Companies news of 2011-11-01 (page 1)

  • Qihoo 360 Responds to Citron Research Report
  • Cooper Lighting, the Long Island Power Authority and Multiple Local Electrical...
  • OpenTable, Inc. Announces Third Quarter Financial Results-- Increases Revenue by 40% over...
  • Giant Interactive Announces Third Quarter Fiscal 2011 ResultsOnline Game Revenue Increased...
  • CTPartners Executive Search Inc. Announces Timing of its Third Quarter 2011 Financial...
  • MDC Partners Inc. Reports Results for the Three and Nine Months Ended September 30, 2011
  • Novatel Wireless Third Quarter 2011 Financial ResultsRevenue Increased 50 Percent from...
  • Atmel Reports Third Quarter 2011 Financial ResultsThird Quarter Revenues of $479...
  • RealPage Reports Q3 2011 Financial Results- 2011 Q3 Non-GAAP total revenue increases 41.4%...
  • Sanmina-SCI Reports Fourth Quarter and Fiscal Year End Results
  • Harbin Electric Commences Closing Process for "Going Private" Transaction
  • Concurrent Reports 2012 First Quarter Financial Results
  • RealNetworks Appoints Thomas Nielsen President & CEO
  • Trimble Third Quarter 2011 Revenue $417.4 Million, Up 31 Percent: GAAP Earnings per Share...
  • Cenveo Announces Conference Call for Third QuarterAmends its credit facility to allow for...
  • Girl Scouts of Eastern Pennsylvania and AT&T Unite to Advance Underserved High School...
  • TDS and U.S. Cellular to Present at Upcoming Conferences
  • Urbanspoon Rezbook Passes 1,000 Restaurant MarkReservation System Enables Restaurants to...
  • IBM and ABB Scientists Collaborate to Improve Energy Transmission for More Efficient...
  • CA World 2011 Showcases "IT at the Speed of Business"All-Star Speaker Lineup Features CA...
  • Dr. Louis Glasgow Appointed Chief Technology Officer for Lightwave Logic, Inc.Dr. David...
  • Jacobs to Hold Fiscal Year and Fourth Quarter 2011 Earnings Conference Call and Webcast
  • 'My Sister's Place' to Serve Thousands of Meals to Domestic Violence Survivors in the...
  • Domestic Violence Survivors in Maryland Get Much-Needed Health, Emotional and Legal...
  • Panasonic Expands and Enhances VIERA Connect's IPTV Platform with New Apps Including Newly...
  • The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of...
  • Meredith Video Studios to Launch "Digs" Channel on YouTubeMeredith will produce original...
  • Roper Industries to Present at Robert W. Baird Industrial Conference
  • Windows and Southwest Airlines Bring Picture-Perfect Photos and Sweepstakes to Families...



    Qihoo 360 Responds to Citron Research Report

    BEIJING, Nov. 1, 2011 /PRNewswire-Asia/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company") , the No. 3 Internet company in China as measured by active user base, today announced that it strongly disagrees with a recent story that appeared on the Citron Research homepage.

    The Company believes the article contains numerous errors of fact and is riddled with unsupported speculations. The Company would like to highlight certain key errors in fact contained in the story.

    User Base vs. Web Traffic

    Qihoo 360 has amassed over 370 million active users primarily through internet security products. The products are mainly desktop applications. Regular users are not required to visit 360.cn when they use Qihoo's security solutions. Therefore it is not sensible to use 360.cn web traffic to estimate Qihoo 360's total user base.

    Alexa Data

    Alexa tracks internet traffic through browser based tool-bar plug-ins. The majority of 360.cn's users access the website through Qihoo 360's Safe Browser and have 360 security products. One of the key features of a security product is to erase unnecessary plug-ins that may impact a user's on-line experience. Few of our users have Alexa plug-ins on their computers. Alexa has therefore underestimated 360.cn's traffic.

    DoubleClick Data

    Qihoo 360's partnership with Google is primarily on search referral which directs search traffic to Google by incorporating a search bar within Qihoo 360's Safe Browser. 360.cn does not have Doubleclick-powered banner ads and Google's AdSense links. Doubleclick Adplanner is designed for tracking banner ads and Google's AdSense and cannot accurately measure 360.cn's web traffic.

    Mobile Security

    Qihoo 360 launched its mobile security solution, "360 Mobile Safe", in 2009, and today has over 20 million active smartphone users. This is one of the largest mobile security active user bases in China according to multiple 3rd party statistics cited in our SEC filings. In August and September 2011, Qihoo 360 launched its mobile browser for iPad and Android-based devices and a mobile app store for Android applications, further expanding the Company's reach within the Chinese mobile internet market.

    The facts listed above represent a few of the misleading statements contained within the story. The author of the story made no effort to reach out and communicate directly with the Company's senior management. The Company believes the author of the story lacks a basic understanding of the Chinese Internet industry in general and Qihoo 360 in particular.

    Qihoo 360 is committed to open and transparent communication with shareholders.

    About Qihoo 360

    Qihoo 360 Technology Co. Ltd. is the No. 3 Internet company in China as measured by user base. As of June 2011, the Company had 378 million monthly active Internet users, representing a user penetration rate of 92% in China, according to iResearch. The Company is also the No. 1 provider of Internet and mobile security solutions in China as measured by active user base, according to iResearch. Recognizing security as a fundamental need of Internet and mobile users, Qihoo 360 offers comprehensive high-quality Internet and mobile security solutions free of charge. In addition, Qihoo 360 also provides users with secure access points to the Internet via its industry leading Safe Browser and Application Desktop. Qihoo 360 monetizes its massive user base primarily through online advertising on its web assets and through Internet value-added services on its open platforms.

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Qihoo 360 and the industry. Potential risks and uncertainties include, but are not limited to: the Company's ability to continue to innovate and provide attractive products and services to attract and retain users; the Company's ability to keep up with rapid changes in technologies and Internet-enabled devices; the Company's ability to leverage its user base to attract customers for our revenue-generating services; and the Company's dependence on online advertising for a substantial portion of our revenues; and the Company's ability to compete effectively. All information provided in this press release is as of the date of the press release, and Qihoo 360 undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Qihoo 360 believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Qihoo 360 is included in Qihoo 360's filings with the U.S. Securities and Exchange Commission, including its final prospectus dated March 29, 2011.

    For investor and media inquiries, please contact:

    Qihoo 360 Technology Co. Ltd. Tel: +86 10-5878-1574 E-mail: ir@360.cn Christensen Mr. Christian Arnell Tel: +86 10-5826-4939 E-mail: carnell@ChristensenIR.com

    Qihoo 360 Technology Co. Ltd.

    Web site: http://www.360.cn/




    Cooper Lighting, the Long Island Power Authority and Multiple Local Electrical Distributors Partner to Promote the Use of Energy-Saving LED LightingCooper Lighting's energy-efficient All-Pro LED retrofit product provides a convenient solution for replacing inefficient recessed downlights to save energy and money

    PEACHTREE CITY, Ga., Nov. 1, 2011 /PRNewswire/ -- Cooper Lighting, an industry leader committed to delivering innovative products and driving transformational technology in the lighting industry, announced that it has partnered with the Long Island Power Authority (LIPA) and nine local electrical distributors to help promote the use of ENERGY STAR(R)-qualified LED lighting in homes.

    To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/cooper-lighting-the-long-island-power-authority-and-multiple-local-electrical-distributors-partner-to-promote-the-use-of-energy-saving-led-lighting-133015733.html

    (Photo: http://photos.prnewswire.com/prnh/20110513/DA01852LOGO-b )

    Cooper Lighting, a leader in energy-efficient solutions offering the broadest selection of recessed downlights including the first ENERGY STAR(R)-qualified HALO LED downlight and IRIS high-performance architectural products, has partnered with LIPA to offer its universal All-Pro LED Retrofit Recessed Downlight to promote both energy efficiency and cost savings.

    Through its Residential Energy Efficient Lighting Program, one of the many programs under LIPA's Efficiency Long Island, customers can purchase Cooper Lighting's All-Pro LED Retrofit Recessed Downlight at a deeply discounted price. With an LED module and recessed trim, this energy-efficient product is designed to retrofit inefficient incandescent lighting with LED technology. On display at nine Long Island electrical distributors, the All-Pro LED downlight is available for purchase at a special promotional price through November 30, 2011.

    "Lighting can account for up to 15 percent of the average electric bill, mostly due to the use of inefficient fixtures and light bulbs," said LIPA's Chief Operating Officer Michael Hervey. "ENERGY STAR-qualified LED lighting can use up to 75 percent less energy and lasts at least 25 times longer than incandescent bulbs. We continue to assist and encourage customers to replace inefficient lighting with new LED technology at a reduced cost, which in turn will result in lower electric use and lower bills for our customers."

    Cooper Lighting's All-Pro LED Retrofit Recessed Downlight fixture is designed to fit into both 5-inch and 6-inch standard and shallow recessed housings by Halo, All-Pro or compatible recessed housings. Meeting today's stringent ENERGY STAR requirements, the product consumes less than 15 watts and delivers over 600 lumens (comparable in light output and light distribution to a 65-watt BR30 incandescent lamp) and is designed to last 50,000 hours, or more than 20 years, when used six hours per day. To save additional energy, the product can also be dimmed. Based on those figures, replacing one incandescent light bulb can easily save hundreds of dollars over the life of the fixture.

    The Cooper All-Pro LED downlight also provides a preferred warm white color of 3000K correlated color temperature (CCT). Installation is accomplished in almost no time by simply screwing the adapter into the existing recessed downlight socket. View the All-Pro instructional video for additional information.

    "As homeowners become more receptive to new lighting technologies, they not only want energy-efficient solutions, but high quality, reliable ones," said Cooper Lighting President Mark Eubanks. "Cooper Lighting's All-Pro LED Retrofit Recessed Downlight meets these needs by using tested LED technology to achieve the savings and quality of light that homeowners desire."

    Not all LED lighting fixtures perform to ENERGY STAR standards. To qualify for ENERGY STAR, LED lighting products must pass a variety of tests to prove that the products will display the following characteristics:

    --  Brightness is equal to or greater than existing lighting technologies
    (incandescent or fluorescent) and light is well distributed over the
    area lighted by the fixture.
    --  Light output remains constant over time, only decreasing toward the end
    of the rated lifetime (at least 25,000 hours or 22 years based on use of
    3 hours per day).
    --  Excellent color quality. The shade of white light appears clear and
    consistent over time.
    --  Efficiency is as good as or better than fluorescent lighting.
    --  Light comes on instantly when turned on.
    --  No flicker when dimmed.
    --  Manufacturers must provide a three-year minimum warranty on their ENERGY
    STAR-qualified LED fixtures, so their products are guaranteed.
    

    To purchase Cooper Lighting's All-Pro LED Retrofit Recessed Downlight as part of LIPA's program, please visit one of these participating electrical distributors.

    --  AC Electrical Supplies (631-265-2252)
    --  Aetna Electric (516-931-4400)
    --  Continental Lighting (800-560-1466)
    --  Duplex Electrical Supply (516-625-8181)
    --  Greenvale Electric Supply (516-671-1440)
    --  Michaels Electrical Supply Corp. (516-593-7200)
    --  N&S Electric Supply (631-421-4696)
    --  Revco Lighting and Electrical Supply Inc. (631-283-3600)
    --  Yorktown Electrical & Lighting Distributors (631-957-9000)
    

    For additional information on the LIPA program, visit the www.lipower.org website or click here.

    Since 1999, the LIPA program has experienced a successful market impact of ENERGY STAR-qualified lighting products. LIPA continues to expand the lighting products promoted through its Residential Energy Efficient Products Program as well as other programs including its Commercial program.

    Cooper Lighting has made a significant investment in people, resources and technology to ensure the company provides first-class solutions to its customers' lighting challenges. The Company offers a range of indoor and outdoor LED lighting products and controls, all of which are specifically designed to minimize energy consumption and maximize cost savings. For additional information on Cooper's LED product offering, click here.

    About Cooper Lighting

    Cooper Lighting, a subsidiary of Cooper Industries plc , is the leading provider of world-class lighting fixtures and controls to commercial, industrial, retail, institutional, residential and utility markets. As lighting technologies have advanced over the years, Cooper Lighting has been at the forefront of the industry in helping businesses and communities leverage the latest technologies to improve efficiency, reduce costs and enrich the quality of the environment. For more information, visit www.cooperlighting.com.

    About Long Island Power Authority (LIPA)

    LIPA, a non-profit municipal electric provider, owns the retail electric Transmission and Distribution System on Long Island and provides electric service to more than 1.1 million customers in Nassau and Suffolk counties and the Rockaway Peninsula in Queens. LIPA is the 2nd largest municipal electric utility in the nation in terms of electric revenues, 3rd largest in terms of customers served and the 7th largest in terms of electricity delivered. In 2008, LIPA outperformed all other overhead electric utilities in New York State for frequency of service interruptions, and ranked second for duration of service interruptions. LIPA does not provide natural gas service or own any on-island generating assets. More information about LIPA can be found online at: http://www.lipower.org.

    About Cooper Industries

    Cooper Industries plc is a global electrical products manufacturer with 2010 revenues of $5.1 billion. Founded in 1833, Cooper's sustained success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards and meeting customer needs. The Company has seven operating divisions with leading market positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2010 fifty-nine percent of total sales were to customers in the industrial and utility end-markets and thirty-nine percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 23 countries as of 2011. For more information, visit the website at www.cooperindustries.com.

    Karin Martin, Karin Martin Contact: Communications (630) 513-8625 Kmartin41@aol.com

    Video: http://www.prnewswire.com/news-releases/cooper-lighting-the-long-island-power-authority-and-multiple-local-electrical-distributors-partner-to-promote-the-use-of-energy-saving-led-lighting-133015733.html Cooper Lighting

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




    OpenTable, Inc. Announces Third Quarter Financial Results-- Increases Revenue by 40% over Q3 2010 to $34.4 Million ---- Grows Installed Restaurants by 57% and Seated Diners by 48% over Q3 2010 ---- Achieves EPS of $0.17 and Non-GAAP EPS of $0.30 --

    SAN FRANCISCO, Nov. 1, 2011 /PRNewswire/ -- OpenTable, Inc. , a leading provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants, today reported its financial results for the third quarter ended September 30, 2011.

    (Logo: http://photos.prnewswire.com/prnh/20110606/MM07085LOGO)

    OpenTable reported consolidated net revenues for Q3 2011 of $34.4 million, a 40% increase over Q3 2010. Consolidated net income for Q3 2011 was $4.1 million, or $0.17 per diluted share. Non-GAAP consolidated net income for Q3 2011, which excludes tax-affected stock-based compensation expense and tax-affected amortization of acquired intangibles, was $7.4 million, or $0.30 per diluted share.

    OpenTable provides operating results by geography as the Company is at different stages of development in its North America and International operations. International operations include the operating results of toptable.com, an acquisition which closed on October 1, 2010.

    North America Results

    --  Installed restaurant base as of September 30, 2011, totaled 16,237, a
    25% increase over September 30, 2010.
    --  Seated diners totaled 21.8 million, a 42% increase over Q3 2010.
    --  Revenues totaled $29.1 million, a 26% increase over Q3 2010.
    --  Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation,
    amortization and stock-based compensation) totaled $13.6 million, or 47%
    of North America revenues, a 33% increase over Q3 2010.
    

    International Results

    --  Installed restaurant base as of September 30, 2011, totaled 7,629, a
    243% increase over September 30, 2010.
    --  Seated diners totaled 1.8 million, a 233% increase over Q3 2010.
    --  Revenues totaled $5.3 million, a 254% increase over Q3 2010.
    --  Non-GAAP adjusted EBITDA totaled a loss of $0.7 million compared to a
    loss of $1.2 million in Q3 2010.
    --  In Q3 2011, toptable.com contributed approximately 665,000 seated
    diners, $2.9 million of revenue and loss of approximately $0.1 million
    of non-GAAP adjusted EBITDA to the Company's results.
    

    "Our business continued to demonstrate strong momentum in the third quarter," said Matt Roberts, President and CEO of OpenTable. "In particular, we're pleased with the progress we made in our International segment."

    Q3 2011 Consolidated Financial and Operating Summary

    --  Installed restaurant base as of September 30, 2011, totaled 23,866, a
    57% increase over September 30, 2010.
    --  Seated diners totaled 23.6 million, a 48% increase over Q3 2010.
    --  Total revenues were $34.4 million in Q3 2011, up 40% over Q3 2010
    revenues of $24.5 million.
    --  Subscription revenues were $12.9 million in Q3 2011, up 17% over Q3
    2010 revenues of $11.0 million.  Subscription revenues increased as
    a result of the increase in installed restaurants using our
    Electronic Reservation Book solution.
    --  Reservation revenues were $18.0 million in Q3 2011, up 58% over Q3
    2010 revenues of $11.4 million.  Reservation revenues primarily
    increased as a result of the increase in seated diners.  In Q3 2011,
    toptable.com contributed $2.0 million to reservation revenues.
    --  Installation and other revenues were $3.4 million in Q3 2011, up 60%
    over Q3 2010 revenues of $2.1 million.  The increase is primarily
    the result of an increase in revenue from other product offerings,
    including advertising sales, web service licensing and third-party
    restaurant coupon sales.  In Q3 2011, toptable.com contributed $0.9
    million to installation and other revenues.
    

    --  Total operating expenses were $28.5 million in Q3 2011, up 43% over Q3
    2010 operating expenses of $20.0 million.  The increase was primarily
    driven by a 51% increase in headcount including those from the
    acquisition of toptable.com, the addition of other toptable.com
    expenses, an increase in amortization of acquired intangibles, and an
    increase in stock-based compensation.
    

    --  Total operating income was $5.8 million in Q3 2011 compared to $4.6
    million in Q3 2010.  Non-GAAP consolidated operating income, excluding
    stock-based compensation expense, amortization of acquired intangibles
    and acquisition-related expenses was $10.8 million in Q3 2011 compared
    to $7.4 million in Q3 2010.
    

    --  The Q3 2011 GAAP income tax expense was $1.8 million, or a 30% tax rate.
    

    --  Consolidated net income was $4.1 million, or $0.17 per diluted share, in
    Q3 2011 compared to $3.8 million, or $0.16 per diluted share, in Q3
    2010.  Non-GAAP consolidated net income, which excludes tax-affected
    stock-based compensation expense, tax-affected amortization of acquired
    intangibles and tax-affected acquisition-related expenses, was $7.4
    million, or $0.30 per diluted share, in Q3 2011 compared to $5.7
    million, or $0.23 per diluted share, in Q3 2010.
    

    --  As of September 30, 2011, OpenTable had cash and cash equivalents and
    short-term investments of $79.9 million.
    

    "The third quarter highlights continued growth in our core operating and financial metrics," said Duncan Robertson, CFO of OpenTable. "The business continues to deliver solid operating margins and cash flows even as we invest for long-term growth."

    Quarterly Conference Call

    A conference call will be webcast live today at 2 p.m. PT/5 p.m. ET and will be available through November 30, 2011, at http://investors.opentable.com/events.cfm. This call may contain forward-looking statements and other material information regarding the Company's financial and operating results.

    About Non-GAAP Financial Information

    This press release contains certain non-GAAP financial measures. Tables are provided in the press release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP consolidated net income and the related per diluted share amounts, non-GAAP consolidated operating income and non-GAAP adjusted EBITDA. Non-GAAP financial measure adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and acquisition-related expenses. Within the Company's reconciliation to non-GAAP diluted net income per share, the impact of undistributed earnings allocated to participating securities has been excluded.

    To supplement the Company's consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. Management believes it is useful to exclude stock-based compensation, acquisition-related expenses and amortization of acquired intangibles because they do not reflect the underlying performance of the Company's business operations. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results and trends and performance. Management uses these non-GAAP measures to evaluate the Company's financial results. The presentation of non-GAAP measures is not meant to be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP.

    Background Information

    The Company reports consolidated operations in U.S. dollars and operates in two geographic segments: North America and International. The North America segment is comprised of all operations in the United States, Canada and Mexico, and the International segment is comprised of all non-North America operations, which includes operations in Europe and Asia. The Company generates substantially all of its revenues from its restaurant customers. The Company's revenues primarily include installation fees for the Electronic Reservation Book (including training), monthly subscription fees and a fee for each restaurant guest seated through online reservations. The financial results and other information in this press release reflect the acquisition of toptable.com, as applicable.

    Forward-Looking Statements

    This press release and its attachments contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties. These forward-looking statements include the quotations from management in this press release, as well as any statements regarding the Company's strategic and operational plans. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may contribute to such differences include, among others, the impact of the current economic climate on the Company's business; the Company's ability to maintain an adequate rate of growth; the Company's ability to effectively manage its growth; the Company's ability to attract new restaurant customers; the Company's ability to increase the number of visitors to its website and convert those visitors into diners; the Company's ability to retain existing restaurant customers and diners or encourage repeat reservations; the Company's ability to successfully enter new markets and manage its international expansion; the Company's ability to successfully manage any acquisitions of businesses, solutions or technologies; interruptions in service and any related impact on the Company's reputation; and costs associated with defending intellectual property infringement and other claims. More information about potential factors that could affect the Company's business and financial results is contained in the Company's annual report on Form 10-K for the year ended December 31, 2010 and the Company's other filings with the SEC. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

    About OpenTable, Inc.

    OpenTable is a leading provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants. The OpenTable network delivers the convenience of online restaurant reservations to diners and the operational benefits of a computerized reservation book to restaurants. OpenTable has more than 20,000 restaurant customers, and, since its inception in 1998, has seated more than 250 million diners around the world. The Company is headquartered in San Francisco, California, and the OpenTable service is available throughout the United States, as well as in Canada, Germany, Japan, Mexico and the United Kingdom. OpenTable also owns and operates toptable.com, a leading restaurant reservation site in the United Kingdom.

    OpenTable, OpenTable.com, OpenTable logos, toptable.com and other service names are the trademarks of OpenTable, Inc. and/or its affiliates.

    OPENTABLE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, ---------- ------------ 2011 2010 ---- ---- ASSETS CURRENT ASSETS: Cash and cash equivalents $58,890,000 $33,444,000 Short-term investments 21,021,000 9,080,000 Accounts receivable, net 15,216,000 13,292,000 Prepaid expenses and other current assets 3,534,000 2,919,000 Deferred tax asset 7,896,000 7,882,000 Restricted cash - 167,000 --- ------- Total current assets 106,557,000 66,784,000 Property, equipment and software, net 15,566,000 14,612,000 Goodwill 42,732,000 42,347,000 Intangibles, net 17,545,000 20,248,000 Deferred tax asset 5,377,000 5,539,000 Other assets 862,000 366,000 ------- ------- TOTAL ASSETS $188,639,000 $149,896,000 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $6,987,000 $7,666,000 Accrued compensation 4,541,000 4,189,000 Deferred revenue 2,000,000 1,852,000 Dining rewards payable 19,363,000 15,398,000 ---------- ---------- Total current liabilities 32,891,000 29,105,000 Deferred revenue - non-current 2,343,000 2,802,000 Deferred tax liability 4,630,000 5,644,000 Income tax liability 12,758,000 8,577,000 Other long-term liabilities 444,000 1,623,000 ------- --------- Total liabilities 53,066,000 47,751,000 ---------- ---------- STOCKHOLDERS' EQUITY: Common stock 2,000 2,000 Additional paid-in capital 161,749,000 143,292,000 Treasury stock (647,000) (647,000) Accumulated other comprehensive income (loss) (900,000) (1,305,000) Accumulated deficit (24,631,000) (39,197,000) ----------- ----------- Total stockholders' equity 135,573,000 102,145,000 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $188,639,000 $149,896,000 ============ ============

    OPENTABLE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- (In thousands, except per share amounts) REVENUES $34,356 $24,520 $102,353 $68,224 COSTS AND EXPENSES: Operations and support (1) 9,916 6,769 29,074 19,095 Sales and marketing (1) 7,477 5,185 21,692 14,971 Technology (1) 3,748 2,967 11,326 8,707 General and administrative (1) 7,407 5,045 18,417 12,947 ----- ----- ------ ------ Total costs and expenses 28,548 19,966 80,509 55,720 ------ ------ ------ ------ Income from operations 5,808 4,554 21,844 12,504 Other income, net 23 67 68 209 --- --- --- --- Income before taxes 5,831 4,621 21,912 12,713 Income tax expense 1,775 786 7,346 3,770 ----- --- ----- ----- NET INCOME $4,056 $3,835 $14,566 $8,943 ====== ====== ======= ====== Net income per share: Basic $0.17 $0.17 $0.62 $0.39 ===== ===== ===== ===== Diluted $0.17 $0.16 $0.59 $0.37 ===== ===== ===== ===== Weighted average shares outstanding: Basic 23,695 22,706 23,530 22,471 Diluted 24,488 24,102 24,545 23,866 (1) Stock-based compensation included in above line items: Operations and support $431 $229 $1,289 $648 Sales and marketing 571 494 1,574 1,359 Technology 431 416 1,319 1,059 General and administrative 2,536 888 4,627 2,295 ----- --- ----- ----- $3,969 $2,027 $8,809 $5,361 Other Operational Data: Installed restaurants (at period end): North America 16,237 13,025 16,237 13,025 International 7,629 2,221 7,629 2,221 ----- ----- ----- ----- Total 23,866 15,246 23,866 15,246 Seated diners (in thousands): North America 21,818 15,368 64,884 44,591 International 1,768 531 4,939 1,403 ----- --- ----- ----- Total 23,586 15,899 69,823 45,994 Headcount (at period end): North America 403 302 403 302 International 165 74 165 74 --- --- --- --- Total 568 376 568 376 Additional Financial Data: Revenues: North America Subscription $11,406 $9,868 $33,117 $28,409 Reservation 15,154 11,059 45,690 31,325 Installation and other 2,521 2,101 8,290 4,474 ----- ----- ----- ----- Total North America Revenues $29,081 $23,028 $87,097 $64,208 International Subscription $1,531 $1,146 $4,400 $3,118 Reservation 2,861 323 8,228 825 Installation and other 883 23 2,628 73 --- --- ----- --- Total International Revenues 5,275 1,492 15,256 4,016 ----- ----- ------ ----- Total Revenues $34,356 $24,520 $102,353 $68,224 Income (loss) from operations: North America $8,532 $6,646 $30,857 $17,592 International (2,724) (2,092) (9,013) (5,088) ------ ------ ------ ------ Total $5,808 $4,554 $21,844 $12,504 Depreciation and amortization: North America $1,726 $1,546 $5,162 $4,444 International 1,321 163 3,666 436 ----- --- ----- --- Total $3,047 $1,709 $8,828 $4,880 Stock-based compensation: North America $3,295 $1,932 $6,176 $5,100 International 674 95 2,633 261 --- --- ----- --- Total $3,969 $2,027 $8,809 $5,361

    OPENTABLE, INC. RECONCILIATION OF GAAP TO NON-GAAP OPERATING RESULTS Three Months Nine Months Ended Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- (In thousands, except per share amounts) Non-GAAP consolidated net income per share: GAAP net income "as reported" $4,056 $3,835 $14,566 $8,943 Add back: stock- based compensation expense 3,969 2,027 8,809 5,361 Income tax effect of stock-based compensation (1,403) (922) (3,321) (2,375) Add back: acquisition related expenses - 710 - 710 Income tax effect of acquisition related expenses - (36) - (36) Add back: amortization of acquired intangibles 993 79 2,986 227 Income tax effect of amortization of intangibles (264) (32) (822) (91) ---- --- ---- --- NON-GAAP CONSOLIDATED NET INCOME $7,351 $5,661 $22,218 $12,739 ====== ====== ======= ======= Non-GAAP diluted net income per share $0.30 $0.23 $0.91 $0.53 ===== ===== ===== ===== Weighted average diluted shares outstanding 24,488 24,102 24,545 23,866 Non-GAAP consolidated operating income: GAAP income from operations "as reported" $5,808 $4,554 $21,844 $12,504 Add back: stock- based compensation expense 3,969 2,027 8,809 5,361 Add back: acquisition related expenses - 710 - 710 Add back: amortization of acquired intangibles 993 79 2,986 227 --- --- ----- --- NON-GAAP CONSOLIDATED OPERATING INCOME $10,770 $7,370 $33,639 $18,802 ======= ====== ======= ======= North America Adjusted EBITDA: GAAP operating income "as reported" $8,532 $6,646 $30,857 $17,592 Adjustments: Stock-based compensation expense 3,295 1,932 6,176 5,100 Acquisition related expenses - 91 - 91 Amortization of acquired intangibles 87 79 263 227 Depreciation and other amortization expense 1,639 1,467 4,899 4,217 ----- ----- ----- ----- North America Adjusted EBITDA $13,553 $10,215 $42,195 $27,227 International Adjusted EBITDA: GAAP operating loss "as reported" $(2,724) $(2,092) $(9,013) $(5,088) Adjustments: Stock-based compensation expense 674 95 2,633 261 Acquisition related expenses - 619 - 619 Amortization of acquired intangibles 906 - 2,723 - Depreciation and other amortization expense 415 163 943 436 --- --- --- --- International Adjusted EBITDA $(729) $(1,215) $(2,714) $(3,772)

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    PRN?Photo?Desk, photodesk@prnewswire.com OpenTable, Inc.

    CONTACT: Investor Relations: +1-415-344-6520, investors@opentable.com, or
    Media Relations, +1-415-344-4275, pr@opentable.com




    Giant Interactive Announces Third Quarter Fiscal 2011 ResultsOnline Game Revenue Increased 7.4% Quarter-over-QuarterGAAP EPS of US$0.24, or Non-GAAP EPS of US$0.19, Exceeds Consensus EstimatesGAAP Net Margin of 78.9%, or Non-GAAP Net Margin of 62.2%Board Approves a New Round of Employee Incentive Stock Award

    SHANGHAI, Nov. 1, 2011 /PRNewswire-Asia/ -- Giant Interactive Group Inc. ("Giant" or the "Company"), one of China's leading online game developers and operators, announced today its unaudited financial results for the third fiscal quarter ended September 30, 2011.

    Third Quarter 2011 Highlights:

    --  Net revenue was RMB457.9 million (US$71.8 million), an increase of 5.0%
    from the second quarter 2011 and an increase of 35.2% from the third
    quarter 2010.
    --  Gross profit was RMB394.6 million (US$61.9 million), an increase of 5.8%
    from the second quarter 2011 and an increase of 36.8% from the third
    quarter 2010. Gross profit margin for the third quarter 2011 was 86.2%.
    --  Net income attributable to the Company's shareholders was RMB361.3
    million (US$56.6 million), an increase of 3,452.1% from the second
    quarter 2011 and an increase of 73.1% from the third quarter 2010. The
    margin of net income attributable to the Company's shareholders for the
    third quarter 2011 was 78.9%.
    --  Basic and diluted earnings per American Depositary Share ("ADS") or one
    ordinary share were RMB1.54 (US$0.24) and RMB1.53 (US$0.24),
    respectively, compared to basic and diluted earnings per ADS of RMB0.04
    and RMB0.04, respectively, for the second quarter 2011, and basic and
    diluted earnings per ADS of RMB0.92 and RMB0.89, respectively, for the
    third quarter 2010.
    --  Non-GAAP net income attributable to the Company's shareholders excluding
    non-cash share-based compensation, recognition of additional deferred
    tax assets, and foreign exchange gains for payment of a special
    dividend, was RMB284.9 million (US$44.7 million), an increase of 3.8%
    from the second quarter 2011 and an increase of 28.9% from the third
    quarter 2010. The margin of non-GAAP net income attributable to the
    Company's shareholders excluding non-cash share-based compensation,
    recognition of additional deferred tax assets, and foreign exchange
    gains for payment of a special dividend, was 62.2%.
    --  Basic and diluted non-GAAP earnings excluding non-cash share-based
    compensation, recognition of additional deferred tax assets, and foreign
    exchange gains for payment of a special dividend, per ADS were RMB1.22
    (US$0.19) and RMB1.21 (US$0.19), respectively, compared to basic and
    diluted non-GAAP earnings per ADS of RMB1.19 and RMB1.17, respectively,
    for the second quarter 2011, and basic and diluted non-GAAP earnings per
    ADS of RMB0.97 and RMB0.95, respectively, for the third quarter 2010.
    --  Active Paying Accounts ("APA") for online games was 2,087,000, an
    increase of 4.7% from the second quarter 2011 and an increase of 39.4%
    from the third quarter 2010.
    --  Average Revenue Per User ("ARPU") for online games was RMB217.0, an
    increase of 2.5% from the second quarter 2011 and a decrease of 3.3%
    from the third quarter 2010.
    --  Average Concurrent Users ("ACU") for online games was 661,000, an
    increase of 1.1% from the second quarter 2011 and an increase of 22.9%
    from the third quarter 2010.
    --  Peak Concurrent Users ("PCU") for online games was 2,297,000, an
    increase of 8.2% from the second quarter 2011 and an increase of 56.7%
    from the third quarter 2010.
    

    Mr. Yuzhu Shi, Giant's Chairman and Chief Executive Officer commented, "We are pleased to report another quarter of continued top- and bottom-line growth. The strong performance of our core online games was highlighted by our new flagship game ZT Online 2 which launched open beta testing in September and reached a new high of over 435,000 PCU. This achievement, along with the game's consistent growth throughout 2011, demonstrates the strength of our internal game development capabilities in an increasingly competitive environment. The Chinese online game industry continues to grow, and our core competency, hardcore MMORPGs, remains the most profitable genre of games. While capitalizing on these industry-wide growth trends, we also continue to diversify our product portfolio. During the fourth quarter 2011, we plan to introduce our first action casual game, Elsword, which was licensed from South Korea. In addition to MMOPRGs, we have also initiated additional internal web game projects and are preparing our self-developed first-person-shooter game. We will continue to focus on making innovative and fun games, and we believe these new projects will help further diversify our user base going forward.

    "People are the life of our company and we have been doing an excellent job in retaining our key employees since the inception of the company. In an effort to continue to attract and retain our key employees and particularly the best R&D talents, our board of directors has approved the issuance of additional restricted shares and the repricing of the existing options due to the recent decrease in the Company's share price following our special cash dividend."

    Mr. Shi continued, "After the payment of the US$3 per share special cash dividend, we still have approximately US$300 million in cash on our balance sheet as of September 30, 2011, providing us with significant flexibility to finance our daily operations and to fund potential future investments. We will continue to look for investment opportunities in the Chinese online game industry that complement our existing products and services, such as developers of web, social, and mobile games, as well as opportunities in overseas online game markets. With our strong and growing online game business, high profitability and healthy cash flows, we are confident about our future prospects."

    Third Quarter Fiscal 2011 Unaudited Financial Results

    Net Revenue. Net revenue for the third quarter 2011 was RMB457.9 million (US$71.8 million), representing a 5.0% increase from RMB436.2 million in the second quarter 2011 and a 35.2% increase from RMB338.7 million in the third quarter 2010.

    Revenue from online games in the third quarter totaled RMB443.9 million (US$69.6 million), representing a 7.4% increase from RMB413.4 million in the second quarter 2011 and a 35.6% increase from RMB327.4 million in the third quarter 2010. Online game net revenue increased sequentially primarily due to the growth of ZT Online 2 after the commencement of official closed beta testing with marketing campaigns during the second quarter 2011 and open beta testing towards the end of the third quarter 2011. The year-over-year quarterly increase was primarily due to the growth of ZT Online 2 and the ZT Online 1 Series, which primarily includes ZT Online, ZT Online Green Edition, and ZT Online Classic Edition.

    ACU for the Company's online games in the third quarter 2011 was 661,000, representing a 1.1% sequential increase compared to the second quarter of 2011 and a 22.9% increase over the third quarter 2010. PCU for the Company's online games in the third quarter 2011 was 2,297,000, representing an 8.2% sequential increase and a 56.7% increase over the third quarter 2010. The ACU and PCU increases on a sequential basis were due to the continued ramp up of ZT Online 2, while the year-over-year increases in ACU and PCU were due to the continued growth of ZT Online 1 Series and ZT Online 2. ARPU for the Company's online games in the third quarter 2011 increased 2.5% sequentially and decreased 3.3% from the third quarter of 2010 to RMB217.0. ARPU fluctuated sequentially and year-over-year, but remained at lower than historic levels as Giant's newer games target a wider variety of audiences with a broader range of spending habits. APA for the Company's online games in the third quarter 2011 increased 4.7% sequentially and increased 39.4% from the third quarter 2010 to 2,087,000. The sequential increase in APA was due to the growth of ZT Online 2, while the year-over-year increase in APA was attributable to the increase in paying accounts within the Company's ZT Online 1Series and ZT Online 2 games.

    Cost of Services. Cost of services was RMB63.3 million (US$9.9 million), representing a decrease of 0.1% from the second quarter 2011 and a 26.1% increase from the third quarter 2010. While the third quarter 2011 online game revenue increased, cost of services remained flat compared to the previous quarter due to effective cost controls. The increase in cost of services in the third quarter 2011 as compared with the same quarter last year was primarily due to the incremental operational costs mainly related to the growth of ZT Online 1 Series and ZT Online 2 games.

    Gross Profit and Gross Margin. Gross profit for the third quarter 2011 was RMB394.6 million (US$61.9 million), representing a 5.8% sequential increase and a 36.8% from the third quarter 2010. Gross margin for the third quarter 2011 was 86.2%, which is an increase from 85.5% in the second quarter 2011 and 85.2% in the third quarter 2010.

    Operating Expenses. Total operating expenses for the third quarter 2011 were RMB113.7 million (US$17.8 million), representing a decrease of 2.8% from RMB117.0 million in the second quarter 2011 and an increase of 20.6% from RMB94.3 million in the third quarter 2010. The year-over-year quarterly increase in operating expenses is mainly attributable to the marketing expenses for ZT Online 2 and XT Online.

    Research and product development ("R&D") expenses for the third quarter 2011 decreased 17.7% sequentially to RMB48.9 million (US$7.7 million) from RMB59.4 million in the second quarter 2011 and decreased 7.0% from RMB52.6 million in the third quarter 2010. The sequential and year-over-year decreases in R&D expenses were mainly due to higher bonuses accrued in the preceding quarter and in the same quarter last year.

    Sales and marketing expenses were RMB49.6 million (US$7.8 million) in the third quarter 2011, representing a sequential increase of 23.9% from RMB40.1 million in the second quarter 2011, and an increase of 32.6% from RMB37.4 million in the third quarter 2010. The sequential and year-over-year quarterly increases were due to marketing campaigns for the open beta testing of ZT Online 2 and XT Online during the third quarter 2011.

    General and administrative expenses ("G&A") for the third quarter 2011 were RMB25.2 million (US$3.9 million), down 8.4% from RMB27.5 million in the second quarter 2011, and down 25.3% from RMB33.7 million in the third quarter 2010. The sequential decrease was mainly due to higher G&A expenses caused by the relocation to a new office building and related maintenance expenses incurred during the second quarter 2011. The year-over-year quarterly decrease was mainly caused by incremental compensation expenses recorded in the third quarter 2010 in connection with the repricing of certain incentive based share options and the Company's granting of restricted shares to certain select employees and management members.

    Financial Incentive. In the third quarter 2011, the financial incentive, which mainly relates to sales tax refunds received from the municipal government, remained flat compared to last quarter at RMB10.0 million (US$1.6 million). This refund mainly relates to the sales tax accounted for in the Company's cost of services and is treated as a deduction in operating expenses.

    Interest Income. Interest income for the third quarter 2011 was RMB39.5 million (US$6.2 million), compared to RMB41.1 million in the second quarter 2011 and RMB37.1 million in the third quarter 2010.

    Income Tax. Income tax benefit for the third quarter 2011 was RMB19.3 million (US$3.0 million), compared to income tax expense of RMB286.5 million in the second quarter 2011 and income tax expense of RMB21.8 million in the third quarter 2010. Income tax expense decreased significantly both sequentially and year-over-year due to (a) a one-time withholding tax accrued in the second quarter 2011 in connection with the repatriation of cash for a special cash dividend paid during the third quarter 2011, and (b) the recognition of RMB63.0 million in deferred tax assets (an increase in deferred tax asset on the balance sheet and a corresponding income tax benefit on the income statement).

    Net Income Attributable to the Company's Shareholders. Net income attributable to the Company's shareholders for the third quarter 2011 was RMB361.3 million (US$56.6 million), an increase of 3,452.1% from RMB10.2 million in the second quarter 2011 and an increase of 73.1% from RMB208.7 million in the third quarter 2010. Net income attributable to the Company's shareholders increased sequentially and year-over-year due to (a) the increase in online game revenue, (b) effective cost control that caused operating expenses to decrease sequentially and to increase at a slower rate than the increase of net revenue on a year-over-year quarterly basis, (c) an increase in other income of RMB25.6 million which was mostly due to foreign exchange gains as we obtained a more favorable exchange rate for the repatriation of cash for a special cash dividend paid during the third quarter 2011, and (d) a significant decrease in income tax expense. The margin of net income attributable to the Company's shareholders was 78.9% for the third quarter 2011, compared to 2.3% in the second quarter 2011 and 61.6% in the third quarter 2010.

    Cash, Cash Equivalents and Short-Term Investments. As of September 30, 2011, Giant's cash, cash equivalents and short-term investments totaled RMB1,914.8 million (US$300.2 million), compared to RMB5,218.7 million as of June 30, 2011. The sequential decrease was primarily due to the payment of a significant special cash dividend of US$707.9 million in September 2011.

    Business Highlights and Outlook

    ZT Online 1 Series -- During the third quarter 2011, Giant released a new ZT Online expansion pack to introduce various new gameplay features and in-game activities, such as a unique PK and ranking server. ZT Online Classic Edition also introduced a selection of new gameplay features, such as border battles and mount ornaments. The Company plans to release an expansion pack for ZT Online Classic Edition in the fourth quarter 2011. ZT Online Green Edition celebrated its second anniversary by introducing new functions in an expansion pack released during the third quarter 2011.

    ZT Online 2 -- Giant commenced open beta testing for its second flagship game, ZT Online 2, on September 16, 2011 and reached over 435,000 PCU. To prepare for the open beta testing, the Company gathered a large quantity of feedback from gamers and industry media during the closed beta testing in the second quarter and then enhanced the game based on the feedback. New features included both PK-oriented and community-based functions, such as improvements in large-scale PK battles, in-game voice chat, casual mini-games, and the in-game micro-blog system. The Company will continue to adjust existing gameplay features according to user preferences and feedback.

    Giant Online -- During the third quarter 2011, Giant released a new player-versus-environment dungeon and continued to enhance and expand existing player-versus-player dungeons. The newly added functions facilitated more interactions among gamers and kept them engaged in the game. The Company plans to introduce a new expansion pack in the fourth quarter 2011.

    XT Online -- The Company initiated open beta testing for XT Online in September 2011 and has gained positive feedback from users. Giant will continue to enhance the game and plans to release the first expansion pack in December 2011.

    The Golden Land -- During the third quarter 2011, Giant incorporated new gameplay features into The Golden Land and continued to optimize previously released functions. The Korean version commenced open beta testing in September 2011 and has been well-received by Korean gamers. The Golden Land remains popular in Taiwan and Japan. The U.S. and European versions are expected to enter open beta testing in October 2011, while localization is underway for the Spanish and Russian versions, with closed beta testing expected to commence in the fourth quarter 2011 in these regions.

    Spirits of the Warriors -- Spirits of the Warriors is a self-developed 3D MMORPG based on the Three Kingdoms period in ancient Chinese history. During the third quarter 2011, the Company conducted the second round of engineering testing, the purpose of which is to test the gameplay features and modify the game based on user feedback. The Company plans to continue testing and fine tuning the game in preparation for its commercial launch in 2012.

    Elsword --Elsword is a 3D side-scrolling, action casual game developed by KOG Co., LTD. of South Korea. During the third quarter 2011, the Company conducted the last round of engineering testing. The closed beta testing is scheduled to commence in November 2011.

    Allods Online -- Allods Online is a 3D free-to-play MMORPG developed by Astrum Nival, LLC, a game studio owned by Mail.Ru Inc. of Russia. The Company initialized a two-week long engineering testing during the third quarter 2011 and received positive feedback from gamers and media. The game is undergoing further optimization and a new round of engineering testing is planned for the fourth quarter 2011.

    Option Repricing and Restricted Share Grants -- At a meeting held on Monday, October 31, 2011, the Company's board of directors approved an amendment to the Company's 2007 Performance Incentive Plan (the "2007 Plan") to increase the number of ordinary shares available for issuance under such plan by 13,000,000 ordinary shares to a total of 23,700,000 ordinary shares, and authorized the issuance of up to 14,000,000 restricted shares to certain select employees and management members of the Company pursuant to the 2007 Plan and subject to a five year vesting schedule. In addition, in light of the recent decrease in the Company's share price following the payment of a special cash dividend to its shareholders in September 2011, the board of directors approved the amendments of 1,098,600 stock options previously granted under the 2007 Plan to establish a new exercise price for such stock options equal to US$4.07 per ADS, which was the closing price of the Company's ADSs on Friday, October 28, 2011.

    Fourth Quarter 2011 Guidance -- For the fourth quarter 2011, the Company expects ZT Online 2 to continue to grow following its open beta testing at the end of the third quarter. As a result, the Company expects continued top-line growth in the fourth quarter 2011.

    Conference Call

    Giant's senior management will host a conference call on November 1, 2011 at 9:00 pm (U.S. Eastern Time) / 6:00 pm (U.S. Pacific Time), which is November 2, 2011 at 9:00 am (Beijing Time) to discuss its 2011 third quarter financial results and recent business activity.

    The conference call may be accessed by calling + 1 866 519 4004 (for callers in the U.S.), +86 800 819 0121 (for callers in China), +86 800 930 346 (for callers in Hong Kong) or + 65 6723 9381 (for callers outside of the U.S. and China) and entering passcode 20852830. Please dial in approximately 10 minutes before the scheduled time of the call.

    A recording of the conference call will be available starting 12:00 am (U.S. Eastern Time) on November 2, 2011, by calling + 1 866 214 5335 (for callers in the U.S.) or + 61 2 8235 5000 (for callers outside the U.S.) and entering passcode 20852830.

    A live webcast of the conference call and recording of the conference call will be available on the investor relations page of Giant's website at http://www.ga-me.com/earningsannouncements.php.

    Currency Convenience Translation

    This release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at the rate of US$1.00 to RMB6.3780, which was the noon buying rate as of September 30, 2011 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this release could have been, or could be, converted into U.S. dollars at such rate or at all.

    Use of Non-GAAP Financial Measures

    Giant has reported net income attributable to the Company's shareholders for the period indicated below on a non-GAAP basis excluding non-cash share-based compensation, one-time accrued withholding tax associated with the repatriation of cash for a special dividend, recognition of additional deferred tax assets, and foreign exchange gains for payment of a special dividend. Giant believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of Giant as well as when planning and forecasting future periods.

    Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results in the attached financial information.

    The table below sets forth the reconciliation of GAAP measures to non-GAAP measures for the indicated periods:

    Giant Interactive Group, Inc. ----------------------------- Reconciliation of GAAP to Non-GAAP (Unaudited) ----------------------------------------------

    Three months ended ------------------ September 30, June 30, ------------- -------- 2010 2011 ---- ---- (RMB) (RMB) ----- ----- GAAP net income attributable to the Company's shareholders: 208,654,381 10,170,791 ----------- ---------- Share-based compensation 12,283,800 4,703,886 Accrued withholding tax associated with the repatriation of cash for a special dividend - 259,647,915 Recognizing additional deferred tax assets - - Foreign exchange gains for payment of a special dividend - - Non-GAAP net income attributable to the Company's shareholders: 220,938,181 274,522,592 ----------- ----------- Non-GAAP earnings per share: Basic 0.97 1.19 Diluted 0.95 1.17 Weighted average ordinary shares: Basic 227,392,454 229,867,164 Diluted 233,497,787 235,495,344

    Three months ended ------------------ September September 30, 30, ---------- ---------- 2011 2011 ---- ---- (RMB) (US$) ----- ----- GAAP net income attributable to the Company's shareholders: 361,274,260 56,643,816 ----------- ---------- Share-based compensation 6,301,546 988,013 Accrued withholding tax associated with the repatriation of cash for a special dividend - - Recognizing additional deferred tax assets (63,240,829) (9,915,464) Foreign exchange gains for payment of a special dividend (19,437,460) (3,047,579) Non-GAAP net income attributable to the Company's shareholders: 284,897,517 44,668,786 ----------- ---------- Non-GAAP earnings per share: Basic 1.22 0.19 Diluted 1.21 0.19 Weighted average ordinary shares: Basic 233,989,130 233,989,130 Diluted 235,648,260 235,648,260

    Three months ended ------------------ September September 30, June 30, 30, ------------- -------- ---------- 2010 2011 2011 ---- ---- ---- (RMB) (RMB) (RMB) ----- ----- ----- GAAP net margin: 61.6% 2.3% 78.9% Share-based compensation 3.6% 1.1% 1.4% Accrued withholding tax associated with the repatriation of cash for a special dividend - 59.5% - Recognizing additional deferred tax assets - - (13.8%) Foreign exchange gains for payment of a special dividend - - (4.3%) Non-GAAP net margin: 65.2% 62.9% 62.2% ---- ---- ----

    Statement Regarding Unaudited Condensed Financial Information

    The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

    About Giant Interactive Group Inc.

    Giant Interactive Group Inc. is a leading online game developer and operator in China in terms of market share, and focuses on massively multiplayer online role playing games. Currently, Giant operates multiple games, including ZT Online, ZT Online Green Edition, ZT Online 2, Giant Online, XT Online, and The Golden Land. Giant has built a nationwide distribution network to sell the prepaid game cards and game points required to play its games. For more information, please visit Giant Interactive Group on the web at www.ga-me.com.

    Safe Harbor Statement

    Statements in this release contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements and among others, include statements regarding sequential top-line growth in the fourth quarter 2011, future prospects of the Company and the Chinese online game industry, future financial position of the Company, the ability for the Company's new webgame projects to diversify its user base, the investment strategy of the Company and the timetable for engineering testing, closed beta testing, open beta testing, introduction and commercial launch of the various products in the Company's game pipeline. These forward-looking statements are not historical facts but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. The Company's actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Among the factors that could cause the Company's actual results to differ from what we currently anticipate may include a deterioration in the performance of the ZT Online 1 Series, failure of ZT Online 2 to grow as expected, unexpected delays in developing expansion packs or in the timetable for testing, introduction and launching its games, the Company's dependence on the ZT Online 1 Series games, which currently account for the majority of the Company's historical net revenues, the Company's limited operating history and unproven long-term potential of its online game business model, the uncertainties with respect to the PRC legal and regulatory environments and the volatility of the markets in which the Company operates. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 20F for the fiscal year 2010, as filed with the Securities and Exchange Commission on June 17, 2011, and are available on the Securities and Exchange Commission's website at www.sec.gov. For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of the Company's annual report for fiscal year 2010. The Company's actual results of operations for third quarter 2011 are not necessarily indicative of its operating results for any future periods. Any projections in this release are based on limited information currently available to the Company, which is subject to change. Although such projections and the factors influencing them will likely change, the Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. Such information speaks only as of the date of this release.

    Contacts: --------- Investor Contact (China): Investor Relations (U.S.): ------------------------- -------------------------- Rich Chiang, IR Director Kelly Gawlik, Director ------------------------ ---------------------- Giant Interactive Group, Inc. Taylor Rafferty ----------------------------- --------------- +86 21 3397 9959 +1 (212) 889 4350 ---------------- ----------------- ir@ztgame.com giantinteractive@taylor-rafferty.com ------------- ------------------------------------ Investor Relations (HK): Media Contact (U.S.): ------------------------ --------------------- Mahmoud Siddig, Managing Director Marc Raybin --------------------------------- ----------- Taylor Rafferty Taylor Rafferty --------------- --------------- +852 3196 3712 +1 (212) 889 4350 -------------- ----------------- giantinteractive@taylor-rafferty.com giantinteractive@taylor-rafferty.com ------------------------------------ ------------------------------------

    GIANT INTERACTIVE GROUP, INC. CONSOLIDATED BALANCE SHEETS

    Unaudited Unaudited --------- --------- September 30, June 30, ---------- -------- 2010 2011 ---- ---- (RMB) (RMB) ASSETS Current assets: Cash and cash equivalents 605,049,628 3,271,041,797 Prepayments and other current assets 111,616,927 193,432,805 Deposit for investment - 958,800,000 Accounts receivable 19,328,988 14,917,071 Due from a related party - 6,315,310 Inventories 276,940 329,677 Deferred tax assets 87,715,173 121,116,763 Short-term investments 5,148,286,000 1,947,696,920 Total current assets 5,972,273,656 6,513,650,343 ------------- ------------- Non-current assets: Property and equipment, net 151,985,957 157,085,271 Intangible assets, net 112,849,847 28,499,398 Due from R&D entity partners 11,245,600 10,270,600 Goodwill 6,224,587 22,201,960 Investment in equity investees 2,597,350 40,688,607 Long-term investment - 29,495,239 Available-for-sale securities 431,544,605 411,251,399 Held-to-maturity securities - 100,000,000 Deferred tax assets 12,305,523 9,909,073 Other assets 102,276,802 277,755,534 Total non-current assets 831,030,271 1,087,157,081 ----------- ------------- Total assets 6,803,303,927 7,600,807,424 ============= ============= LIABILITIES AND SHAREHOLDERS'EQUITY Current liabilities: Payables and accrued expenses 108,370,100 319,384,342 Advances from distributors 88,112,867 55,962,126 Due to a related party - 81,216 Deferred revenue 385,348,531 545,550,018 Unrecognized tax benefit 12,028,576 24,111,091 Dividend payable - - Tax payable 20,372,954 6,447,488 Deferred tax liability 471,169 259,779,308 Total current liabilities 614,704,197 1,211,315,589 Non-current liabilities: Deferred tax liability 245,109 313,247 ------- ------- Total non-current liabilities 245,109 313,247 ------- ------- Total liabilities 614,949,306 1,211,628,836 =========== ============= Shareholders' equity Ordinary shares 417 417 (par value US$0.0000002 per share; 500,000,000 shares authorized as at September30, 2010, June 30, 2011 and September 30, 2011 respectively; 263,110,626 shares issued and 227,455,322 shares outstanding at September 30, 2010, 263,110,626 shares issued and 230,031,399 shares outstanding at June 30, 2011, 273,110,626 shares issued and 235,956,731 shares outstanding at September 30, 2011) 6,069,015,652 6,097,439,836 Additional paid-in capital Statutory reserves 43,890,273 43,890,273 Accumulated other (269,131,517) (353,873,429) comprehensive loss Retained earnings 2,507,469,095 2,696,113,340 Treasury stock (2,176,792,033) (2,104,592,372) Total shareholders' equity 6,174,451,887 6,378,978,065 ------------- ------------- Non-controlling interest 13,902,734 10,200,523 ---------- ---------- Total equity 6,188,354,621 6,389,178,588 ------------- ------------- Total liabilities and equity 6,803,303,927 7,600,807,424

    Unaudited Unaudited --------- --------- September September 30, 30, ---------- ---------- 2011 2011 ---- ---- (RMB) (US$) ASSETS Current assets: Cash and cash equivalents 1,608,527,647 252,199,380 Prepayments and other current assets 108,285,283 16,977,937 Deposit for investment - - Accounts receivable 14,032,361 2,200,119 Due from a related party 3,598,811 564,254 Inventories 234,833 36,819 Deferred tax assets 187,550,300 29,405,817 Short-term investments 306,254,260 48,017,288 ----------- ---------- Total current assets 2,228,483,495 349,401,614 ------------- ----------- Non-current assets: Property and equipment, net 159,836,437 25,060,589 Intangible assets, net 24,588,960 3,855,278 Due from R&D entity partners 7,637,000 1,197,397 Goodwill 22,201,960 3,481,022 Investment in equity investees 39,942,140 6,262,487 Long-term investment 29,495,239 4,624,528 Available-for-sale securities 399,097,693 62,574,113 Held-to-maturity securities 100,000,000 15,678,896 Deferred tax assets 10,371,229 1,626,094 Other assets 276,220,919 43,308,391 ----------- ---------- Total non-current assets 1,069,391,577 167,668,795 ------------- ----------- Total assets 3,297,875,072 517,070,409 ============= =========== LIABILITIES AND SHAREHOLDERS'EQUITY Current liabilities: Payables and accrued expenses 186,607,355 29,257,974 Advances from distributors 102,658,418 16,095,707 Due to a related party 1,836,294 287,911 Deferred revenue 522,406,376 81,907,553 Unrecognized tax benefit 42,967,121 6,736,770 Dividend payable - - Tax payable 4,908,847 769,653 Deferred tax liability 155,810,298 24,429,335 ----------- ---------- Total current liabilities 1,017,194,709 159,484,903 ------------- ----------- Non-current liabilities: Deferred tax liability 8,346,456 1,308,631 --------- --------- Total non-current liabilities 8,346,456 1,308,631 --------- --------- Total liabilities 1,025,541,165 160,793,534 ============= =========== Shareholders' equity Ordinary shares 430 67 (par value US$0.0000002 per share; 500,000,000 shares authorized as at September30, 2010, June 30, 2011 and September 30, 2011 respectively; 263,110,626 shares issued and 227,455,322 shares outstanding at September 30, 2010, 263,110,626 shares issued and 230,031,399 shares outstanding at June 30, 2011, 273,110,626 shares issued and 235,956,731 shares outstanding at September 30, 2011) 4,336,278,339 679,880,580 Additional paid-in capital Statutory reserves 43,890,273 6,881,510 Accumulated other (388,275,272) (60,877,277) comprehensive loss Retained earnings 378,816,423 59,394,234 Treasury stock (2,099,580,756) (329,191,087) -------------- ------------ Total shareholders' equity 2,271,129,437 356,088,027 ------------- ----------- Non-controlling interest 1,204,470 188,848 --------- ------- Total equity 2,272,333,907 356,276,875 ------------- ----------- Total liabilities and equity 3,297,875,072 517,070,409

    GIANT INTERACTIVE GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

    Three months ended ------------------ September 30 June 30 ---------- ------- 2010 2011 ---- ---- (RMB) (RMB) ----- ----- Unaudited Unaudited Net revenue: Online game 327,368,323 413,397,708 Licensing revenue 11,216,816 12,600,182 Other revenue, net 82,844 10,231,572 Total net revenue 338,667,983 436,229,462 Cost of services (50,195,467) (63,395,955) ----------- ----------- Gross profit 288,472,516 372,833,507 Operating (expenses) income: Research and product development expenses (52,596,816) (59,437,433) Sales and marketing expenses (37,438,525) (40,069,042) General and administrative expenses (33,652,902) (27,456,008) Government financial incentives 29,386,000 10,000,000 Total operating expenses (94,302,243) (116,962,483) ----------- ------------ Income from operations 194,170,273 255,871,024 Interest income 37,127,065 41,050,855 Other income (expense), net (2,451,391) 594,442 Investment income - - Income before income tax expenses 228,845,947 297,516,321 Income tax expense (21,781,031) (286,488,727) Share of loss of an equity investee (189,911) (1,690,931) -------- ---------- Net Income 206,875,005 9,336,663 Net loss attributable to non controlling interest 1,779,376 834,128 --------- ------- Net income attributable to the Company's shareholders 208,654,381 10,170,791 =========== ========== Other comprehensive loss, net of tax Foreign currency translation (31,809,524) (27,456,770) Unrealized holding (loss) gain 10,028,594 (4,425,837) ---------- ---------- Total other comprehensive loss, net of tax (21,780,930) (31,882,607) ----------- ----------- Comprehensive income 186,873,451 (21,711,816) =========== =========== Earnings per share: Basic 0.92 0.04 Diluted 0.89 0.04 Weighted average ordinary shares: Basic 227,392,454 229,867,164 Diluted 233,497,787 235,495,344

    Three months ended ------------------ September September 30 30 ------------ ---------- 2011 2011 ---- ---- (RMB) (US$) ----- ----- Unaudited Unaudited --------- --------- Net revenue: Online game 443,922,834 69,602,200 Licensing revenue 12,872,925 2,018,333 Other revenue, net 1,092,202 171,245 --------- ------- Total net revenue 457,887,961 71,791,778 Cost of services (63,310,384) (9,926,369) ----------- ---------- Gross profit 394,577,577 61,865,409 Operating (expenses) income: Research and product development expenses (48,895,557) (7,666,284) Sales and marketing expenses (49,630,468) (7,781,510) General and administrative expenses (25,155,496) (3,944,104) Government financial incentives 10,000,000 1,567,890 ---------- --------- Total operating expenses (113,681,521) (17,824,008) ------------ ----------- Income from operations 280,896,056 44,041,401 Interest income 39,505,643 6,194,049 Other income (expense), net 25,557,006 4,007,056 Investment income - - --- --- Income before income tax expenses 345,958,705 54,242,506 Income tax expense 19,315,492 3,028,456 Share of loss of an equity investee (746,467) (117,038) -------- -------- Net Income 364,527,730 57,153,924 Net loss attributable to non controlling interest (3,253,470) (510,108) ---------- -------- Net income attributable to the Company's shareholders 361,274,260 56,643,816 =========== ========== Other comprehensive loss, net of tax Foreign currency translation (29,652,528) (4,649,189) Unrealized holding (loss) gain (4,749,315) (744,640) ---------- -------- Total other comprehensive loss, net of tax (34,401,843) (5,393,829) ----------- ---------- Comprehensive income 326,872,417 51,249,987 =========== ========== Earnings per share: Basic 1.54 0.24 Diluted 1.53 0.24 Weighted average ordinary shares: Basic 233,989,130 233,989,130 Diluted 235,648,260 235,648,260

    Giant Interactive Group Inc.

    Web site: http://www.ga-me.com/
    http://www.ga-me.com/earningsannouncements.php/




    CTPartners Executive Search Inc. Announces Timing of its Third Quarter 2011 Financial Results Conference Call and Webcast

    NEW YORK, Nov. 1, 2011 /PRNewswire/ -- CTPartners Executive Search Inc., a leading global retained executive search firm, today announced that its third quarter 2011 results will be released on Wednesday, November 9, 2011, at the close of the market. The company will host a conference call at 10:00 AM (Eastern) / 7:00 AM (Pacific) on Thursday, November 10, 2011, to discuss the financial results with the investment community.

    A live dial-in is available domestically at 866-804-6928 and internationally at 857-350-1674, passcode 36615719. A replay will be available until midnight (Eastern) on November 17, 2011, domestically at 888-286-8010 and internationally at 617-801-6888, passcode 12749566.

    A web broadcast of the event will be available live and for replay purposes on the CTPartners Investor Relations website at http://investor.ctnet.com.

    About CTPartners

    CTPartners is a leading performance-driven executive search firm serving clients across the globe. Committed to a philosophy of partnering with its clients, CTPartners offers a proven record in C-Suite, top executive, and board searches, as well as expertise serving private equity and venture capital firms.

    With origins dating back to 1980, CTPartners serves clients with a global organization of more than 350 professionals and employees, offering expertise in board advisory services and executive recruiting services in the financial services, life sciences, industrial, professional services, retail and consumer, and technology, media and telecom industries.

    CTPartners' focus is straightforward: Place the right executive in the chair. Evidence of CTPartners' ability to get the job done is its 83% placement success rate and average days to placement of 123 days in 2010. For the eighteen month period ending on June 30, 2009 (the most recent period for which our placement results have been examined by our outside accounting firm) we had a stick rate of 90%.

    Methodologies used include our proprietary technology, ClientNet(R), a technology tool that permits our clients to access password-protected information over the internet from any place, at any time, to check the status of their search engagements and the 40-day Audit processes.

    Headquartered in New York, CTPartners has offices in Bogota, Boston, Caracas, Chicago, Cleveland, Columbia MD, Dallas, Dubai, Geneva, Hong Kong, Lima, London, Mexico City, Miami, Panama, Paris, Santiago, Sao Paulo, Shanghai, Silicon Valley, Singapore, Toronto, and Washington, D.C.

    Contact:

    CTPartners Executive Search Inc.
    Jennifer Silver
    Vice President, Marketing & Investor Relations
    Tel: 877-439-9229
    Email: ir@ctnet.com

    CTPartners Executive Search Inc.

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




    MDC Partners Inc. Reports Results for the Three and Nine Months Ended September 30, 2011

    NEW YORK, Nov. 1, 2011 /PRNewswire/ --

    THIRD QUARTER HIGHLIGHTS:

    --  Revenue increased to $238.2 million versus $178.6 million in Q3 2010, an
    increase of 33.4%
    --  Organic revenue increased 17.9% for Q3 2011
    --  EBITDA decreased to $16.3 million versus $20.6 million in Q3 2010, a
    decrease of 21.1%
    --  EBITDA margins declined to 6.8% versus 11.5% in Q3 2010
    --  Free Cash Flow before working capital was an outflow of ($4.7) million
    versus $8.7 million in Q3 2010
    --  Total Free Cash Flow including working capital was $9.5 million versus
    $38.0 million in Q3 2010
    --  Net new business wins of $28.9 million for Q3 2011
    

    YEAR TO DATE HIGHLIGHTS:

    --  Revenue increased to $696.2 million versus $484.4 million in 2010, an
    increase of 43.7%
    --  Organic revenue increased 21.5% for YTD 2011
    --  Revenues for 2011 are now expected to be $915 to $930 million
    --  EBITDA increased to $63.5 million versus $48.5 million in 2010, an
    increase of 30.9%
    --  EBITDA margins declined to 9.1% versus 10.0% in 2010
    --  EBITDA for 2011 is now expected to be $90 to $100 million
    --  Free Cash Flow before working capital was $12.6 million versus $13.1
    million for YTD 2010
    --  Total Free Cash Flow including working capital was an outflow of ($2.2)
    million versus $41.8 million for YTD 2010
    --  Total Free Cash Flow for 2011 is now expected to be $43 to $53 million
    

    MDC Partners Inc. ("MDC Partners" or the "Company") today announced financial results for the three and nine months ended September 30, 2011.

    "Our exceptional organic revenue growth and strong new business pipeline are the result of the transformational work that we continue to do for our clients every day," said Miles S. Nadal, Chairman and Chief Executive Officer of MDC Partners. "We did, however, see some slowing of existing client work as well as some modest delays in new projects and campaigns. This, combined with our aggressive investment strategy, caused us to adjust our EBITDA guidance for the year. Despite this revision, we remain in an enviable position and are on track to post year-over-year revenue and EBITDA growth for the full-year 2011. Our partner companies continue to execute very well and we have built and developed platforms and staffed up in areas that represent the future of our industry. As a result, we are bullish on the long-term prospects of our business and are confident that in 2012 we will deliver market leading organic revenue results and a meaningful improvement in profitability."

    Guidance for 2011 is revised as follows:

    Revised Implied 2011 Year over Year Guidance Change -------- ------ +31.1% to Revenue $915 - $930 million +33.3% EBITDA $90 - $100 million +4.4% to +16.0% Free Cash Flow $23 - $33 million -30.1% to +0.3% + Change in Working Capital and Other +$20 million ------------ -41.5% to Total Free Cash Flow $43 - $53 million -27.9% -------------------- ----------------- ---------

    Consolidated revenue for the third quarter of 2011 was $238.2 million, an increase of 33.4% compared to $178.6 million in the third quarter of 2010. EBITDA (as defined) for the third quarter of 2011 was $16.3 million compared to $20.6 million in the third quarter of 2010, representing a decrease of 21.1%. Loss attributable to MDC Partners in the third quarter was ($19.6) million compared to a loss of ($10.9) million in the third quarter of 2010. Diluted earnings per share from continuing operations attributable to MDC Partners common shareholders for the third quarter of 2011 was a loss of ($0.67) compared to a loss of ($0.36) per share in the same period of 2010. Free Cash Flow (as defined) was an outflow of ($4.7) million in the third quarter of 2011, compared to $8.7 million in the third quarter of 2010.

    For the nine months ended September 30, 2011, consolidated revenue was $696.2 million, an increase of 43.7% compared to $484.4 million in the same period of 2010. EBITDA (as defined) for the first nine months of 2011 was $63.5 million compared to $48.5 million in the first three quarters of 2010, representing an increase of 30.9%. Loss attributable to MDC Partners in the first nine months of 2011 was consistent with 2010 at ($26.9) million. Diluted loss per share from continuing operations attributable to MDC Partners common shareholders for the first nine months of 2011 was a loss of ($0.93) compared to a loss of ($0.89) per share in the same period of 2010. Free Cash Flow (as defined) was $12.6 million in the first three quarters of 2011, compared to $13.1 million in the first three quarters of 2010.

    "Our business performed well this quarter as our organic revenue growth proves that clients are more often turning to us for a more effective and efficient use of their marketing expenditures," said David Doft, Chief Financial Officer. "We continue to aggressively invest in our business, and the acquisitions we have made to date are performing ahead of plan. While our investment strategy will result in compressed margins in the short-term, we believe it is a necessary step toward creating significant returns to our shareholders over time, and more specifically, achieving our long-term target of growing faster than the industry with margin expansion to 15-17% over the next several years."

    Conference Call

    Management will host a conference call on Wednesday, November 2, 2011 at 8:00 a.m. (ET) to discuss results. The conference call will be accessible by dialing 1-412-317-6760 or toll free 1-866-524-3160. An investor presentation has been posted on our website www.mdc-partners.com and will be referred to during the conference call.

    A recording of the conference call will be available until Wednesday, November 16, by dialing 1-412-317-0088 or toll free 1-877-344-7529 (conference number 10006110) or by visiting our website at www.mdc-partners.com.

    About MDC Partners Inc.

    MDC is a Business Transformation Organization that utilizes technology, marketing communications, data analytics and insights and strategic consulting solutions to drive meaningful returns on Marketing and Communications Investments for multinational clients in the United States, Canada, Europe, and the Caribbean.

    MDC's durable competitive advantage is to Empower the Most Talented Entrepreneurial Thought Leaders to Drive Business Success to new levels of Achievement, for both our Clients and our Shareholders, reinforcing MDC's reputation as "The Place Where Great Talent Lives."

    MDC Partners' Class A shares are publicly traded on NASDAQ under the symbol "MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".

    Non-GAAP Financial Measures

    In addition to its reported results, MDC Partners has included in this earnings release certain financial results that the Securities and Exchange Commission defines as "non-GAAP financial measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. These non-GAAP financial measures relate to: (1) presenting EBITDA and EBITDA margin (as defined) for the three and nine months ended September 30, 2011 and 2010; and (2) presenting Total Free Cash Flow, Free Cash Flow and Free Cash Flow per Share (as defined) for the three and nine months ended September 30, 2011 and 2010. Included in this earnings release are tables reconciling MDC's reported results to arrive at these non-GAAP financial measures.

    This press release contains forward-looking statements. The Company's representatives may also make forward-looking statements orally from time to time. Statements in this press release that are not historical facts, including statements about the Company's beliefs and expectations, earnings guidance, recent business and economic trends, potential acquisitions, estimates of amounts for deferred acquisition consideration and "put" option rights, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.

    Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:

    --  risks associated with severe effects of national and regional economic
    downturn;
    --  the Company's ability to attract new clients and retain existing
    clients;
    --  the spending patterns and financial success of the Company's clients;
    --  the Company's ability to retain and attract key employees;
    --  the Company's ability to remain in compliance with its debt agreements
    and the Company's ability to finance its contingent payment obligations
    when due and payable, including but not limited to those relating to
    "put" option right and deferred acquisition consideration;
    --  the successful completion and integration of acquisitions which
    complement and expand the Company's business capabilities; and
    --  foreign currency fluctuations.
    

    The Company's business strategy includes ongoing efforts to engage in material acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its credit facility and through incurrence of bridge or other debt financing, any of which may increase the Company's leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time the Company may be engaged in a number of discussions that may result in one or more material acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company's securities.

    Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in the Annual Report on Form 10-K under the caption "Risk Factors" and in the Company's other SEC filings.

    SCHEDULE 1 MDC PARTNERS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (US$ in 000s, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- 2011 2010 2011 2010 ---- ---- ---- ---- Revenue $238,246 $178,597 $696,224 $484,401 Operating Expenses: Cost of services sold 175,421 122,719 496,973 335,654 Office and general expenses 56,591 45,080 156,099 118,458 Depreciation and amortization 9,882 9,351 30,001 23,196 241,894 177,150 683,073 477,308 ------- ------- ------- ------- Operating profit (loss) (3,648) 1,447 13,151 7,093 Other Income (Expenses): Other income (expense), net (3,116) 454 (2,361) (423) Interest expense (10,800) (8,887) (31,030) (24,340) Interest income 24 55 84 155 --- --- --- --- Loss from continuing operations before income taxes and equity in affiliates (17,540) (6,931) (20,156) (17,515) Income tax expense (recovery) (42) 409 904 1,208 --- --- --- ----- Loss from continuing operations before equity in affiliates (17,498) (7,340) (21,060) (18,723) Equity in earnings (loss) of non- consolidated affiliates (120) (1,496) 214 (1,639) ---- ------ --- ------ Loss from continuing operations (17,618) (8,836) (20,846) (20,362) Loss from discontinued operations, net of taxes - (636) - (2,044) --- ---- --- ------ Net loss (17,618) (9,472) (20,846) (22,406) Net income attributable to the noncontrolling interests (1,956) (1,446) (6,088) (4,503) ------ ------ ------ ------ Loss attributable to MDC Partners Inc. ($19,574) ($10,918) ($26,934) ($26,909) ======== ======== ======== ======== Loss Per Common Share: Basic: Loss from continuing operations attributable to MDC Partners Inc. common shareholders ($0.67) ($0.36) ($0.93) ($0.89) Discontinued operations attributable to MDC Partners Inc. common shareholders - ($0.02) - ($0.07) --- ------ --- ------ Loss attributable to MDC Partners Inc. common shareholders ($0.67) ($0.38) ($0.93) ($0.96) ====== ====== ====== ====== Loss Per Common Share: Diluted: Loss from continuing operations attributable to MDC Partners Inc. common shareholders ($0.67) ($0.36) ($0.93) ($0.89) Discontinued operations - ($0.02) - ($0.07) --- ------ --- ------ Net loss attributable to MDC Partners Inc. common shareholders ($0.67) ($0.38) ($0.93) ($0.96) ====== ====== ====== ====== Weighted Average Number of Common Shares: Basic 29,158,703 28,500,287 29,051,450 27,980,895 Diluted 29,158,703 28,500,287 29,051,450 27,980,895

    SCHEDULE 2 MDC PARTNERS INC. RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA (US$ in 000s, except percentages) For the Three Months Ended September 30, 2011 Strategic Performance Marketing Marketing Services Services Corporate Total -------- -------- --------- ----- Revenue $146,130 $92,116 - $238,246 ======== ======= === ======== Operating income (loss) as reported ($425) $6,291 ($9,514) ($3,648) margin -0.3% 6.8% -1.5% Add: Depreciation and amortization 5,353 4,304 225 9,882 Stock-based compensation 2,173 1,608 3,990 7,771 Acquisition deal costs 52 251 - 303 Deferred acquisition consideration adjustments to P&L 2,871 (1,027) - 1,844 Profit distributions from affiliates - - 100 100 --- --- --- --- EBITDA * $10,024 $11,427 ($5,199) $16,252 margin 6.9% 12.4% 6.8%

    * EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.

    MDC PARTNERS INC. RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA (US$ in 000s, except percentages) For the Three Months Ended September 30, 2010 Strategic Performance Marketing Marketing Services Services Corporate Total -------- -------- --------- ----- Revenue $110,582 $68,015 - $178,597 ======== ======= === ======== Operating income (loss) as reported $7,946 $1,107 ($7,606) $1,447 margin 7.2% 1.6% 0.8% Add: Depreciation and amortization 4,275 4,990 86 9,351 Stock-based compensation 2,376 483 4,089 6,948 Acquisition deal costs 698 177 64 939 Deferred acquisition consideration adjustments to P&L 626 1,164 (126) 1,664 Profit distributions from affiliates - - 242 242 --- --- --- --- EBITDA* $15,921 $7,921 ($3,251) $20,591 margin 14.4% 11.6% 11.5%

    * EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.

    SCHEDULE 3 MDC PARTNERS INC. RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA (US$ in 000s, except percentages) For the Nine Months Ended September 30, 2011 Strategic Performance Marketing Marketing Services Services Corporate Total -------- -------- --------- ----- Revenue $442,580 $253,644 - $696,224 ======== ======== === ======== Operating income (loss) as reported $30,169 $10,026 ($27,044) $13,151 margin 6.8% 4.0% 1.9% Add: Depreciation and amortization 16,342 13,213 446 30,001 Stock-based compensation 3,896 2,591 11,333 17,820 Acquisition deal costs 451 635 - 1,086 Deferred acquisition consideration adjustments to P&L 3,428 (2,562) - 866 Profit distributions from affiliates - - 548 548 --- --- --- --- EBITDA * $54,286 $23,903 ($14,717) $63,472 margin 12.3% 9.4% 9.1%

    * EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.

    MDC PARTNERS INC. RECONCILIATION OF OPERATING INCOME (LOSS) TO EBITDA (US$ in 000s, except percentages) For the Nine Months Ended September 30, 2010 Strategic Performance Marketing Marketing Services Services Corporate Total -------- -------- --------- ----- Revenue $308,722 $175,679 - $484,401 ======== ======== === ======== Operating income (loss) as reported $25,425 ($210) ($18,122) $7,093 margin 8.2% -0.1% 1.5% Add: Depreciation and amortization 11,788 11,137 271 23,196 Stock-based compensation 5,207 1,248 6,849 13,304 Acquisition deal costs 739 841 89 1,669 Deferred acquisition consideration adjustments to P&L 935 2,040 - 2,975 Profit distributions from affiliates - - 249 249 --- --- --- --- EBITDA* $44,094 $15,056 ($10,664) $48,486 margin 14.3% 8.6% 10.0%

    * EBITDA is a non-GAAP measure, but as shown above it represents operating income (loss) plus depreciation and amortization, stock-based compensation, acquisition deal costs , deferred acquisition consideration adjustments and profit distributions from affiliates.

    SCHEDULE 4 MDC PARTNERS INC. FREE CASH FLOW (US$ in 000s, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, -------------------------------- ------------------------------- 2011 2010 2011 2010 ---- ---- ---- ---- EBITDA $16,252 $20,591 $63,472 $48,486 Net Income Attributable to Noncontrolling Interests (1,956) (1,446) (6,088) (4,503) Capital Expenditures, net (1) (9,236) (2,446) (16,420) (8,166) Cash Taxes (29) 28 (164) (775) Cash Interest, net & Other (9,771) (8,025) (28,210) (21,985) ------ ------ ------- ------- Free Cash Flow (2) ($4,740) $8,702 $12,590 $13,057 ======= ====== ======= ======= Changes in Working Capital 14,257 29,298 (14,811) 28,743 ------ ------ ------- ------ Total Free Cash Flow (2) $9,517 $38,000 ($2,221) $41,800 ====== ======= ======= ======= Diluted Common Shares Outstanding 29,158,703 28,500,287 29,051,450 27,980,895 Total Free Cash Flow per Share $0.33 $1.33 ($0.08) $1.49 ===== ===== ====== =====

    (1) Capital Expenditures, net represents capital expenditures net of landlord reimbursements. (2) Free Cash Flow and Total Free Cash Flow are non-GAAP measures. As shown above, Free Cash Flow represents EBITDA less net income attributable to noncontrolling interests, less capital expenditures, less net cash interest (including interest paid and to be paid on the 11% Senior Notes), less cash taxes plus realized cash foreign exchange gains. Total Free Cash Flow represents Free Cash Flow plus changes in working capital plus other changes in cash.

    SCHEDULE 5 MDC PARTNERS INC. CONSOLIDATED BALANCE SHEETS (US$ in 000s) September 30, December 31, 2011 2010 ---- ---- Assets Current Assets: Cash and cash equivalents $7,345 $10,949 Accounts receivable, net 216,432 195,306 Expenditures billable to clients 35,499 30,414 Other current assets 16,681 13,455 ------ ------ Total Current Assets 275,957 250,124 Fixed assets, net 47,093 41,053 Investment in affiliates 58 - Goodwill 577,802 514,488 Other intangible assets, net 58,281 67,133 Deferred tax assets 21,574 21,603 Other assets 24,662 19,947 ------ ------ Total Assets $1,005,427 $914,348 ========== ======== Liabilities and Shareholders' Equity Current Liabilities: Accounts payable $114,177 $131,074 Accrued and other liabilities 78,776 64,050 Advance billings 121,157 124,993 Current portion of long term debt 1,481 1,667 Current portion of deferred acquisition consideration 38,152 30,887 ------ ------ Total Current Liabilities 353,743 352,671 Revolving credit facility 47,634 - Long-term debt 345,930 284,549 Long-term portion of deferred acquisition consideration 73,580 77,104 Other liabilities 13,779 10,956 Deferred tax liabilities 19,579 19,642 Total Liabilities 854,245 744,922 ------- ------- Redeemable Noncontrolling Interests 94,681 77,560 ------ ------ Shareholders' Equity: Common shares 228,558 226,753 Charges in excess of capital (31,986) (16,809) Accumulated deficit (173,534) (146,600) Stock subscription receivable (55) (135) Accumulated other comprehensive loss (5,759) (4,148) ------ ------ MDC Partners Inc. Shareholders' Equity 17,224 59,061 Noncontrolling Interests 39,277 32,805 ------ ------ Total Equity 56,501 91,866 ------ ------ Total Liabilities, Redeemable Noncontrolling Interests and Equity $1,005,427 $914,348 ========== ========

    SCHEDULE 6 MDC PARTNERS INC. SUMMARY CASH FLOW DATA (US$ in 000s) Nine Months Ended September 30, ------------------------------- 2011 2010 ---- ---- Cash flows (used in) provided by continuing operating activities ($6,181) $27,004 Discontinued operations - (1,731) --- ------ Net cash (used in) provided by operating activities (6,181) 25,273 ------ ------ Net cash used in continuing investing activities (69,285) (86,381) Discontinued operations - (710) --- ---- Net cash used in investing activities (69,285) (87,091) Net cash provided by continuing financing activities 72,535 50,865 Effect of exchange rate changes on cash and cash equivalents (673) 22 ---- --- Net decrease in cash and cash equivalents ($3,604) ($10,931) ======= ========

    CONTACT: David Doft Chief Financial Officer 646-429-1818 ddoft@mdc-partners.com

    MDC Partners Inc.

    Web site: http://www.mdc-partners.com/




    Novatel Wireless Third Quarter 2011 Financial ResultsRevenue Increased 50 Percent from Prior YearNon-GAAP Gross Margin 24.3% vs 17.7% in Prior YearEBITDA of $3.5 Million

    SAN DIEGO, Nov. 1, 2011 /PRNewswire/ -- Novatel Wireless, Inc. , a leading provider of wireless broadband access solutions, today reported preliminary financial results for the third quarter ended Sept. 30, 2011.

    3Q 2011 3Q 2010 2Q 2011 Revenue $113.3M $75.6M $118.0M GAAP Net Income (Loss) $4.5M $(7.1M) $(3.9M) GAAP EPS (Loss) $0.14 $(0.22) $(0.12) Non-GAAP Net Income (Loss) $(0.0M) $(4.3M) $(0.9M) Non-GAAP EPS (Loss) $(0.00) $(0.14) $(0.03) ------

    "Our third quarter results reflect the significant progress we are making in our business," said Peter Leparulo, CEO of Novatel Wireless. "We are diversifying our product lines with M2M Asset Management Solutions and Services, as well as Embedded Solutions for both our mobile computing and M2M businesses. In the third quarter, these product categories accounted for more than $20 million, or 17.7 percent, of consolidated revenue.

    "Market demand for MiFi(R) intelligent mobile hotspots also was strong in the quarter. Our MiFi intelligent mobile hotspots continue to be the market and product leader, as end-user recognition builds around the total MiFi presentation, from the MiFi user experience to best-in-class performance and brand.

    "With the launches of our Spider MT 3000 for the transportation market and our N4A CMS 3.0 service delivery platform, we are focused on establishing leadership in higher-margin Asset Management Solutions and Services to further diversify our revenue base and improve our bottom line."

    Operating Results

    Third quarter revenue was $113.3 million, solidly within our guidance range of $105 to $120 million. This 50 percent revenue increase from the prior year was primarily due to the continued market reception of our 4G LTE mobile broadband devices and the acquisition of Enfora, as well as significant revenue from embedded solutions provided to original equipment manufacturers.

    Sales by major product category were as follows:

    3Q 3Q 2Q Revenue by Product Category 2011 2010* 2011 Mobile Broadband Devices $93.3M $75.0M $101.3M Embedded Solutions $13.8M $8.1M $11.8M Asset Management Solutions & Services $6.2M $7.7M $4.9M Total $113.3M $90.8M $118.0M ------- * 3Q 2010 revenues in this chart are pro forma to include Enfora pre

    Gross margin was 23.6 percent of revenue on a GAAP basis. On a non-GAAP basis, gross margin was 24.3 percent, exceeding our guidance of 23 percent.

    GAAP net income was $4.5 million and includes a tax benefit of $11.2 million primarily related to the release of uncertain tax positions for certain years for which the statutes of limitations have expired. GAAP net income also includes the impact of a non-cash and non-operational goodwill impairment charge of $3.5 million related to the acquisition of Enfora. This charge is our current estimate and our analysis will be finalized during the fourth quarter.

    On a non-GAAP basis, which excludes the tax benefit, impairment charge, and other items identified in the attached reconciliation schedule, net income for the quarter was breakeven, versus a loss of $4.3 million in the comparable quarter in 2010.

    Non-GAAP EPS Summary

    The following adjustments are included in the third quarter non-GAAP earnings per share (EPS).

    GAAP EPS $0.14 Adjustments: Income tax adjustment $(0.35) Goodwill impairment charge ------ Stock-based compensation expense $0.11 Acquisition-related charges ----- Integration expense $0.05 ----- $0.04 ----- $0.01 ----- Non-GAAP EPS $(0.00) ======

    Segment Results

    GAAP financial results by operating segment were as follows:

    3Q 2011 3Q2010 ------- ------ Revenue ------- Mobile Computing Products $102.7M $75.6M ------------------------- ------- ------ M2M Products and Solutions $10.6M -- -------------------------- ------ --- Total $113.3M $75.6M ----- ------- ------ Operating Income (Loss) ----------------------- Mobile Computing Products $1.3M $(6.4M) ------------------------- ----- ------- M2M Products and Solutions $( 7.4M) -- -------------------------- --------- --- Total $( 6.1M) $(6.4M) ----- --------- -------

    Recent Business Highlights

    --  On September 22, the Novatel Wireless Ovation(TM) MC 679 USB LTE modem
    was launched on Bell Mobility's new 4G LTE network. Bell's LTE network
    covers some of Canada's most populous areas including the Waterloo
    region innovation hub and the country's largest wireless market in the
    Toronto area.
    --  Novatel Wireless and ACAL BFi signed a distribution agreement covering
    the UK, Italy and Germany to sell, and provide local specialist
    technical support for Enfora's N4A wireless connectivity platform and
    low-power 2G and 3G modules and devices.
    --  In September, the MiFi 3352 Intelligent Mobile Hotspot with DLNA
    Capabilities became available across Europe through four distributors.
    --  The company's Enfora subsidiary was named by Connected World as one of
    the most innovative technology providers of M2M solutions.
    --  In October, Enfora introduced its next generation N4A Communication and
    Management Software (CMS) 3.0 platform built for its carrier and
    enterprise customers.
    --  Novatel Wireless showcased its extensive line of Expedite(R) and
    Enabler(TM) mobile computing and M2M embedded modules at CTIA in San
    Diego in October. Novatel Wireless demonstrated its 2G, 3G and 4G
    intelligent embedded module portfolio under the theme Internet of Things
    with innovative partners such as VGo and Consert, highlighting how
    today's inter-connected world and intelligent devices can improve
    processes and enhance quality of life.
    --  Novatel Wireless announced that shipments of MiFi Intelligent Mobile
    Hotspots have surpassed three million devices since being introduced in
    2009.
    

    Fourth Quarter 2011 Business Outlook

    The following statements are forward-looking and actual results may differ materially. Please see the section titled, "Cautionary Note Regarding Forward-Looking Statements" at the end of this press release. A more detailed description of risks related to our business is included in the reports filed by the company with the Securities and Exchange Commission.

    Our guidance for the fourth quarter of 2011 reflects current business indicators and expectations as of the date of this release. All figures are approximations based on management's beliefs and assumptions as of the date of this release.

    Our guidance incorporates our current assessment of supply-chain disruptions caused by the flooding in Thailand. We have taken steps to remediate the impact, which continues to be uncertain, but which we currently estimate to be approximately $3 to $4 million of reduced revenue in the fourth quarter. We will continue to monitor the impact on us and our customers.

    Fourth Quarter 2011 ------------------- Revenue $105 - $120 million 23% Non-GAAP Gross Margin Non-GAAP EPS $(0.10) - $ 0.00 ================

    Conference Call Information

    Novatel Wireless will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET. For parties in the United States and Canada, call 1-800-762-8779 to access the conference call. International parties can access the call at 1-480-629-9771.

    Novatel Wireless will offer a live webcast of the conference call, which will be accessible from the "Investors" section of the company's website at www.NVTL.com. A telephonic replay of the conference call will also be available two hours after the call and will run for two weeks. To hear the replay, parties in the United States and Canada should call 800-406-7325 and enter pass code 4448643. International parties should call 303-590-3030.

    ABOUT NOVATEL WIRELESS

    Novatel Wireless, Inc. is a leader in the design and development of intelligent wireless solutions based on 2G, 3G and 4G technologies providing wireless connectivity. The company delivers specialized wireless solutions to carriers, distributors, retailers, OEMs and vertical markets worldwide. Product lines include MiFi Intelligent Mobile Hotspots, Ovation USB modems, Expedite embedded modules, Enfora smart M2M modules, and Enfora integrated M2M solutions. These innovative products provide anywhere, anytime communications solutions for consumers and enterprises. Headquartered in San Diego, Novatel Wireless is listed on NASDAQ: NVTL. For more information please visit www.nvtl.com. (NVTLF)

    Cautionary Note Regarding Forward-Looking Statements

    Some of the information presented in this release constitutes forward-looking statements based on management's current expectations, assumptions, estimates and projections. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as "may," "estimate," "anticipate," "believe," "expect," "intend," "plan," "project," "will" and similar words and phrases indicating future results. The information presented in this release related to our financial results for the third quarter ended September 30, 2011 and our outlook for the fourth quarter of 2011, as well as statements regarding new product launches, are forward-looking. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. The Company therefore cannot guarantee future results, performance or achievements. Actual results could differ materially from the Company's expectations.

    Factors that could cause actual results to differ materially from Novatel Wireless' expectations are set forth as risk factors in the Company's SEC reports and filings and include (1) the future demand for wireless broadband access to data, (2) the growth of wireless wide-area networking, (3) changes in commercially adopted wireless transmission standards and technologies including 3G and 4G standards, (4) continued customer and end user acceptance of the Company's current products and market demand for the Company's anticipated new product offerings, (5) increased competition and pricing pressure from current or future wireless market participants, (6) dependence on third party manufacturers in Asia and key component suppliers worldwide, (7) unexpected liabilities or expenses, (8) the Company's ability to introduce new products in a timely manner, (9) litigation, regulatory and IP developments related to our products or component parts of our products, (10) the outcome of pending or future litigation, including the current class action securities litigation, (11) the continuing impact of the recent global credit crisis on the value and liquidity of the securities in our investment portfolio, (12) dependence on a small number of customers, (13) the effect of changes in accounting standards and in aspects of our critical accounting policies and (14) the Company's plans and expectations relating to strategic relationships, international expansion, software and hardware developments, personnel matters and cost containment initiatives.

    These factors, as well as other factors described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause actual results to differ materially. Novatel Wireless assumes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as otherwise required pursuant to applicable law and our on-going reporting obligations under the Securities Exchange Act of 1934, as amended.

    Non-GAAP Financial Measures

    Novatel Wireless has provided in this release financial information that has not been prepared in accordance with GAAP. Non-GAAP operating expenses, net income and earnings per share exclude stock-based compensation expenses, charges and benefits related to M&A activities, acquisition-related intangible-asset amortization, and merger integration costs. Non-GAAP net income and earnings per share for the full year also exclude the impact of establishing a valuation allowance related to deferred tax assets and assume a tax rate which management believes reflects its long-term effective tax rate.

    Non-GAAP net income, diluted earnings per share, operating expenses, and gross margin are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures are not intended to be used in isolation and, moreover, they should not be considered as a substitute for net income, diluted earnings per share, operating expenses, gross margin or any other performance measure determined in accordance with GAAP. We present non-GAAP net income, earnings per share, operating expenses, and gross margin because we consider each to be an important supplemental measure of our performance.

    Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company's performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance when planning, forecasting and analyzing future periods. The stock-based compensation expenses are expected to vary depending on the number of new grants issued to both current and new employees, and changes in the Company's stock price, stock market volatility, expected option life and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP operating expenses, net income and earnings per share, management excludes stock-based compensation expenses and charges related to M&A activity to facilitate comparability of the Company's operating performance on a period-to-period basis because such expenses are not, in management's review, related to the Company's ongoing operating performance. Management uses this view of its operating performance for purposes of comparison with its business plan and individual operating budgets and allocation of resources.

    We further believe that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision making. We believe that the use of non-GAAP operating expenses, net income and earnings per share also facilitates a comparison of Novatel Wireless' underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

    Calculating non-GAAP operating expenses, net income and earnings per share have limitations as an analytical tool, and you should not consider these measures in isolation or as substitutes for GAAP operating expenses, net income and earnings per share. In the future, we expect to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Some of the limitations in relying on non-GAAP operating expenses, net income and earnings per share are:

    --  Other companies, including other companies in our industry, may
    calculate non-GAAP operating expenses, net income and earnings per share
    differently than we do, limiting their usefulness as a comparative tool.
    
    --  The Company's income tax expense will be ultimately based on its GAAP
    taxable income and actual tax rates in effect, which may differ
    significantly from the effective tax rate used in our non-GAAP financial
    measures.
    

    In addition, the adjustments to our GAAP operating expenses, net income and earnings per share reflect the exclusion of stock-based compensation expenses that are recurring and will be reflected in the Company's financial results for the foreseeable future. The Company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The Company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. The Company evaluates the non-GAAP financial measures together with the most directly comparable GAAP financial measures.

    Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP operating expenses, net income, earnings per share and gross margin. For more information, see the consolidated statements of operations and the "Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income" contained in this press release.

    (C) 2011 Novatel Wireless. All rights reserved. MiFi, Expedite, Ovation, Enfora, N4A, and the Novatel Wireless name and logo are trademarks of Novatel Wireless, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

    Investor contact:

    William A. Walkowiak, CFANovatel Wireless(858) 431-3711ir@nvtl.com

    Media contact:

    Charlotte RubinNovatel Wireless(858) 812-3431crubin@nvtl.com

    NOVATEL WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) Preliminary September 30, December 31, 2011 2010 ---- ---- (Unaudited) ASSETS Current assets: Cash and cash equivalents $21,927 $17,375 Marketable securities 33,391 59,775 Accounts receivable, net 54,221 63,570 Inventories 49,149 43,094 Deferred tax assets, net 214 218 Prepaid expenses and other 3,682 6,961 ----- ----- Total current assets 162,584 190,993 Property and equipment, net 19,900 21,281 Marketable securities 9,101 20,676 Intangible assets, net 37,251 44,265 Goodwill 19,535 22,258 Deferred tax assets, net 2,142 2,103 Other assets 713 532 --- --- Total assets $251,226 $302,108 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $54,032 $77,769 Accrued expenses 27,618 26,050 ------ ------ Total current liabilities 81,650 103,819 Capital lease obligations, long-term - 55 Other long- term liabilities 2,275 12,831 ----- ------ Total liabilities 83,925 116,705 ------ ------- Stockholders' equity: Common stock 32 32 Additional paid-in capital 427,710 424,270 Accumulated other comprehensive income (33) 21 Accumulated deficit (235,408) (213,920) -------- -------- 192,301 210,403 Treasury stock at cost (25,000) (25,000) ------- ------- Total stockholders' equity 167,301 185,403 ------- ------- Total liabilities and stockholders' equity $251,226 $302,108 ======== ========

    NOVATEL WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- (Preliminary) (Preliminary) Net revenues $113,263 $75,602 $293,068 $219,664 Cost of net revenues 86,573 62,412 234,202 175,113 Gross profit 26,690 13,190 58,866 44,551 ------ ------ ------ ------ Operating costs and expenses: Research and development 15,126 11,576 45,517 34,070 Sales and marketing 7,211 4,163 22,805 15,258 General and administrative 6,243 3,833 16,550 14,309 Amortization of acquired intangibles 644 - 1,699 - Goodwill impairment loss 3,514 - 3,514 - Total operating costs and expenses 32,738 19,572 90,085 63,637 ------ ------ ------ ------ Operating loss (6,048) (6,382) (31,219) (19,086) Other income (expense): Interest income (expense), net 60 (2,292) 303 (2,698) Other income (expense), net (679) 420 (1,164) 1,671 ---- --- ------ ----- Loss before income taxes (6,667) (8,254) (32,080) (20,113) Income tax expense (benefit) (11,165) (1,149) (10,592) 12,420 Net income (loss) $4,498 $(7,105) $(21,488) $(32,533) ====== ======= ======== ======== Per share data: Net income (loss) per share: Basic $0.14 $(0.22) $(0.67) $(1.04) Diluted $0.14 $(0.22) $(0.67) $(1.04) Weighted average shares used in computation of net income (loss) per share: Basic 32,057 31,615 32,005 31,414 Diluted 32,370 31,615 32,005 31,414

    NOVATEL WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2011 2010 2011 2010 (Preliminary) (Preliminary) Cash flows from operating activities: Net income (loss) $4,498 $(7,105) $(21,488) $(32,533) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Accrued interest expense - (147) - - Amortization of debt issuance costs - - - 541 Loan fees recognized on extinguishment of debt - 2,370 - 2,370 Depreciation and amortization 4,096 2,561 13,782 7,970 Loss on goodwill impairment 3,514 - 3,514 - Impairment loss on intangible assets and equipment 58 - 133 146 Provision for bad debts (64) 113 59 141 Net impairment loss on marketable securities 192 - 346 - Inventory provision 256 600 576 1,030 Share-based compensation expense 1,571 1,552 4,057 4,695 Excess tax benefits from equity based compensation - - - (89) Non-cash income tax expense (benefit) (10,886) (1,990) (11,287) 11,579 Changes in assets and liabilities: Accounts receivable (12,879) 12,847 9,046 3,739 Inventories 737 247 (6,634) 7,961 Prepaid expenses and other assets 474 (767) 3,484 (284) Accounts payable (2,976) (295) (23,941) 10,569 Accrued expenses, income taxes, and other 2,226 1 1,651 (3,887) ----- --- ----- ------ Net cash provided by (used in) operating activities (9,183) 9,987 (26,702) 13,948 ------ ----- ------- ------ Cash flows from investing activities: Purchases of property and equipment (1,093) (1,901) (4,928) (5,585) Purchases of intangible assets (119) - (219) (110) Purchases of securities (10,407) (77,642) (21,366) (155,009) Securities maturities/sales 10,865 10,816 58,539 164,187 ------ ------ ------ ------- Net cash provided by (used in) investing activities (754) (68,727) 32,026 3,483 ---- ------- ------ ----- Cash flows from financing activities: Proceeds from the issuance of short-term debt, net of issuance costs 12,000 - 12,000 27,415 Principal repayments of short- term debt (12,000) (30,000) (12,000) (30,000) Principal payments under capital lease obligations (26) (29) (81) (105) Proceeds from stock option exercises net of taxes paid on vested restricted stock units 5 10 (617) 580 Excess tax benefits from equity based compensation - - - 89 Deposit of restricted funds - - - (188,890) Remittance from restricted funds - 188,890 - 188,890 Net cash provided by (used in) financing activities (21) 158,871 (698) (2,021) Effect of exchange rates on cash and cash equivalents (128) 765 (74) 682 ---- --- --- --- Net increase (decrease) in cash and cash equivalents (10,086) 100,896 4,552 16,092 Cash and cash equivalents, beginning of period 32,013 15,221 17,375 100,025 - - --- --- Cash and cash equivalents, end of period $21,927 $116,117 $21,927 $116,117 ======= ======== ======= ========

    Novatel Wireless, Inc. Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) Three Months and Nine Months Ended September 30, 2011 (in thousands, except per share data) (Unaudited) Preliminary Three Months EndedNine Months Ended September 30, 2011September 30, 2011 Net Income (Loss)Income (Loss) Per Share, Diluted Net Income (Loss)Income (Loss) Per Share, Diluted GAAP net income (loss) $4,498 $0.14 $(21,488) $(0.67) Adjustments: Share-based compensation expense (a) 1,571 0.05 4,057 0.13 Integration (b) 254 0.01 612 0.02 Acquisition related charges (c)1,349 0.04 5,790 0.18 Goodwill impairment loss (d) 3,514 0.11 3,514 0.11 Income tax benefit (e) (11,211) (0.35) (11,211) (0.35) Non-GAAP net loss $(25) $(0.00) $(18,726) $(0.59) (a) Adjustments reflect share-based compensation expense recorded under ASC Topic 718. (b) Adjustments reflect integration related activities in connection with the acquisition of Enfora. (c) Adjustments for the three months ended September 30, 2011 reflect amortization of purchased intangibles. Adjustments for the nine months ended September 30, 2011 reflect amortization of purchased intangibles and fair value of acquired finished goods. The adjustment for the nine months ended September 30, 2011 was partially offset by an $880,000 benefit due to the reversal of estimated contingent consideration related to the acquisition of Enfora. (d) Adjustments reflect goodwill impairment loss in connection with the interim impairment analysis conducted during the third quarter of 2011. (e) Adjustments reflect income tax benefit of $11.8 million related to the release of our uncertain tax liability, partially offset by $632K of tax expense related to acquisition purchase price adjustments to goodwill and tax effect of the goodwill impairment loss.

    See "Non -GAAP Financial Measures" for information regarding our use ofNon-GAAP financial measures.

    Novatel Wireless, Inc. Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses Three Months Ended September 30, 2011 (in thousands) (Unaudited) Preliminary ----------- Integration costs and Share-based intangibles Goodwill compensation amortization impairment GAAP expense (a) (b) (c) Non-GAAP ---- ------------ ------------ ----------- -------- Cost of net revenues $86,573 $149 $705 $- $85,719 ======= ---- ---- --- ======= Operating costs and expenses: Research and development 15,126 529 - - 14,597 Sales and marketing 7,211 327 - - 6,884 General and administrative 6,243 566 254 - 5,423 Amortization of acquired intangibles 644 - 644 - - Goodwill impairment loss 3,514 - - 3,514 - ----- --- --- ----- --- Total operating costs and expenses $32,738 1,422 898 3,514 $26,904 ======= ----- --- ----- ======= Total $1,571 $1,603 $3,514 ====== ====== ====== (a) Adjustments reflect share-based compensation expense recorded under ASC Topic 718. (b) Adjustments reflect amortization of purchased intangibles, and integration costs related to the acquisition of Enfora, Inc. (c) Adjustments reflect goodwill impairment loss in connection with the interim impairment analysis conducted during the third quarter of 2011. See "Non -GAAP Financial Measures" for information regarding our use of Non- GAAP financial measures.

    Novatel Wireless, Inc. Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses Nine Months Ended September 30, 2011 (in thousands) (Unaudited) Preliminary ----------- Acquisition costs, inventory mark- up, integration costs and Share-based intangibles Contingent Goodwill compensation amortization consideration impairment GAAP expense (a) (b) (c) (d) Non-GAAP ---- ------------ ---------------- -------------- ----------- -------- Cost of revenues $234,202 $383 $4,971 $- $- $228,848 ======== ---- ------ --- --- ======== Operating costs and expenses: Research and development 45,517 1,337 - - - 44,180 Sales and marketing 22,805 890 - - - 21,915 General and administrative 16,550 1,447 612 (880) - 15,371 Amortization of acquired intangibles 1,699 - 1,699 - - - Goodwill impairment loss 3,514 - - - 3,514 - ----- --- --- --- ----- --- Total operating costs and expenses $90,085 3,674 2,311 (880) 3,514 $81,466 ======= ----- ----- ---- ----- ======= Total $4,057 $7,282 $(880) $3,514 ====== ====== ===== ====== (a) Adjustments reflect share-based compensation expense recorded under ASC Topic 718. (b) Adjustments reflect amortization of purchased intangibles, fair value of acquired finished goods, and integration costs related to the acquisition of Enfora, Inc. (c) The Company revised its estimate of contingent consideration related to the acquisition of Enfora, Inc. to $0. (d) Adjustments reflect goodwill impairment loss in connection with the interim impairment analysis conducted during the third quarter of 2011. See "Non -GAAP Financial Measures" for information regarding our use of Non- GAAP financial measures.

    Novatel Wireless, Inc. Reconciliation of GAAP Loss before Income Taxes to EBITDA Three and Nine Months Ended September 30, 2011 (in thousands) (Unaudited) Preliminary ----------- Three Months Nine Months Ended Ended September 30, September 30, 2011 2011 -------------- -------------- Loss before income taxes $(6,667) $(32,080) Depreciation and amortization charges 4,229 15,742 Goodwill impairment loss 3,514 3,514 Share-based compensation expense 1,571 4,057 Contingent consideration - (880) M&A related activities 254 612 Other expense (income) 619 861 --- --- EBITDA $3,520 $(8,174) ====== ======= See "Non -GAAP Financial Measures" for information regarding our use of Non-GAAP financial measures.

    Novatel Wireless, Inc.

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




    Atmel Reports Third Quarter 2011 Financial ResultsThird Quarter Revenues of $479 MillionNet Income of $117 Million or $0.25 Per Diluted Share

    SAN JOSE, Calif., Nov. 1, 2011 /PRNewswire/ -- Atmel(R) Corporation , a leader in microcontroller and touch solutions, today announced financial results for its third quarter ended September 30, 2011.

    Revenues for the third quarter of 2011 were $479.4 million, up slightly from $478.6 million for the second quarter of 2011, and an 8% increase compared to $444.3 million for the third quarter of 2010. Adjusting for the Smart Card divestiture completed at the end of the third quarter of 2010, third quarter 2011 revenues increased 15% from the third quarter of the prior year.

    Net income, on a GAAP basis, totaled $116.7 million or $0.25 per diluted share for the third quarter of 2011. Included in net income for the third quarter was a $33.4 million gain from the sale of the company's corporate headquarters. This compares to second quarter 2011 net income of $90.9 million, or $0.19 per diluted share. The third quarter 2011 net income compares to net income of $219.8 million or $0.47 per diluted share for the third quarter of 2010, which included a significant tax benefit from the settlement of an IRS tax audit of $150.4 million.

    Non-GAAP net income for the third quarter of 2011 totaled $124.0 million or $0.26 per diluted share, compared to non-GAAP net income of $124.3 million or $0.26 per diluted share, in the second quarter of 2011, and non-GAAP net income of $88.4 million or $0.18 per diluted share for the year-ago quarter. Refer to the non-GAAP reconciliation table included in this release for more details.

    Gross margin was 50.1% in the third quarter of 2011, as compared to 51.8% in the second quarter of 2011 and an increase from 46.8% in the third quarter of 2010.

    "We are pleased with our third quarter financial performance, especially in light of the weaker macro environment. Our results confirm the value of our strategic focus on high growth microcontroller opportunities and our transition to a fab-lite manufacturing model," said Steve Laub, Atmel's President and Chief Executive Officer. "Due to global economic uncertainties, we are adjusting our business activities consistent with the current market conditions. We remain confident that our strategy, operational focus, superior product portfolio and market penetration will enable us to continue to outpace our industry throughout this period."

    Third quarter income from operations was $140.2 million, or 29.2% of revenues, compared with $111.0 million, or 23.2% of revenues, for the second quarter of 2011 and $77.7 million, or 17.5% of revenues, for the third quarter of 2010. Third quarter 2011 income from operations included a $33.4 million gain from the sale of our corporate headquarters, while third quarter 2010 income from operations included a $5.7 million loss from the sale of the former Smart Card business and restructuring charges of $1 million.

    Income tax provision totaled $23.2 million for the third quarter of 2011. This compares to an income tax provision of $18.8 million for the second quarter of 2011 and a tax benefit of $136.6 million for the third quarter of 2010. The income tax benefit for the third quarter of 2010 included a $150.4 million, or $0.32 per diluted share, tax benefit from the settlement of an IRS tax audit resulting in the release of tax reserves of approximately $102 million, plus a $48.4 million tax refund.

    Cash provided from operations totaled approximately $61.1 million for the third quarter of 2011, compared to $42.6 million for the second quarter of 2011 and $95.3 million for the third quarter of 2010. Combined cash balances (cash and cash equivalents plus short-term investments) totaled $482.6 million at the end of the third quarter of 2011, after spending $56.3 million during the quarter on stock repurchases. Net cash balance (cash balances less current and long-term debt) was $478.1 million at September 30, 2011.

    Operational and Company Highlights

    --  Highest quarterly revenues since the first quarter of 2001
    --  Tenth consecutive quarter of sequential revenue growth
    --  Net income of $116.7 million or $0.25 per diluted share
    --  Acquired ADD Semiconductor, a leader in power line communication
    solutions for the smart energy sector
    --  maXTouch(R) E Series cumulatively shipped over 15 million units ending
    the third quarter of 2011
    

    Product Highlights

    --  Recent maXTouch smartphone introductions include: Samsung's Galaxy Note,
    HTC's Titan and Rhyme, Motorola's Electrify, Droid Razr, and Atrix 2,
    Huawei's Vision, Asus Padfone, Kyocera's Milano, Nokia's recently
    introduced 600, 700, and 701 smartphones
    --  New tablets powered by maXTouch include: Samsung's Galaxy Tab 7.7,
    Asus' EeePad Slider SL101, Huawei's Slim 7,  Lenovo's IdeaPad K1, and
    Dell's Streak 10 Pro
    --  Announced maXStylus(TM), Atmel's revolutionary active stylus for tablets
    and smartphones
    --  Atmel chosen by Microsoft as a co-engineering partner for its new
    touch-centric Windows 8 operating system
    --  Announced new Atmel family of ARM Cortex(TM)M4 products
    --  Introduced Wi-Fi capability for AVR and ARM-based microcontrollers with
    Redpine Signals
    

    Stock Repurchase

    During the third quarter of 2011, Atmel repurchased 6.1 million shares of its common stock in the open market at an average price of $9.23 per share.

    Non-GAAP Metrics

    Non-GAAP net income excludes charges related to restructuring activities, acquisitions, gain on sale of assets, and stock-based compensation, asset impairment charges, pension charges related to the fab sale, as well as the non-GAAP income tax adjustment and other non-recurring income tax items. A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.

    Conference Call

    Atmel will hold a teleconference at 2:00 p.m. PT today to discuss the third quarter 2011 financial results. The conference call will be webcast live and can also be monitored by dialing 1-800-374-0405 or 1-706-758-4519. The conference ID number is 12299698 and participants are encouraged to initiate their calls 10 minutes prior to the 2 p.m. PT start time to ensure a timely connection. The webcast and earnings release will be accessible at http://www.atmel.com/ir/ and will be archived for 12 months.

    A replay of the November 1, 2011 conference call will be available the same day at approximately 5:00 p.m. PT and will be archived for 48 hours. The replay access numbers are 1-800-585-8367 within the U.S. and 1-404-537-3406 for all other locations. The access code is 12299698.

    About Atmel

    Atmel is a worldwide leader in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on industrial, consumer, communications, computing and automotive markets.

    (C) 2011 Atmel Corporation. Atmel(R), Atmel logo and combinations thereof, and others are registered trademarks or trademarks of Atmel Corporation or its subsidiaries. Other terms and product names may be trademarks of others.

    Safe Harbor for Forward-Looking Statements

    Information in this release regarding Atmel's forecasts, business outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements may include comments about our future operating and financial performance, including our outlook for 2011, our expectations regarding market share and product revenue growth, and Atmel's strategies. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions (including solvency issues affecting various European countries); the inability to realize the anticipated benefits of transactions related to our manufacturing assets, restructuring plans or other initiatives in a timely manner or at all; the impact of competitive products and pricing; timely design acceptance by our customers; timely introduction of new products and technologies; ability to ramp new products into volume production; industry wide shifts in supply and demand for semiconductor products; industry and/or company overcapacity or undercapacity; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; the market price of our common stock; compliance with U.S. and international laws and regulations by us and our distributors; litigation (including intellectual property litigation in which we may be involved or in which our customers may be involved), and the possible unfavorable results of legal proceedings; and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2010, filed on March 1, 2011, and our subsequent Form 10-Q reports. Atmel assumes no obligation and does not intend to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Contact:Peter SchumanDirector, Investor Relations(408) 518-8426

    Atmel Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- September 30, June 30, September 30, September 30, September 30, 2011 2011 2010 2011 2010 ---- ---- ---- ---- ---- Net revenues $479,375 $478,642 $444,344 $1,419,444 $1,186,254 Operating expenses Cost of revenues 238,984 230,842 236,225 695,868 684,715 Research and development 64,160 65,441 56,513 191,984 177,411 Selling, general and administrative 68,467 70,340 65,940 209,593 194,608 Acquisition-related charges 1,019 1,019 1,167 3,069 433 Restructuring charges - - 1,080 21,210 3,663 Asset impairment charges - - - - 11,922 (Gain) loss on sale of assets (33,428) - 5,715 (35,310) 99,767 ------- --- ----- ------- ------ Total operating expenses 339,202 367,642 366,640 1,086,414 1,172,519 ------- ------- ------- --------- --------- Income from operations 140,173 111,000 77,704 333,030 13,735 ------- ------- ------ ------- ------ Interest and other (expense) income, net (264) (1,309) 5,530 918 12,656 ---- ------ ----- --- ------ Income before income taxes 139,909 109,691 83,234 333,948 26,391 (Provision for) benefit from income taxes (23,203) (18,821) 136,578 (51,819) 173,593 ------- ------- ------- ------- ------- Net income $116,706 $90,870 $219,812 $282,129 $199,984 ======== ======= ======== ======== ======== Basic net income per share: Net income $0.25 $0.20 $0.48 $0.62 $0.44 ===== ===== ===== ===== ===== Weighted-average shares used in basic income per share calculations 457,721 456,753 459,588 456,992 458,872 ======= ======= ======= ======= ======= Diluted net income per share: Net income $0.25 $0.19 $0.47 $0.60 $0.43 ===== ===== ===== ===== ===== Weighted-average shares used in diluted net income per share calculations 466,862 469,882 468,173 467,040 465,945 ======= ======= ======= ======= =======

    Atmel Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) September 30, December 31, 2011 2010 ---- ---- Current assets Cash and cash equivalents $478,055 $501,455 Short-term investments 4,579 19,574 Accounts receivable, net 244,269 231,876 Inventories 379,801 276,650 Prepaids and other current assets 111,701 123,620 ------- ------- Total current assets 1,218,405 1,153,175 Fixed assets, net 262,864 260,124 Goodwill 55,518 54,676 Intangible assets, net 12,161 17,603 Other assets 168,281 164,464 ------- ------- Total assets $1,717,229 $1,650,042 ========== ========== Current liabilities Trade accounts payable 106,925 160,011 Accrued and other liabilities 237,262 217,985 Deferred income on shipments to distributors 54,340 66,708 ------ ------ Total current liabilities 398,527 444,704 Long-term debt less current portion 4,557 3,976 Other long-term liabilities 123,147 148,306 ------- ------- Total liabilities 526,231 596,986 ------- ------- Stockholders' equity 1,190,998 1,053,056 --------- --------- Total liabilities and stockholders' equity $1,717,229 $1,650,042 ========== ==========

    Atmel Corporation Reconciliation of GAAP Net Income to Non-GAAP Net Income (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- September 30, June 30, September 30, September 30, September 30, 2011 2011 2010 2011 2010 ---- ---- ---- ---- ---- GAAP net income $116,706 $90,870 $219,812 $282,129 $199,984 Special items: Stock-based compensation expense 16,458 14,257 13,249 49,604 44,871 Acquisition-related charges 1,019 1,019 1,167 3,069 433 Restructuring charges - - 1,080 21,210 3,663 Asset impairment charges - - - - 11,922 (Gain) loss on sale of assets (33,428) - 5,715 (35,310) 99,767 Pension charges related to fab sale - - - - 907 Non-GAAP tax adjustments 23,203 18,160 (152,661) 49,766 (197,403) ------ ------ -------- ------ -------- Total special items 7,252 33,436 (131,450) 88,339 (35,840) ----- ------ -------- ------ ------- Non-GAAP net income $123,958 $124,306 $88,362 $370,468 $164,144 -------- -------- ------- -------- -------- Diluted non-GAAP net income per share: Non-GAAP net income $0.26 $0.26 $0.18 $0.78 $0.34 ===== ===== ===== ===== ===== Non-GAAP weighted-average shares used in diluted non- GAAP net income per share calculations 476,448 478,031 479,374 475,541 477,052 ======= ======= ======= ======= ======= Reconciliation of GAAP to non- GAAP shares used in diluted net income per share calculations: Three Months Ended Nine Months Ended ------------------ ----------------- September 30, June 30, September 30, September 30, September 30, 2011 2011 2010 2011 2010 ---- ---- ---- ---- ---- Diluted weighted-average shares used in per share calculations - GAAP 466,862 469,882 468,173 467,040 465,945 Adjusted dilutive stock awards - non-GAAP 9,586 8,149 11,201 8,501 11,107 ----- ----- ------ ----- ------ Diluted weighted-average shares used in per share calculations - non-GAAP 476,448 478,031 479,374 475,541 477,052 ======= ======= ======= ======= =======

    Notes to Non-GAAP Financial Measures

    To supplement its consolidated financial results presented in accordance with GAAP, Atmel uses non-GAAP financial measures, including non-GAAP net income and non-GAAP net income per diluted share, which are adjusted from the most directly comparable GAAP financial measures to exclude certain items, as shown above and described below. Management believes that these non-GAAP financial measures reflect an additional and useful way of viewing aspects of Atmel's operations that, when viewed in conjunction with Atmel's GAAP results, provide a more comprehensive understanding of the various factors and trends affecting Atmel's business and operations.

    Atmel uses each of these non-GAAP financial measures for internal purposes and believes that these non-GAAP measures provide meaningful supplemental information regarding operational and financial performance. Management uses these non-GAAP measures for strategic and business decision making, internal budgeting, forecasting and resource allocation processes. Atmel may, in the future, determine to present non-GAAP financial measures other than those presented in this release, which it believes may be useful to investors. Any such determinations will be made with the intention of providing the most useful information to investors and will reflect information used by the company's management in assessing its business, which may change from time to time.

    Atmel believes that providing these non-GAAP financial measures, in addition to the GAAP financial results, is useful to investors because the non-GAAP financial measures allow investors to see Atmel's results "through the eyes" of management as these non-GAAP financial measures reflect Atmel's internal measurement processes. Management believes that these non-GAAP financial measures enable investors to better assess changes in each key element of Atmel's operating results across different reporting periods on a consistent basis. Thus, management believes that each of these non-GAAP financial measures provides investors with another method for assessing Atmel's operating results in a manner that is focused on the performance of its ongoing operations. In addition, these non-GAAP financial measures may facilitate comparisons to Atmel's historical operating results and to competitors' operating results.

    There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, non-GAAP financial measures may be limited in value because they exclude certain items that may have a material impact upon Atmel's reported financial results. Management compensates for these limitations by providing investors with reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for or superior to the most directly comparable GAAP financial measures. The non-GAAP financial measures supplement, and should be viewed in conjunction with, GAAP financial measures. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in above.

    As presented in the "Reconciliation of GAAP Net Income to Non-GAAP Net Income" tables above, each of the non-GAAP financial measures excludes one or more of the following items:

    --  Stock-based compensation expense.
    

    Stock-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. This includes stock-based compensation expense related to performance-based restricted stock units for which Atmel recognizes stock-based compensation expense to the extent management believes it probable that Atmel will achieve the performance criteria which occurs before these awards actually vest. If the performance goals are unlikely to be met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Atmel's control. As a result, management excludes this item from Atmel's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure Atmel's core performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

    --  Acquisition-related charges.
    

    Acquisition-related charges include: (1) amortization of intangibles, which include acquired intangibles such as customer relationships, backlog, core developed technology, trade names and non-compete agreements and (2) contingent compensation expense, which include compensation resulting from the employment retention of certain key employees established in accordance with the terms of the acquisitions. In most cases, these acquisition-related charges are not factored into management's evaluation of potential acquisitions or Atmel's performance after completion of acquisitions, because they are not related to Atmel's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Atmel against the performance of other companies without the variability caused by purchase accounting.

    --  Restructuring charges.
    

    Restructuring charges primarily relate to expenses necessary to make infrastructure-related changes to Atmel's operating costs. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Atmel has engaged in various restructuring activities in recent years, each has been a discrete event based on a unique set of business objectives. Atmel believes that it is appropriate to exclude restructuring charges from Atmel's non-GAAP financial measures, as it enhances the ability of investors to compare Atmel's period-over-period operating results from continuing operations.

    --  Asset impairment charges.
    

    Atmel records an impairment charge, when certain criteria are met, for the difference between the fair value and the carrying value of the assets. Management believes that is it is appropriate to exclude these non-cash charges from Atmel's non-GAAP financial measures, as it enhances the ability of investors to compare Atmel's period-over-period operating results from continuing operations.

    --  (Gain) loss on sale of assets.
    

    Atmel recognizes (gains) loss resulting from the sale of certain non-strategic assets that no longer align with Atmel's long-term operating plan. Atmel excludes these items from its non-GAAP financial measures primarily because these gains are individually discrete events and generally not reflective of the ongoing operating performance of Atmel's business and can distort the period-over-period comparison.

    --  Pension charge related to fab sale
    

    Pension charge related to the release of related accumulated other comprehensive loss as a result of Atmel's sale of its manufacturing operations in Rousset, France and the transfer of employees to the fab buyer. Management believes that it is appropriate to exclude this adjustment from Atmel's non-GAAP financial measures, as it enhances the ability of investors to compare Atmel's period-over-period operating results from continuing operations.

    --  Non-GAAP tax adjustment.
    

    In conjunction with the implementation of Atmel's global structure changes which took effect January 1, 2011, the company changed its methodology for reporting non-GAAP taxes. Beginning in the first quarter of 2011, Atmel's non-GAAP tax amounts approximate operating cash tax expense, similar to the liability reported on the Atmel's tax returns, including certain foreign refundable credits. This approach is designed to enhance the ability of investors to understand the company's tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP adjustments which may not reflect actual cash tax expense.

    Atmel forecasts its annual cash tax liability and allocates the tax to each quarter in proportion to earnings for that period.

    Non-GAAP tax amounts for periods prior to January 1, 2011 have not been adjusted to reflect this new methodology.

    Atmel Corporation

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




    RealPage Reports Q3 2011 Financial Results- 2011 Q3 Non-GAAP total revenue increases 41.4% to $67.9 million- 2011 Q3 adjusted EBITDA increases 65.2% to $15.0 million- 2011 Q3 Non-GAAP earnings per share increases 150.0% to $0.10 per diluted share

    CARROLLTON, Texas, Nov. 1, 2011 /PRNewswire/ -- RealPage, Inc. , a leading provider of on-demand software and software-enabled services to the rental housing industry, today announced financial results for its third quarter ended September 30, 2011.

    (Logo: http://photos.prnewswire.com/prnh/20110912/DA66533LOGO)

    Steve Winn, chairman and CEO of RealPage, said, "The third quarter of 2011 was strong and significant for RealPage. We displayed robust financial performance highlighted by annual contract value year-over-year growth of 48.9% and on demand organic growth of 25.8%. This demonstrates our ability to expand market share and cross sell additional software products and services into our installed base. As we previously announced during the quarter, we also completed the strategic acquisition of MyNewPlace(R), which vastly expanded our capabilities around organic lead generation, performance-based lead generation and consumer Internet marketing."

    Third Quarter 2011 Financial Highlights

    --  Non-GAAP total revenue was $67.9 million, an increase of 41.4%
    year-over-year;
    --  Non-GAAP on demand revenue was $63.0 million, an increase of 46.3%
    year-over-year;
    --  Adjusted EBITDA was $15.0 million, an increase of 65.2% year-over-year;
    --  Non-GAAP net income was $7.0 million, or $0.10 per diluted share, a
    year-over-year increase of 124.3% and 150.0%, respectively;
    --  GAAP net loss attributable to common stockholders was $1.1 million, or
    $0.02 per diluted share, a year-over-year increase of 238.2% and 100.0%,
    respectively; and
    --  Net cash provided by operating activities was $10.5 million, an increase
    of 60.1% year-over-year.
    

    Financial Outlook

    RealPage management expects to achieve the following results during its fourth quarter ended December 31, 2011:

    --  Non-GAAP total revenue is expected to be in the range of $73.0 million
    to $74.5 million;
    --  Adjusted EBITDA is expected to be in the range of $15.6 million to $16.1
    million;
    --  Non-GAAP net income is expected to be in the range of $7.0 million to
    $7.3 million, or $0.10 per diluted share;
    --  Tax rate of approximately 40.0%; and
    --  Weighted average shares outstanding of approximately 72.8 million.
    

    RealPage management expects to achieve the following results during its calendar year ended December 31, 2011:

    --  Non-GAAP total revenue is expected to be in the range of $260.4 million
    to $261.9 million;
    --  Adjusted EBITDA is expected to be in the range of $56.5 million to $57.0
    million;
    --  Non-GAAP net income is expected to be in the range of $25.3 million to
    $25.6 million, or $0.35 to $0.36 per diluted share;
    --  Tax rate of approximately 40.0%; and
    --  Full year weighted average shares outstanding of approximately 72.4
    million.
    

    Please note that the above statements are forward looking and that Non-GAAP total revenue includes an adjustment for the effect of deferred revenue from acquired companies that is required to be written down for GAAP purposes under purchase accounting rules. In addition, the above statements also include the impact of acquisitions and exclude any impact resulting from the Yardi Systems litigation. Actual results may differ materially. Please reference the information under the caption "Non-GAAP Financial Measures" as part of this press release.

    Conference Call and Webcast

    The Company will host a conference call today at 5:00 p.m. EDT to discuss its financial results. Participants are encouraged to listen to the presentation via a live web broadcast at www.realpage.com on the Investor Relations section. In addition, a live dial-in is available domestically at 866-743-9666 and internationally at 760-298-5103. A replay will be available at 800-642-1687 or 706-645-9291, passcode 23528150, until November 11, 2011.

    About RealPage

    Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on demand (also referred to as "Software-as-a-Service" or "SaaS") products and services to apartment communities and single family rentals across the United States. Its on demand product lines include OneSite(R) property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, senior living and military housing properties; LeaseStar(TM) expert managed marketing that enables owners to originate, syndicate, manage and capture leads more effectively and at less overall cost; YieldStar(R) asset optimization systems that enable owners and managers to optimize rents to achieve the overall highest yield, or combination of rent and occupancy, at each property; Velocity(TM) billing and utility management services that increase collections and reduce delinquencies; LeasingDesk(R) risk mitigation systems that are designed to reduce a community's exposure to risk and liability; OpsTechnology(R) spend management systems that help owners manage and control operating expenses; and Compliance Depot(TM) vendor management and qualification services to assist a community in managing its compliance vendor program. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. RealPage's MyNewPlace(R) subsidiary is one of the nation's largest apartment and home rental websites, offering apartment owners and managers qualified, prospective residents through subscription, pay-per-lead and LeaseMatch pay-per-lease programs. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. For more information, call 1-87-REALPAGE or visit www.realpage.com.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains "forward-looking" statements relating to RealPage, Inc.'s expected, possible or assumed future results of operations and potential growth and plans, management, branding and profit margins of MyNewPlace as well as market performance, opportunities and developments. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions or uncertainty cause information technology spending, particularly in the rental housing industry, to be reduced or purchasing decisions to be delayed; (b) an increase in customer cancellations; (c) the inability to increase sales to existing customers and to attract new customers; (d) RealPage, Inc.'s failure to integrate acquired businesses and any future acquisitions successfully; (e) the timing and success of new product introductions by RealPage, Inc. or its competitors; (f) changes in RealPage, Inc.'s pricing policies or those of its competitors; (g) litigation; and (h) such other risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC"), including RealPage's Form 10-Q previously filed with the SEC on August 9, 2011. All information provided in this release is as of the date hereof and RealPage, Inc. undertakes no duty to update this information except as required by law.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures. These measures differ from GAAP in that they exclude amortization of intangible assets, stock-based compensation expenses, any impact related to the Yardi Systems litigation, acquisition-related deferred revenue adjustments, and acquisition related expenses (including any purchase accounting adjustments). Reconciliation tables comparing GAAP financial measures to non-GAAP financial measures are included at the end of this release.

    We define Adjusted EBITDA as net (loss) income plus acquisition-related deferred revenue adjustment, depreciation and asset impairment, amortization of intangible assets, net interest expense, income tax expense (benefit), stock-based compensation expense, any impact related to the Yardi Systems litigation and acquisition-related expense.

    We believe that the use of Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We believe that:

    --  Adjusted EBITDA provides investors and other users of our financial
    information consistency and comparability with our past financial
    performance, facilitates period-to-period comparisons of operations and
    facilitates comparisons with our peer companies, many of which use
    similar non-GAAP financial measures to supplement their GAAP results;
    and
    --  it is useful to exclude certain non-cash charges, such as depreciation
    and asset impairment, amortization of intangible assets and stock-based
    compensation and non-core operational charges, such as
    acquisition-related expense and any impact related to the Yardi Systems
    litigation, from Adjusted EBITDA because the amount of such expenses in
    any specific period may not directly correlate to the underlying
    performance of our business operations and these expenses can vary
    significantly between periods as a result of new acquisitions, full
    amortization of previously acquired tangible and intangible assets or
    the timing of new stock-based awards, as the case may be.
    

    We use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.

    We do not place undue reliance on Adjusted EBITDA as our only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of liquidity or financial performance reported in accordance with GAAP. There are limitations to using non-GAAP financial measures, including that other companies may calculate these measures differently than we do, that they do not reflect our capital expenditures or future requirements for capital expenditures and that they do not reflect changes in, or cash requirements for, our working capital. We compensate for the inherent limitations associated with using Adjusted EBITDA measures through disclosure of these limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net (loss) income.

    Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2011 and 2010 (unaudited, in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Revenue: On demand $62,765 $43,097 $172,741 $120,393 On premise 1,772 2,127 5,045 6,419 Professional and other 3,118 2,804 9,052 7,403 ----- ----- ----- ----- Total revenue 67,655 48,028 186,838 134,215 Cost of revenue(1) 27,585 20,203 78,078 56,595 ------ ------ ------ ------ Gross profit 40,070 27,825 108,760 77,620 Operating expense: Product development(1) 11,230 9,127 32,083 26,431 Sales and marketing(1) 17,688 9,428 44,992 25,793 General and administrative(1) 11,840 6,969 31,190 20,230 ------ ----- ------ ------ Total operating expense 40,758 25,524 108,265 72,454 ------ ------ ------- ------ Operating income (loss) (688) 2,301 495 5,166 Interest expense and other, net (684) (1,822) (2,582) (4,749) ------ ------ ------ Net income (loss) before income taxes (1,372) 479 (2,087) 417 Income tax expense (benefit) (266) 187 (615) 164 ---- --- ---- --- Net income (loss) income $(1,106) $292 $(1,472) $253 ======= ==== ======= ==== Net loss attributable to common stockholders Basic $(1,106) $(327) $(1,472) $(2,691) Diluted $(1,106) $(327) $(1,472) $(2,691) Net loss per share attributable to common stockholders Basic $(0.02) $(0.01) $(0.02) $(0.08) Diluted $(0.02) $(0.01) $(0.02) $(0.08) Weighted average shares used in computing net income (loss) per share attributable to common stockholders Basic 68,792 43,636 68,096 31,878 Diluted 68,792 43,636 68,096 31,878 Includes stock-based Three Months (1) compensation Ended Nine Months Ended expense as follows: September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Cost of revenue $459 $140 $1,069 $407 Product development 1,258 627 3,343 1,664 Sales and marketing 3,433 201 8,793 541 General and administrative 1,258 391 3,025 1,133 $6,408 $1,359 $16,230 $3,745 ====== ====== ======= ======

    Condensed Consolidated Balance Sheets At September 30, 2011 and December 31, 2010 (unaudited, in thousands except share data) September December 30, 31, 2011 2010 ---- ---- Assets Current assets: Cash and cash equivalents $47,491 $118,010 Restricted cash 20,334 15,346 Accounts receivable, less allowance for doubtful accounts of $1,003 and $1,370 at September 30, 2011 and December 31, 2010, respectively 36,739 29,577 Deferred tax asset, net of valuation allowance 601 1,529 Other current assets 12,111 6,060 ------ ----- Total current assets 117,276 170,522 Property, equipment and software, net 26,552 24,515 Goodwill 128,632 73,885 Identified intangible assets, net 115,141 54,361 Deferred tax asset, net of valuation allowance 2,760 17,322 Other assets 2,855 2,187 ----- ----- Total assets $393,216 $342,792 ======== ======== Liabilities and stockholders' equity Current liabilities: Accounts payable $8,259 $4,787 Accrued expenses and other current liabilities 27,401 15,436 Current portion of deferred revenue 51,204 47,717 Current portion of long-term debt 10,768 10,781 Customer deposits held in restricted accounts 20,278 15,253 ------ ------ Total current liabilities 117,910 93,974 Deferred revenue 8,910 7,947 Long-term debt, less current portion 47,173 55,258 Other long-term liabilities 5,926 13,029 ----- ------ Total liabilities 179,919 170,208 Stockholders' equity: Preferred stock, $0.001 par value, 10,000,000 shares authorized and zero shares outstanding at September 30, 2011 and December 31, 2010, respectively - - Common stock, $0.001 par value per share: 125,000,000 shares authorized, 72,027,632 and 68,703,366 shares issued and 71,766,288 and 68,490,277 shares outstanding at September 30, 2011 and December 31, 2010, respectively 72 69 Additional paid-in capital 306,220 263,219 Treasury stock, at cost: 261,344 and 213,089 shares at September 30, 2011 and (1,741) (958) December 31, 2010, respectively Accumulated deficit (91,202) (89,730) Accumulated other comprehensive loss (52) (16) --- --- Total stockholders' equity 213,297 172,584 ------- ------- Total liabilities and stockholders' equity $393,216 $342,792 ======== ========

    Condensed Consolidated Statements of Cash Flows For the Three and Nine Months Ended September 30, 2011 and 2010 (unaudited, in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Cash flows from operating activities: Net (loss) income $(1,106) $292 $(1,472) $253 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 7,442 5,312 21,458 14,856 Deferred tax benefit (663) (76) (1,430) (162) Stock-based compensation 6,408 1,359 16,230 3,745 Loss on sale of assets 3 54 398 57 Acquisition-related contingent consideration (3) 39 102 39 Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations: (1,603) (436) (5,587) (4,047) ------ ---- ------ ------ Net cash provided by operating activities 10,478 6,544 29,699 14,741 Cash flows from investing activities: Purchases of property, equipment and software (5,140) (2,709) (10,782) (7,427) Acquisition of businesses, net of cash acquired (67,786) (3,939) (87,817) (17,231) ------- ------ ------- ------- Net cash used by investing activities (72,926) (6,648) (98,599) (24,658) ------- ------ ------- ------- Cash flows from financing activities: Stock issuance costs from public offerings $- $57,688 $(775) $57,688 Payments on debt, net (2,782) (23,081) (8,524) (12,763) Preferred stock dividend - (666) - (666) Issuance of common stock 1,062 447 8,499 664 Purchase of treasury stock (310) (16) (783) (20) ---- --- ---- --- Net cash (used) provided by financing activities (2,030) 34,372 (1,583) 44,903 ------ ------ ------ ------ Net (decrease) increase in cash and cash equivalents (64,478) 34,268 (70,483) 34,986 Effect of exchange rate on cash (16) (6) (36) (19) Cash and cash equivalents: Beginning of period 111,985 5,132 118,010 4,427 ------- ----- ------- ----- End of period $47,491 $39,394 $47,491 $39,394 ======= ======= ======= =======

    Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2011 and 2010 (unaudited, in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Revenue: $67,655 $48,028 $186,838 $134,215 Acquisition-related deferred revenue adjustment 276 - 520 - --- --- --- --- Non-GAAP revenue $67,931 $48,028 $187,358 $134,215 ======= ======= ======== ======== Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Adjusted Gross Profit: Gross profit $40,070 $27,825 $108,760 $77,620 Acquisition-related deferred revenue adjustment 276 - 520 - Depreciation 1,428 1,328 4,437 3,947 Amortization of intangible assets 2,323 1,980 6,730 4,965 Stock-based compensation expense 459 140 1,069 407 --- --- ----- --- Adjusted gross profit $44,556 $31,273 $121,516 $86,939 ======= ======= ======== ======= Adjusted gross profit 65.6% 65.1% 64.9% 64.8% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Adjusted EBITDA: Net (loss) income $(1,106) $292 $(1,472) $253 Acquisition-related deferred revenue adjustment 276 - 520 - Depreciation, asset impairment and loss on sale of asset 2,696 2,606 8,570 7,657 Amortization of intangible assets 4,749 2,760 13,286 7,256 Interest expense, net 684 1,823 2,199 4,759 Income tax expense (benefit) (266) 187 (615) 164 Litigation-related expense 605 - 961 - Stock-based compensation expense 6,408 1,359 16,230 3,745 Acquisition-related expense 969 60 1,199 453 --- --- ----- --- Adjusted EBITDA $15,015 $9,087 $40,878 $24,287 ======= ====== ======= ======= Adjusted EBITDA Margin 22.1% 18.9% 21.8% 18.1% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Total Product Development: Product Development $11,230 $9,127 $32,083 $26,431 Less: Stock-based compensation expense 1,258 627 3,343 1,664 ----- --- ----- ----- Non-GAAP Total Product Development: $9,972 $8,500 $28,740 $24,767 ====== ====== ======= ======= Non-GAAP Total Product Development as % of Revenue: 14.7% 17.7% 15.3% 18.5% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Total Sales and Marketing: Sales and Marketing $17,688 $9,428 $44,992 $25,793 Less: Amortization of intangible assets 2,426 780 6,556 2,291 Stock-based compensation expense 3,433 201 8,793 541 ----- --- ----- --- Non-GAAP Total Sales and Marketing: $11,829 $8,447 $29,643 $22,961 ======= ====== ======= ======= Non-GAAP Total Sales and Marketing as % of Revenue: 17.4% 17.6% 15.8% 17.1%

    Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2011 and 2010 (unaudited, in thousands) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Total General and Administrative: General and Administrative $11,840 $6,969 $31,190 $20,230 Less: Acquisition-related expense 969 60 1,199 453 Stock-based compensation expense 1,258 391 3,025 1,133 Litigation related expense 605 - 961 - --- --- --- --- Non-GAAP Total General and Administrative: $9,008 $6,518 $26,005 $18,644 ====== ====== ======= ======= Non-GAAP Total General and Administrative as % of Revenue: 13.3% 13.6% 13.9% 13.9% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Total Operating Expenses: Operating Expenses $40,758 $25,524 $108,265 $72,454 Less: Amortization of intangible assets 2,426 780 6,556 2,291 Acquisition-related expense 969 60 1,199 453 Stock-based compensation expense 5,949 1,219 15,161 3,338 Litigation related expense 605 - 961 - --- --- --- --- Non-GAAP Total Operating Expenses: $30,809 $23,465 $84,388 $66,372 ======= ======= ======= ======= Non-GAAP Total Operating Expenses as % of Revenue: 45.4% 48.9% 45.0% 49.5% Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Operating Income: Operating (loss) income $(688) $2,301 $495 $5,166 Acquisition-related deferred revenue adjustment 276 - 520 - Amortization of intangible assets 4,749 2,760 13,286 7,256 Stock-based compensation expense 6,408 1,359 16,230 3,745 Acquisition-related expense 969 60 1,199 453 Litigation related expense 605 - 961 - --- --- --- --- Non-GAAP operating income $12,319 $6,480 $32,691 $16,620 ======= ====== ======= ======= Non-GAAP operating margin 18.1% 13.5% 17.4% 12.4%

    Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2011 and 2010 (unaudited, in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Non-GAAP Net Income: Net (loss) income $(1,106) $292 $(1,472) $253 Acquisition-related deferred revenue adjustment 276 - 520 - Amortization of intangible assets 4,749 2,760 13,286 7,256 Stock-based compensation expense 6,408 1,359 16,230 3,745 Accelerated interest expense related to preferred notes payable - 530 - 530 Acquisition-related expense 969 60 1,199 453 Litigation related expense 605 - 961 - Loss on sale of assets 1 - 398 - --- --- --- --- Subtotal of tax deductible items 13,008 4,709 32,594 11,984 Tax impact of tax deductible items(1) (5,203) (1,884) (13,038) (4,794) Tax expense resulting from applying effective tax rate(2) 283 (5) 220 (3) --- --- --- --- Non-GAAP net income $6,982 $3,112 $18,304 $7,440 Non-GAAP net income per share - diluted $0.10 $0.04 $0.26 $0.12 Weighted average shares - diluted 68,792 43,636 68,096 31,878 Conversion of redeemable convertible preferred stock(3) - 29,044 - 29,044 Weighted average effect of dilutive securities 3,025 3,477 3,363 2,037 ----- ----- ----- ----- Non-GAAP weighted average shares - diluted 71,817 76,157 71,459 62,959 Reflects the removal of the tax benefit associated with the amortization of intangible assets, (1) stock-based compensation expense, acquisition-related deferred revenue adjustment and acquisition-related expense. Represents adjusting to a normalized effective (2) tax rate of 40%. Represents common shares from the conversion of redeemable convertible preferred shares as if (3) the shares were converted as of the beginning of the indicated period. Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2011 2010 2011 2010 ---- ---- ---- ---- Annualized on demand revenue per average on demand unit: On demand revenue $62,765 $43,097 $172,741 $120,393 Acquisition-related deferred revenue adjustment 276 - 520 - --- --- --- --- Non-GAAP on demand revenue $63,041 $43,097 $173,261 $120,393 Ending on demand units 7,074 5,567 7,074 5,567 Average on demand units 6,727 5,387 6,370 5,059 Annualized on demand revenue per average on demand unit $37.49 $32.00 $36.27 $31.73 ====== ====== ====== ====== Annual value of on demand revenue(1) $265,204 $178,144 This metric represents management's estimate for the current annual run-rate value of on demand customer (1) relationships. This metric is calculated by multiplying ending on demand units times annualized on demand revenue per average on demand unit for the periods presented.

    Photo: http://photos.prnewswire.com/prnh/20110912/DA66533LOGO
    PRN Photo Desk, photodesk@prnewswire.com RealPage, Inc.

    CONTACT: Investors, Rhett Butler, +1-972-820-3773,
    rhett.butler@realpage.com, or Media, Randy Hargrove, +1-972-820-3076,
    randy.hargrove@realpage.com

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




    Sanmina-SCI Reports Fourth Quarter and Fiscal Year End Results

    SAN JOSE, Calif., Nov. 1, 2011 /PRNewswire/ -- Sanmina-SCI Corporation ("Sanmina-SCI" or the "Company") , a leading global Electronics Manufacturing Services company, today reported financial results for the fourth quarter and fiscal year ended October 1, 2011.

    (Logo: http://photos.prnewswire.com/prnh/20110707/SF30965LOGO)

    Fourth Quarter Fiscal 2011 Highlights

    --  Revenue of $1.7 billion, a 1.3 percent sequential improvement
    --  GAAP operating margin 3.2 percent, consistent with prior quarter
    --  GAAP diluted earnings per share of $0.22, a 100 percent sequential
    improvement
    --  Non-GAAP(1) operating margin of 4.1 percent, a 20 basis points
    sequential improvement
    --  Non-GAAP diluted earnings per share of $0.47, a 11.9 percent sequential
    improvement
    

    Fiscal Year 2011 Highlights

    --  Revenue of $6.6 billion, up 4.5 percent year-over-year
    --  GAAP diluted earnings per share of $0.83
    --  Non-GAAP diluted earnings per share of $1.64
    

    Revenue for the fourth quarter was $1.70 billion, compared to $1.67 billion in the prior quarter and $1.69 billion for the same period of fiscal 2010. Revenue for fiscal year ended October 1, 2011 was $6.60 billion, up 4.5 percent compared to $6.32 billion for the fiscal year ended October 2, 2010.

    GAAP operating income in the fourth quarter was $53.5 million or 3.2 percent of revenue, compared to $52.9 million or 3.2 percent of revenue in the third quarter fiscal 2011 and $58.2 million or 3.4 percent of revenue for the same period a year ago. GAAP operating income for fiscal year 2011 was $212.0 million, compared to $204.8 million in fiscal year 2010. GAAP net income in the fourth quarter was $18.1 million, compared to $9.4 million in the prior quarter and $31.4 million for the same period a year ago. GAAP diluted earnings per share for the quarter were $0.22, compared to $0.11 in the prior quarter and $0.38 in the same period a year ago. GAAP net income for fiscal year 2011 were $68.9 million, compared to $122.4 million in fiscal year 2010. GAAP diluted earnings per share was $0.83, compared to $1.48 in fiscal year 2010.

    Non-GAAP operating income in the fourth quarter was $70.4 million or 4.1 percent of revenue, up 20 basis points compared to $65.0 million or 3.9 percent of revenue in the third quarter fiscal 2011. Non-GAAP operating income for same period a year ago was $68.9 million or 4.1 percent of revenue. Non-GAAP operating income for the full year was $257.9 million, compared to $237.9 million for fiscal year 2010. Non-GAAP net income in the fourth quarter was $38.7 million, compared to $35.1 million in the prior quarter and $37.8 million for the same period a year ago. Non-GAAP diluted earnings per share were $0.47, compared to $0.42 for the prior quarter and $0.46 in the same period a year ago. Non-GAAP net income for the full year was $136.0 million, up 27.2 percent compared to $106.9 million for fiscal year 2010. Fiscal year 2011 diluted earnings per share was $1.64, up 26.2 percent compared to $1.30 diluted earnings per share in fiscal 2010.

    Cash and cash equivalents for the quarter ended October 1, 2011 were $640.3 million compared to $592.8 million for the quarter ended October 2, 2010. Cash flow from operations was $79.0 million for the quarter and $234.9 million for the full year. Inventory turns were 7.0x. Cash cycle days were 49.7 days.

    "Despite headwinds in the market, we had a solid fourth quarter. I am pleased with our accomplishments in fiscal 2011 as we continued to improve the quality of our customer base and execute on our strategy which was evident in our results," stated Jure Sola, Chairman and Chief Executive Officer. "Our first quarter fiscal 2012 guidance represents uncertainty in the market, push-outs from customers and potential supply constraints related to the Thailand floods. Fiscal 2012 is difficult to forecast at this time, but I am cautiously optimistic we will deliver improvements. We have the right strategy in place with a strong customer base and we are well positioned to compete in any economic environment."

    First Quarter Fiscal 2012 Outlook

    The following forecast is for the first fiscal quarter ending December 31, 2011. These statements are forward-looking and actual results may differ materially.

    --  Revenue between $1.5 billion to $1.6 billion
    --  Non-GAAP diluted earnings per share between $0.26 to $0.34
    

    Upcoming Investor and Analyst Day

    Sanmina-SCI will host an Investor and Analyst Day on Thursday, November 17, 2011 in Boston, MA. The event will begin at 8:30 a.m. ET and conclude at approximately 2:00 p.m. ET. Jure Sola, Chairman and Chief Executive Officer, along with members of the management team will provide a closer look into the company's business units and financial initiatives.

    Financial analysts and institutional investors who are interested in attending the event should contact Paige Bombino at (408) 964-3610 or email paige.bombino@sanmina-sci.com. For other interested parties, a webcast will be available on the company website at www.sanmina-sci.com, in the investor relations section.

    (1)In the commentary set forth above and/or in the financial statements included in this earnings release, we present the following non-GAAP financial measures: operating income, operating margin, net income and diluted earnings per share. In computing each of these non-GAAP financial measures, we exclude charges or gains relating to: stock-based compensation expenses, restructuring costs (including employee severance and benefits costs and charges related to excess facilities and assets), acquisition and integration costs (consisting of costs associated with the acquisition and integration of acquired businesses into our operations), impairment charges for goodwill and other assets, amortization expense and other infrequent or unusual items (including charges for customer bankruptcy reorganizations, litigation settlements and discrete tax events), to the extent material or which we consider to be of a non-operational nature in the applicable period. See Schedule 1 below for more information regarding our use of non-GAAP financial measures, including the economic substance behind each exclusion, the manner in which management uses non-GAAP measures to conduct and evaluate the business, the material limitations associated with using such measures and the manner in which management compensates for such limitations. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release and is also available on the Investor Relations section of our website at www.sanmina-sci.com. Sanmina-SCI provides first quarter fiscal 2012 outlook only on a non-GAAP basis due to the inherent uncertainties associated with forecasting the timing and amount of acquisitions, restructuring, impairment and other unusual and infrequent items.

    Company Conference Call Information

    Sanmina-SCI will hold a conference call regarding fourth quarter and fiscal year end results on Tuesday, November 1, 2011 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 877-273-6760 and international 706-634-6605. The conference will also be broadcast live over the Internet. You can log on to the live webcast at www.sanmina-sci.com. Additional information in the form of a slide presentation is available by logging onto Sanmina-SCI's website at www.sanmina-sci.com. A replay of today's conference call will be available for 48-hours. The access numbers are: domestic 800-642-1687 and international 706-645-9291, access code is 20385744.

    About Sanmina-SCI

    Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions and delivers superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia, enterprise computing and storage, clean-tech and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. More information regarding the Company is available at http://www.sanmina-sci.com.

    Sanmina-SCI Safe Harbor Statement

    Certain statements contained in this press release, including the Company's expectations for future demand, growth and interest cost and the Company's outlook for future revenue and non-GAAP earnings per share, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including a deterioration in the markets for the Company's customers' products and a resulting decrease in the Company's customers' ability to pay for the Company's products and which therefore could reduce the Company's revenue; customer bankruptcy filings, which could cause the Company to record charges to its earnings; reduction or cancelation of customer orders that reduces forecasts for the quarter; the sufficiency of the Company's cash position and other sources of liquidity to operate and expand its business; an increase in short-term rates that would increase the Company's interest expense; component shortages, including those arising from the natural disaster in Japan and, potentially, floods in Thailand; impact of the restrictions contained in the Company's credit agreements and indentures upon the Company's ability to operate and expand its business; competition negatively impacting the Company's revenues and margins; any failure of the Company to effectively assimilate acquired businesses and achieve the anticipated benefits of its acquisitions; the need to adopt future restructuring plans as a result of changes in the Company's business, which would increase the Company's costs and decrease its net income; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").

    The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

    SANMF

    Sanmina-SCI Corporation Condensed Consolidated Balance Sheets (In thousands) (GAAP) October 1, October 2, 2011 2010 ---- ---- (Unaudited) ASSETS ------ Current assets: Cash and cash equivalents $640,288 $592,812 Accounts receivable, net 1,014,121 1,018,612 Inventories 891,325 844,347 Prepaid expenses and other current assets 69,587 81,191 Assets held for sale 13,925 53,047 ------ ------ Total current assets 2,629,246 2,590,009 --------- --------- Property, plant and equipment, net 588,097 570,258 Other non-current assets 136,630 141,529 ------- ------- Total assets $3,353,973 $3,301,796 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY ----------------------------- Current liabilities: Accounts payable $984,014 $923,038 Accrued liabilities 109,478 140,371 Accrued payroll and related benefits 112,193 122,934 Short-term debt 60,200 65,000 ------ ------ Total current liabilities 1,265,885 1,251,343 --------- --------- Long-term liabilities: Long-term debt 1,182,308 1,240,666 Other 135,263 148,186 ------- ------- Total long-term liabilities 1,317,571 1,388,852 --------- --------- Total stockholders' equity 770,517 661,601 ------- ------- Total liabilities and stockholders' equity $3,353,973 $3,301,796 ========== ==========

    Sanmina-SCI Corporation Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (GAAP) (Unaudited) Three Months Ended Twelve Months Ended ------------------ ------------------- October 1, October 2, October 1, October 2, 2011 2010 2011 2010 ---- ---- ---- ---- Net sales $1,696,702 $1,687,768 $6,602,411 $6,318,691 Cost of sales 1,562,830 1,556,057 6,092,060 5,835,701 --------- --------- --------- --------- Gross profit 133,872 131,711 510,351 482,990 ------- ------- ------- ------- Operating expenses: Selling, general and administrative 59,401 61,170 247,127 252,534 Research and development 5,925 3,597 20,802 13,004 Amortization of intangible assets 956 392 3,831 3,555 Restructuring and integration costs 13,724 8,417 29,609 21,822 Asset impairment 365 - 450 1,100 Gain on sales of long-lived assets - (28) (3,465) (13,824) Total operating expenses 80,371 73,548 298,354 278,191 ------ ------ ------- ------- Operating income 53,501 58,163 211,997 204,799 Interest income 371 710 1,861 2,246 Interest expense (21,341) (27,668) (99,114) (108,144) Other income (expense), net (3,717) 2,612 (15,206) 40,341 ------ ----- ------- ------ Interest and other, net (24,687) (24,346) (112,459) (65,557) ------- ------- -------- ------- Income before income taxes 28,814 33,817 99,538 139,242 Provision for income taxes 10,726 2,418 30,621 16,807 ------ ----- ------ ------ Net income $18,088 $31,399 $68,917 $122,435 ======= ======= ======= ======== Basic income per share $0.22 $0.39 $0.86 $1.55 Diluted income per share $0.22 $0.38 $0.83 $1.48 Weighted-average shares used in computing per share amounts: Basic 80,713 79,683 80,345 79,195 Diluted 82,729 82,734 83,158 82,477

    Sanmina-SCI Corporation Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended ------------------ ------------------- October 1, July 2, October 2, October 1, October 2, 2011 2011 2010 2011 2010 ---- ---- ---- ---- ---- GAAP Revenue $1,696,702 $1,674,200 $1,687,768 $6,602,411 $6,318,691 Adjustments Customer bankruptcy reorganization (1) - - (570) - - --- --- ---- --- --- Non-GAAP Revenue $1,696,702 $1,674,200 $1,687,198 $6,602,411 $6,318,691 ========== ========== ========== ========== ========== GAAP Gross Profit $133,872 $131,601 $131,711 $510,351 $482,990 GAAP gross margin 7.9% 7.9% 7.8% 7.7% 7.6% Adjustments Stock compensation expense (2) 905 1,773 859 4,730 5,452 Amortization of intangible assets 156 157 209 627 209 Contingency item expected to reverse in a future period (3) - - - - 3,039 Customer bankruptcy reorganization (1) (2,332) - (570) (3,091) 759 ------ --- ---- ------ --- Non-GAAP Gross Profit $132,601 $133,531 $132,209 $512,617 $492,449 ======== ======== ======== ======== ======== Non-GAAP gross margin 7.8% 8.0% 7.8% 7.8% 7.8% GAAP Operating Income $53,501 $52,907 $58,163 $211,997 $204,799 GAAP operating margin 3.2% 3.2% 3.4% 3.2% 3.2% Adjustments Stock compensation expense (2) 4,002 6,057 2,796 17,983 15,167 Contingency item expected to reverse in a future period (3) - - - - 3,039 Amortization of intangible assets 1,112 1,115 601 4,458 3,764 Customer bankruptcy reorganization (1) (2,332) - (1,178) (3,091) 759 Restructuring, acquisition and integration costs 13,724 6,336 8,516 29,609 23,115 Gain on sales of long-lived assets - (1,460) (28) (3,485) (13,824) Asset impairment 365 - - 450 1,100 --- --- --- --- ----- Non-GAAP Operating Income $70,372 $64,955 $68,870 $257,921 $237,919 ======= ======= ======= ======== ======== Non-GAAP operating margin 4.1% 3.9% 4.1% 3.9% 3.8% GAAP Net Income $18,088 $9,405 $31,399 $68,917 $122,435 Adjustments: Operating income adjustments (see above) 16,871 12,048 10,707 45,924 33,120 Gain on sale of business - - - - (3,710) Loss on repurchase of debt (4) - 16,098 - 16,098 1,197 Gain from litigation settlement (5) - - - - (35,556) Acquisition and integration costs - - (541) - (541) Nonrecurring tax items 3,711 (2,425) (3,760) 5,066 (10,018) ----- ------ ------ ----- ------- Non-GAAP Net Income $38,670 $35,126 $37,805 $136,005 $106,927 ======= ======= ======= ======== ======== GAAP Income Per Share: Basic $0.22 $0.12 $0.39 $0.86 $1.55 Diluted $0.22 $0.11 $0.38 $0.83 $1.48 Non-GAAP Income Per Share: Basic $0.48 $0.44 $0.47 $1.69 $1.35 Diluted $0.47 $0.42 $0.46 $1.64 $1.30 Weighted-average shares used in computing per share amounts: Basic 80,713 80,579 79,683 80,345 79,195 Diluted 82,729 83,141 82,734 83,158 82,477 (1) For FY11, represents reversal of reserves previously established in connection with customer bankruptcy reorganization announcements. For FY10, relates to revenue reversal and inventory and bad debt reserves associated with customer bankruptcies. (2) Stock compensation expense was as follows: Three Months Ended Twelve Months Ended ------------------ ------------------- October 1, July 2, October 2, October 1, October 2, 2011 2011 2010 2011 2010 ---- ---- ---- ---- ---- Cost of sales $905 $1,773 $859 $4,730 $5,452 Selling, general and administrative 3,072 4,209 1,899 13,070 9,809 Research and development 25 75 38 183 (94) --- --- --- --- --- Stock compensation expense - total company $4,002 $6,057 $2,796 $17,983 $15,167 ====== ====== ====== ======= ======= (3) Represents a non-recurring contingency that the Company expects to resolve favorably in future periods. However, there can be no assurance of the exact amount or timing of this recovery. (4) Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity. (5) Represents cash received in connection with a litigation settlement.

    Schedule I

    The commentary above includes non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other infrequent items, including customer bankruptcy impacts, to the extent material or which we consider to be of a non-operational nature in the applicable period.

    Management excludes these items principally because such charges are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of Company's operations, both internally and externally, (2) guide management in assessing performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of the ongoing, core business. The material limitations to management's approach include the fact that the charges and expenses excluded are nonetheless charges required to be recognized under GAAP. Management compensates for these limitations primarily by using GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results back to GAAP in its earnings releases.

    Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.

    Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of stock options and unvested restricted stock units granted to employees, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of stock options in each quarter. In addition, given the fact that competitors grant different amounts and types of equity award and may use different option valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.

    Restructuring, Acquisition and Integration Expenses, which consist of severance, lease termination, exit costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions which are difficult to predict, (2) are not directly related to ongoing business results and (3) do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.

    Impairment Charges, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.

    Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity or availability under its credit facilities. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.

    Other Items, which consist of other infrequent or unusual items (including charges for customer bankruptcy reorganizations, litigation settlements, gains and losses on sales of assets and discrete tax events), to the extent material or non-operational in nature, are excluded because such items are typically non-recurring, difficult to predict and generally not directly related to the Company's ongoing core operations. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

    Photo: http://photos.prnewswire.com/prnh/20110707/SF30965LOGO
    PRN Photo Desk, photodesk@prnewswire.com Sanmina-SCI Corporation

    CONTACT: Paige Bombino, Director, Investor Relations, +1-408-964-3610

    Web site: http://www.sanmina-sci.com/




    Harbin Electric Commences Closing Process for "Going Private" Transaction

    HARBIN, China, Nov. 1, 2011 /PRNewswire/ -- Harbin Electric, Inc. , a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced it has commenced the closing process of the merger contemplated by the Agreement and Plan of Merger, dated June 19, 2011, as amended, pursuant to which the Company will become a wholly-owned subsidiary of Tech Full Electric Company Limited ("Tech Full Electric"), which is controlled by Mr. Tianfu Yang, the Company's Chairman and Chief Executive Officer.

    As part of the closing process, the Company has filed the Articles of Merger with the Nevada Secretary of State. Trading of the Company's common stock has been suspended on the NASDAQ Global Select Market as of market close today. NASDAQ has filed a notification of removal of listing and registration on Form 25 with the Securities and Exchange Commission ("SEC") with respect to Harbin Electric's common stock.

    As previously announced, at the Company's Special Meeting of Shareholders held on October 29, 2011, the Merger Agreement was approved by approximately 90.6% of the outstanding shares of Harbin Electric common stock and approximately 84.2% of total unaffiliated shares of Harbin Electric, satisfying the majority of unaffiliated stockholders voting requirement set forth in the Merger Agreement.

    Due to the multi-jurisdictional nature of Harbin Electric and different time zones involved in the closing process, the Company currently anticipates the "going private" transaction will be completed on November 2, 2011 (U.S. time). The Company intends to publicly announce when the closing of the transaction is completed.

    Safe Harbor Statement

    The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the Securities and Exchange Commission ("SEC"), including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K/A for the year ended December 31, 2010, filed with the SEC on September 29, 2011. The Company does not undertake any obligation to update forward-looking statements contained in this press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negatives thereof, or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products.

    A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments, in particular, whether and when the transactions contemplated by the Merger Agreement will be consummated. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: any conditions imposed on the parties in connection with consummation of the transactions described herein; adoption of the Merger Agreement by the Company's shareholders; satisfaction of various other conditions to the closing of the transactions described herein; and the risks that are described from time to time in the Company's reports filed with the SEC.

    About Harbin Electric, Inc.

    Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company's products are purchased by a broad range of domestic and international customers, including those involved in the energy industry, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, chemical, petrochemical, as well as in the metallurgical and mining industries. The Company operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.

    Harbin Electric has built a strong research and development capability by recruiting talent worldwide and through collaboration with top scientific institutions. The Company owns numerous patents in China and has developed award-winning products for its customers. Relying on its own proprietary technology, the Company developed an energy efficient linear motor driven oil pump, the first of its kind in the world, for the largest oil field in China. Its self-developed linear motor propulsion system is powering China's first domestically-made linear-motor-driven metro train. As China continues to grow its industrial base, Harbin Electric aspires to be a leader in the industrialization and technology transformation of the Chinese manufacturing sector. To learn more about Harbin Electric, visit www.harbinelectric.com.

    For media inquiries, please contact:
    Matt Sherman / Matt Cuneo / Nicole Greenbaum
    Joele Frank, Wilkinson Brimmer Katcher
    Tel: +1-212-355-4449

    For investor inquiries, please contact:
    Christy Shue
    Harbin Electric, Inc.
    Executive VP, Finance & Investor Relations
    Tel: +1-631-312-8612
    Email: IR@HarbinElectric.com

    Linda Bergkamp
    Christensen Investor Relations
    Tel: +1-480-614-3004
    Email: LBergkamp@ChristensenIR.com

    Harbin Electric, Inc.




    Concurrent Reports 2012 First Quarter Financial Results

    ATLANTA, Nov. 1, 2011 /PRNewswire/ -- Concurrent , a global leader in video and media data solutions, today announced financial results for its fiscal first quarter ended September 30, 2011.

    (Logo: http://photos.prnewswire.com/prnh/20110317/CL67141LOGO )

    Revenue for the fiscal 2012 first quarter was $12.9 million compared with $15.5 million in the comparable period in fiscal 2011.

    Gross margin for the fiscal 2012 first quarter was 56% compared with 55% for the same period last year. Operating expenses amounted to $9.8 million, compared with $9.5 million in the prior-year period.

    The company reported a net loss of $2.6 million, or $0.31 per share, in the first quarter of fiscal 2012, compared with a net loss of $1.2 million, or $0.14 per share, in the same quarter of the prior fiscal year. At September 30, 2011, the company had cash and short-term investments of $29.7 million. Concurrent has no debt.

    "These results are clearly disappointing, especially given the positive video market dynamics and our recent customer wins. The impact was principally due to significantly reduced spending levels from two of our core North American MSO customers, and a delay in product acceptance with a major new customer. While the revenue shortfall in the quarter is not necessarily unique to Concurrent, it illustrates the importance we place on diversifying our overall base of customers," commented Dan Mondor, the company's President and Chief Executive Officer. "Looking forward, our line of sight has improved on specific projects with our top customers and we expect to recognize revenue from recent customer wins. As such, we are cautiously optimistic about the coming quarters while we believe customers will continue to closely manage their spending."

    Recent Company Highlights

    --  Announced the launch of Concurrent's new eFactor product suite with
    Internap, the company's first global Internet CDN customer;
    --  Signed an agreement with Kabel Deutschland, Germany's largest cable
    provider, representing Concurrent's largest new customer in Europe for
    multi-screen video delivery;
    --  Completed the initial MDAS implementation for Rogers Communications in
    Canada for deployment across their entire footprint, giving Rogers a
    comprehensive view of their customers' viewing experience for all
    broadband video offerings.
    

    Conference Call Information

    Concurrent will hold a conference call to discuss its 2012 first quarter financial results today, Tuesday, November 1, at 4:30 p.m. ET, which will be broadcast live at www.ccur.com, under the "Investors" section. The call can be accessed live by dialing 1- 877-777-1968 and entering pass code 111101. A webcast of the live call as well as a replay will also be available at www.ccur.com.

    About Concurrent

    Concurrent is a global leader in multi-screen video delivery, media data management, and monetization. Built on a solid foundation of Emmy Award-winning technology, Concurrent's solutions provide consumers with ubiquitous access to content on any screen and provide media stakeholders with a holistic view of the consumer video experience. Concurrent supplies customers across the entire media ecosystem (cable, telecommunications, wireless, web, advertising, and content supplier industries) with enterprise-level CDN technology, multi-screen video delivery, monetization, media data collection and logistics solutions. Concurrent's video solutions are built upon a rich heritage of high-performance real-time technology, which also powers solutions for the defense, aerospace, automotive and financial industries. Concurrent has offices in North America, Europe and Asia. Visit www.ccur.com for further information and follow us on Twitter: www.twitter.com/Concurrent_CCUR.

    Safe Harbor Statement

    Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and the company's future performance, including, but not limited to, management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected.

    The risks and uncertainties which could affect our financial condition or results of operations include, without limitation: delays or cancellations of customer orders; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; margins of video business to capture new business; fluctuations and timing of large video orders; doing business in the People's Republic of China; uncertainties relating to the development and ownership of intellectual property; uncertainties relating to our ability and the ability of other companies to enforce their intellectual property rights; the pricing and availability of equipment, materials and inventories; the concentration of our customers; failure to effectively manage change; delays in testing and introductions of new products; rapid technology changes; system errors or failures; reliance on a limited number of suppliers and failure of components provided by those suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the impact of competition on the pricing of video solutions products; our ability to satisfy the financial covenants in the Revolver; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new video solutions; the success of our relationships with technology and channel partners; capital spending patterns by a limited customer base; the current challenging macro-economic environment; continuing unevenness of the global economic recovery; privacy concerns over data collection; earthquakes, tsunamis and other natural disasters in which our customers and suppliers operate; and the availability of debt or equity financing to support our liquidity needs.

    Other important risk factors are discussed in Concurrent's Form 10-K filed with the Securities and Exchange Commission (SEC) on August 30, 2011, and may be discussed in subsequent filings with the SEC. The risk factors discussed in the Form 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. Forward-looking statements are based on current expectations and speak only as of the date of such statements. Concurrent undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.

    Concurrent Computer Corporation and its logo are registered trademarks of Concurrent. All other Concurrent product names are trademarks of Concurrent while all other product names are trademarks or registered trademarks of their respective owners.

    Concurrent Computer Corporation Condensed Consolidated Statements of Operations (Unaudited) (In Thousands Except Per Share Data) Three Months Ended September 30, ------------------ 2011 2010 --- --- Revenues: Product $6,784 $9,351 Service 6,104 6,195 ----- ----- Total revenues 12,888 15,546 Cost of sales: Product 2,770 4,253 Service 2,837 2,788 ----- ----- Total cost of sales 5,607 7,041 ----- ----- Gross margin 7,281 8,505 Operating expenses: Sales and marketing 4,302 4,050 Research and development 3,580 3,358 General and administrative 1,903 2,054 ----- ----- Total operating expenses 9,785 9,462 ----- ----- Operating loss (2,504) (957) Other income, net 13 28 --- --- Loss before income taxes (2,491) (929) Income tax provision 109 282 --- --- Net loss $(2,600) $(1,211) ======= ======= Basic net loss per share $(0.31) $(0.14) ====== ====== Diluted net loss per share $(0.31) $(0.14) ====== ====== Basic weighted average shares outstanding 8,488 8,368 ===== ===== Diluted weighted average shares outstanding 8,488 8,368 ===== =====

    Concurrent Computer Corporation Condensed Consolidated Statements of Operations (Unaudited) (In Thousands Except Per Share Data) Three Months Ended ------------------ September 30, June 30, 2011 2011 --- --- Revenues: Product $6,784 $8,426 Service 6,104 6,667 ----- ----- Total revenues 12,888 15,093 Cost of sales: Product 2,770 3,552 Service 2,837 3,085 ----- ----- Total cost of sales 5,607 6,637 ----- ----- Gross margin 7,281 8,456 Operating expenses: Sales and marketing 4,302 4,630 Research and development 3,580 3,453 General and administrative 1,903 2,191 ----- ----- Total operating expenses 9,785 10,274 ----- ------ Operating loss (2,504) (1,818) Other income (expense), net 13 (51) --- --- Loss before income taxes (2,491) (1,869) Provision for income taxes 109 (516) --- ---- Net loss $(2,600) $(1,353) ======= ======= Basic net loss per share $(0.31) $(0.16) ====== ====== Diluted net loss per share $(0.31) $(0.16) ====== ====== Basic weighted average shares outstanding 8,488 8,438 ===== ===== Diluted weighted average shares outstanding 8,488 8,438 ===== =====

    Concurrent Computer Corporation Condensed Consolidated Balance Sheets (In Thousands) September 30, June 30, 2011 2011 (unaudited) ASSETS Cash and cash equivalents $24,067 $27,814 Short-term investments 5,600 5,497 Trade accounts receivable, net 8,454 8,033 Inventories 4,007 3,847 Prepaid expenses and other current assets 3,071 1,888 ----- ----- Total current assets 45,199 47,079 Property, plant and equipment, net 4,860 4,754 Intangible assets, net 2,340 2,565 Other long-term assets 1,440 1,588 ----- ----- Total assets $53,839 $55,986 ======= ======= LIABILITIES Accounts payable and accrued expenses $7,788 $7,534 Deferred revenue 8,573 9,266 ----- ----- Total current liabilities 16,361 16,800 Long-term deferred revenue 4,207 3,655 Revolving bank line of credit, non-current - - Other long-term liabilities 4,014 4,052 Total liabilities 24,582 24,507 STOCKHOLDERS' EQUITY Common stock 86 85 Additional paid-in capital 207,385 207,116 Accumulated deficit (179,128) (176,528) Treasury stock, at cost (255) (255) Accumulated other comprehensive income 1,169 1,061 ----- ----- Total stockholders' equity 29,257 31,479 ------ ------ Total liabilities and stockholders' equity $53,839 $55,986 ======= =======

    Photo: http://photos.prnewswire.com/prnh/20110317/CL67141LOGO
    PRN Photo Desk, photodesk@prnewswire.com Concurrent Computer Corporation

    CONTACT: Investor Relations: Kirk Somers, Executive VP of Corporate
    Affairs, +1-678-258-4000, investor.relations@ccur.com; or Rob Whetstone,
    PondelWilkinson Inc., +1-310-279-5963, rwhetstone@pondel.com; or Media
    Relations: Mike Neumeier, APR, Arketi Group, +1-404-929-0091, ext. 210,
    mneumeier@arketi.com

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




    RealNetworks Appoints Thomas Nielsen President & CEO

    SEATTLE, Nov. 1, 2011 /PRNewswire/ -- RealNetworks, Inc. today announced that its board of directors has named Thomas Nielsen as its new president and chief executive officer. Nielsen, who will also become a member of its Board of Directors, starts at RealNetworks on November 9th.

    (Photo: http://photos.prnewswire.com/prnh/20111101/SF97775)

    "After an extensive and thorough search, we're delighted to have selected Thomas as our new CEO," said RealNetworks company founder and board chairman Rob Glaser. "Thomas is a terrific product executive who has also demonstrated exceptional business and leadership skills. He's a perfect fit to take RealNetworks into the future. We will leverage Thomas' extensive background in customer-driven product strategy and delivery to ensure RealNetworks' strategic plan is focused and optimized for growth."

    "I am honored to be joining RealNetworks, an industry pioneer in digital media applications and services," Nielsen said. "While there's a lot of work to do, RealNetworks has incredible and unique assets upon which to build, including a very talented team. I'm excited about the opportunity to help lead RealNetworks on to the next great chapter in its success. "

    Nielsen, 41, most recently served as vice president of the Digital Imaging Group at Adobe Systems, leading the business unit for Adobe's largest product line which includes Photoshop, Elements and Lightroom, in addition to mobile, web and tablet solutions. While at the helm of Adobe's Digital Imaging Group, Nielsen was responsible for over $500 million in revenue. Prior to his seven years at Adobe, Nielsen spent five years at Microsoft in the digital media space. Nielsen spent the first nine years of his career at MGI Software Corp., a Canadian digital imaging software company. Nielsen has a B.S. in Computer Science from Tietgen Business School in Denmark.

    Nielsen will be taking over from Mike Lunsford, who has served as interim CEO since March 2011. Lunsford, who has been an executive at RealNetworks since 2008, will continue to work at RealNetworks in a senior capacity, reporting to Nielsen.

    About RealNetworks

    RealNetworks creates innovative applications and services that make it easy for people to connect with and enjoy digital media. RealNetworks invented the streaming media category and continues to connect consumers with their digital media both directly and through partners, aiming to support every network, device, media type and social network. Find RealNetworks corporate information at www.realnetworks.com/about-us

    RealNetworks is a registered trademark of RealNetworks, Inc. All other trademarks, names of actual companies and products mentioned herein are the property of their respective owners.

    Forward Looking Statements: This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to the future success of RealNetworks. More information about potential risk factors that could affect business and financial results is included in the RealNetworks annual report on Form 10-K for the most recent year ended December 31, and its quarterly reports on Form 10-Q and, from time to time, in other reports filed by RealNetworks with the Securities and Exchange Commission. Actual results may differ materially from estimates under different assumptions or conditions. RealNetworks assumes no obligation to update any forward-looking statements or information, which are in effect as of their respective dates.

    Photo: http://photos.prnewswire.com/prnh/20111101/SF97775
    PRN Photo Desk, photodesk@prnewswire.com RealNetworks, Inc.

    CONTACT: Investors, Marj Charlier of RealNetworks, 206-892-6718,
    mcharlier@real.com; or Press, Barbara Krause, 408-981-2429 ,
    barbara@krause-taylor.com, or Betty Taylor, 408-981-7551,
    bettyt@krause-taylor.com, both of Krause Taylor Associates for RealNetworks

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




    Trimble Third Quarter 2011 Revenue $417.4 Million, Up 31 Percent: GAAP Earnings per Share of $0.22 and Non-GAAP Earnings per Share of $0.52

    SUNNYVALE, Calif., Nov. 1, 2011 /PRNewswire/ -- Trimble today announced third quarter 2011 revenue of $417.4 million, up approximately 31 percent as compared to the third quarter of 2010.

    GAAP operating income for the third quarter of 2011 was $32.4 million, up two percent as compared to the third quarter of 2010. GAAP operating margin in the third quarter of 2011 was 7.8 percent as compared to 10.0 percent in the third quarter of 2010.

    Third quarter 2011 GAAP net income was $28.0 million, down 15 percent as compared to the third quarter of 2010. Diluted earnings per share in the third quarter of 2011 were $0.22 as compared to diluted earnings per share of $0.27 in the third quarter of 2010. The GAAP operating margin and earnings per share were down primarily due to the impact of higher amortization of intangibles due to recent acquisitions.

    Third quarter 2011 non-GAAP operating income of $73.0 million was up 39 percent as compared to the third quarter of 2010. Non-GAAP operating margin was 17.5 percent as compared to 16.5 percent in the third quarter of 2010.

    Non-GAAP net income of $65.7 million for the third quarter of 2011 was up 36 percent as compared to the third quarter of 2010. Diluted non-GAAP earnings per share in the third quarter of 2011 were $0.52 as compared to diluted non-GAAP earnings per share of $0.39 in the third quarter of 2010.

    Third quarter 2011 non-GAAP results exclude:

    --  Restructuring expense of $694 thousand as compared to $290 thousand in
    the third quarter of 2010;
    --  Amortization of intangibles of $24.1 million as compared to $14.4
    million in the third quarter of 2010;
    --  Stock-based compensation expense of $7.1 million as compared to $5.5
    million in the third quarter of 2010;
    --  Acquisition-related inventory step-up charge of $1.4 million as compared
    to $69 thousand in the third quarter of 2010;
    --  Acquisition-related costs of $6.1 million as compared to a $2.5 million
    gain in the third quarter of 2010 and;
    --  Loss on foreign exchange of $2.2 million from a hedge associated with
    the purchase of Tekla.  In the second quarter of 2011, there was a gain
    on foreign exchange related to this hedge of $5.6 million, which was
    also excluded from non-GAAP results.
    

    "The third quarter results confirmed that Trimble can continue to grow under the current economic conditions. In the quarter we saw year-over-year growth in all four segments for the first time since 2008," said Steven W. Berglund, Trimble's president and chief executive officer. "The Mobile Solutions segment returned to profitability and we expect to see continued improvements each quarter. The Engineering and Construction and Field Solutions segments both continue to show growth across most product lines and geographies. While the economy remains uncertain, we are encouraged by the progress we are making in integrating our acquisitions, expanding geographies and extending our reach into new adjacencies," concluded Berglund.

    Segment operating income is revenue less cost of goods sold and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and acquisition costs. Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.

    Engineering and Construction (E&C)

    Third quarter 2011 E&C revenue was $241.1 million, up 27 percent as compared to the third quarter of 2010, driven by strength across most product lines, the positive effects of the SITECH dealer channel and the acquisition of Tekla.

    Operating income in E&C for the third quarter of 2011 was $42.6 million, or 17.7 percent of revenue, as compared to $36.6 million, or 19.3 percent of revenue in the third quarter of 2010. Non-GAAP operating income was $45.2 million, or 18.8 percent of revenue, as compared to $38.5 million, or 20.3 percent of revenue, in the third quarter of 2010. Non-GAAP operating margin was lower due primarily to a non-cash write down on a portion of Tekla's pre-acquisition deferred revenue. Tekla was expected to be dilutive in the third and fourth quarters of 2011 and accretive beginning in the first quarter of 2012.

    Field Solutions

    Third quarter 2011 Field Solutions revenue was $91.1 million, up 35 percent as compared to the third quarter of 2010 due to growth in sales of both agriculture and geographic information system (GIS) products and the acquisition of Tekla.

    Third quarter 2010 Field Solutions operating income was $31.0 million, or 34.1 percent of revenue, as compared to $21.0 million, or 31.3 percent of revenue, in the third quarter of 2010. Non-GAAP operating income was $31.6 million, or 34.7 percent of revenue, as compared to $21.5 million, or 32.0 percent of revenue, in the third quarter of 2010. The increase in non-GAAP operating margin was due to higher revenue.

    Mobile Solutions

    Third quarter 2011 Mobile Solutions revenue was $58.1 million, up 54 percent as compared to the third quarter of 2010 due primarily to acquisitions and growth within the base business also contributed.

    Third quarter 2011 Mobile Solutions operating income was $2.5 million, or 4.3 percent of revenue, as compared to an operating loss of $83 thousand, or negative 0.2 percent of revenue, in the third quarter of 2010. Non-GAAP operating income was $3.2 million, or 5.5 percent of revenue, as compared to operating income of $744 thousand, or 2.0 percent of revenue, in the third quarter of 2010. The improvement in non-GAAP operating margin was due primarily to acquisitions and some improvements in the base business driven by verticalization of the portfolio.

    Advanced Devices

    Third quarter 2011 Advanced Devices revenue was $27.1 million, up 15 percent as compared to the third quarter of 2010 due primarily to sales of Applanix products and acquisitions.

    The operating income in Advanced Devices for the third quarter 2011 was $4.0 million, or 14.6 percent of revenue, as compared to $4.1 million, or 17.2 percent of revenue, in the third quarter of 2010. Non-GAAP operating income in Advanced Devices was $4.6 million, or 17.0 percent of revenue, as compared to $4.5 million, or 19.1 percent of revenue, in the third quarter of 2010. The decline in non-GAAP operating margin was due to product mix and acquisitions.

    Stock Buy Back

    Effective Oct. 28, 2011, Trimble's Board of Directors approved a $100 million stock repurchase program. This program supersedes any existing repurchase programs. The timing and actual number of shares repurchased will depend on a variety of factors including price, regulatory requirements, capital availability, and other market conditions. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time.

    Use of Non-GAAP Financial Information

    To help our investors understand our past financial performance and our future results, as well as our performance relative to competitors, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. These non-GAAP measures can be used to evaluate our historical and prospective financial performance, as well as our performance relative to competitors. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Further, we believe some of our investors track our "core operating performance" as a means of evaluating our performance in the ordinary, ongoing, and customary course of our operations. Core operating performance excludes items that are non-cash, not expected to recur or not reflective of ongoing financial results. Management also believes that looking at our core operating performance provides a supplemental way to provide consistency in period to period comparisons.

    The specific non-GAAP measures which we use along with a reconciliation to the nearest comparable GAAP measures and the explanation for why these non-GAAP measures provide useful information to investors regarding our financial condition and results of operations and why management chose to exclude selected items can be found at the end of this release. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to this earnings release. Additional financial information about our use of non-GAAP results can be found on the investor relations page of our Web site at http://investor.trimble.com.

    Forward Looking Guidance

    For the fourth quarter of 2011 Trimble expects revenue between $415 million and $420 million with GAAP earnings per share of $0.20 to $0.22 and non-GAAP earnings per share of $0.47 to $0.49. Non-GAAP guidance for the fourth quarter of 2011 excludes the amortization of intangibles of $29.0 million related to previous acquisitions and the anticipated impact of stock-based compensation expense of $8.0 million. Both GAAP and non-GAAP earnings per share assume a 9 to 11 percent tax rate and 127.0 million shares outstanding and interest costs of $3.0 million.

    Investor Conference Call / Webcast Details

    Trimble will hold a conference call on Nov. 1, 2011 at 1:30 p.m. PT to review its third quarter 2011 results. It will be broadcast live on the Web at http://investor.trimble.com. Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international). A replay of the call will be available for seven days at (855) 859-2056 (U.S.) or (404) 537-3406 (international) and the pass code is 18784175. The replay will also be available on the Web at the address above.

    About Trimble

    Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location--including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

    For more information visit: www.trimble.com.

    Safe Harbor

    Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations for future financial market and economic conditions, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the fourth quarter of 2011, the expected tax rate, the anticipated impact of stock-based compensation expense, the amortization of intangibles related to previous acquisitions, the impact of the Tekla acquisition and the expected performance of Trimble's Mobile Solutions segment. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products or obtain new customers for its Mobile Solutions segment or integrate new acquisitions. Any failure to achieve predicted results could negatively impact the Company's revenues, cash flow from operations, and other financial results. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K, such as changes in economic conditions, critical part supply chain shortages, possible write-offs of goodwill, and regulatory proceedings affecting GPS. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.

    FTRMB

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited)

    Three Months Ended Nine Months Ended ------------------ ----------------- Sep-30, Oct-1, Sep-30, Oct-1, 2011 2010 2011 2010 ---- ---- ---- ---- Revenue $417,433 $318,210 $1,208,895 $970,588 Cost of sales 205,874 158,462 597,072 488,417 ------- ------- ------- ------- Gross margin 211,559 159,748 611,823 482,171 ------- ------- ------- ------- Gross margin (%) 50.7% 50.2% 50.6% 49.7% Operating expenses Research and development 49,928 36,897 139,452 109,339 Sales and marketing 70,662 53,228 195,359 153,518 General and administrative 44,088 29,637 114,717 85,474 Restructuring 647 238 1,775 1,244 Amortization of purchased intangible assets 13,786 8,078 32,830 24,250 Total operating expenses 179,111 128,078 484,133 373,825 ------- ------- ------- ------- Operating income 32,448 31,670 127,690 108,346 Non-operating income (expense), net Interest income 422 221 1,026 864 Interest expense (3,364) (576) (5,210) (1,385) Foreign currency transaction gain, net (4,022) 77 2,780 (1,046) Income from equity method investments, net 4,789 3,404 10,970 9,025 Other expense, net (388) 3,533 (892) 3,022 Total non-operating income (expense), net (2,563) 6,659 8,674 10,480 ------ ----- ----- ------ Income before taxes 29,885 38,329 136,364 118,826 Income tax provision 2,689 5,487 16,118 51,061 Net income 27,196 32,842 120,246 67,765 Less: Net income (loss) attributable to noncontrolling interests (775) (3) (1,106) 669 Net income attributable to Trimble Navigation Ltd. $27,971 $32,845 $121,352 $67,096 ======= ======= ======== ======= Earnings per share attributable to Trimble Navigation Ltd. Basic $0.23 $0.27 $0.99 $0.56 ----- ----- ----- ----- Diluted $0.22 $0.27 $0.96 $0.54 ----- ----- ----- ----- Shares used in calculating earnings per share: Basic 122,969 119,474 122,485 120,296 Diluted 125,894 122,869 125,980 123,599 ------- ------- ------- -------

    CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

    Sep-30, Dec-31 2011 2010 ---- ---- Assets Current assets: Cash and cash equivalents $138,255 $220,788 Accounts receivables, net 287,670 222,820 Other receivables 25,655 21,069 Inventories, net 215,681 192,852 Deferred income taxes 47,165 36,924 Other current assets 26,233 19,917 ------ ------ Total current assets 740,659 714,370 Property and equipment, net 61,562 50,692 Goodwill 1,312,480 828,737 Other purchased intangible assets, net 516,176 204,948 Other non-current assets 82,521 68,145 ------ ------ Total assets $2,713,398 $1,866,892 ========== ========== Liabilities Current liabilities: Current portion of long-term debt $66,873 $1,993 Accounts payable 105,766 72,349 Accrued compensation and benefits 70,015 60,976 Deferred revenue 95,884 73,888 Accrued warranty expense 17,503 12,868 Other accrued liabilities 38,737 29,741 Total current liabilities 394,778 251,815 Non-current portion of long-term debt 570,380 151,160 Non-current deferred revenue 10,574 10,777 Deferred income taxes 125,992 24,598 Other non-current liabilities 47,217 42,843 Total liabilities 1,148,941 481,193 --------- ------- Commitments and contingencies Equity Shareholders' equity: Common stock 861,305 781,779 Retained earnings 657,000 536,350 Accumulated other comprehensive income 25,804 48,027 ------ ------ Total Trimble Navigation Ltd. shareholders' equity 1,544,109 1,366,156 Noncontrolling interests 20,348 19,543 Total equity 1,564,457 1,385,699 Total liabilities and equity $2,713,398 $1,866,892 ========== ==========

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

    Nine Months Ended Sep-30, Oct-1, 2011 2010 ---- ---- Cash flow from operating activities: Net Income $120,246 $67,765 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 14,683 13,310 Amortization expense 56,747 42,165 Provision for doubtful accounts 954 3,022 Deferred income taxes (10,175) (3,827) Stock-based compensation 21,033 16,165 (Income) loss from equity method investments (11,001) (9,025) Excess tax benefit for stock-based compensation (11,698) (1,971) Provision for excess and obsolete inventories 6,915 3,573 Other non-cash items 2,738 (3,630) Add decrease (increase) in assets: Accounts receivables (43,117) (17,030) Other receivables 13,471 191 Inventories (11,344) (32,549) Other current and non-current assets 7,005 366 Add increase (decrease) in liabilities: Accounts payable 2,039 15,796 Accrued compensation and benefits (1,921) 15,780 Deferred revenue 7,638 1,982 Accrued warranty expense 402 (942) Accrued liabilities (2,794) (24,109) Net cash provided by operating activities 161,821 87,032 ------- ------ Cash flow from investing activities: Acquisitions of businesses, net of cash acquired (758,243) (90,757) Acquisition of property and equipment (16,002) (17,162) Acquisitions of intangible assets (1,666) (625) Purchases of equity method investments (3,267) (5,692) Dividends received 7,500 5,000 Other (168) 99 Net cash used in investing activities (771,846) (109,137) -------- -------- Cash flow from financing activities: Issuance of common stock, net 40,182 31,885 Repurchase and retirement of common stock - (73,853) Excess tax benefit for stock-based compensation 11,698 1,971 Proceeds from long-term debt, net of debt issuance costs 702,225 - Payments on short-term and long-term debt (225,942) (467) Net cash provided by (used in) financing activities 528,163 (40,464) ------- ------- Effect of exchange rate changes on cash and cash equivalents (671) (223) ---- ---- Net decrease in cash and cash equivalents (82,533) (62,792) Cash and cash equivalents -beginning of period 220,788 273,848 ------- ------- Cash and cash equivalents -end of period $138,255 $211,056 ======== ========

    REPORTING SEGMENTS (Dollars in thousands) (Unaudited)

    Reporting Segments ------------------ Engineering and Field Mobile Advanced Construction Solutions Solutions Devices ------------ --------- --------- ------- THREE MONTHS ENDED SEPTEMBER 30, 2011: Revenue $241,106 $91,106 $58,101 $27,120 Operating income before corporate allocations: $42,634 $31,030 $2,503 $3,970 Operating margin (% of segment external net revenues) 17.7% 34.1% 4.3% 14.6% THREE MONTHS ENDED OCTOBER 1, 2010: Revenue $189,598 $67,240 $37,692 $23,680 Operating income (loss) before corporate allocations: $36,589 $21,027 $(83) $4,073 Operating margin (% of segment external net revenues) 19.3% 31.3% -0.2% 17.2% NINE MONTHS ENDED SEPTEMBER 30, 2011: Revenue $667,808 $318,188 $142,747 $80,152 Operating income (loss) before corporate allocations: $112,400 $126,078 $(1,515) $10,441 Operating margin (% of segment external net revenues) 16.8% 39.6% (1.1%) 13.0% NINE MONTHS ENDED OCTOBER 1, 2010: Revenue $535,657 $243,299 $113,839 $77,793 Operating income before corporate allocations: $89,317 $89,320 $2,140 $14,879 Operating margin (% of segment external net revenues) 16.7% 36.7% 1.9% 19.1%

    GAAP TO NON-GAAP RECONCILIATION (Dollars in thousands, except per share data) (Unaudited)

    Three Months Ended Nine Months Ended ------------------ ----------------- Sep-30, Oct-1, Sep-30, Oct-1, 2011 2010 2011 2010 ---- ---- ---- ---- Dollar % of Dollar % of Dollar % of Dollar % of Amount Revenue Amount Revenue Amount Revenue Amount Revenue ------ ------- ------ ------- ------ ------- ------ ------- GROSS MARGIN: GAAP gross margin: $211,559 50.7% $159,748 50.2% $611,823 50.6% $482,171 49.7% Restructuring ( A ) 47 0.0% 52 0.0% 335 0.0% 150 0.0% Amortization of purchased intangibles ( B ) 10,321 2.5% 6,356 2.0% 23,918 2.0% 17,915 1.8% Stock-based compensation ( C ) 491 0.1% 485 0.2% 1,461 0.1% 1,472 0.2% Amortization of acquisition-related inventory step-up ( D ) 1,354 0.3% 69 0.0% 3,063 0.3% 140 0.0% ----- --- ----- --- Non-GAAP gross margin: $223,772 53.6% $166,710 52.4% $640,600 53.0% $501,848 51.7% -------- ---- -------- ---- -------- ---- -------- ---- OPERATING EXPENSES: GAAP operating expenses: $179,111 42.9% $128,078 40.2% $484,133 40.0% $373,825 38.5% Restructuring ( A ) (647) -0.2% (238) -0.1% (1,775) -0.1% (1,244) -0.1% Amortization of purchased intangibles ( B ) (13,786) -3.3% (8,078) -2.5% (32,829) -2.7% (24,250) -2.5% Stock-based compensation ( C ) (6,614) -1.6% (5,055) -1.6% (19,572) -1.6% (14,693) -1.5% Acquisition costs ( E ) (7,281) -1.7% (569) -0.2% (12,775) -1.1% (3,071) -0.3% ----- ---- ----- ----- Non-GAAP operating expenses: $150,783 36.1% $114,138 35.8% $417,182 34.5% $330,567 34.1% -------- ---- -------- ---- -------- ---- -------- ---- OPERATING INCOME: GAAP operating income: $32,448 7.8% $31,670 10.0% $127,690 10.6% $108,346 11.2% Restructuring ( A ) 694 0.2% 290 0.1% 2,110 0.2% 1,394 0.1% Amortization of purchased intangibles ( B ) 24,107 5.8% 14,434 4.5% 56,747 4.7% 42,165 4.3% Stock-based compensation ( C ) 7,105 1.7% 5,540 1.7% 21,033 1.7% 16,165 1.7% Amortization of acquisition-related inventory step-up ( D ) 1,354 0.3% 69 0.0% 3,063 0.2% 140 0.0% Acquisition costs ( E ) 7,281 1.7% 569 0.2% 12,775 1.1% 3,071 0.3% ---- --- ---- ---- Non-GAAP operating income: $72,989 17.5% $52,572 16.5% $223,418 18.5% $171,281 17.6% ------- ---- ------- ---- -------- ---- -------- ---- NON-OPERATING INCOME (EXPENSE), NET: GAAP non-operating income (expense), net: $(2,563) $6,659 $8,674 $10,480 Acquisition gains ( E ) (1,220) (3,022) (71) (3,212) Debt issuance cost write-off ( F ) - - 377 - Foreign exchange loss (gain) associated with acquisition ( G ) 2,191 - (3,456) - Non-GAAP non-operating income (expense), net: $(1,592) $3,637 $5,524 $7,268 ------- ------ ------ ------ GAAP and GAAP and GAAP and GAAP and Non-GAAP Non-GAAP Non-GAAP Non-GAAP Tax Rate ( J Tax Rate ( J Tax Rate ( J Tax Rate ( J % ) % ) % ) % ) --------- --------- --------- --------- INCOME TAX PROVISION: GAAP income tax provision: $2,689 9% $5,487 14% $16,118 12% $51,061 43% Non-GAAP items tax effected: ( H ) 3,738 2,560 10,478 11,949 IRS settlement ( I ) - 0 - (27,540) Non-GAAP income tax provision: $6,427 9% $8,047 14% $26,596 12% $35,470 20% ------ --- ------ --- ------- --- ------- --- NET INCOME: GAAP net income attributable to Trimble Navigation Ltd. $27,971 $32,845 $121,352 $67,096 Restructuring ( A ) 694 290 2,110 1,394 Amortization of purchased intangibles ( B ) 24,107 14,434 56,747 42,165 Stock-based compensation ( C ) 7,105 5,540 21,033 16,165 Amortization of acquisition-related inventory step-up ( D ) 1,354 69 3,063 140 Acquisition gains ( E ) 6,061 (2,453) 12,705 (141) Debt issuance cost write-off ( F ) - - 377 - Foreign exchange loss (gain) associated with acquisition ( G ) 2,191 - (3,456) - Non-GAAP tax ( H ), adjustments ( I ) (3,738) (2,560) (10,478) 15,591 Non-GAAP net income attributable to Trimble Navigation Ltd. $65,745 $48,165 $203,453 $142,410 ------- ------- -------- -------- DILUTED NET INCOME PER SHARE: GAAP diluted net income per share attributable to Trimble Navigation Ltd. $0.22 $0.27 $0.96 $0.54 Restructuring ( A ) 0.01 - 0.02 0.01 Amortization of purchased intangibles ( B ) 0.19 0.12 0.45 0.34 Stock-based compensation ( C ) 0.06 0.04 0.17 0.13 Amortization of acquisition-related inventory step-up ( D ) 0.01 - 0.02 - Acquisition gains ( E ) 0.05 (0.02) 0.10 - Debt issuance cost write-off ( F ) - - - - Foreign exchange loss (gain) associated with acquisition ( G ) 0.01 - (0.03) - Non-GAAP tax ( H ), adjustments ( I ) (0.03) (0.02) (0.08) 0.13 Non-GAAP diluted net income per share attributable to Trimble Navigation Ltd. $0.52 $0.39 $1.61 $1.15 ----- ----- ----- ----- OPERATING LEVERAGE: Increase in non-GAAP operating income $20,416 $12,575 $52,137 $33,003 Increase in revenue $99,223 $48,497 $238,307 $121,858 Operating leverage (increase in non-GAAP operating income as a % of increase in revenue) 20.6% 25.9% 21.9% 27.1%

    GAAP TO NON-GAAP RECONCILIATION (CONTINUED) (Dollars in thousands, except per share data) (Unaudited)

    Three Months Ended Nine Months Ended ------------------ ----------------- Sep-30, Oct-1, Sep-30, Oct-1, 2011 2010 2011 2010 ---- ---- ---- ---- % of Segment % of Segment % of Segment % of Segment SEGMENT OPERATING INCOME: Revenue Revenue Revenue Revenue ------- ------- ------- ------- Engineering and Construction GAAP operating income before corporate allocations: $42,634 17.7% $36,589 19.3% $112,400 16.8% $89,317 16.7% ( K Stock-based compensation ) 2,579 1.1% 1,891 1.0% 7,360 1.1% 5,494 1.0% Non-GAAP operating income before corporate allocations: $45,213 18.8% $38,480 20.3% $119,760 17.9% $94,811 17.7% ------- ---- ------- ---- -------- ---- ------- ---- Field Solutions GAAP operating income before corporate allocations: $31,030 34.1% $21,027 31.3% $126,078 39.6% $89,320 36.7% ( K Stock-based compensation ) 559 0.6% 464 0.7% 1,619 0.5% 1,397 0.6% Non-GAAP operating income before corporate allocations: $31,589 34.7% $21,491 32.0% $127,697 40.1% $90,717 37.3% ------- ---- ------- ---- -------- ---- ------- ---- Mobile Solutions GAAP operating income (loss) before corporate allocations: $2,503 4.3% $(83) -0.2% $(1,515) -1.1% $2,140 1.9% ( K Stock-based compensation ) 668 1.2% 827 2.2% 2,473 1.8% 2,246 2.0% Non-GAAP operating income (loss) before corporate allocations: $3,171 5.5% $744 2.0% $958 0.7% $4,386 3.9% ------ --- ---- --- ---- --- ------ --- Advanced Devices GAAP operating income before corporate allocations: $3,970 14.6% $4,073 17.2% $10,441 13.0% $14,879 19.1% ( K Stock-based compensation ) 636 2.4% 450 1.9% 1,955 2.5% 1,350 1.8% Non-GAAP operating income before corporate allocations: $4,606 17.0% $4,523 19.1% $12,396 15.5% $16,229 20.9% ------ ---- ------ ---- ------- ---- ------- ----

    FOOTNOTES TO GAAP TO NON-GAAP RECONCILIATION (Unaudited)

    Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures. The non- GAAP financial measures included in the previous table as well as detailed explanations to the adjustments to comparable GAAP measures, are set forth below: Non-GAAP gross margin We believe our investors benefit by understanding our non-GAAP gross margin as a way of understanding how product mix, pricing decisions and manufacturing costs influence our business. Non-GAAP gross margin excludes restructuring costs, amortization of purchased intangibles, stock-based compensation and amortization of acquisition-related inventory step-up from GAAP gross margin. We believe that these exclusions offer investors additional information that may be useful to view trends in our gross margin performance. Non-GAAP operating expenses We believe this measure is important to investors evaluating our non-GAAP spending in relation to revenue. Non-GAAP operating expenses exclude restructuring costs, amortization of purchased intangibles, stock-based compensation and acquisition costs associated with external and incremental costs resulting directly from merger and acquisition activities such as legal, due diligence and integration costs from GAAP operating expenses. We believe that these exclusions offer investors supplemental information to facilitate comparison of our operating expenses to our prior results. Non-GAAP operating income We believe our investors benefit by understanding our non-GAAP operating income trends which are driven by revenue, gross margin, and spending. Non-GAAP operating income excludes restructuring costs, amortization of purchased intangibles, stock- based compensation, amortization of acquisition-related inventory step-up and acquisition costs associated with external and incremental costs resulting directly from merger and acquisition activities such as legal, due diligence and integration costs. We believe that these exclusions offer an alternative means for our investors to evaluate current operating performance compared to results of other periods. Non-GAAP non-operating income (expense), net We believe this measure helps investors evaluate our non-operating income trends. Non-GAAP non-operating income (expense), net excludes acquisition costs associated with unusual acquisition related items such as a gain on bargain purchase (resulting from the fair value of identifiable net assets acquired exceeding the consideration transferred), adjustments to the fair value of earn-out liabilities and payments made or received to settle earn-out and holdback disputes. These costs are specific to particular acquisitions and vary significantly in amount and timing. Non-GAAP non-operating income (expense), net also excludes the write-off of debt issuance costs associated with a terminated credit facility as well as a foreign exchange gain specifically associated with one of our acquisitions. We believe that these exclusions provide investors with a supplemental view of our ongoing financial results. Non-GAAP income tax provision Investors benefit from the exclusion of an IRS settlement because it facilitates comparisons to our past income tax provision. Non-GAAP income tax provision excludes an IRS settlement from GAAP income tax provision and includes non-GAAP items tax effected. Non-GAAP items tax effected adjusts the provision for income taxes to reflect the effect of certain non-GAAP items on non-GAAP net income. We believe this information is useful to investors because it provides for consistent treatment of the excluded items in our non-GAAP presentation. Non-GAAP net income This measure provides a supplemental view of net income trends which are driven by non-GAAP income before taxes and our non- GAAP tax rate. Non-GAAP net income excludes restructuring costs, amortization of purchased intangibles, stock-based compensation, amortization of acquisition-related inventory step-up, acquisition costs, the write-off of debt issuance costs, a foreign exchange gain associated with an acquisition, the IRS settlement, and non-GAAP tax adjustments from GAAP net income. We believe our investors benefit from understanding these exclusions and from an alternative view of our net income performance as compared to our past net income performance. Non-GAAP diluted net income per share We believe our investors benefit by understanding our non-GAAP operating performance as reflected in a per share calculation as a way of measuring non-GAAP operating performance by ownership in the company. Non-GAAP diluted net income per share excludes restructuring costs, amortization of purchased intangibles, stock-based compensation, amortization of acquisition-related inventory step-up, acquisition costs, the write-off of debt issuance costs, a foreign exchange gain associated with an acquisition, the IRS settlement, and non-GAAP tax adjustments from GAAP diluted net income per share. We believe that these exclusions offer investors a useful view of our diluted net income per share as compared to our past diluted net income per share. Non-GAAP operating leverage We believe this information is beneficial to investors as a measure of how much incremental revenue is contributed to our operating income. Non-GAAP operating leverage is the increase in non-GAAP operating income as a percentage of the increase in revenue. We believe that this information offers investors supplemental information to evaluate our current performance and to compare to our past non-GAAP operating leverage. Non-GAAP segment operating income Non-GAAP segment operating income excludes stock-based compensation from GAAP segment operating income. We believe this information is useful to investors because some may exclude stock-based compensation as an alternative view when assessing trends in the operating income of our segments. Restructuring costs. Included in our GAAP presentation of cost of sales and operating expenses, restructuring costs recorded are primarily for employee compensation resulting from reductions in employee headcount in connection with our company restructurings. We exclude restructuring costs from our non-GAAP measures because we believe they do not reflect expected ( A future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in ) comparisons to our past operating performance. Amortization of purchased intangibles. Included in our GAAP presentation of gross margin, operating expenses, operating income, and net income is amortization of purchased intangibles. US GAAP accounting requires that intangible assets are recorded at fair value and amortized over their useful lives. Consequently, the timing and size of our acquisitions will cause our operating results to vary from period to period making a comparison to past performance difficult for investors. This accounting treatment may cause differences when comparing our results to companies that grow internally because the fair value assigned to the intangible assets acquired through acquisition may significantly exceed the equivalent expenses that a company may incur for similar efforts when performed internally. Furthermore, the useful life that we expense our intangible assets over may be substantially different from the time period that an internal growth company incurs and recognizes such expenses. We believe that by excluding purchased intangibles which represents technology and/or customer ( B relationships already developed, it enhances comparability by allowing investors to compare our operations pre-acquisition ) to those post-acquisitions and to those of our competitors that have pursued internal growth strategies. Stock-based compensation. Included in our GAAP presentation of cost of sales and operating expenses, stock-based compensation consists of expenses for employee stock options and awards and purchase rights under our employee stock purchase plan. We exclude stock-based compensation expense from our non-GAAP measures because some investors may view it ( C as not reflective of our core operating performance as it is a non-cash expense. For the three months and nine months ) ended September 30, 2011 and October 1, 2010, stock-based compensation was allocated as follows: Three Months Ended Nine Months Ended ------------------ ----------------- Sep-30, Oct-1, Sep-30, Oct-1, (Dollars in thousands) 2011 2010 2011 2010 ---- ---- ---- ---- Cost of sales $491 $485 $1,461 $1,472 Research and development 1,151 968 3,373 2,899 Sales and Marketing 1,672 1,283 4,966 4,013 General and administrative 3,791 2,804 11,233 7,781 $7,105 $5,540 $21,033 $16,165 ------ ------ ------- ------- Amortization of acquisition-related inventory step-up. The purchase accounting entries associated with our business acquisitions require us to record inventory at its fair value, which is sometimes greater than the previous book value of the inventory. Included in our GAAP presentation of cost of sales, the increase in inventory value is amortized to cost of sales over the period that the related product is sold. We exclude inventory step-up amortization from our non-GAAP measures because it is non-cash expense that we do not believe is indicative of our ongoing operating results. We further ( D believe that excluding this item from our non-GAAP results is useful to investors in that it allows for period-over- ) period comparability. Acquisition costs. Included in our GAAP presentation of operating expenses, acquisition costs consist of external and incremental costs resulting directly from merger and acquisition activities such as legal, due diligence and integration costs. Included in our GAAP presentation of non-operating income, net, acquisition costs include unusual acquisition related items such as a gain on bargain purchase (resulting from the fair value of identifiable net assets acquired exceeding the consideration transferred), adjustments to the fair value of earn-out liabilities and payments made or received to settle earn-out and holdback disputes. Although we do numerous acquisitions, the costs that have been excluded ( E from the non-GAAP measures are costs specific to particular acquisitions. These are one-time costs that vary ) significantly in amount and timing and are not indicative of our core operating performance. Debt issuance cost write-off. Included in our non-operating income, this amount represents a write-off of debt issuance cost for a terminated credit facility. We excluded the debt issuance cost write-off from our non-GAAP measures. We ( F believe that investors benefit from excluding this item from our non-operating income to facilitate a more meaningful ) evaluation of our non-operating income trends. Foreign exchange gains associated with acquisition. This amount represents a gain on foreign exchange associated with the Tekla acquisition. We excluded the foreign exchange gain from our non-GAAP measures because we believe that the exclusion ( of this item provides investors an enhanced view of the cost structure of our operations and facilitates comparisons with G) the results of other periods. Non-GAAP items tax effected. This amount adjusts the provision for income taxes to reflect the effect of the non-GAAP ( H items (A) - (G) on non-GAAP net income. We believe this information is useful to investors because it provides for ) consistent treatment of the excluded items in this non-GAAP presentation. IRS settlement. This amount represents a net charge of $27.5 million in the second quarter of 2010 resulting from the IRS audit settlement. We excluded this because it is not indicative of our future operating results. We believe that ( I investors benefit from excluding this charge from our operating results to facilitate comparisons to past operating ) performance. GAAP and non-GAAP tax rate %. These percentages are defined as GAAP income tax provision as a percentage of GAAP income before taxes and non-GAAP income tax provision as a percentage of non-GAAP income before taxes. We believe that ( J investors benefit from a presentation of non-GAAP tax rate percentage as a way of facilitating a comparison to non-GAAP ) tax rates in prior periods. Stock-based compensation. The amounts consist of expenses for employee stock options and awards and purchase rights under our employee stock purchase plan. As referred to above we exclude stock-based compensation here because investors may view it as not reflective of our core operating performance as it is a non-cash expense. However, management does include stock-based compensation for budgeting and incentive plans as well as for reviewing internal financial reporting. We discuss our operating results by segment with and without stock-based compensation expense, as we believe it is useful to investors. Stock-based compensation not allocated to the reportable segments was approximately $2.7 million and $1.9 ( K million for the three months ended September 30, 2011 and October 1, 2010, respectively and $7.6 million and $5.7 million ) for the nine months ended September 30, 2011 and October 1, 2010, respectively.

    Trimble

    CONTACT: Investors, Willa McManmon, +1-408-481-7838,
    willa_mcmanmon@trimble.com, or LeaAnn McNabb, +1-408-481-7810,
    LeaAnn_McNabb@trimble.com, both of Trimble

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




    Cenveo Announces Conference Call for Third QuarterAmends its credit facility to allow for repurchases of bonds

    STAMFORD, Conn., Nov. 1, 2011 /PRNewswire/ -- Cenveo, Inc. announced today that it will host a conference call at 10:00 a.m. Eastern Time on Thursday, November 10th, to discuss the company's third quarter results. A live webcast of the call will be accessible on Cenveo's website: www.cenveo.com.

    (Logo: http://photos.prnewswire.com/prnh/20070618/CENVEOLOGO)

    Also, effective October 28, 2011, the company amended its Senior Secured Credit Facility to allow for the repurchase of up to $30 million of bonds at its current leverage levels. The company intends to opportunistically repurchase its bonds in the open market.

    Cenveo , headquartered in Stamford, Connecticut, is a leading global provider of print and related resources, offering world-class solutions in the areas of envelopes, custom labels, specialty packaging, commercial print, publisher solutions and business documents. The company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With approximately 10,000 employees worldwide, we pride ourselves on delivering quality solutions and service every day for our customers. For more information please visit us at www.cenveo.com.

    Inquiries from analysts and investors should be directed to Robert G. Burton, Jr. at (203) 595-3005.

    Photo: http://photos.prnewswire.com/prnh/20070618/CENVEOLOGO
    PRN Photo Desk, photodesk@prnewswire.com Cenveo, Inc.

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




    Girl Scouts of Eastern Pennsylvania and AT&T Unite to Advance Underserved High School Girls in Science and EngineeringLocal Teens Benefit from $1 Million AT&T Aspire Contribution to Girl Scouts of the USA

    PHILADELPHIA, Nov. 1, 2011 /PRNewswire/ -- As minority students and women are gravitating away from science and engineering toward other professions, and employment in STEM (Science, Technology, Engineering and Math) fields are increasing at a faster pace than in non-STEM fields,(1) educational experts say the U.S. must increase proficiency and interest in these areas to compete in the global economy. Today, the Girl Scouts of Eastern Pennsylvania and AT&T* announced a new program to help 250 Philadelphia-area high school girls get interested in STEM classes and future careers.

    The initiative, called "IMAGINE: Your STEM Future," is funded through a $1 million AT&T Aspire contribution designed to reach 6,000 young women, across the U.S., and introduce them to a variety of career options in the science, technology, engineering and math fields. AT&T's contribution is among the largest gifts ever made to Girls Scouts of the USA going toward STEM programs.

    "The Girl Scouts of Eastern Pennsylvania has some of the most promising young women eager to learn and make a positive impact in both their personal lives and future careers," said Natalye Paquin, Chief Executive Officer, Girl Scouts of Eastern Pennsylvania "AT&T's contribution enables us to expand our focus to help high school girls in Philadelphia to explore educational and workforce options in the STEM fields."

    The Girl Scouts of Eastern Pennsylvania is one of 18 Councils, selected through a national competitive grant process, to participate in the educational curriculum called IMAGINE, provided in a creative kit. The council will receive a $25,000 grant, made possible from AT&T's contribution to the Girls Scouts of the USA, to conduct the program from November 2011 through summer 2012.

    The IMAGINE curriculum offers opportunities for high school girls to team up with AT&T employees and other volunteers to participate in interactive activities and visual experiments, such as extracting DNA from a banana. These activities are designed to help students imagine a future STEM career and spark interest in taking additional STEM courses in high school and college and open doors to new career options.

    Experts say the country's need for a world-leading STEM workforce will continue to grow.

    Recent research from the Georgetown Center on Education and the Workforce predicts 2.8 million STEM job openings as of 2018, including 1.2 million net new jobs and an additional 1.6 million replacement openings.(2)

    "The STEM disciplines are at the heart our business and we understand how essential they are becoming to every business and the growth of our economy," said Tiffany Baehman, vice president/general manager for AT&T in the Philadelphia region. "We are committed to helping teens succeed and are excited that Girl Scouts of Eastern Pennsylvania has been selected to participate in this program and will help these young women develop more skills to enjoy productive and rewarding careers."

    "We are delighted to partner with Girl Scouts of Eastern Pennsylvania to provide the college readiness component to this program, making the experience even more robust. We look forward to connecting girls with the resources they need to achieve their education goals," notes Barbara Mattleman, Director, PhillyGoes2College, an initiative of the Philadelphia Mayor's Office of Education.

    In addition, Girl Scouts of Eastern Pennsylvania is partnering with Delaware Valley Industrial Resource Center to engage STEM professionals as speakers and volunteers in the program.

    The other Girl Scout Councils participating in IMAGINE are located in: Birmingham, Ala.; Irvine, Calif.; San Diego, Calif.; Los Angeles, Calif.; Jupiter, Fla.; Mableton, Ga.; Elgin, Ill.; Evansville; Ind.; Wichita, Kan.; Kansas City, Mo.; St. Louis, Mo.; Omaha, Neb.; Pleasantville, N.Y.; Knoxville, Tenn.; Dallas, Texas; San Antonio, Texas; and Spokane, Wash.

    The contribution was made through AT&T Aspire, a $100 million commitment with the goal of helping students achieve their best possible futures. Launched in 2008, AT&T Aspire is one of the largest-ever corporate commitments to address high school success leading to college and career readiness.

    AT&T and the AT&T Foundation have given nearly $87 million to support STEM initiatives since 1995. Projects supported by AT&T contributions range from STEM scholarship programs and science/math focused summer camps for at risk youth to hands-on technology labs and elite robotics competitions at the nation's leading universities.

    *AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.

    About Girl Scouts - Founded in 1912, Girl Scouts of the USA is the preeminent leadership development organization for girls with 3.2 million girl and adult members worldwide. Girl Scouts is the leading authority on girls' healthy development, and builds girls of courage, confidence, and character, who make the world a better place. The organization serves girls from every corner of the United States and its territories. Girl Scouts of the USA also serves American girls and their classmates attending American or international schools overseas in 90 countries. For more information on how to join, volunteer, reconnect, or donate to Girl Scouts, call (800) GSUSA 4 U or visit www.girlscouts.org.

    About AT&T

    AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's fastest mobile broadband network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet and voice services. A leader in mobile broadband, AT&T also offers the best wireless coverage worldwide, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse(R) and AT&T | DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising.

    Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at www.att.com/rss. Or follow our news on Twitter at @ATTNews. Find us on Facebook at www.Facebook.com/ATT to discover more about our consumer and wireless services or at www.Facebook.com/ATTSmallBiz to discover more about our small business services.

    About Philanthropy at AT&T

    AT&T Inc. is committed to advancing education, strengthening communities and improving lives. Through its philanthropic initiatives and working with other organizations, AT&T has a long history of supporting projects that create learning opportunities; promote academic and economic achievement; and address community needs. In 2010, more than $148.2 million was contributed through corporate-, employee- and AT&T Foundation-giving programs.

    (C) 2011 AT&T Intellectual Property. All rights reserved. Mobile broadband not available in all areas. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

    (1) Report To The President, Prepare And Inspire: K-12 Education In Science, Technology, Engineering, And Math (Stem) For America's Future; President's Council of Advisors on Science and Technology; September 2010

    (2) Carnevale, Anthony et al. Help Wanted: Projections of Jobs and Education Requirements through 2018. Georgetown University Center on the Education and the Workforce. June 2010.

    AT&T Inc.

    CONTACT: Kim Fraites-Dow, Chief Development & Marketing Officer of Girl
    Scouts of Eastern Pennsylvania, +1-484-374-5278, or +1-215-564-2030, ext.
    1033, kfraites-dow@gsep.org; or Dan Langan, +1-717-571-1743,
    dan@langanpublicaffairs.com, for AT&T

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




    TDS and U.S. Cellular to Present at Upcoming Conferences

    CHICAGO, Nov. 1, 2011 /PRNewswire/ -- Telephone and Data Systems, Inc. and United States Cellular Corporation will present at the following upcoming conferences:

    --  Wells Fargo Securities Technology, Media & Telecom Conference in New
    York on Nov. 8 at 9:05 a.m. Eastern.  Mary N. Dillon, U.S. Cellular
    president and CEO; Steven T. Campbell, U.S. Cellular executive vice
    president-finance and CFO; and Jane W. McCahon, TDS vice present of
    corporate relations, will present.
    --  J.P. Morgan SMid Cap Conference in New York on Dec. 1 at 11:45 a.m.
    Eastern. Kenneth R. Meyers, TDS Executive Vice President and CFO, and
    Jane W. McCahon, TDS vice president of corporate relations, will
    present.
    --  UBS 39th Annual Global Media and Communications Conference in New York
    on Dec. 5 at 8:00 a.m. Eastern.  LeRoy T. Carlson, Jr., TDS president
    and CEO; Kenneth R. Meyers, TDS Executive Vice President and CFO; and
    Jane W. McCahon, TDS vice president of corporate relations, will
    present.
    

    The presentations will be webcast both live and on demand. To listen to the webcast, please visit the Company Presentation pages of http://www.teldta.com/ or http://www.uscellular.com/ at least 15 minutes before the beginning of the scheduled presentation.

    About TDS

    Telephone and Data Systems, Inc. (TDS), a Fortune 500(R) company, provides wireless, local and long-distance telephone, and broadband services to approximately 7.1 million customers in 36 states through its business units, U.S. Cellular (wireless) and TDS Telecom (wireline). Founded in 1969 and headquartered in Chicago, TDS employed 12,300 people as of June 30, 2011.

    About U.S. Cellular

    United States Cellular Corporation, the nation's sixth-largest wireless carrier, provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to approximately six million customers in 26 states. The Chicago-based company employed approximately 9,000 people as of June 30, 2011. At the end of the second quarter, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular.

    Telephone and Data Systems, Inc.; United States Cellular Corporation

    CONTACT: Julie D. Mathews, Manager, Investor Relations of Telephone and
    Data Systems, Inc., +1-312-592-5341, julie.mathews@teldta.com

    Web site: http://www.teldta.com/
    http://www.uscellular.com/




    Urbanspoon Rezbook Passes 1,000 Restaurant MarkReservation System Enables Restaurants to Reach New Diners, Manage Tables and Openings, and Capture Customer Preferences - Right from the iPad

    SEATTLE, Nov. 1, 2011 /PRNewswire/ -- Urbanspoon, the leading online local restaurant guide and reservations system, today announced that it amassed more than 1,000 restaurants that have signed up to use Rezbook, their system to manage dining reservations. Rezbook enables restaurants to throw away with their paper reservation book to better draw in new diners and manage the restaurant floor, while also avoiding the costly investment and maintenance associated with alternative reservation systems.

    (Logo: http://photos.prnewswire.com/prnh/20110831/LA60178LOGO)

    In addition to enabling customers to manage their reservations and seating process, Rezbook also offers restaurants a seamless way to draw more patrons to their door from over a million daily visits to Urbanspoon. Online reservations processed by Urbanspoon have increased by 325% this year.

    "New technologies have made it cheaper and easier for restaurants to get into the online reservation game, and it's no longer necessary for them to make a massive investment on expensive systems and maintenance fees," said Kara Nortman, general manager, Urbanspoon. "Online reservations systems are not just for huge restaurants with deep pockets; now, anyone with an iPad can reach thousands of new diners and immediately get them into seats."

    Urbanspoon's popular mobile app, which features the signature "restaurant slot machine shake," which helps users find a restaurant that fits their needs, recently hit an additional milestone of one billion shakes. In addition, the app has been downloaded more than 20 million times across mobile platforms.

    "Urbanspoon has a massive reach among diners on both online and mobile platforms. Meeting their demand for online reservation availability is a win-win-win for the restaurants, for the diners and for Urbanspoon," added Nortman.

    About Urbanspoon

    Urbanspoon is a leading online local restaurant guide, aggregating restaurant reviews from across the Web including newspapers, professional food critics, bloggers and diners. Urbanspoon allows diners to make restaurant reservations through its online booking service, Urbanspoon Rez. In addition, Urbanspoon offers restaurants a complete reservation and table management system built to run on the Apple iPad, Urbanspoon Rezbook. Urbanspoon is a subsidiary of CityGrid Media (www.citygridmedia.com), an IAC operating company, and is headquartered in Seattle, Washington.

    Media Contact:
    Jenny Davis for Urbanspoon
    Dotted Line Communications
    Phone: 925-935-2558
    jenny@dottedlinecomm.com

    Photo: http://photos.prnewswire.com/prnh/20110831/LA60178LOGO
    PRN Photo Desk, photodesk@prnewswire.com Urbanspoon

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




    IBM and ABB Scientists Collaborate to Improve Energy Transmission for More Efficient Grids- Computer simulations test high-voltage insulators to improve electrical grids- Current insulators contribute to the average loss of 7 percent of electricity during transmission- Initial findings suggest ways to improve materials to better withstand environmental effects

    BADEN, Switzerland and RUESCHLIKON, Switzerland, Nov. 1, 2011 /PRNewswire/ -- Scientists at IBM and ABB, the world's largest builder of electricity grids, are using supercomputers to study and potentially develop a new type of high-voltage insulator that will improve the efficiency of transmitting electricity. An improved insulator has the potential to transform the power grid by reducing energy loss and outages caused by material deterioration when exposed to weather.

    (Logo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO)

    Photos on Flickr http://www.flickr.com/photos/ibm_research_zurich/sets/72157627240614144/

    Once electricity is generated it is transmitted from the power station to the end user via underground cables or overhead power lines. Up to seven percent of energy loss* during transmission can be attributed to the insulation system. This waste happens for a number of reasons including the quality conditions of the grid as well as by environmental influences such as humidity, high winds and/or pollution.

    "It's like going to the market and buying a full container of milk and then arriving at home to see a glassful has disappeared," explains Dr. Philip Shemella at IBM Research - Zurich. "Using supercomputers we can simulate at the molecular level how the insulators are damaged by the environment and design them to be more efficient and reliable."

    A Collaboration of Expertise

    Started more than two years ago, IBM and ABB scientists in Switzerland formed a joint project to simulate the molecular dynamics of the insulators, which are made of silicon rubber, scientifically known as Polymethylhydrosiloxane or PDMS. The goal of the project was to better understand the physical processes and potential for improved design methods of high-voltage insulation materials.

    "IBM brings its extensive expertise in complex computer simulation and we bring over 125 years of experience with electricity," said Dr. Oliver Fritz, ABB researcher, based in Baden-Dattwil, Switzerland.

    Using an IBM Blue Gene/P supercomputer and massively parallel algorithms, the scientists were able to simulate and study the individual molecules used in the silicon rubber to better understand how it reacts to damage caused by the environment. With advanced simulations and the computing power available, the scientists were able to simulate realistic models of the material comprising approximately one million atoms. These simulations will lead to testing new materials in the silicon rubber composition to improve their resiliency to damage.

    The findings, published today in The Journal of Physical Chemistry B, DOI: 10.1021/jp207589p in a paper titled "Surface Dynamics of Amorphous Polymers Used for High-Voltage Insulators" helps to unravel the mechanism of water repulsion on the insulator surface.

    "Currently, we are running simulations to study how a drop of water affects the reliability of the insulating material. Surprisingly, this is very significant, particularly when it is extrapolated across the entire power grid," adds Shemella.

    The initial findings were published in the Journal of Physical Chemistry B, as "Molecular Motion of Amorphous Silicone Polymers" by P. Shemella et al., 2011, 115 (12), 2831-2835, DOI 10.1021/jp111318d (2011). They were also presented as a poster: "Improving Functional Properties of Amorphous Silicone Polymers with Simulation" at the Spring 2011 Materials Research Society meeting in San Francisco, California, where it was recognized with the Best Poster Award. The Spring Meeting had more than 2,000 posters and only 10 were awarded with the $400 cash prize, which went to charity. The research was conducted by Philip Shemella, Teodoro Laino and Alessandro Curioni from IBM Research - Zurich and Oliver Fritz, ABB Corporate Research - Baden-Dattwil.

    A History of Scientific Advancements Focused on Smart Grids

    In April 2011, IBM celebrated the 25th anniversary of the discovery high temperature superconductivity by IBM scientists Alex K. Mueller and Georg Bednorz. Their remarkable discovery, which was recognized with the Nobel Prize for Physics in 1987 is now being applied towards improving the energy grid by making the transmission of electricity more efficient.

    For more visit: http://www.ibm.com/ibm100/us/en/icons/hightempsuperconductors/

    Launched in 2009, the island nation of Malta turned to IBM to help mitigate its two most pressing issues -- water shortage and skyrocketing energy costs. The result is a combination smart water/grid system launched that uses instrumented digital meters to monitor waste, incentivize efficient resource use, deter theft and reduce dependence on oil and processed seawater. Together, Malta and IBM are building the world's first national smart utility system.

    For more visit: http://www.ibm.com/ibm100/us/en/icons/gridnation/

    About IBM

    For more information visit www.research.ibm.com

    About ABB

    ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 124,000 people.

    * Source: According to the U.S. Energy Information Administration, http://www.eia.gov/tools/faqs/faq.cfm?id=105&t=3

    For more information please contact: Press Office IBM Research - Press Office ABB Switzerland Zurich Lukas Inderfurth Chris Sciacca Tel: 058 585 47 07 Tel: 044 724 8443 Mail: lukas.inderfurth@ch.abb.com Mail: cia@zurich.ibm.com Press Office IBM - U.S. Fabienne Guildhary 1-917-472-3733 fguildhary@us.ibm.com

    Photo: http://photos.prnewswire.com/prnh/20090416/IBMLOGO
    PRN Photo Desk, photodesk@prnewswire.com IBM

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




    CA World 2011 Showcases "IT at the Speed of Business"All-Star Speaker Lineup Features CA Technologies CEO Bill McCracken, First CIO of the United States Vivek Kundra and VCE Chairman Michael Capellas

    ISLANDIA, N.Y., Nov. 1, 2011 /PRNewswire/ -- CA Technologies will announce key initiatives centered around the theme of "IT at the Speed of Business" at CA World 2011, November 13-16, at the MGM Mirage's Mandalay Bay Resort & Casino in Las Vegas, Nevada.

    "CIOs are vital in delivering IT services, applications and data to the business how they want it, when they want it, orchestrating new models faster than ever before," said George Fischer, executive vice president, Worldwide Sales and Operations, CA Technologies. "Speed is the CIO mandate and CA World 2011 will demonstrate new approaches and models available today and tomorrow to deliver 'IT at the Speed of Business.'"

    CA World 2011 is expected to bring together more than 6,000 CA Technologies customers, business partners, and employees from around the world in an open forum to discover how to best use current and emerging technologies to drive business growth, optimize organizational adaptability, increase efficiency and mitigate risk.

    "Customers attending CA World 2011 should be prepared for a conference like no other," said Ellyn Raftery, senior vice president, Corporate Marketing and Global Integrated Programs, CA Technologies. "This year's attendees will have the opportunity to experience new business innovation solutions, share best practices, hear about emerging technology trends and breakthroughs from industry leaders, and experience a sensational line up of keynotes."

    CA World 2011 will feature an impressive lineup of guest speakers. CA Technologies CEO Bill McCracken and a panel of industry leaders will discuss the changing IT and business landscape as well as the key trends and technologies that are driving IT and business transformation. Panelists will include Vivek Kundra, First CIO of the United States Federal Government and Harvard University Fellow; Michael Capellas, chairman of VCE, The Virtual Computing Environment Company; and Randi Zuckerberg, founder of R to Z Media and former marketing executive for Facebook.

    In addition, David Dobson, CA Technologies executive vice president and group executive, will deliver a keynote about the "New Normal" in IT, a combination of rising expectations and new trends and technologies that are enabling IT to move at the speed of business. Peter Griffiths, CA Technologies executive vice president, technology and development, will host a keynote session on the company's vision for the hybrid enterprise as well as new and emerging technologies that will help customers take advantage of advances in mobility, virtualization, automation, security and cloud.

    Grammy-nominated Matchbox 20 also will perform at the event.

    CA World 2011 will offer hundreds of conference sessions addressing critical issues in cloud computing, SaaS, virtualization management, data management, energy and sustainability, mainframe application development and extension, project and portfolio management, security and compliance, service assurance and service automation.

    For more information, including a full agenda and registration details, visit http://www.ca.com/caworld.

    (Logo: http://photos.prnewswire.com/prnh/20100516/NY05617LOGO )

    About CA Technologies

    CA Technologies is an IT management software and solutions company with expertise across all IT environments - from mainframe and distributed, to virtual and cloud. CA Technologies manages and secures IT environments and enables customers to deliver more flexible IT services. CA Technologies innovative products and services provide the insight and control essential for IT organizations to power business agility. The majority of the Global Fortune 500 relies on CA Technologies to manage evolving IT ecosystems. For additional information, visit CA Technologies at www.ca.com.

    Follow CA Technologies

    --  Twitter
    --  Social Media Page
    --  Press Releases
    --  Podcasts
    

    Legal Notices

    Copyright (C) 2011 CA. All Rights Reserved. One CA Plaza, Islandia, N.Y. 11749. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

    Contact:

    Jennifer HallahanCA Technologies(212) 415-6924jennifer.hallahan@ca.com

    Photo: http://photos.prnewswire.com/prnh/20100516/NY05617LOGO
    PRN Photo Desk, photodesk@prnewswire.com CA Technologies

    Web site: http://ca.com/




    Dr. Louis Glasgow Appointed Chief Technology Officer for Lightwave Logic, Inc.Dr. David Eaton Will Continue to Serve as Scientific Advisor

    NEWARK, Del., Nov. 1, 2011 /PRNewswire/ -- Lightwave Logic, Inc. , a technology company focused on the development of a Next Generation Non Linear Optical Polymer Materials Platform for applications in high speed fiber-optic data communications and optical computing, announced today that Dr. Louis Glasgow has been appointed as its Chief Technology Officer effective November 1, 2011.

    Dr. Glasgow received a B.S. in chemistry from the University of Illinois, and M.S. and Ph.D. degrees in physical chemistry from the University of Wisconsin at Madison. He completed a postdoctoral fellowship at the Radiation Chemistry section of the Max Planck Kohlenforschung Institute in Germany and taught at Northeastern University in Boston before joining the DuPont Company in 1973. At DuPont, Dr. Glasgow held a series of positions in research, manufacturing and administration. His last position was Director of Research.

    Dr. Glasgow worked for Corning from 2003 through 2010 with Dr. Joseph Miller, where he directed work aimed at improved ceramic catalyst substrates for automotive and truck emission control, organic coatings for glass and plastic relevant to the company's interests in fiber optic communications, life sciences, and display technologies. In addition, he directed work aimed at creating novel organic semiconductors for display and photovoltaic applications.

    He is a member of the American Chemical Society, Sigma Xi, and the American Association for the Advancement of Science (AAAS). He was appointed a fellow of the AAAS in 1995.

    Jim Marcelli, Chief Executive Officer of Lightwave Logic commented, "Lou Glasgow brings a unique set of scientific and technical capabilities to our company along with critical industry experience and program management skills that will accelerate the progress in the commercialization of our technology.

    "Together, with Dr. Eaton's continued support as Scientific Advisor to the Company, we will more fully align our development and commercialization efforts to encompass the many disciplines necessary to move forward the various projects we have currently in development."

    Dr. Lou Glasgow, said, "I am very excited to have the opportunity to join Lightwave Logic. I firmly believe in the future of photonics and the role that organic electro-optical and all-optical materials will play. The company has a unique technological lead and I look forward to contributing to the commercialization efforts."

    "Powered by Lightwave Logic"

    Lightwave Logic, Inc. is a development stage company that is producing prototype electro-optic demonstration devices and is moving toward commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. Please visit the Company's website, www.lightwavelogic.com for more information.

    Safe Harbor Statement

    The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.

    For Further Information Contact: Steven Cordovano Lightwave Logic 203-952-6373 steve@lightwavelogic.com

    Lightwave Logic, Inc.

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




    Jacobs to Hold Fiscal Year and Fourth Quarter 2011 Earnings Conference Call and Webcast

    PASADENA, Calif., Nov. 1, 2011 /PRNewswire/ -- Jacobs Engineering Group Inc. is expected to release its fiscal year and fourth quarter 2011 earnings results before the market opens on Tuesday, November 15, 2011.

    The company will then host a conference call at 11:00 AM Eastern Time, during which management will make a brief presentation focusing on the company's results, strategies, and operating trends.

    Interested parties can listen to the conference call and view accompanying slides on the Internet at www.jacobs.com.

    Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.

    Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2010 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.

    (Logo: http://photos.prnewswire.com/prnh/20110628/LA26838LOGO)

    For additional information contact:
    John W. Prosser
    626.578.6803

    Photo: http://photos.prnewswire.com/prnh/20110628/LA26838LOGO
    PRN Photo Desk, photodesk@prnewswire.com Jacobs Engineering Group Inc.

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




    'My Sister's Place' to Serve Thousands of Meals to Domestic Violence Survivors in the Nation's Capital With $10,000 Grant From the Verizon Foundation

    WASHINGTON, Nov. 1, 2011 /PRNewswire/ -- My Sister's Place, the District's oldest domestic violence shelter, will serve nearly 11,000 meals, thanks to a $10,000 grant from the Verizon Foundation.

    Domestic violence pervades the Washington area and has increased due to the weak economy often crossing socio-economic boundaries.

    In response, My Sister's Place launched its Sanctuary Plus Shelter Expansion and Renovation Initiative to ensure that women and children fleeing from domestic abuse can rely on the promise of safe sanctuary, instead of returning to a violent home or living on the streets.

    Last year, My Sister's Place more than doubled the capacity of its emergency shelter, Sanctuary Place, to serve up to 15 families at once with 45 emergency shelter beds. The 9,000-square-foot, dormitory-style facility features a 24-hour hotline that Verizon sponsored, a children's playroom, a library and computer resource center, and a commercial kitchen. The shelter serves nearly 33,000 nutritious and balanced meals each year that a professional chef prepares.

    "We are truly thankful and appreciative of all the support Verizon has given us over the years," said Lauren C. Vaughan, executive director of My Sister's Place. "Support like this enables our organization to continue to offer critical programs and services to area women and children. Verizon's funding helps make the work we do possible."

    Karen I. Campbell, Verizon's vice president of government relations - Mid-Atlantic region, said, "Domestic violence is a problem that affects all family members and tears at the fabric of our society. It's good to know that our funding to My Sister's Place will assist those who have been trapped in abusive relationships and are now working to restore their lives."

    About My Sister's Place

    Since its inception in 1979, My Sister's Place (MSP) has provided comprehensive programs and services that holistically address domestic violence. MSP is part of an interactive community committed to eradicating domestic violence. MSP provides a confidential, 24-hour hotline, safe and confidential emergency shelter, transitional housing, supportive programs, counseling, education and advocacy for battered women and their children. Its goal is to empower women to take control of their own lives. For more information on MSP and to learn how you can help, please go to www.mysistersplacedc.org.

    About the Verizon Foundation

    The Verizon Foundation, the philanthropic arm of Verizon, uses its technology, financial resources and partnerships to address critical social issues, with a focus on education and domestic violence prevention. In 2010, the foundation awarded nearly $67 million to nonprofit agencies in the U.S. and abroad. Under the HopeLine from Verizon program, no-longer-used wireless phones and accessories are collected at Verizon Wireless stores, or by mail, to help victims of domestic violence. The devices are refurbished or recycled in an environmentally friendly way. Since 2001, HopeLine has collected more than 8 million phones, properly disposed of 1.7 million no-longer-used wireless phones, and kept more than 210 tons of electronic waste and batteries out of landfills. For store locations and to learn how to donate a phone using a postage-paid mailing label, visit www.verizonwireless.com/hopeline. For more information on the foundation, visit www.verizonfoundation.org.

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

    Verizon

    CONTACT: Lauren C. Vaughan, +1-202-529-3328,
    lvaughan@mysistersplacedc.org, or Sandra Arnette, +1-202-392-1021,
    sandra.u.arnette@verizon.com

    Web site: http://www.mysistersplacedc.org/
    http://www.verizonfoundation.org/

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




    Domestic Violence Survivors in Maryland Get Much-Needed Health, Emotional and Legal Support with $10,000 Verizon Foundation Grant to Marian House

    BALTIMORE, Nov. 1, 2011 /PRNewswire/ -- In an effort to help Marian House increase support services for domestic violence survivors and build awareness of this serious social problem, the Verizon Foundation has awarded the agency a $10,000 grant.

    The funding will support Marian House's Domestic Violence Survivors Support Program, which provides housing and comprehensive services that directly improve the health and well-being of domestic violence survivors throughout Maryland. The program also aims to help survivors understand the connection between the abuse they have suffered and their destructive thinking patterns or dysfunctional behavior; promote advocacy for victims of domestic violence; and inform survivors of their legal rights and options.

    "We are truly thankful and appreciative of all the support Verizon has given us over the years," said Katie Allston, executive director of Marian House. "We have had a wonderful relationship with Verizon, whose support has helped make the work we do possible."

    Joseph Daniels, Verizon's assistant vice president of government affairs, said, "Raising awareness about domestic violence and aiding in its prevention is one of Verizon's key goals. Domestic violence touches every segment of society. And, while the problem is universal, the solutions are not."

    Domestic violence and emotional abuse are behaviors that one person uses in a relationship to control another person. Partners may be married, unmarried, heterosexual, gay or lesbian, living together, separated or dating. The violence takes many forms and can happen all the time or once in a while.

    Each year, on average, 45 percent to 65 percent of the homeless women who come to Marian House have experienced domestic violence. Marian House's mission is to be a holistic, healing community for women and their children who are in need of housing and support services. Marian House provides a safe, loving environment that challenges women to respect and love themselves, confront emotional and socio-economic barriers, and build stable and productive lives.

    About Marian House

    Since its founding 28 years ago, Marian House has become known as the leading organization that provides high quality rehabilitative services and housing to women and their children. Marian House provides comprehensive services to many women who have suffered from trauma, physical and sexual abuse, addictions, and other challenges that left them homeless, unemployed and often separated from their families. To learn more, visit www.marianhouse.org.

    About the Verizon Foundation

    The Verizon Foundation, the philanthropic arm of Verizon, uses its technology, financial resources and partnerships to address critical social issues, with a focus on education and domestic violence prevention. In 2010, the foundation awarded nearly $67 million to nonprofit agencies in the U.S. and abroad. Under the HopeLine from Verizon program, no-longer-used wireless phones and accessories are collected at Verizon Wireless stores, or by mail, to help victims of domestic violence. The devices are refurbished or recycled in an environmentally friendly way. Since 2001, HopeLine has collected more than 8 million phones, properly disposed of 1.7 million no-longer-used wireless phones, and kept more than 210 tons of electronic waste and batteries out of landfills. For store locations and to learn how to donate a phone using a postage-paid mailing label, visit www.verizonwireless.com/hopeline. For more information on the foundation, visit www.verizonfoundation.org.

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

    Verizon

    CONTACT: Sandra Arnette, +1-410-393-7109, sandra.u.arnette@verizon.com

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

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




    Panasonic Expands and Enhances VIERA Connect's IPTV Platform with New Apps Including Newly Developed Social Network ApplicationConsumers Will Be Able To Access Social Media Apps While Watching Other Content On Their VIERA HDTV

    SECAUCUS, N.J., Nov. 1, 2011 /PRNewswire/ -- Panasonic, a leader in Full HD 3D technology and built-in TV web entertainment, today announced the launch of a new Internet Social Network application, that will be available on VIERA Connect(1)-equipped 2011 VIERA HDTVs and subsequent models. The app allows one to access social media sites such as Twitter and Facebook while also enjoying programming simultaneously on their VIERA HDTV. Panasonic also announced the addition of a new gaming application from PlayJam and a movie/video channel dedicated to Bollywood, called BigFlix.

    These three applications come with no additional fee. BigFlix will allow users to access Bollywood Video on Demand(2), while PlayJam is a game channel with multiple game apps. Additionally, and in time for the holiday season, Panasonic will be introducing a promotion that will allow users to download three games from Gameloft, including Asphalt 5, free of charge.

    "Panasonic prides itself on listening to consumer opinions and acting upon those suggestions to provide the best possible entertainment experience," said Panasonic Corporation of North America Vice President, Merwan Mereby. "Our thorough research pointed to a desire to be able to watch content on the TV, while at the same time being able to tweet on Twitter or update your status on Facebook. With that in mind, Panasonic has, with the new Social Network app, expanded and enhanced the functionality of Internet TV and provided users with functions they were looking for. Connected TV will continue to become an increasingly important feature for consumers and Panasonic is working tirelessly to build upon the already robust entertainment and connectivity experiences our VIERA Connect customers can enjoy."

    The Social Network app is the latest application to be added to Panasonic's continuing expansion of its Internet services. The latest apps join entertainment and information favorites such as Netflix, Amazon Instant Video(TM), huluPLUS, CinemaNow, Ustream, Skype(TM) voice and video calling(3), Twitter, Facebook, Pandora(R), You Tube(TM), Google's Picasa(TM) Web Album, and WSJ (Wall Street Journal) Live; as well as sports sites including, MLS and Fox Sports; gaming sites, such as Asphalt 5 and Free Throw; health and wellness sites, such as Body Media(R) and Withings Body Mass Scale; and weather service from Accuweather. The great majority of VIERA Connect apps are free to the consumer.(4)

    Panasonic introduced its IPTV platform four years ago and in that time the internet functionality has grown to include movies, music, social media, gaming, weather, major sports sites and health and wellness sites. Panasonic's IPTV functionality was designed to provide consumers with access to these exceptional sites without the need for an additional set-top box or computer. All the functionality is built into the products.

    "When combined with Panasonic's award winning Full HD 3D VIERA HDTVs, the enhanced VIERA Connect Internet platform provides the consumer with exceptional entertainment value and variety," added Mereby.

    About Panasonic Corporation of North America

    Based in Secaucus, NJ, Panasonic Corporation of North America provides a broad line of digital and other electronics products and services for consumer, business and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation , and the hub of Panasonic's U.S. branding, marketing, sales, service and R&D operations. Panasonic was the only Consumer Electronics company to be listed in the top ten brands on the Interbrand Best Global Green Brands 2011 ranking. As part of its continuing efforts to reduce its carbon footprint, Panasonic Corporation of North America will relocate its operations to a new eco-efficient office tower adjacent to a mass transit hub in Newark, NJ in 2013. Information about Panasonic Eco Ideas initiatives is available at http://panasonic.net/eco/ecoideas/. Information about Panasonic and its products is available at www.panasonic.com. Additional company information for journalists is also available at www.panasonic.com/pressroom.

    (1) Access to a broadband internet connection is required to access VIERA Connect features.

    (2) Will support subscription service in the future.

    (3) Skype video calling requires a Skype-enabled camera available from Panasonic, sold separately, to make video calls.

    (4) Some services such as Netflix Amazon Instant Video and league sports sites have a separate fee structure to view movies and sports events.

    Panasonic

    CONTACT: Chris De Maria (Panasonic), +1-201-348-7182,
    christopher.demaria@us.panasonic.com; or Jamie Hodin (Cohn & Wolfe),
    +1-212-798-9796, jamie.hodin@cohnwolfe.com

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




    The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of interCLICK, Inc. in Connection with the Sale of the Company to Yahoo Inc.

    NEW YORK, Nov. 1, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of interCLICK, Inc. ("interCLICK" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Yahoo Inc. . Under the terms of the transaction, interCLICK, Inc. shareholders will receive $9 per share of interCLICK, Inc. stock they own. The transaction has a total value of approximately $270 million.

    Click here to learn more about the investigation: http://www.zlk.com/interclick-iclk, or call: 877-363-5972.

    The investigation concerns whether the interCLICK Board of Directors breached their fiduciary duties to interCLICK stockholders by failing to adequately shop the Company before entering into this transaction and whether Yahoo Inc. is underpaying for interCLICK shares, thus unlawfully harming interCLICK stockholders. In particular, at least one analyst set a price target of $10.00 per interCLICK share.

    If you own common stock in interCLICK and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/interclick-iclk.html.

    Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

    CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171

    www.zlk.com

    Levi & Korsinsky, LLP

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




    Meredith Video Studios to Launch "Digs" Channel on YouTubeMeredith will produce original home and garden programming with an attitude

    NEW YORK, Nov. 1, 2011 /PRNewswire/ -- Meredith Corporation announced today that Meredith Video Studios, its original programming development and production business, will launch an original channel called "Digs" on YouTube in early Calendar 2012. "Digs" will launch with seven original series developed and produced by Meredith Video Studios. Each episode will be four to five minutes in length.

    (Logo: http://photos.prnewswire.com/prnh/20090810/CG58830LOGO)

    "The 'Digs' channel launch marks another step in expanding our broad video portfolio, and increases Meredith Video Studios distribution of innovative and engaging content to YouTube's worldwide audience," said Paul Karpowicz, President of the Meredith Local Media Group. "Our new YouTube video channel is a nod to our expertise in original programming creation."

    The goal of "Digs" is to entertain viewers, and bring the home and garden category to life. Original series scheduled to launch on "Digs" include:

    --  "Jordan in the House" - Jordan Reid is a modern-day domestic queen of
    decorating and entertaining, and writes every move she makes, even the
    mishaps, in her hit blog.
    --  "Door Knock Design" - A DIY expert shows up at a viewer's front door and
    turns her home design dreams into reality in one day.  It's a crash
    course in home decorating, and a chance to translate big visions into
    doable one-day projects.
    --  "Gardens of the Rich and Famous" - Celebrities and the super-rich show
    us their gardens, ponds, gazebos and green houses, and give viewers a
    taste of what life's like in their backyard.
    --  "Porcelain Thrones" - In each episode, we explore the coolest, wackiest
    and ritziest bathrooms ever designed, and hear the story behind it....
    no pun intended!
    --  "Home-Made" - On city sidewalks and in town markets, we meets craftsmen
    who are making it as vendors of homemade goods.  From jewelry to quilts
    to cowboy boots, they take us to their studios where we learn the method
    and story behind their one-of-a-kind wares.
    --  "Ready, Set, Celebrate!" - Every occasion is a time to party if you have
    a little creativity and the right team on your side.  From the
    decorations to the caterer to the nanny service, we'll take you inside
    the party.
    --  "No Man's Land" - We all know the term "man cave," but where is the
    lady's room?  This series takes a look at her answer to the man cave be
    it a powder room, green house or a scrapbooking room.  And viewers learn
    how to make a room of her own.
    

    Meredith Video Studios creates network-quality video based on Meredith's highly trusted magazine brands for multi-platform delivery. Its growing portfolio includes:

    --  Branded-entertainment and original programming production capabilities
    including ideation, strategy, development, production and distribution;
    --  "Better," a 60-minute nationally syndicated daily women's lifestyle show
    airing in more than 150 markets and nearly 80 percent U.S. households,
    shot and produced in MVS's new HD studio in New York City; and
    --  Meredith Video Network including BetterTV.com, Parents TV and
    MyFirstBaby.com.
    

    About Meredith Corporation

    Meredith Corporation (www.meredith.com) is one of the nation's leading media and marketing companies with businesses centering on magazine and book publishing, television broadcasting, integrated marketing and interactive media. Meredith owns or operates 13 television stations that reach nearly 10 percent of television households across the country and one radio station: WGCL-TV (CBS), Atlanta; WPCH-TV (TBS), Atlanta; KPHO-TV (CBS), Phoenix; KPDX-TV (MYN), Portland, OR; KPTV (FOX), Portland, OR; WFSB-TV (CBS), Hartford-New Haven, CT; WSMV-TV (NBC) Nashville, TN; KCTV (CBS), Kansas City, MO; KSMO (MYN), Kansas City, MO; WHNS-TV (FOX), Greenville-Spartanburg-Anderson, SC-Asheville, NC; WNEM-TV (CBS), Flint-Saginaw, MI; KVVU-TV (FOX), Las Vegas, NV; and WSHM, (CBS), Springfield, MA and radio station WNEM-AM in Saginaw-Bay City, MI.

    Photo: http://photos.prnewswire.com/prnh/20090810/CG58830LOGO
    PRN Photo Desk photodesk@prnewswire.com Meredith Corporation

    CONTACT: Jen Harken of Meredith Corporation, +1-515-284-3125,
    jen.harken@meredith.com

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




    Roper Industries to Present at Robert W. Baird Industrial Conference

    SARASOTA, Fla., Nov. 1, 2011 /PRNewswire/ -- Roper Industries, Inc. announced that it is presenting at the Robert W. Baird Industrial Conference on Tuesday, November 8, 2011 at 8:20 AM (Central Time), at the Four Seasons Hotel in Chicago. A copy of the presentation and a link to the webcast presentation will be available in the "Investors" section of the Company's website at www.roperind.com.

    About Roper Industries

    Roper Industries is a market-driven, diversified growth company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including water, energy, transportation, medical, education, and SaaS-based information networks. Additional information about Roper Industries is available on the Company's website at www.roperind.com.

    Roper Industries, Inc.

    CONTACT: Investor Relations, +1-941-556-2601,
    investor-relations@roperind.com

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




    Windows and Southwest Airlines Bring Picture-Perfect Photos and Sweepstakes to Families This Holiday SeasonWindows and Southwest Airlines partner for another year of free holiday photos and daily giveaways.

    REDMOND, Wash. and DALLAS, Nov. 1, 2011 /PRNewswire/ -- Windows and Southwest Airlines Co. are back this season to make your holiday travel experience jollier with the Picture Perfect Holiday. Starting Dec. 13, Windows and Southwest Airlines will offer free holiday photos to customers at 21 airports nationwide.

    (Photo: http://photos.prnewswire.com/prnh/20111101/SF97056)

    (Logo: http://photos.prnewswire.com/prnh/20000822/MSFTLOGO)

    In addition, the two companies will jointly host a holiday sweepstakes for a daily chance to win a Windows 7-based PC or the grand prize of a year of travel on Southwest Airlines. Other holiday offers and incentives also will be available.

    Travelers can stop by one of the photo kiosks set up at Southwest Airlines gates in participating airports and take their free photo with Santa or in front of a holiday-themed backdrop. Once the photos are taken, a Windows representative will guide travelers through an online experience to demonstrate how to edit, share and store their photos with ease, using Windows Live photo-editing tools. Families will be able to print a copy of their photo on site at the airport via state-of-the-art Epson printers, or they can visit http://www.freeholidayphotos.com to retrieve and share their photos online.

    "We heard from our customers how much they loved this experience last year, and we are thrilled to be able to offer it again in partnership with Microsoft this holiday season," said Andy Allmann, director of National Partnerships for Southwest Airlines. "By providing free holiday photos, Windows and Southwest are celebrating simple things that make this time of year so special -- spending time with family, connecting with friends and sharing good cheer."

    Picture Perfect Holiday airport kiosks will be available in the following cities: Austin, Texas; Boston; Chicago; Dallas; Denver; Detroit; Fort Lauderdale, Fla.; Houston; Nashville, Tenn.; Milwaukee; New Orleans; Oakland, Calif.; Philadelphia; Phoenix; Sacramento, Calif.; San Francisco; San Jose, Calif.; St. Louis, Mo.; Seattle; Tampa, Fla.; and San Antonio. In addition, the program has expanded this year and, starting Nov. 18, will include three malls, Westfield San Francisco Centre, Westfield Century City in Los Angeles and The Shops at North Bridge in Chicago, to bring even more customers the chance to get their photos taken and share them quickly and easily.

    "We are excited to partner with Southwest again this year to make things easier for our customers during the busy travel and shopping season," said Lisa Sikora, Windows Senior Marketing Manager, Microsoft. "The holidays are all about bringing family together and sharing memories, and we love that we're able to provide a unique and enjoyable experience for travelers and shoppers to connect with their loved ones and capture fun moments -- all through a simple photo."

    More information on the sweepstakes and free photo experience is available at http://www.freeholidayphotos.com.

    About Southwest Airlines

    In its 40th year of service, Southwest Airlines continues to differentiate itself from other low-fare carriers - offering a reliable product with exemplary Customer Service. Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded. Southwest serves 72 cities in 37 states and is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People and Planet. To read more about how Southwest is doing its part to be a good citizen, visit southwest.com/cares to read the Southwest Airlines One Report(TM). Based in Dallas, Southwest currently operates more than 3,400 flights a day and has more than 35,000 employees systemwide.

    About Microsoft

    Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

    Photo: http://photos.prnewswire.com/prnh/20111101/SF97056
    PRN Photo Desk, photodesk@prnewswire.com
    PRN Photo Desk, photodesk@prnewswire.com Microsoft Corp.

    CONTACT: Rapid Response Team, Waggener Edstrom Worldwide, +1-503-443-7070,
    rrt@waggeneredstrom.com

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

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