options or if we are unable to generate adequate future cash flows associated with this business.

    The following table summarizes GAAP and Non-GAAP guidance based on the current business outlook. The Non-GAAP business outlook presented below is consistent with the presentation of Non-GAAP results elsewhere herein.

    The following estimates are approximations and are based on the current business outlook:

    Qualcomm's Business Outlook Summary -------------------------------------------------------------------------- FIRST FISCAL QUARTER -------------------------------------------------------------------------- Q1 FY10 Current Guidance Results Q1 FY11 Estimates -------------------------------------------------------------------------- Non-GAAP Revenues $2.67B $3.05B - $3.35B Year-over-year change increase 14% - 26% Diluted earnings per share (EPS) $0.62 $0.70 - $0.74 Year-over-year change increase 13% - 19% -------------------------------------------------------------------------- GAAP Revenues $2.67B $3.05B - $3.35B Year-over-year change increase 14% - 25% Diluted EPS $0.50 $0.58 - $0.62 Year-over-year change increase 16% - 24% Diluted EPS attributable to QSI ($0.03) ($0.05) Diluted EPS attributable to share-based compensation ($0.07) ($0.07) Diluted EPS attributable to certain tax items ($0.02) $0.00 -------------------------------------------------------------------------- Metrics MSM shipments approx. 92M approx. 115M - 119M Year-over-year change increase 25% - 29% Total reported device sales (1) $24.5B* $31.5B - $33.5B* Year-over-year change increase 29% - 37% Est. CDMA-based devices shipped (1) approx. 126M - 130M* not provided Est. CDMA-based device average selling price (1) approx. $189-$195* not provided *Est. sales in September quarter, reported in December quarter -------------------------------------------------------------------------- FISCAL YEAR -------------------------------------------------------------------------- FY 2010 Current Guidance Results FY 2011 Estimates -------------------------------------------------------------------------- Non-GAAP Revenues $10.98B $12.4B - $13.0B Year-over-year change increase 13% - 18% Operating Income $4.32B $4.8B - $5.3B Year-over-year change increase 11% - 23% Diluted EPS $2.46 $2.63 - $2.77 Year-over-year change increase 7% - 13% -------------------------------------------------------------------------- GAAP Revenues $10.99B $12.4B - $13.0B Year-over-year change increase 13% - 18% Operating Income $3.28B $3.6B - $4.1B Year-over-year change increase 10% - 25% Diluted EPS $1.96 $2.08 - $2.22 Year-over-year change increase 6% - 13% Diluted EPS attributable to QSI ($0.13) ($0.22) Diluted EPS attributable to share-based compensation ($0.27) ($0.32) Diluted EPS attributable to certain tax items ($0.10) ($0.01) -------------------------------------------------------------------------- CALENDAR YEAR Device Estimates (1) -------------------------------------------------------------------------- Prior Guidance Current Guidance Current Guidance Calendar 2010 Calendar 2010 Calendar 2011 Estimates Estimates Estimates -------------------------------------------------------------------------- Est. CDMA-based device shipments March quarter approx. 134M-138M approx. 134M-138M not provided June quarter not provided approx. 153M-157M not provided September quarter not provided not provided not provided December quarter not provided not provided not provided -------------------------------------------------------------------------- Est. Calendar Year range (approx.) 600M - 650M 625M - 650M 740M - 790M -------------------------------------------------------------------------- Midpoint Midpoint Midpoint Est. total CDMA-based units approx. 625M approx. 638M approx. 765M Est. CDMA units approx. 236M approx. 241M approx. 250M Est. WCDMA units approx. 389M approx. 397M approx. 515M --------------------------------------------------------------------------

    (1) Total reported device sales is the sum of all reported sales in U.S. dollars (as reported to us by our licensees) of all licensed CDMA-based subscriber devices (including handsets, modules, modem cards and other subscriber devices) by our licensees during a particular period. The reported quarterly estimated ranges of ASPs and unit shipments are determined based on the information as reported to us by our licensees during the relevant period and our own estimates of the selling prices and unit shipments for licensees that do not provide such information. Not all licensees report sales, selling prices and/or unit shipments the same way (e.g., some licensees report selling prices net of permitted deductions, such as transportation, insurance and packing costs, while other licensees report selling prices and then identify the amount of permitted deductions in their reports), and the way in which licensees report such information may change from time to time. Total reported device sales, estimated unit shipments and estimated ASPs for a particular period may include prior period activity that is reported with the activity for the particular period. For results using assumptions in effect for quarters prior to the second quarter of fiscal 2010, please refer to the "Changes to QTL Metrics" table of our April 21, 2010 earnings release that was furnished to the Securities and Exchange Commission on Form 8-K.

    Results of Business Segments (in millions, except per share data): Non-GAAP Reconciling Non- SEGMENTS QCT QTL QWI Items (1)(5) GAAP (5) ----------------------------------------------------------------------- Q4 - FISCAL 2010 ---------------- Revenues $1,860 $921 $171 $- $2,952 Change from prior year 9% 10% 17% N/M 10% Change from prior quarter 10% 9% 6% N/M 9% Operating income (loss) $1,130 Change from prior year 36% Change from prior quarter 14% EBT $519 $754 ($2) $90 $1,361 Change from prior year 2% 9% N/M N/M 38% Change from prior quarter 28% 12% N/M N/M 17% EBT as a % of revenues 28% 82% (1%) N/M 46% Net income (loss) $1,105 Change from prior year 36% Change from prior quarter 18% Diluted EPS $0.68 Change from prior year 42% Change from prior quarter 19% Diluted shares used 1,621 Q3 - FISCAL 2010 ---------------- Revenues $1,691 $847 $162 $- $2,700 Operating income (loss) 991 EBT 404 673 6 78 1,161 Net income (loss) 936 Diluted EPS $0.57 Diluted shares used 1,642 Q1 - FISCAL 2010 ---------------- Revenues $1,608 $917 $142 $1 $2,668 Operating income (loss) 1,134 EBT 425 772 9 104 1,310 Net income (loss) 1,041 Diluted EPS $0.62 Diluted shares used 1,691 Q4 - FISCAL 2009 ---------------- Revenues $1,699 $837 $146 $1 $2,683 Operating income (loss) 831 EBT 508 693 (5) (211) 985 Net income (loss) 811 Diluted EPS $0.48 Diluted shares used 1,688 12 MONTHS -FISCAL 2010 ---------------------- Revenues $6,695 $3,659 $628 $- $10,982 Change from prior year 9% 1% (2%) N/M 6% Operating income (loss) $4,316 Change from prior year 37% EBT $1,693 $3,020 $12 $361 $5,086 Change from prior year 17% (2%) (40%) N/M 68% Net income (loss) $4,071 Change from prior year 86% Diluted EPS $2.46 Change from prior year 88% Diluted shares used 1,658 12 MONTHS -FISCAL 2009 ---------------------- Revenues $6,135 $3,605 $641 $6 $10,387 Operating income (loss) 3,153 EBT 1,441 3,068 20 (1,502) 3,027 Net income (loss) 2,187 Diluted EPS $1.31 Diluted shares used 1,673 ------------------- ----- In- Share-Based Tax Process SEGMENTS Compensation(2) Items(3) R&D QSI(4) GAAP(5) -------------------------------------------------------------------------- Q4 - FISCAL 2010 ---------------- Revenues $- $- $- $- $2,952 Change from prior year (100%) 10% Change from prior quarter (100%) 9% Operating income (loss) ($161) $- $- ($132) $837 Change from prior year (9%) N/A (53%) 40% Change from prior quarter (8%) N/A N/M 6% EBT ($161) $- $- ($153) $1,047 Change from prior year (9%) N/A (61%) 41% Change from prior quarter (8%) N/A N/M 8% EBT as a % of revenues N/M N/A N/M 35% Net income (loss) ($120) ($40) $- ($80) $865 Change from prior year 41%) N/M N/A (3%) 8% Change from prior quarter (8%) N/M N/A N/M 13% Diluted EPS ($0.07) ($0.02) $- $(0.05) $0.53 Change from prior year (40%) N/M N/A 0% 10% Change from prior quarter 0% N/M N/A N/M 13% Diluted shares used 1,621 1,621 1,621 1,621 1,621 Q3 - FISCAL 2010 ---------------- Revenues $- $- $- $6 $2,706 Operating income (loss) (149) - - (50) 792 EBT (149) - - (41) 971 Net income (loss) (111) (54) - (4) 767 Diluted EPS ($0.07) ($0.03) $- $- $0.47 Diluted shares used 1,642 1,642 1,642 1,642 1,642 Q1 - FISCAL 2010 ---------------- Revenues $- $- $- $2 $2,670 Operating income (loss) (151) - - (104) 879 EBT (151) - - (107) 1,052 Net income (loss) (114) (32) - (54) 841 Diluted EPS ($0.07) $(0.02) $- ($0.03) $0.50 Diluted shares used 1,691 1,691 1,691 1,691 1,691 Q4 - FISCAL 2009 ---------------- Revenues $- $- $- $7 $2,690 Operating income (loss) (148) - - (86) 597 EBT (148) - - (95) 742 Net income (loss) (85) 155 - (78) 803 Diluted EPS ($0.05) $0.09 $- ($0.05) $0.48 Diluted shares used 1,688 1,688 1,688 1,688 1,688 12 MONTHS -FISCAL 2010 ---------------------- Revenues $- $- $- $9 $10,991 Change from prior year (69%) 6% Operating income (loss) ($614) $- ($3) ($416) $3,283 Change from prior year (5%) N/M (23%) 47% EBT ($614) $- ($3) ($435) $4,034 Change from prior year (5%) N/M (20%) 94% Net income (loss) ($442) ($159) ($3) ($220) $3,247 Change from prior year 3% N/M N/M 13% 104% Diluted EPS ($0.27) ($0.10) $- ($0.13) $1.96 Change from prior year 0% N/M N/M 13% 106% Diluted shares used 1,658 1,658 1,658 1,658 1,658 12 MONTHS -FISCAL 2009 ---------------------- Revenues $- $- $- $29 $10,416 Operating income (loss) (584) - (6) (337) 2,226 EBT (584) - (6) (361) 2,076 Net income (loss) (455) 118 (6) (252) 1,592 Diluted EPS ($0.27) $0.07 $- ($0.15) $0.95 Diluted shares used 1,673 1,673 1,673 1,673 1,673 ------------------- ----- ----- ----- ----- -----

    (1) Non-GAAP reconciling items related to revenues consist primarily of other nonreportable segment revenues less intersegment eliminations. Non-GAAP reconciling items related to earnings before taxes consist primarily of certain investment income or losses, interest expense, research and development expenses, sales and marketing expenses and other operating expenses that are not allocated to the segments for management reporting purposes, nonreportable segment results and the elimination of intersegment profit. (2) Certain share-based compensation is included in operating expenses as part of employee-related costs but is not allocated to the Company's segments as such costs are not considered relevant by management in evaluating segment performance. (3) During the first, second, third and fourth quarters of fiscal 2010, the Company recorded $32 million, $33 million, $32 million and $40 million in state tax expense, respectively, or $0.02 diluted loss per share for each quarter, because deferred revenue related to the license and settlement agreements with Nokia was taxable in fiscal 2010 but the resulting deferred tax asset will reverse in future years when the Company's state tax rate, based on the legislation in effect during fiscal 2010, will be lower. During the third quarter of fiscal 2010, the Company recorded $22 million of tax expense, or $0.01 diluted loss per share, as a result of prior year tax audits completed during the third quarter. (4) At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the Non-GAAP tax provision, the tax items column and the tax provision related to share-based compensation from the GAAP tax provision. (5) Fiscal 2009 results included a $783 million charge related to a litigation settlement and patent agreement with Broadcom Corporation, including $748 million recorded in the second quarter of fiscal 2009 and $35 million recorded in the fourth quarter of 2009. The fourth quarter of fiscal 2009 results also included a $230 million charge related to the Korea Fair Trade Commission fine. N/M - Not Meaningful N/A - Not Applicable Sums may not equal totals due to rounding.

    Conference Call

    Qualcomm's fourth quarter fiscal 2010 earnings conference call will be broadcast live on November 3, 2010 beginning at 1:45 p.m. Pacific Time (PT) on the Company's web site at: www.qualcomm.com. This conference call may contain forward-looking financial information and will include a discussion of "Non-GAAP financial measures" as that term is defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these Non-GAAP financial measures to the Company's financial results prepared in accordance with GAAP, as well as the other material financial and statistical information to be discussed in the conference call, will be posted on the Company's Investor Relations web site at www.qualcomm.com immediately prior to commencement of the call. A taped audio replay will be available via telephone on November 3, 2010, beginning at approximately 5:30 p.m. PT through December 3, 2010 at 9:00 p.m. PT. To listen to the replay, U.S. callers may dial (800) 642-1687 and international callers may dial (706) 645-9291. U.S. and international callers should use reservation number 17283098. An audio replay of the conference call will be available on the Company's web site at www.qualcomm.com following the live call.

    Editor's Note: To view the web slides that accompany this earnings release and conference call, please go to the Qualcomm Investor Relations website at: http://investor.qualcomm.com/results.cfm

    Qualcomm Incorporated is a world leader in next-generation mobile technologies. For 25 years, Qualcomm ideas and inventions have driven the evolution of wireless communications, connecting people more closely to information, entertainment and each other. Today, Qualcomm technologies are powering the convergence of mobile communications and consumer electronics, making wireless devices and services more personal, affordable and accessible to people everywhere. For more information, please visit www.qualcomm.com

    Note Regarding Use of Non-GAAP Financial Measures

    The Company presents Non-GAAP financial information that is used by management (i) to evaluate, assess and benchmark the Company's operating results on a consistent and comparable basis; (ii) to measure the performance and efficiency of the Company's ongoing core operating businesses, including the Qualcomm CDMA Technologies, Qualcomm Technology Licensing and Qualcomm Wireless & Internet segments; and (iii) to compare the performance and efficiency of these segments against each other and against competitors outside the Company. Non-GAAP measurements of the following financial data are used by the Company's management: revenues, R&D expenses, SG&A expenses, total operating expenses, operating income (loss), net investment income (loss), income (loss) before income taxes, effective tax rate, net income (loss), diluted earnings (loss) per share, operating cash flow and free cash flow. Management is able to assess what it believes is a more meaningful and comparable set of financial performance measures for the Company and its business segments by using Non-GAAP information. As a result, management compensation decisions and the review of executive compensation by the Compensation Committee of the Board of Directors focus primarily on Non-GAAP financial measures applicable to the Company and its business segments.

    Non-GAAP information used by management excludes the QSI segment, certain share-based compensation, certain tax items and acquired in-process R&D. The QSI segment is excluded because the Company expects to exit its strategic investments at various times, and the effects of fluctuations in the value of such investments are viewed by management as unrelated to the Company's operational performance. Share-based compensation, other than amounts related to share-based awards granted under a bonus program that may result in the issuance of unrestricted shares of the Company's common stock, is excluded because management views such share-based compensation as unrelated to the Company's operational performance. Further, share-based compensation related to stock options is affected by factors that are subject to change, including the Company's stock price, stock market volatility, expected option life, risk-free interest rates and expected dividend payouts in future years. Certain tax items that were recorded in reported earnings in each fiscal year presented, but were unrelated to the fiscal year in which they were recorded, are excluded in order to provide a clearer understanding of the Company's ongoing Non-GAAP tax rate and after tax earnings. Acquired in-process R&D is excluded because such expense is viewed by management as unrelated to the operating activities of the Company's ongoing core businesses.

    The Company presents free cash flow, defined as net cash provided by operating activities less capital expenditures, to facilitate an understanding of the amount of cash flow generated that is available to grow its business and to create long-term shareholder value. The Company believes that this presentation is useful in evaluating its operating performance and financial strength. In addition, management uses this measure to evaluate the Company's performance, to value the Company and to compare its operating performance with other companies in the industry.

    The Non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, "Non-GAAP" is not a term defined by GAAP, and, as a result, the Company's measure of Non-GAAP results might be different than similarly titled measures used by other companies. Reconciliations between GAAP results and Non-GAAP results are presented herein.

    Note Regarding Forward-Looking Statements

    In addition to the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: the rate of deployment and adoption of, and demand for, our technologies in wireless networks and of wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA, TD-SCDMA and OFDMA, both domestically and internationally; the uncertainty of global economic conditions and its potential impact on demand for our products, services or applications and the value of our marketable securities; competition; our dependence on major customers and licensees; attacks on our licensing business model, including results of current and future litigation and arbitration proceedings, as well as actions of governmental or quasi-governmental bodies, and the costs we incur in connection therewith, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; our dependence on third-party manufacturers and suppliers; foreign currency fluctuations; strategic investments and transactions we have or may pursue; defects or errors in our products and services; the success of the FLO TV service business and MediaFLO(TM) technology; the development and commercial success of the mirasol(R) display technology; as well as the other risks detailed from time-to-time in our SEC reports, including the report on Form 10-K for the year ended September 26, 2010. The Company undertakes no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

    Qualcomm is a registered trademark of Qualcomm Incorporated. FLO TV and MediaFLO are trademarks of Qualcomm Incorporated. mirasol is a registered trademark of Qualcomm MEMS Technologies, Inc. CDMA2000 is a registered trademark of the Telecommunications Industry Association (TIA USA). All other trademarks are the property of their respective owners.

    Qualcomm Contact: Warren Kneeshaw Phone: 1-858-658-4813 e-mail: ir@qualcomm.com

    Qualcomm Incorporated Supplemental Information for the Three Months Ended September 26, 2010 (Unaudited) -------------------------------------------------------------------------- Non-GAAP Share-Based Tax GAAP Results Compensation Items QSI Results ------- ------------ ----- --- ------- ($ in millions except per share data) R&D $547 $79 $- $30 $656 SG&A 364 70 - 37 471 Operating income (loss) 1,130 (161) - (132) 837 Investment income (loss), net 231 - - (21)(a) 210 Tax rate 19% N/M N/M N/M 17% Net income (loss) $1,105 ($120) ($40)(b) ($80) $865 Diluted earnings (loss) per share (EPS) $0.68 ($0.07) ($0.02) ($0.05) $0.53 Operating Cash Flow $1,214 ($11)(c) $- ($110) $1,093 Operating Cash Flow as % of Revenues 41% N/A N/A N/M 37% Free Cash Flow(d) $1,113 ($11)(c) $- ($122) $980 Free Cash Flow as a % of Revenues 38% N/A N/A N/M 33%

    (a) The Company's strategic investment activities included $25 million in interest expense and $7 million in other-than-temporary losses on investments, partially offset by $7 million in gains on derivative instruments, $3 million in interest and dividend income related to cash, cash equivalents and marketable securities and $1 million in net realized gains on investments. (b) During the fourth quarter of fiscal 2010, the Company recorded a $40 million state tax expense, or $0.02 diluted loss per share, because deferred revenue related to the license and settlement agreements with Nokia was taxable in fiscal 2010 but the resulting deferred tax asset will reverse in future years when the Company's state tax rate, based on the legislation in effect during fiscal 2010, will be lower. (c) Incremental tax benefits from stock options exercised during the period. (d) Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Reconciliation of these amounts is included in the "Reconciliation of Non-GAAP Free Cash Flows to Net Cash Provided by Operating Activities (GAAP) and Other Supplemental Disclosures" for the three months ended September 26, 2010, included herein. N/M - Not Meaningful N/A - Not Applicable Sums may not equal totals due to rounding.

    Qualcomm Incorporated Supplemental Information for the Twelve Months Ended September 26, 2010 (Unaudited) -------------------------------------------------------------------------- Share- In- Non-GAAP Based Tax Process GAAP Results Compensation Items R&D QSI Results ($ in millions except per share data) R&D $2,142 $300 $- $3 $104 $2,549 SG&A 1,268 272 - - 102 1,642 Operating income (loss) 4,316 (614) - (3) (416) 3,283 Investment income (loss), net 770 - - - (19)(a) 751 Tax rate 20% 28% N/M N/A 45% 20% Net income (loss) $4,071 ($442) ($159)(b) ($3) ($220) $3,247 Diluted earnings (loss) per share (EPS) $2.46 ($0.27) ($0.10) $- ($0.13) $1.96 Operating Cash Flow $4,511 ($45)(c) $- $- ($390) $4,076 Operating Cash Flow as % of Revenues 41% N/A N/A N/A N/M 37% Free Cash Flow(d) $4,161 ($45)(c) $- $- ($466) $3,650 Free Cash Flow as a % of Revenues 38% N/A N/A N/A N/M 33%

    (a) The Company's strategic investment activities included $42 million in interest expense, $15 million in other-than-temporary losses on investments and $3 million in equity in losses of investees, partially offset by $26 million in net realized gains on investments, $8 million in interest and dividend income related to cash, cash equivalents and marketable securities and $7 million in gains on derivative instruments. (b) During fiscal 2010, the Company recorded (i) a $137 million state tax expense, or $0.08 diluted loss per share, because deferred revenue related to the license and settlement agreements with Nokia was taxable in fiscal 2010 but the resulting deferred tax asset will reverse in future years when the Company's state tax rate, based on the legislation in effect during fiscal 2010, will be lower, and (ii) a $22 million tax expense, or $0.01 diluted loss per share, as a result of prior year tax audits completed during fiscal 2010. (c) Incremental tax benefits from stock options exercised during the period. (d) Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Reconciliation of these amounts is included in the "Reconciliation of Non-GAAP Free Cash Flows to Net Cash Provided by Operating Activities (GAAP) and Other Supplemental Disclosures" for the twelve months ended September 26, 2010, included herein. N/M - Not Meaningful N/A - Not Applicable

    Qualcomm Incorporated Reconciliation of Non-GAAP Free Cash Flows to Net Cash Provided by Operating Activities (GAAP) and Other Supplemental Disclosures (In millions) (Unaudited) Three Months Ended September 26, 2010 -------------------------------------------------------- In- Share-Based Tax Process Non-GAAP Compensation Items R&D QSI GAAP -------------------------------------------------------- Net cash provided (used) by operating activities $1,214 $(11)(a) $- $- $(110) $1,093 Less: capital expenditures (101) - - - (12) (113) ---- --- --- --- --- ---- Free cash flow $1,113 $(11) $- $- $(122) $980 ====== ==== === === ===== ==== Revenues 2,952 - - - - 2,952 Free Cash Flow as a % of Revenues 38% N/A N/A N/A N/M 33% Other supplemental cash disclosures: Cash transfers from QSI(1) $2 $- $- $- $(2) $- Cash transfers to QSI(2) (144) - - - 144 - ---- --- --- --- --- --- Net cash transfers $(142) $- $- $- $142 $- ===== === === === ==== === Twelve Months Ended September 26, 2010 -------------------------------------------------------- In- Share-Based Tax Process Non-GAAP Compensation Items R&D QSI GAAP -------------------------------------------------------- Net cash provided (used) by operating activities $4,511 $(45)(a) $- $- $(390) $4,076 Less: capital expenditures (350) - - - (76) (426) ---- --- --- --- --- ---- Free cash flow $4,161 $(45) $- $- $(466) $3,650 ====== ==== === === ===== ====== Revenues 10,982 - - - 9 10,991 Free Cash Flow as a % of Revenues 38% N/A N/A N/A N/M 33% Other supplemental cash disclosures: Cash transfers from QSI(3) $119 $- $- $- $(119) $- Cash transfers to QSI(2) (520) - - - 520 - ---- --- --- --- --- --- Net cash transfers $(401) $- $- $- $401 $- ===== === === === ==== === Three Months Ended September 27, 2009 -------------------------------------------------------- In- Share-Based Tax Process Non-GAAP Compensation Items R&D QSI GAAP -------------------------------------------------------- Net cash provided (used) by operating activities $1,411 $(25)(a) $- $- $(65) $1,321 Less: capital expenditures (117) - - - (27) (144) ---- --- --- --- --- ---- Free cash flow $1,294 $(25) $- $- $(92) $1,177 ====== ==== === === ==== ====== Twelve Months Ended September 27, 2009 -------------------------------------------------------- In- Share-Based Tax Process Non-GAAP Compensation Items R&D QSI GAAP -------------------------------------------------------- Net cash provided (used) by operating activities $7,556 $(79)(a) $- $- $(305) $7,172 Less: capital expenditures (649) - - - (112) (761) ---- --- --- --- ---- ---- Free cash flow $6,907 $(79) $- $- $(417) $6,411 ====== ==== === === ===== ====== (a) Incremental tax benefits from stock options exercised during the period. (1) Cash from sale of equity investments. (2) Primarily funding for strategic debt and equity investments, capital expenditures and other QSI operating expenses. (3) Cash from sale of equity investments and Australia spectrum license. N/M - Not Meaningful N/A - Not Applicable

    Qualcomm Incorporated Reconciliation of Non-GAAP Tax Rate to GAAP Tax Rate (in millions) (Unaudited) Three Months Ended September 26, 2010 -------------------------------------------------------------------------- Non- Share- In- GAAP Based Tax Process GAAP Results Compensation Items R&D QSI(a) Results -------- ------------ ----- ------ ------- -------- Income (loss) before income taxes $1,361 ($161) $- $- ($153) $1,047 Income tax (expense) benefit (256) 41 (40) - 73 (182) ---- --- --- --- --- ---- Net income (loss) $1,105 ($120) ($40) $- ($80) $865 ====== ===== ==== === ==== ==== Tax rate 19% 25% N/M N/M N/M 17% Twelve Months Ended September 26, 2010 -------------------------------------------------------------------------- Non- Share- In- GAAP Based Tax Process GAAP Results Compensation Items R&D QSI Results -------- ------------ ----- ------ ------- -------- Income (loss) before income taxes $5,086 ($614) $- ($3) ($435) $4,034 Income tax (expense) benefit (1,015) 172 (159) - 215 (787) ------ --- ---- --- --- ---- Net income (loss) $4,071 ($442) ($159) ($3) ($220) $3,247 ====== ===== ===== === ===== ====== Tax rate 20% 28% N/M N/M 49% 20%

    (a) At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the Non-GAAP tax provision, the tax items column and the tax provision related to share-based compensation from the GAAP tax provision. N/M - Not Meaningful

    Qualcomm Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) ASSETS September September 26, 27, 2010 2009 ---- ---- Current assets: Cash and cash equivalents $3,547 $2,717 Marketable securities 6,732 8,352 Accounts receivable, net 730 700 Inventories 528 453 Deferred tax assets 321 149 Other current assets 275 199 --- --- Total current assets 12,133 12,570 Marketable securities 8,123 6,673 Deferred tax assets 1,922 843 Property, plant and equipment, net 2,373 2,387 Goodwill 1,488 1,492 Other intangible assets, net 3,022 3,065 Other assets 1,511 415 ----- --- Total assets $30,572 $27,445 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $764 $636 Payroll and other benefits related liabilities 467 480 Unearned revenues 623 441 Loan payable to banks 1,086 - Income taxes payable 1,443 29 Other current liabilities 1,085 1,227 ----- ----- Total current liabilities 5,468 2,813 Unearned revenues 3,485 3,464 Other liabilities 761 852 --- --- Total liabilities 9,714 7,129 ----- ----- Stockholders' equity: Preferred stock, $0.0001 par value; issuable in series; 8 shares authorized; none outstanding at September 26, 2010 and September 27, 2009 - - Common stock, $0.0001 par value; 6,000 shares authorized; 1,612 and 1,669 shares issued and outstanding at September 26, 2010 and September 27, 2009, respectively - - Paid-in capital 6,856 8,493 Retained earnings 13,305 11,235 Accumulated other comprehensive income 697 588 --- --- Total stockholders' equity 20,858 20,316 ------ ------ Total liabilities and stockholders' equity $30,572 $27,445 ======= =======

    Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) Three Months Ended Twelve Months Ended ---------------------- ----------------------- September September September September 26, 2010 27, 2009 26, 2010 27, 2009 --------- --------- --------- ---------- Revenues: Equipment and services $1,950 $1,769 $6,980 $6,466 Licensing and royalty fees 1,002 921 4,011 3,950 ----- --- ----- ----- Total revenues 2,952 2,690 10,991 10,416 ----- ----- ------ ------ Operating expenses: Cost of equipment and services revenues 988 824 3,517 3,181 Research and development 656 614 2,549 2,440 Selling, general and administrative 471 390 1,642 1,556 Litigation settlement, patent license and other related items - 35 - 783 KFTC fine - 230 - 230 --- --- --- --- Total operating expenses 2,115 2,093 7,708 8,190 ----- ----- ----- ----- Operating income 837 597 3,283 2,226 Investment income (loss), net 210 145 751 (150) --- --- --- ---- Income before income taxes 1,047 742 4,034 2,076 Income tax (expense) benefit (182) 61 (787) (484) ---- --- ---- ---- Net income $865 $803 $3,247 $1,592 ==== ==== ====== ====== Basic earnings per common share $0.54 $0.48 $1.98 $0.96 ===== ===== ===== ===== Diluted earnings per common share $0.53 $0.48 $1.96 $0.95 ===== ===== ===== ===== Shares used in per share calculations: Basic 1,608 1,666 1,643 1,656 ===== ===== ===== ===== Diluted 1,621 1,688 1,658 1,673 ===== ===== ===== ===== Dividends per share paid $0.19 $0.17 $0.72 $0.66 ===== ===== ===== ===== Dividends per share announced $0.19 $0.17 $0.72 $0.66 ===== ===== ===== =====

    Qualcomm Incorporated CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended Twelve Months Ended ---------------------- ----------------------- September September September September 26, 2010 27, 2009 26, 2010 27, 2009 --------- --------- --------- ---------- Operating Activities: Net income $865 $803 $3,247 $1,592 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 171 175 666 635 Revenues related to non-monetary exchanges (31) (29) (130) (114) Income tax provision in excess of income tax payments 36 (255) 116 (33) Non-cash portion of share-based compensation expense 159 148 612 584 Non-cash portion of interest and dividend income (7) (24) (24) (68) Incremental tax benefit from stock options exercised (11) (25) (45) (79) Net realized gains on marketable securities and other investments (131) (80) (405) (137) Impairment losses on marketable securities and other investments 23 46 125 763 Other items, net 13 14 (40) 36 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net 73 366 (18) 3,083 Inventories (87) (74) (80) 69 Other assets 11 (41) (60) (58) Trade accounts payable 125 65 148 57 Payroll, benefits and other liabilities (68) 273 (229) 984 Unearned revenues (48) (41) 193 (142) --- --- --- ---- Net cash provided by operating activities 1,093 1,321 4,076 7,172 ----- ----- ----- ----- Investing Activities: Capital expenditures (113) (144) (426) (761) Advance payment on spectrum - - (1,064) - Purchases of available-for- sale securities (1,924) (3,946) (8,973) (10,443) Proceeds from sale of available-for- sale securities 3,086 1,668 10,440 5,274 Purchases of other marketable securities (850) - (850) - Cash received for partial settlement of investment receivables 1 - 34 349 Other investments and acquisitions, net of cash acquired (49) (7) (94) (54) Change in collateral held under securities lending - - - 173 Other items, net 6 (1) 94 5 --- --- --- --- Net cash provided (used) by investing activities 157 (2,430) (839) (5,457) --- ------ ---- ------ Financing Activities: Borrowing under loan payable to banks - - 1,064 - Proceeds from issuance of common stock 170 366 689 642 Incremental tax benefit from stock options exercised 11 25 45 79 Repurchase and retirement of common stock (122) - (3,016) (285) Dividends paid (305) (283) (1,177) (1,093) Change in obligations under securities lending - - - (173) Other items, net (9) (3) (10) (3) --- --- --- --- Net cash (used) provided by financing activities (255) 105 (2,405) (833) ---- --- ------ ---- Effect of exchange rate changes on cash 11 - (2) (5) --- --- --- --- Net increase (decrease) in cash and cash equivalents 1,006 (1,004) 830 877 Cash and cash equivalents at beginning of period 2,541 3,721 2,717 1,840 ----- ----- ----- ----- Cash and cash equivalents at end of period $3,547 $2,717 $3,547 $2,717 ====== ====== ====== ======

    Qualcomm Incorporated

    CONTACT: Warren Kneeshaw of Qualcomm Incorporated, +1-858-658-4813,
    ir@qualcomm.com

    Web site: http://www.qualcomm.com//




    Ford e-News - Nov. 3, 2010

    DEARBORN, Mich., Nov. 3, 2010 /PRNewswire/ --

    New Focus becomes Ford's next touring race car

    Ford has revealed plans to leverage the all-new Ford Focus for motorsports by supporting development of a next-generation touring car for global competition. The move is the latest indication of Ford's comprehensive approach to leveraging its global product platforms and it extends the company's reputation for offering race-capable, affordable platforms that can be converted into a race car. Ford will coordinate with and provide technical support to private race teams around the world to develop one common race car capable of adapting to the major touring car categories globally. more...

    Patrick Hespen | phespen1@ford.com | 313.206.3902

    The new face of stealth: Stylish, sleek Ford Police Interceptor sedan

    A specialized concept version of the Ford Police Interceptor sedan debuts this week - one that's sleek, stylish and even a bit sinister. The high-tech Police Interceptor stealth version of the vehicle is full of surprises. The car, which will greet visitors at the SEMA (Specialty Equipment Market Association) show in Las Vegas this week, was inspired by the SR-71, the original stealth airplane known as the "Blackbird," and is designed to combine muscle with mystery. more...

    Marisa Bradley | mbradl31@ford.com | 313.845.3971

    Get the latest Ford gear on new Ford eBay Motors store

    Whether you're looking for the perfect gift for the Mustang lover in your life or just want to show your pride for the Ford vehicle you drive, a new online store launched by Ford on eBay Motors will provide enthusiasts around the world with access to the items they want in one convenient place. The redesigned website offers items at a stated price, ranging from Mustang neon signs to Fiesta hoodies. Now available on the U.S. eBay site, additional global locations for the Ford store on eBay Motors will be added in the coming months. To help celebrate the launch of the new website, a pool table shaped like a 1965 Mustang is on display and available for auction this week at the SEMA show in Las Vegas. more...

    Patrick Hespen | phespen1@ford.com | 313.206.3902

    New Ford website takes the mystery out of electrification for consumers

    There's a lot of electrification options out there these days, and that's good. But all that information can be a bit overwhelming. So Ford has launched a new website, www.fordvehicles.com/technology/electric/, which offers the basic information customers need to understand electrified vehicle and technology choices. Using videos, diagrams and easy-to-understand language, the site doesn't offer opinions on which technology is better, it just gives the facts. That way, customers can choose the options that work best for them. more...

    Dan Pierce | dpierc41@ford.com | 313.594.0949

    Ford Racing gives U.S. rally enthusiasts something to cheer about with new Fiesta kit

    For rally fans looking to imitate what successful Ford rally drivers Mikko Hirvonen, Jari-Matti Latlava and Ken Block have accomplished, a new Fiesta R2 rally package is the place to start. Currently available throughout Europe, Ford Racing is bringing the package stateside to let enthusiasts turn their five-door Fiesta into a Fiesta R2 that's ready to compete on the roads of RallyCar's Rally America National Championship. The R2 package offers several performance upgrades to give competitors a turnkey, rally-ready Fiesta, including powertrain enhancements that result in 168 horsepower and 134 lb.-ft. of torque. more...

    Patrick Hespen | phespen1@ford.com | 313.206.3902

    2011 Ford F-150 EcoBoost logs heavy-duty miles in Oregon forest

    The 2011 Ford F-150 EcoBoost(TM) was put to work in an Oregon forest dragging timber weighing more than four tons in another display of the new engine's performance and durability, part of an ongoing series of web documentaries. The new engine's best-in-class torque of 420 lb.-ft. at 2,500 rpm was essential to the job - especially its wealth of low-end torque. Up to 90 percent of the EcoBoost truck engine's peak torque is available from 1,700 to 5,000 rpm. more...

    Anne Marie Gattari | agattari@ford.com | 313.323.7809

    About Ford Motor Company

    Ford Motor Company , a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 163,000 employees and about 70 plants worldwide, the company's automotive brands include Ford, Lincoln and Mercury, production of which has been announced by the company to be ending in the fourth quarter of 2010. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.

    Ford Motor Company

    CONTACT: Mark Truby, +1-313-323-0539, mtruby@ford.com

    Web site: http://www.ford.com/




    Phoenix Announces Revised Merger Agreement with Marlin Equity Partners for Increased Consideration of $4.20 per Share in Cash

    MILPITAS, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Phoenix Technologies Ltd. , the global leader in core systems software (CSS), today announced it has executed an amendment to the definitive merger agreement previously entered into by the Company with affiliates of Marlin Equity Partners ("Marlin") on August 17, 2010, and amended on October 21, 2010. Under the terms of the amended merger agreement, which Marlin proposed to Phoenix following the receipt by Phoenix of a definitive acquisition proposal from the Gores Group on November 1, 2010, Marlin matched Gores' offered price and will acquire all outstanding shares of Phoenix common stock for $4.20 per share in cash (the "Amended Marlin Agreement"), or approximately $152 million in total consideration. The consideration under the original merger agreement was $3.85 per share in cash, or approximately $139 million in total consideration.

    (Logo: http://photos.prnewswire.com/prnh/20070410/SFTU048LOGO)

    (Logo: http://www.newscom.com/cgi-bin/prnh/20070410/SFTU048LOGO)

    The new purchase price represents a premium of approximately 39.1% over Phoenix's closing share price of $3.02 on August 17, 2010, the last trading day prior to the public announcement of Marlin's proposal to acquire Phoenix, and a premium of approximately 36.5% over Phoenix's average closing share price for the 30 trading days ending on August 17, 2010.

    The transaction is subject to customary closing conditions, including the approval of Phoenix's stockholders. The stockholder meeting to approve the merger that is currently scheduled to be held on November 5, 2010 will be delayed for approximately 14 days from that date. There continues to be no financing condition to the transaction.

    About Marlin Equity Partners

    Marlin Equity Partners is a Los Angeles-based private investment firm with over $1 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries that are in the process of undergoing operational, financial or market-driven change where Marlin's capital, industry relationships and extensive operational capabilities significantly strengthens a company's outlook and enhances value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 35 acquisitions. For more information, please visit www.marlinequity.com.

    About Phoenix Technologies Ltd.

    Phoenix Technologies Ltd. , the leader in core systems software products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products - Phoenix SecureCore Tiano(TM) and Embedded BIOS(R) -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has over 200 technology patents issued and pending, and has shipped firmware in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. For more information, visit http://www.phoenix.com.

    Phoenix, Phoenix Technologies, Phoenix SecureCore Tiano, Embedded BIOS and the Phoenix Technologies logo are trademarks and/or registered trademarks of Phoenix Technologies Ltd. All other marks are the marks of their respective owners.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about Phoenix that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include, but are not limited to, the occurrence of any event, change or other circumstances that could affect the timing and results of stockholder approval of the Marlin merger agreement and the closing of the merger contemplated under the Marlin merger agreement; the outcome of any legal proceedings that have or may be instituted against the Company; the risk that the proposed transaction disrupts current plans and operations; and other risks that are set forth in the "Risk Factors" and other sections of Phoenix's filings with the Securities and Exchange Commission. Many of the factors that will determine the outcome of the merger are beyond Phoenix's ability to control or predict. Phoenix undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Additional Information and Where to Find It

    In connection with the proposed transaction and the special meeting of Phoenix stockholders to approve the transaction, Phoenix has filed a definitive proxy statement with the Securities and Exchange Commission on September 22, 2010 and a supplement to the definitive proxy statement on October 26, 2010 and will file one or more supplements to the definitive proxy statement (as supplemented, the "Proxy Statement"). INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT AND OTHER FILED DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the Proxy Statement and other documents filed by Phoenix at the Securities and Exchange Commission's website at www.sec.gov. The Proxy Statement and other relevant documents may also be obtained for free from Phoenix by directing such request to Phoenix Technologies Ltd., c/o Investor Relations, 915 Murphy Ranch Rd., Milpitas, CA, telephone: (408) 570-1000.

    Phoenix and its directors, executive officers and certain other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Certain information regarding the interests of such directors and executive officers is included in the Phoenix Proxy Statement for its 2010 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on December 30, 2009, and information concerning all of the Phoenix participants in the solicitation are included in the Proxy Statement. Each of these documents is, or will be, available free of charge at the Securities and Exchange Commission's website at www.sec.gov and from Phoenix Technologies Ltd., c/o Investor Relations, 915 Murphy Ranch Rd., Milpitas, CA, telephone: (408) 570-1000.

    Contacts: Phoenix Technologies Ltd. Robert Andersen Chief Financial Officer Tel: 408-570-1000

    Photo: http://photos.prnewswire.com/prnh/20070410/SFTU048LOGO
    http://www.newscom.com/cgi-bin/prnh/20070410/SFTU048LOGO
    AP Archive: http://photoarchive.ap.org
    PRN Photo Desk, photodesk@prnewswire.com Phoenix Technologies Ltd.

    CONTACT: Robert Andersen, Chief Financial Officer of Phoenix Technologies
    Ltd., +1-408-570-1000

    Web site: http://www.phoenix.com/
    http://www.marlinequity.com//




    Eutelsat Communications enregistre une excellente performance de son chiffre d'affaires au premier trimestre 2010-2011

    PARIS, November 3, 2010 /PRNewswire/ -- Chiffre d'affaires trimestriel en hausse de 12,9%, à 285,6 millions d'euros :

    - Applications Vidéo: + 8,1%, tirées par une croissance continue du nombre de chaînes de télévision dans tous les marchés du Groupe ;

    - Services de Données et à Valeur Ajoutée: + 23,5%, tirés par l'essor du trafic Internet et GSM ;

    - Multiusages: + 25,8 %, croissance enregistrée en particulier au Moyen-Orient et en Asie centrale.

    Perspectives confirmées pour l'exercice 2010-2011 et pour les trois exercices de la période 2010-2013

    Eutelsat Communications , l'un des principaux opérateurs mondiaux de satellites, publie aujourd'hui son chiffre d'affaires du premier trimestre clos le 30 septembre 2010.

    Activités 1er trimestre clos le 30 septembre En millions d'euros 2009 2010 Variation Applications Vidéo 180,8 195,5 +8,1% Services de Données et à Valeur 47,7 58,9 +23,5% Ajoutée Multiusages 22,9 28,8 +25,8% Autres revenus 1,7 2,5 N/S Total 253,0 285,6 +12,9%

    Commentant l'activité du trimestre, Michel de Rosen, Directeur général d'Eutelsat Communications, a déclaré : << Eutelsat enregistre un nouveau trimestre de croissance à deux chiffres, soulignant la dynamique de chacun des marchés du Groupe qui, tous, voient leur chiffre d'affaires significativement progresser. Ce trimestre, porté par l'effet année pleine du satellite W7, est en ligne avec nos attentes. Nos activités vidéo, près de 70% de notre chiffre d'affaires, enregistrent l'arrivée de 92 nouvelles chaînes de télévision en haute définition et 279 chaînes en définition standard sur les 12 derniers mois. Les services de données et de haut débit bénéficient, quant à eux, de l'essor continu des communications Internet et GSM. Malgré l'indisponibilité du satellite W3B, notre Groupe confirme ses objectifs financiers pour l'exercice en cours et pour les trois exercices de la période 2010 - 2013, tels que communiqués le 30 juillet 2010. >>

    ANALYSE DU CHIFFRE D'AFFAIRES DU PREMIER TRIMESTRE 2010-2011

    Note: Sauf mention contraire, toutes les indications de croissance ou de comparaison s'entendent par rapport au premier trimestre de la précédente année fiscale, clos le 30 Septembre 2009. La part de chaque activité dans le chiffre d'affaires total est calculée en excluant les "autres revenus" et les "revenus non-récurrents".

    Le chiffre d'affaires du premier trimestre s'établit à 285,6 millions d'euros, en progression de 12,9 % par rapport au premier trimestre de l'exercice précédent, traduisant une croissance de toutes les activités et un effet positif de change entre le dollar et l'euro. A taux de change constant, la croissance aurait été de 10,5 %.

    APPLICATIONS VIDÉO (69,1% du chiffre d'affaires)

    Le chiffre d'affaires des Applications Vidéo a augmenté de 8,1% pour atteindre 195,5 millions d'euros.

    Le trimestre s'est caractérisé par :

    - La poursuite de la croissance du nombre de chaînes de télévision diffusées par la flotte d'Eutelsat : au 30 septembre 2010, nos satellites diffusaient un total de 3 700 chaînes de télévision contre 3 329 au 30 septembre 2009, soit une hausse de 11% ;

    - L'essor de la haute définition qui s'inscrit dans l'engouement du public pour des images de qualité enrichie : le nombre de chaînes de TVHD sur la flotte d'Eutelsat a presque doublé, passant de 100 à 192 sur les douze derniers mois. Toutes les positions orbitales vidéo du Groupe ont contribué à cette croissance, 40% des nouvelles chaînes HD étant issues d'Europe occidentale et 60% du Second Continent (Europe centrale et orientale, la Russie, l'Afrique, le Moyen-Orient et l'Asie centrale). Par ailleurs, témoignant de l'émergence de la télévision en relief, une première chaîne en 3D a été lancée sur la position HOT BIRD(TM) en août 2010 ;

    - Une dynamique particulièrement soutenue sur les marchés de la télévision numérique en Russie, au Moyen-Orient et en Afrique : les principales positions orbitales desservant ces régions enregistrent ainsi une progression globale de 28,1 % du nombre de chaînes de télévision diffusées sur les douze derniers mois.

    Nombre de chaînes de télévision diffusées depuis les positions vidéo de forte croissance

    Position Marchés 30/09/09 30/09/10 Variation orbitale 7degreesOuest Afrique du Nord, Moyen-Orient 247 349 +41,3% 7degreesEst Turquie 179 202 +12,8% 36degreesEst Russie, Afrique 448 569 +27,0% Total 874 1 120 +28,1%

    SERVICES DE DONNÉES ET À VALEUR AJOUTÉE (20,8% du chiffre d'affaires)

    Constitué de deux pôles d'activités, le chiffre d'affaires de ce segment a augmenté comme suit :

    L'activité Services de Données a progressé de 27,6%, à 47,2 millions d'euros, tirée par l'essor du trafic Internet et des communications GSM en Afrique, Asie centrale et Moyen-Orient. Dans ces trois régions, le déploiement insuffisant des réseaux terrestres et la croissance continue des usages font de nos satellites des relais indispensables pour interconnecter les réseaux de communications mobiles et les réseaux des entreprises, ainsi que pour relier à la dorsale Internet les plates-formes des fournisseurs locaux d'accès.

    Le chiffre d'affaires des Services à Valeur Ajoutée est, quant à lui, en augmentation de 9,2%, à 11,7 millions d'euros, D-STAR(TM) pour les entreprises et TOOWAY(TM) pour les particuliers, affichant chacun de solides croissances. Cette activité de services d'accès direct au haut débit pour les foyers et les entreprises situés à l'écart des réseaux terrestres bénéficiera de l'arrivée début 2011 du satellite KA-SAT. Préparant l'expansion du service TOOWAY(TM), Eutelsat a continué à étendre son réseau de vente qui compte 67 distributeurs dans 30 pays d'Europe.

    MULTIUSAGES (10,2 % du chiffre d'affaires)

    Le chiffre d'affaires des services Multiusages s'établit à 28,8 millions d'euros (en hausse de 25,8%). La demande pour des services gouvernementaux est restée très soutenue, se traduisant par le renouvellement et l'expansion des contrats de capacités en Asie centrale et au Moyen-Orient. A taux de change constant, la croissance du chiffre d'affaires s'établit à 14,9%.

    AUTRES REVENUS

    Les autres revenus se sont élevés à 2,5 millions d'euros, une augmentation de 0,8 million d'euros par rapport à l'année précédente.

    ÉVÉNEMENTS RÉCENTS ET ÉVOLUTION DE LA FLOTTE

    Point sur W3B -- Eutelsat Communications a annoncé la perte du satellite W3B le 29 octobre à la suite d'une anomalie de fonctionnement du sous-système de propulsion du satellite, après son lancement. W3B devait être positionné à 16degrees Est pour remplacer les satellites EUROBIRD(TM) 16, W2M et SESAT 1 d'Eutelsat. En l'absence de W3B, ces trois satellites continueront d'assurer tous leurs services actuels à cette position jusqu'à l'arrivée de W3C mi-2011. Eutelsat va en parallèle engager immédiatement la commande d'un nouveau programme satellite, W3D, pour un lancement au premier trimestre de l'année calendaire 2013.

    Lancement prochain de KA-SAT - Le lancement du satellite KA-SAT est programmé pour fin décembre 2010. Ce lancement sera assuré par une fusée Proton opérée par International Launch Services (ILS) depuis le Cosmodrome de Baikonour au Kazakhstan.

    Le satellite KA-SAT d'Eutelsat sera le premier en Europe d'une nouvelle génération de satellites multifaisceaux optimisés pour l'accès à l'Internet des foyers situés à l'écart des réseaux terrestres de haut débit. Opérant intégralement dans les fréquences de la bande Ka et offrant un débit total de plus de 70 Gigabits par seconde, KA-SAT sera localisé à la position 9degrees Est. Son infrastructure associera aux 82 faisceaux du satellite un réseau de dix stations de sol connectées à l'Internet, permettant de couvrir l'ensemble de l'Europe et du bassin méditerranéen. Ce satellite permettra à Eutelsat de considérablement étendre son service TOOWAY(TM) d'accès au haut débit pour le grand public. Il ouvrira également de nouvelles ressources pour l'exploitation de services professionnels de vidéo et de données auprès des opérateurs de télécommunications, des télédiffuseurs et des fournisseurs d'accès à Internet.

    Calendrier estimatif de lancement

    Satellite Lancement estimé Répéteurs KA-SAT décembre 2010 > 80 faisceaux Ka W3C juillet 2011 53 Ku / 3 Ka ATLANTIC BIRD(TM) 7 octobre - décembre 2011 50 Ku W6A juillet - septembre 2012 40 Ku W5A octobre - décembre 2012 48 Ku EUROBIRD(TM) 2A/ 1er semestre 2013 24 Ku / 14 Ka ES'HAIL[1] W3D 1er trimestre 2013 en cours de finalisation

    Note : Les satellites sont généralement opérationnels un à deux mois après leur lancement. Néanmoins, eu égard à son architecture orbite et sol, l'entrée en service de KA-SAT est programmée pour avril 2011

    RAPPEL DES pERSPECTIVES 2010-2011 ET MOYEN-TERME

    Le Groupe confirme ses objectifs d'une croissance solide sur l'exercice et à moyen-terme :

    - Chiffre d'affaires de plus de 1 120 millions d'euros en 2010-2011 et croissance annuelle moyenne pondérée supérieure à 7% pour les trois exercices de la période juillet 2010-juin 2013 ;

    - Marge d'EBITDA supérieure à 77% pour chacun des exercices jusqu'en juin 2013 avec un EBITDA supérieur à 875 millions d'euros pour l'exercice 2010-2011 ;

    - Investissements en moyenne de 450 millions d'euros par an sur la période allant de juillet 2010 à juin 2013.

    Calendrier financier

    Le calendrier financier ci-dessous est fourni à titre indicatif uniquement. Il est susceptible de changement et sera mis à jour régulièrement. Pour obtenir les informations les plus récentes, merci de consulter la section investisseurs du site internet de la société: http://www.eutelsat.com:

    - 9 Novembre 2010 : Assemblée Générale des Actionnaires.

    - 17 Février 2011 : résultats du premier semestre clos le 31 Décembre 2010.

    - 10 Mai 2011 : chiffre d'affaires du troisième trimestre clos le 31 Mars 2011.

    - 28 Juillet 2011 : résultats annuels pour l'exercice fiscal clos le 30 Juin 2011.

    A propos d'Eutelsat Communications

    Eutelsat Communications est la société holding d'Eutelsat S.A. Avec des ressources en orbite sur 26 satellites offrant une couverture sur toute l'Europe, le Moyen-Orient, l'Afrique, l'Inde et de larges zones de l'Asie et du continent américain, Eutelsat est l'un des trois premiers opérateurs mondiaux en termes de revenus. Au 30 septembre 2010, la flotte des satellites d'Eutelsat assurait la diffusion de 3 700 chaînes de télévision. Plus de 1 100 programmes de télévision sont diffusés par les satellites HOT BIRD(TM) à la position orbitale 13degrees Est vers une audience de plus de 120 millions de foyers recevant le câble et le satellite en Europe, au Moyen-Orient et en Afrique du Nord. La flotte d'Eutelsat transporte également une large gamme de services fixes et mobiles de télécommunications et de diffusion de données pour les réseaux vidéo professionnels et les réseaux d'entreprise, ainsi qu'un portefeuille d'applications haut débit pour les fournisseurs d'accès Internet et pour les transports routiers, maritimes et aériens. Filiale d'Eutelsat dédiée à l'exploitation de services IP sur les téléports d'Eutelsat en France et en Italie, Skylogic sert les besoins d'Internet en haut débit d'entreprises, de collectivités locales, d'administrations, et d'organisations humanitaires en Europe, en Afrique, en Asie et sur le continent américain. Eutelsat, qui a son siège à Paris, emploie, avec ses filiales, 661 collaborateurs commerciaux, techniques et opérationnels originaires de 28 pays.

    http://www.eutelsat.com

    Annexe

    Portefeuille d'activité (exprimé en pourcentage du chiffre d'affaires)*

    Trois mois clos le 30 septembre 2009 2010 Applications Vidéo 71,9% 69,1 Services Données & Valeur Ajoutée 19,0% 20,8 .......dont Services de Données 14,7% 16,7 .......dont Services à Valeur Ajoutée 4,3% 4,1 Multiusages 9,1% 10,2 Total 100% 100%

    *hors autres revenus et revenus non-récurrents (EUR1,7 million au premier trimestre 2009-2010 et EUR2,5 millions au premier trimestre 2010-2011)

    Chiffre d'affaires trimestriel par application

    Trois mois clos le En millions 30/09/2009 31/12/2009 31/03/2010 30/06/2010 30/09/2010 d'euros Applications 180,8 180,6 189,6 191,0 195,5 Video Services de 47,7 48,7 52,0 55,3 58,9 Données & A Valeur Ajoutée ............... 36,9 37,3 40,9 42,2 47,2 Services de Données ........ 10,7 11,5 11,0 13,1 11,7 Services à Valeur Ajoutée Multiusages 22,9 21,5 25,1 28,6 28,8 Autres 1,7 1,0 0,7 (4,0) 2,5 Sous-total 253,0 251,8 267,4 270,9 285,6 Revenus non - 3,2 0,9 -- -- récurrents [2] Total 253,0 255,0 268,3 270,9 285,6

    ---------------------------------

    [1] Satellite en partenariat avec ictQATAR

    [2] Les revenus non récurrents se composent des indemnités de retard de livraison et d'interruption de service de satellites.

    Eutelsat Communications

    CONTACT: Contacts: Presse: Vanessa O'Connor, Tél. : +33-1-53-98-37-91,
    voconnor@eutelsat.fr; Frédérique Gautier, Tél. : +33-1-53-98-37-91,
    fgautier@eutelsat.fr; Analystes/Investisseurs: Lisa Finas, Tél. :
    +33-1-53-98-35-30, investors@eutelsat-communications.com




    Chairman and CEO of Healthy Fast Food to be Featured on CEO Central Radio TonightInternet Broadcasted Interview and Interactive Q&A to be Aired Tonight at 8:45 PM ET

    HENDERSON, Nev., Nov. 3, 2010 /PRNewswire/ -- Healthy Fast Food, Inc. , parent to U-SWIRL International, Inc., the owner and franchisor of U-SWIRL Frozen Yogurt(R) cafes, today announced that the Company's Chairman and CEO, Hank Cartwright, will be featured on CEO Central Radio, to be aired live on www.blogtalkradio.com/ceocentral tonight beginning at 8:45 PM Eastern Time.

    Cartwright is expected to comment on the Company's recent series of new area development and franchise agreements signed with new franchise partners in key markets across the country, who are all working together to build the U-SWIRL Frozen Yogurt brand into a globally recognized chain of highly experiential frozen yogurt cafes. Cartwright will also engage listeners in a live, interactive question and answer session, which can be accessed from the main room at http://stocktraderschat.com. A taped recording of the interview will be archived and available on www.ceocentral.com shortly after the conclusion of the live Internet broadcast.

    CEO Central is a web resource portal that endeavor to provide corporate executives, investment professionals and individual investors with highly interactive access, insight and perspective into emerging public companies and best corporate governance practices through the delivery of a broad range of investor awareness products and services, including featured articles, exclusive real-time interviews, competitive stock analysis and other educational tools and information. For more information on CEO Central, please contact Michael B. Jordan, Director of Marketing, at 352-794-6052 or email him at mike@ceocentral.com.

    ABOUT U-SWIRL INTERNATIONAL, INC.

    U-SWIRL International is a wholly owned subsidiary of Healthy Fast Food, Inc., and is launching a national chain of self-serve frozen yogurt cafes called U-SWIRL Frozen Yogurt(R). U-SWIRL allows guests the ultimate choice in frozen yogurt by providing up to 20 non-fat flavors, including tart, traditional, no sugar-added options, and up to 70 toppings, including seasonal fresh fruit, sauces, candy and granola. Guests serve themselves and pay by the ounce instead of by the cup size. A healthier alternative to a coffee shop hang out, locations are furnished with couches and tables, and patio seating. In addition to its development of Company-owned cafes, U-SWIRL International has also launched its franchise program to roll out the concept nationwide in those states in which the Company is qualified to offer franchises.

    ABOUT HEALTHY FAST FOOD, INC.

    Headquartered in Henderson, Nevada, Healthy Fast Food, Inc. is on a mission to deliver consumers a smarter alternative to America's favorite meals and snacks. In September 2008, the Company and its wholly-owned subsidiary, U-SWIRL International, Inc., acquired the worldwide rights to the U-SWIRL Frozen Yogurt system. Sole ownership of the system was transferred to U-SWIRL International, Inc., and it has been executing an aggressive strategy to build the brand into a globally recognized chain of highly experiential frozen yogurt cafes. For more information, please visit www.U-SWIRL.com. You can also follow the Company on Facebook (U-SWIRL Frozen Yogurt) and on Twitter (U_SWIRL).

    Safe Harbor Statement

    This press release contains forward-looking statements regarding the timing and financial impact of Healthy Fast Food, Inc.'s ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Healthy Fast Food's periodic filings with the Securities and Exchange Commission, including without limitation, the Company's Annual Report for the year ended December 31, 2009. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Healthy Fast Food undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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

    Healthy Fast Food, Inc.

    CONTACT: Dodi Handy, President and CEO, or Kathy Addison, COO,
    +1-407-585-1080, HFFI@efcg.net, both of Elite Financial Communications
    Group, LLC

    Web site: http://www.u-swirl.com/




    Gameloft: Record Third Quarter Sales of EUR34.7 Million, up 15%

    PARIS, November 3, 2010 /PRNewswire-FirstCall/ -- Gameloft achieved consolidated sales of EUR34.7 million during the third quarter of 2010, up by 15% from the previous year. Europe represented 32.6% of the company's sales during the quarter, North America 31.9% and the rest of the world 35.5%.

    During the first nine months of 2010, Gameloft consolidated sales reached EUR101.3 million, up by 12% year on year. On a constant exchange rate basis, nine month growth was 10%.

    In EUR millions 2010 2009 Variation 1st quarter 33.0 30.8 +7% 2nd quarter 33.6 29.3 +15% 3rd quarter 34.7 30.1 +15% 9-month total 101.3 90.2 +12%

    The company's performance during the third quarter was very strong and confirms the steady growth experienced during the previous quarter. This was driven by sales in emerging countries and by the massive success of Smartphone devices around the world. In particular, Gameloft has seen its sales on iPhone and iPad grow by 80% during the first nine months of 2010. The company has positioned itself as a leading game publisher on Apple's AppStore since launch.

    Recent and future releases of high-performance Smartphones from such companies as Apple, Samsung, Nokia and Google should continue sustaining Gameloft's growth in the upcoming quarters. Additionally, the release of new devices suited for video games, such as Apple's iPad or Samsung's Galaxy Tab, should allow Gameloft to continue its diversification on other platforms and provides the company with interesting relays for growth.

    Therefore, Gameloft is expecting continued revenue and profitability growth in 2010. In the long term, the company appears in an ideal position to benefit from the rapid emergence of the digital distribution of video games on mobile phones, tablets, TVs, consoles and from the major technological innovations brought to the market.

    The Group's consolidated fourth quarter sales will be published on 31 January 2011 after the market closes.

    About Gameloft

    Gameloft is the worldwide leader in developing and publishing downloadable video games. Gameloft is now positioned, after 10 years, as one of the most innovative companies in its field. The company designs games for mobile phones, smartphones, iPhone, iPod touch and iPad for which the number of units should exceed four billion in 2012. As a pioneer in the new downloadable game console market, Gameloft publishes games for WiiWare, DSiWare, Microsoft Xbox LIVE Arcade and PlayStation Network. Partnership agreements with major licensors allow Gameloft to associate the strongest international brands with such games as Uno, Ferrari, Shrek, CSI, Iron Man, Spiderman and Sonic. The company also has its own brand portfolio with established franchises such as Real Football, Asphalt and Cerebral Challenge. Gameloft has locations on all continents, distributes its games in 100 countries and has its own production studios with over 3,500 developers. Gameloft is listed on the Paris Stock Exchange (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).

    For more information, consult http://www.gameloft.com

    Gameloft

    CONTACT: For more information, please contact: Aude Fouquier, European
    Communications Director, Tel +33-1-58-16-20-40, Mail:
    aude.fouquier@gameloft.com




    Pro-Dex, Inc. Announces Fiscal 2011 First Quarter Financial Results Conference Call and Webcast

    IRVINE, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- PRO-DEX, INC. invites investors and analysts to listen to a broadcast review of the Company's fiscal 2011 first quarter financial results.

    The conference call is scheduled to be broadcast live over the internet on Tuesday, November 9, 2010 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) and may be accessed by visiting the Company's website at www.pro-dex.com. The conference call may also be accessed at www.InvestorCalendar.com. Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-8033, or at (201) 689-8033 if calling from outside the U.S.

    For those who cannot access the live broadcast, a replay will be available from two hours after the completion of the call until midnight (Eastern Time) on November 23, 2010 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S., and then entering account number 296 and conference I.D. number 360260. An online archive of the broadcast will be available on the Company's website www.pro-dex.com for a period of 365 days.

    Pro-Dex, Inc., with operations in California, Oregon and Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate miniature rotary drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets. Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world. For more information, visit the Company's website at www.pro-dex.com.

    Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.

    Pro-Dex, Inc.

    CONTACT: Mark Murphy, Chief Executive Officer of Pro-Dex, Inc.,
    +1-949-769-3200

    Web site: http://www.pro-dex.com/




    Gameloft: Chiffre d'affaires record de 34,7mEUR en hausse de 15% au troisième trimestre 2010

    PARIS, November 3, 2010 /PRNewswire/ -- Le chiffre d'affaires consolidé du troisième trimestre 2010 est en hausse de 15% et s'établit à 34,7mEUR. L'Europe a représenté 32,6% de ce chiffre d'affaires, l'Amérique du Nord 31,9% et le reste du monde 35,5%.

    Sur les neuf premiers mois de l'exercice 2010 le chiffre d'affaires consolidé atteint 101,3mEUR, en hausse annuelle de 12%. A taux de change constant la croissance du chiffre d'affaires sur neuf mois atteint 10%.

    En mEUR Exercice 2010 Exercice 2009 Variation 1er trimestre 33,0 30,8 +7% 2ème trimestre 33,6 29,3 +15% 3ème trimestre 34,7 30,1 +15% 1er semestre 101,3 90,2 +12%

    La croissance du Groupe s'est maintenue à un niveau très satisfaisant lors du troisième trimestre de l'exercice 2010 et confirme l'accélération de la croissance enregistrée lors du trimestre précédent. L'activité continue d'être portée par le dynamisme des pays émergents et par le succès massif rencontré par les téléphones dernière génération, dits Smartphones. Gameloft s'est notamment imposé comme un des tous premiers éditeurs de jeux sur l'iPhone et l'iPad d'Apple et a vu son chiffre d'affaires sur l'AppStore progresser de 80% lors des neufs premiers mois de l'exercice 2010.

    Les lancements récents et à venir de nouveaux modèles de Smartphones chez Apple, Samsung, Nokia ou Google devraient continuer à soutenir la croissance de Gameloft dans les prochains trimestres. D'autre part, le lancement de nouvelles machines particulièrement bien adaptées au jeu vidéo telles que l'iPad d'Apple ou le Galaxy Tab de Samsung permet à Gameloft de continuer sa diversification sur d'autres formats et offre à la société des relais de croissance intéressants.

    La société confirme donc de nouveau son objectif de croissance pour l'exercice 2010, tant au niveau de son chiffre d'affaires que de sa rentabilité. A plus long terme, Gameloft semble idéalement positionnée pour bénéficier de l'émergence rapide de la distribution numérique de jeux vidéo sur mobiles, tablets, consoles et télévisions et des innovations technologiques majeures de son marché.

    Le chiffre d'affaires du quatrième trimestre 2010 sera publié le 31 janvier 2011.

    A propos de Gameloft

    Leader mondial dans le développement et l'édition de jeux vidéo téléchargeables, Gameloft s'est positionné en 10 ans comme l'une des entreprises les plus innovantes dans son domaine. Gameloft conçoit des jeux pour téléphones mobiles, Smartphones, iPhone, iPod Touch et iPad dont le parc installé devrait dépasser quatre milliards d'unités en 2012. Pionnier sur le nouveau marché des jeux consoles téléchargeables, Gameloft édite aussi des jeux sur WiiWare, DSiWare, Microsoft Xbox LIVE Arcade et PlayStation Network. Des accords de partenariat avec de grands détenteurs de droits permettent à Gameloft d'associer les plus grandes marques internationales à ses jeux comme Uno, Ferrari, Shrek, CSI, Spiderman, Ironman, Blokus ou encore Sonic. Gameloft dispose de plus d'un portefeuille de marques en propre avec des franchises établies comme Real Football, Asphalt ou encore Cérébral Challenge. Gameloft est présent sur tous les continents, distribue ses jeux dans 100 pays et possède ses propres studios de production qui comptent plus de 3500 développeurs.

    Gameloft est cotée à la bourse de Paris (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).

    Contact: Aude Fouquier European Communication Director Tel +33-1-58-16-20-40 Mail: aude.fouquier@gameloft.com

    Pour d'avantage d'information, rendez-vous sur http://www.gameloft.com

    Gameloft

    CONTACT: Contact: Aude Fouquier, European Communication Director, Tel
    +33-1-58-16-20-40, Mail: aude.fouquier@gameloft.com

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    News archive of September 2014
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