Companies news of 2017-02-23 (page 1)

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  • MSA Announces Full-Year and Fourth Quarter ResultsFull year net income increases 30...
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    United Technologies Announces Secondary Offering of its Position in Watsco, Inc. Common Stock

    FARMINGTON, Conn., Feb. 23, 2017 /PRNewswire/ -- United Technologies Corp. announced today the commencement of an underwritten secondary offering of 4,235,685 shares of common stock of Watsco, Inc. . Watsco is not offering any shares of common stock and will not receive any proceeds from the sale of the shares offered.

    Through private placements in July 2009 and April 2012, United Technologies acquired an approximately 12% ownership interest in Watsco in an effort to support the commercial relationship between the two companies. Since then, the relationship has strengthened with both Watsco and Carrier having achieved meaningful growth in sales and profitability. Owning the stock of other publicly traded companies is not United Technologies' core business and, due to the potential impact of mark-to-market accounting beginning in 2018, United Technologies has decided to sell its shares of common stock in Watsco. The ongoing relationship between the two companies is not impacted by the proposed share offering and does not affect the parties' respective ownership interests in their three Carrier Enterprise joint ventures.

    "Watsco is Carrier's largest single customer and a valued business partner. Our long-standing business relationship is as strong today as ever, and Watsco continues to be an important part of our distribution network in the Americas," said Bob McDonough, President, UTC Climate, Controls & Security.

    Goldman, Sachs & Co. and Baird will act as joint book-running managers for the offering. Watsco has previously filed an automatically effective shelf registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before making any investment decision, you should read the prospectus in that registration statement and other documents (including any preliminary prospectus supplement) Watsco has filed with the SEC for more complete information about Watsco and this offering. Watsco intends to file a further prospectus supplement with respect to this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at: www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the offering, when available, also may be obtained from: Watsco, 2665 S. Bayshore Drive, Suite 901, Miami, Florida, 33133, Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attention: Prospectus Department (Tel: 212-902-1171) or Baird, Attention: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, or by email at syndicate@rwbaird.com, or by telephone at (800) 792-2473.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The proposed offering of these shares of common stock is being made only by means of a Watsco prospectus supplement and a related prospectus.

    About United Technologies and Carrier.
    United Technologies Corp., based in Farmington, Connecticut, provides high technology systems and services to the building and aerospace industries. Carrier Corporation is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp. Carrier is a world leader in high-technology, air-conditioning and refrigeration solutions.

    About Watsco, Inc.
    Watsco is the largest independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC/R industry, currently operating 565 locations serving 88,000 customers in the United States, Canada, Mexico and Puerto Rico. Watsco's strategy provides the products, support and convenience that contractors require to satisfy the needs of homeowners and businesses that depend on the comfort and energy-efficiency provided by HVAC systems.

    Forward-Looking Statements and Information:

    This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "confident" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases and other measures of financial performance or potential future plans, strategies or transactions. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) future levels of indebtedness and capital spending and research and development spending; (4) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (5) the timing and scope of future repurchases of our common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (6) delays and disruption in delivery of materials and services from suppliers; (7) company and customer- directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (8) the scope, nature, impact or timing of acquisition and divestiture activity, including among other things integration of acquired businesses into our existing businesses and realization of synergies and opportunities for growth and innovation; (9) new business opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which we operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; and (16) the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we operate. For additional information identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see our reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

    UTC-IR

    Contact: Maureen Fitzgerald, UTC
    (860) 728-7907
    www.utc.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/united-technologies-announces-secondary-offering-of-its-position-in-watsco-inc-common-stock-300412895.html

    United Technologies Corp.

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




    MSA Announces Full-Year and Fourth Quarter ResultsFull year net income increases 30 percent and operating income improves 340 basis points, driven by strategic investments in new products, acquisitions and cost reduction programs

    PITTSBURGH, Feb. 23, 2017 /PRNewswire/ -- Global safety equipment manufacturer MSA Safety Incorporated today reported results for the fourth quarter and full year of 2016.

    Annual Highlights

    --  Reported revenue was $1.15 billion, increasing 2 percent from a year ago
    on a reported basis and 4 percent on a constant currency basis.
    --  Operating income was $164 million or 14.3 percent of net sales,
    increasing 340 basis points from a year ago. Adjusted operating income,
    excluding foreign currency losses and restructuring, was $171 million or
    14.8 percent of net sales, increasing 270 basis points from a year ago.
    The company's recent acquisition of UK-based Senscient, Inc. was
    dilutive to operating margin by 20 basis points for the year.
    --  Cash flow from operating activities was $135 million compared to $55
    million in the same period a year ago, primarily due to higher cash flow
    from working capital on increased collections of receivables and
    effective inventory management programs. A clear focus on improving
    working capital drove higher cash flow in the quarter, with working
    capital finishing the year at 21.7 percent of net sales, compared to
    25.7 percent of net sales in 2015.
    

    Quarterly Highlights

    --  Reported revenue was $296 million, decreasing 6 percent from a year ago
    on a reported basis, and 4 percent on a constant currency basis.
    --  Operating income was $48 million or 16.1 percent of net sales,
    increasing 600 basis points from a year ago. Adjusted operating income,
    excluding foreign currency gains and restructuring, was $48 million or
    16.2 percent of net sales, increasing 400 basis points from a year ago.
    --  Cash flow from operating activities was $103 million, compared to $45
    million in the same period a year ago.
    

    Comments from Management

    "Our results for 2016 reflect strong returns on the strategic investments we've made in new products, acquisitions and restructuring programs to drive earnings expansion in a challenging economic cycle," said William M. Lambert, MSA Chairman, President and CEO. "Despite a difficult quarterly revenue comparison - attributable to the clearing of a significant backlog for self-contained breathing apparatus (SCBA) in the fourth quarter of 2015 - we achieved all of our key financial targets for the year and posted record net income of $92 million," he continued.

    In particular, Mr. Lambert noted that net income increased 30 percent on revenue growth of 2 percent, driven by higher gross profit and a streamlined cost structure. He added that the company converted 119 percent of full year net income to free cash flow by reducing working capital, and was able to continue funding an increasing dividend while reducing its debt balance by $74 million from the end of 2015.

    "While we managed through a slower growth environment in 2016, our corporate strategy was successful in that it allowed us to capture market share while expanding product margins and increasing profitability. As we look ahead to 2017, I'm pleased to see early signs of strengthening macro conditions and an increased order pace across several of our industrial-related product areas," Mr. Lambert said. "This momentum - coupled with the steps we have taken to drive leadership positions in our core product areas and reduce our cost structure - positions us well to drive enhanced shareholder value in 2017 and beyond."

    MSA Safety Incorporated Condensed Consolidated Statement of Income (Unaudited) (In thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Net sales $296,031 $313,318 $1,149,530 $1,130,783 Cost of products sold 157,710 179,308 625,887 629,680 ------- ------- ------- ------- Gross profit 138,321 134,010 523,643 501,103 Selling, general and administrative 78,288 83,587 306,144 315,270 Research and development 12,224 12,200 46,847 48,630 Restructuring charges 1,997 7,560 5,694 12,258 Currency exchange (gains) losses, net (1,732) (1,132) 766 2,204 ------ Operating income 47,544 31,795 164,192 122,741 Interest expense 3,896 3,052 16,411 10,854 Other (income) loss, net (426) 2,027 (4,130) 861 Total other expense, net 3,470 5,079 12,281 11,715 Income from continuing operations before income taxes 44,074 26,716 151,911 111,026 Provision for income taxes 18,938 7,738 57,804 44,407 ------ ----- ------ ------ Income from continuing operations 25,136 18,978 94,107 66,619 (Loss) income from discontinued operations (300) 85 (245) 1,325 ---- --- ---- ----- Net income 24,836 19,063 93,862 67,944 Net loss (income) attributable to noncontrolling interests 80 1,788 (1,926) 2,863 --- ----- ------ ----- Net income attributable to MSA Safety Incorporated 24,916 20,851 91,936 70,807 ====== ====== ====== ====== Amounts attributable to MSA Safety Incorporated common shareholders: Income from continuing operations 25,216 20,840 92,691 69,590 (Loss) income from discontinued operations (300) 11 (755) 1,217 ---- --- ---- ----- Net income 24,916 20,851 91,936 70,807 ====== ====== ====== ====== Earnings per share attributable to MSA Safety Incorporated common shareholders: Basic Income from continuing operations $0.67 $0.56 $2.47 $1.86 (Loss) income from discontinued operations $(0.01) $ - $(0.02) $0.03 ------ --- --- ------ ----- Net income $0.66 $0.56 $2.45 $1.89 ===== ===== ===== ===== Diluted Income from continuing operations $0.66 $0.55 $2.44 $1.84 (Loss) income from discontinued operations $(0.01) $ - $(0.02) $0.03 ------ --- --- ------ ----- Net income $0.65 $0.55 $2.42 $1.87 ===== ===== ===== ===== Basic shares outstanding 37,602 37,269 37,456 37,293 Diluted shares outstanding 38,218 37,512 37,986 37,710

    MSA Safety Incorporated Condensed Consolidated Balance Sheet (Unaudited) (In thousands) December 31, 2016 December 31, 2015 ----------------- ----------------- Assets Cash and cash equivalents $113,759 $105,925 Trade receivables, net 209,514 232,862 Inventories 103,066 125,849 Notes receivable, insurance companies 4,180 6,746 Other current assets 42,287 33,230 ------ ------ Total current assets 472,806 504,612 Property, net 148,678 155,839 Prepaid pension cost 62,916 62,072 Goodwill 333,276 340,338 Notes receivable, insurance companies, noncurrent 63,147 1,944 Insurance receivable, noncurrent 157,929 227,483 Other noncurrent assets 115,168 130,575 ------- ------- Total assets $1,353,920 $1,422,863 ========== ========== Liabilities and shareholders' equity Notes payable and current portion of long-term debt $26,666 $6,650 Accounts payable 62,734 68,206 Other current liabilities 132,010 177,031 ------- ------- Total current liabilities 221,410 251,887 Long-term debt, net 363,836 458,022 Pensions and other employee benefits 157,927 156,160 Deferred tax liabilities 34,044 24,872 Other noncurrent liabilities 15,491 14,794 Total shareholders' equity 561,212 517,128 ------- ------- Total liabilities and shareholders' equity $1,353,920 $1,422,863 ========== ==========

    MSA Safety Incorporated Condensed Consolidated Statement of Cash Flows (Unaudited) (In thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Net income $24,836 $19,063 $93,862 $67,944 Depreciation and amortization 8,622 9,038 35,273 31,684 Change in working capital and other operating 69,999 17,323 5,759 (44,374) ----- Cash flow from operating activities 103,457 45,424 134,894 55,254 ------- ------ ------- ------ Capital expenditures (9,377) (11,093) (25,523) (36,241) Acquisition, net of cash acquired (188) (180,271) (18,449) (180,271) Property disposals 282 53 18,214 8,022 --- --- ------ ----- Cash flow (used in) investing activities (9,283) (191,311) (25,758) (208,490) ------ ------- -------- Change in debt (76,991) 75,794 (60,908) 218,936 Cash dividends paid (12,399) (11,932) (49,074) (47,380) Other financing 7,803 888 12,141 (6,607) ----- --- ------ ------ Cash flow (used in) from financing activities (81,587) 64,750 (97,841) 164,949 ------- ------ ------- ------- Effect of exchange rate changes on cash and cash equivalents (4,861) (2,281) (3,461) (11,786) ------ Increase (decrease) in cash and cash equivalents 7,726 (83,418) 7,834 (73) ===== ======= ===== ===

    MSA Safety Incorporated Segment Information (Unaudited) (In thousands) Americas International Corporate Consolidated -------- ------------- --------- ------------ Three Months Ended December 31, 2016 Sales to external customers $168,109 $127,922 - $296,031 Operating income 47,544 Operating margin % 16.1% Restructuring charges 1,997 Currency exchange (gains), net (1,732) Adjusted operating income (loss) 45,313 14,832 (12,336) $47,809 Adjusted operating margin % 27.0% 11.6% 16.2% Twelve Months Ended December 31, 2016 Sales to external customers $678,433 $471,097 - $1,149,530 Operating income 164,192 Operating margin % 14.3% Restructuring charges 5,694 Currency exchange losses, net 766 Adjusted operating income (loss) 162,788 46,491 (38,627) $170,652 Adjusted operating margin % 24.0% 9.9% 14.8% Americas International Corporate Consolidated -------- ------------- --------- ------------ Three Months Ended December 31, 2015 Sales to external customers $185,404 $127,914 - $313,318 Operating income 31,795 Operating margin % 10.1% Restructuring charges 7,560 Currency exchange (gains), net (1,132) Adjusted operating income (loss) 40,138 13,632 (15,547) $38,223 Adjusted operating margin % 21.6% 10.7% 12.2% Twelve Months Ended December 31, 2015 Sales to external customers $704,754 $426,029 - $1,130,783 Operating income 122,741 Operating margin % 10.9% Restructuring charges 12,258 Currency exchange losses, net 2,204 Adjusted operating income (loss) 141,971 33,501 (38,269) $137,203 Adjusted operating margin % 20.1% 7.9% 12.1%

    The Americas and International segments were established on January 1, 2016. The Americas segment is comprised of our operations in the U.S., Canada and Latin America. The International segment is comprised of our operations in all other parts of the world including Europe, Africa, the Middle East, India, China, South East Asia and Australia. Certain global expenses are now allocated to each segment in a manner consistent with where the benefits from the expenses are derived. The 2015 segment results have been recast to conform with current period presentation.

    Adjusted operating income (loss) and adjusted operating margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. As such, management believes that adjusted operating income (loss) and adjusted operating margin are useful metrics for investors. Adjusted operating income (loss) is defined as operating income excluding restructuring and currency exchange gains / losses. Adjusted operating margin is defined as adjusted operating income (loss) divided by net sales. Adjusted operating income (loss) and adjusted operating margin are not recognized terms under GAAP, and the Company's definition of adjusted operating income (loss) and adjusted operating margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) Organic constant currency revenue growth (Unaudited) Consolidated Three Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Core Non-Core Apparatus Rescue Head Gas and Flame Protection Sales Sales Helmets Protection Detection Detection Net Sales GAAP reported (17)% (18)% 3% (3)% 4% 23% (5)% (9)% (6)% sales change Plus: Currency translation effects 1% 1% 1% 2% - % 12% 2% 1% 2% Constant currency sales change (16)% (17)% 4% (1)% 4% 35% (3)% (8)% (4)% ---- ---- --- --- --- --- --- --- --- Less: Acquisitions - % - % - % - % 4% 38% 4% - % 3% Organic constant currency change (16)% (17)% 4% (1)% - % (3)% (7)% (8)% (7)% ==== ==== === === === === === === === === Twelve Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Core Non-Core Apparatus Rescue Head Gas and Flame Protection Sales Sales Helmets Protection Detection Detection Net Sales GAAP reported - % (6)% (5)% - % (1)% 81% 4% (7)% 2% sales change Plus: Currency translation effects 1% 1% 4% 3% 1% 7% 2% 3% 2% Constant currency sales change 1% (5)% (1)% 3% - % 88% 6% (4)% 4% --- --- --- --- --- --- --- --- --- --- Less: Acquisitions - % - % - % - % 1% 95% 6% - % 5% Organic constant currency change 1% (5)% (1)% 3% (1)% (7)% - % (4)% (1)% === === === === === === === === === ===

    Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control.

    Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results.

    There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) Organic constant currency revenue growth (Unaudited) Americas Segment Three Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Non-Core Apparatus Rescue Head Gas and Flame Protection Sales Helmets Protection Detection Detection Core Sales Net Sales GAAP reported (24)% (12)% 4% (2)% (9)% 28% (10)% (4)% (9)% sales change Plus: Currency translation effects 1% - % 1% 3% - % 3% 1% 2% 1% Constant currency sales change (23)% (12)% 5% 1% (9)% 31% (9)% (2)% (8)% ---- ---- --- --- --- --- --- --- --- Less: Acquisitions - % - % - % - % - % 36% 3% - % 2% Organic constant currency change (23)% (12)% 5% 1% (9)% (5)% (12)% (2)% (10)% ==== ==== === === === === ==== === ==== Twelve Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Non-Core Apparatus Head Gas and Flame Protection Sales Protection Detection Detection Core Sales Net Sales Rescue Helmets GAAP reported (4)% 5% (5)% - % (7)% 12% (3)% (7)% (4)% sales change Plus: Currency translation effects - % 1% 3% 3% 1% 4% 2% 3% 2% Constant currency sales change (4)% 6% (2)% 3% (6)% 16% (1)% (4)% (2)% --- --- --- --- --- --- --- --- --- Less: Acquisitions - % - % - % - % - % 24% 2% - % 1% Organic constant currency change (4)% 6% (2)% 3% (6)% (8)% (3)% (4)% (3)% === === === === === === === === ===

    Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control.

    Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results.

    There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency revenue growth (Unaudited) Organic constant currency revenue growth (Unaudited) International Segment Three Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Core Non-Core Apparatus Rescue Head Gas and Flame Protection Sales Sales Helmets Protection Detection Detection Net Sales GAAP reported (2)% (21)% - % (6)% 17% 18% 4% (13)% - % sales change Plus: Currency translation effects 1% 1% 3% 2% 1% 20% 4% - % 4% Constant currency sales change (1)% (20)% 3% (4)% 18% 38% 8% (13)% 4% --- ---- --- --- --- --- --- ---- --- Less: Acquisitions - % - % - % - % 8% 20% 7% - % 6% Organic constant currency change (1)% (20)% 3% (4)% 10% 18% 1% (13)% (2)% === ==== === === === === === ==== === Twelve Months Ended December 31, 2016 Breathing Fire and Industrial Portable Fixed Gas Fall Core Non-Core Apparatus Rescue Head Gas and Flame Protection Sales Sales Helmets Protection Detection Detection Net Sales GAAP reported 10% (12)% (4)% 1% 7% 280% 16% (6)% 11% sales change Plus: Currency translation effects 2% 1% 4% 3% 2% 16% 3% 2% 2% Constant currency sales change 12% (11)% - % 4% 9% 296% 19% (4)% 13% --- ---- --- --- --- --- --- --- --- --- Less: Acquisitions - % - % - % - % 3% 292% 14% - % 10% Organic constant currency change 12% (11)% - % 4% 6% 4% 5% (4)% 3% === ==== === === === === === === === ===

    Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control.

    Organic constant currency revenue growth is defined as constant currency revenue growth excluding acquisitions. Management believes that organic constant currency revenue growth is a useful measure for investors to provide an understanding of MSA's standalone results.

    There can be no assurances that MSA's definition of constant currency revenue growth or organic constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to these non-GAAP financial measures.

    MSA Safety Incorporated Supplemental Segment Information (Unaudited) Summary of constant currency revenue growth by segment and product group Three Months Ended December 31, 2016 Consolidated Americas International ------------ -------- ------------ Fall Protection* 35% 31% 38% Fixed Gas and Flame Detection 4% (9)% 18% Head Protection 4% 5% 3% Portable Gas Detection (1)% 1% (4)% Breathing Apparatus (16)% (23)% (1)% Fire & Rescue Helmets (17)% (12)% (20)% Total Core Products (3)% (9)% 8% --- --- --- Core excluding Acquisitions (7)% (12)% 1% Non-Core Products (8)% (2)% (13)% Net Sales (4)% (8)% 4% === === === Net Sales excluding Acquisitions (7)% (10)% (2)% Twelve Months Ended December 31, 2016 Consolidated Americas International ------------ -------- ------------ Fall Protection* 88% 16% 296% Fixed Gas and Flame Detection - % (6)% 9% Head Protection (1)% (2)% - % Portable Gas Detection 3% 3% 4% Breathing Apparatus 1% (4)% 12% Fire & Rescue Helmets (5)% 6% (11)% Total Core Products 6% (1)% 19% --- --- --- Core excluding Acquisitions - % (3)% 5% Non-Core Products (4)% (4)% (4)% Net Sales 4% (2)% 13% === === === Net Sales excluding Acquisitions (1)% (3)% 3% *Fall protection growth rates include the impact from Latchways sales.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Constant currency selling, general and administrative (SG&A) expense (Unaudited) Organic constant currency SG&A expense (Unaudited) (In thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 % Change 2016 2015 % Change ---- ---- -------- ---- ---- -------- GAAP reported SG&A expense $78,288 $83,587 (6)% $306,144 $315,270 (3)% Plus: Currency translation effects (1,384) (6,906) Constant currency SG&A expense $78,288 $82,203 (5)% $306,144 $308,364 (1)% Less: Acquisitions 4,245 3,232 15,101 3,232 Less: Strategic transaction costs 1,710 6,755 2,531 7,462 Organic constant currency SG&A expense $72,333 $72,216 - % $288,512 $297,670 (3)% ======= ======= ======== ========

    Management believes that constant currency SG&A expense and organic constant currency SG&A expense are useful metrics for investors to measure the effectiveness of the company's cost reduction program announced in 2015. Constant currency SG&A expense highlights spending patterns excluding fluctuating foreign currencies. Organic constant currency SG&A expense highlights the impact of acquisitions and strategic transaction costs. These metrics provide investors with a greater level of clarity into spending levels on a year-over-year basis. MSA's definition of this metric may not be comparable to metrics used by other companies. As such, management believes that it is appropriate to consider SG&A expense determined on a GAAP basis in addition to these non-GAAP measures.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Adjusted earnings (Unaudited) Adjusted earnings per diluted share (Unaudited) (In thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2016 2015 % 2016 2015 % Change Change Income from continuing operations $25,216 $20,840 21% $92,691 $69,590 33% attributable to MSA Safety Incorporated Tax charges associated with European reorganization 2,873 - 6,473 7,605 Non-deductible strategic transaction costs - 2,172 - 2,879 Subtotal 28,089 23,012 22% 99,164 80,074 24% ------ ------ ------ ------ Restructuring charges 1,997 7,560 5,694 12,258 Strategic transaction costs 1,710 4,583 2,531 4,583 Senscient operating loss 788 - - 788 - Asset related losses (gains), net 59 1,098 (756) 1,636 Self-insured legal settlements and defense costs 26 (69) 341 982 Currency exchange (gains) losses, net (1,732) (1,132) 766 2,204 Income tax expense on adjustments (1,038) (3,492) (3,161) (6,792) ------ ------ ------ ------ Adjusted earnings 29,899 31,560 (5)% 105,367 94,945 11% ------ ------ ------- ------ Adjusted earnings per diluted share $0.78 $0.84 (7)% $2.77 $2.52 10% ===== ===== ===== =====

    Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

    MSA Safety Incorporated Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures Free cash flow (Unaudited) (In thousands) Three Months Ended Twelve Months Ended December 31, December 31, ------------ 2016 2015 2016 2015 ---- ---- ---- ---- Cash flow from operating activities $103,457 $45,424 $134,894 $55,254 Capital expenditures (9,377) (11,093) (25,523) (36,241) ------ ------- ------- ------- Free cash flow $94,080 $34,331 $109,371 $19,013 ======= ======= ======== ======= Net income attributable to MSA Safety $24,916 $20,851 $91,936 $70,807 Incorporated Free cash flow conversion 378% 165% 119% 27%

    Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income attributable to MSA Safety.

    About MSA:
    Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, fire and rescue helmets, and fall protection devices. With 2016 revenues of $1.15 billion, MSA employs approximately 4,300 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.

    Cautionary Statement Regarding Forward-Looking Statements:
    Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward looking statements, including without limitation global economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in foreign countries. A full listing of these risks, uncertainties and other factors are detailed from time-to-time in our filings with the United States Securities and Exchange Commission ("SEC"), including our most recent Form 10-K filed on February 29, 2016. You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. MSA undertakes no duty to publicly update any forward looking statements contained herein, except as required by law.

    Non-GAAP Financial Measures:
    This earnings release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, organic constant currency revenue growth, constant currency selling, general and administrative expense, organic constant currency selling, general and administrative expense, adjusted operating income, adjusted operating margin, adjusted earnings per diluted share, free cash flow and free cash flow conversion. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/msa-announces-full-year-and-fourth-quarter-results-300412928.html

    MSA

    CONTACT: Media Relations Contact: Mark Deasy, (724) 741 - 8570; Investor
    Relations Contact: Kenneth Krause, (724) 741 - 8534

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




    ID Watchdog Announces Updated Guidance for Fourth Quarter 2016 and First Quarter 2017

    DENVER, Feb. 23, 2017 /PRNewswire/ --

    ID Watchdog, Inc. ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced that the Company is updating its revenue, operating income and Adjusted EBITDA guidance for the fourth quarter ending December 31, 2016 and also providing first quarter 2017 guidance. All amounts are in U.S. dollars.

    Fourth Quarter 2016 Updated Guidance

    For the fourth quarter, ID Watchdog anticipates revenue from our Employee Benefit Channel and total revenue will be approximately $2,285,000 and $2,604,000, which represents increases increase of approximately 112% and 83%, respectively, compared to the fourth quarter of 2015. Also, ID Watchdog anticipates fourth quarter 2016 operating income and Adjusted EBITDA of approximately $181,000 and $300,000, respectively, with our Adjusted EBITDA margin as a percent of total revenues of 11.5%.

    First Quarter 2017 Guidance

    Three Months Three Months Ending Change Ending March 31, March 31, 2017 2016 Actual vs. Guidance 2016 ---- Employee Benefit Revenue $2,231,700 $3,100,000 to $3,150,000 39% to 41% Total Revenue $2,572,675 $3,450,000 to $3,500,000 34% to 36% Gross Margin $1,886,836 $2,375,000 to $2,450,000 26% to 30% Operating Income $291,043 $200,000 to $250,000 -14% to -31% Adjusted EBITDA $331,803 $300,000 to $350,000 -10% to 6%

    Mike Greene, CEO of ID Watchdog stated, "In late 2016 we secured a $3.0 million credit facility, which allowed us to substantially reduce our interest expense beginning in the fourth quarter of 2016, and it will also provide us with tremendous financial flexibility to aggressively grow our business going forward. Also, in the second half of 2016, we entered into a settlement agreement with a Tech Support Channel sales affiliate resulting in a dismissal of the lawsuit allowing us to focus our full attention on expanding or business."

    Mike Greene continued, "We are off to a great start to 2017 and we are estimating first quarter 2017 Employee Benefit Channel revenue growth of between 39% and 41% over the first quarter of 2016. Further, a number of our new employers in our Employee Benefit Channel deferred their enrollments from January 1 to the second quarter of 2017 and therefore we anticipate further revenue growth in the second quarter as compared to the levels projected for the first quarter of 2017."

    Greene continued, "In 2017 we will continue to enhance our identity theft protection offerings and expand our customer support, which will modestly increase our cost of service and cause a slight decline in our gross profit margin as compared to 2016. Note that our operating income and Adjusted EBITDA margins generally trough in the first quarter of each year due to increased costs associated with securing, onboarding and registering the significant number of new customers we added in January, and subsequently these margins expand as we move through the year. Also, during the first quarter of 2017, we have significantly increased our sales and marketing efforts and anticipate a highly level of professional services expenditures, which put additional pressure on our first quarter operating income and Adjusted EBITDA."

    "In conclusion, we had a very successful 2016 and we are very excited about our prospects as we enter 2017 with the headwinds of 2016 behind us and the available resources necessary to aggressively expand our sales and marketing efforts and a great product enhancement plan to continue to drive increased market share. Further, over the last twelve months we have developed a number of new opportunities that should drive increased Employee Benefit Channel growth in late 2017 and 2018. We are also in the early stages of our January 2018 enrollment selling cycle, which is off to a strong start," Greene concluded.

    About Non-IFRS Financial Measure

    To supplement the Company's consolidated financial results presented in accordance with International Financial Reporting Standards ("IFRS"), the Company reports "Adjusted EBITDA" (net income (loss) before deducting net interest expense, income tax expense, depreciation and amortization, share-based compensation, and gain (loss) on warrant liability) and uses this metric to measure the performance of our business. Adjusted EBITDA is not a performance measure defined under IFRS and is not considered an alternative to income from operations or net earnings (loss) in the context of measuring the Company's performance. Adjusted EBITDA does not have a standardized meaning and is therefore not likely to be comparable with similar measures used by other publicly traded companies. Adjusted EBITDA should not be used as an exclusive measure of cash flow since it does not account for the impact of working capital changes, income taxes, interest payments, capital expenditures, debt principal reductions and other sources and uses of cash, and is not meant to be considered in isolation or as a substitute for financial information prepared in accordance with IFRS.

    Financial information contained in this press release should be read in conjunction with the unaudited consolidated interim condensed financial statements and notes thereto included in our most recent annual and quarterly reports. These documents are available online at www.sedar.com and in the "Company Overview" section of our website at www.IDWatchdog.com.

    About ID Watchdog, Inc.

    ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.

    Forward-Looking Statement

    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. Such forward-looking statements include, but are not limited to, statements about: future revenue and the growth of revenue including growth from our Employee Benefit Channel; anticipated expenditures; our business strategies; our ability to grow in both the near and long term and the funding of our growth opportunities; the plans, objectives, expectations and intentions of the company regarding revenue growth; the Company's financial position including liquidity and financial capacity, and the future development of the company's business.

    The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance Company's filings with Canadian regulators at www.sedar.com. Furthermore, the forward-looking statements and financial outlook contained in this release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Company Contact:
    Jay B. Lewis
    Chief Financial Officer
    ID Watchdog, Inc.
    303-339-8099
    InvestorRelations@idwatchdog.com
    www.idwatchdog.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/id-watchdog-announces-updated-guidance-for-fourth-quarter-2016-and-first-quarter-2017-300412979.html

    Photo: http://mma.prnewswire.com/media/322425/id_watchdog__inc__logo.jpg ID Watchdog, Inc.

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




    Leidos' Alvie Johnson Honored with Prestigious AFCEA Women's Appreciation Award

    RESTON, Va., Feb. 23, 2017 /PRNewswire/ -- Leidos , a global science and technology company, today announced that Alvie Johnson, Leidos' Army-Principal Business Developer, was recognized as a recipient of the Women's Appreciation Award by AFCEA International. Johnson received this award at the AFCEA West event in San Diego, for his leadership and support of advancing women in business.

    Johnson consistently demonstrates a commitment to developing and mentoring female professionals to grow their careers. He is an active mentor, providing guidance and structure in career development, as well as facilitating introductions with other industry leaders. He is also a staunch advocate for science, technology, engineering and math (STEM) education. As the former AFCEA Belvoir Chapter President, he helped create a program that provided scholarships and grants to local students looking to pursue higher STEM education tracks. He has been a member of AFCEA since 1982 and currently serves as the Regional Vice President for the National Capital region.

    "Alvie is a true role model, who recognizes the importance of encouraging women to achieve their business goals," said Gerry Fasano, Chief of Business Development & Strategy for Leidos. "This award underscores his dedication to the industry and belief in developing the best and brightest talent to support STEM fields."

    AFCEA International, established in 1946, is a non-profit non-lobbying membership association serving the military, government, industry and academia.

    About Leidos
    Leidos is a global science and technology solutions leader working to solve the world's toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company's 32,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $7.04 billion for the fiscal year ended December 30, 2016. For more information, visit www.Leidos.com.

    Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in the company's Annual Report on Form 10-K for the period ended December 30, 2016, and other such filings that Leidos makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.

    Contact: Melissa Koskovich Jennifer Moffett (571) 526-6850 (571) 526-6852 Koskovichm@Leidos.com Jennifer.a.moffett@leidos.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/leidos-alvie-johnson-honored-with-prestigious-afcea-womens-appreciation-award-300412829.html

    Photo: http://mma.prnewswire.com/media/4662/leidos_logo_4817_21071_.jpg Leidos

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




    B. Riley & Co. Acts as Buy-Side Advisor to Wireless Telecom Group, Inc. in its Acquisition of LTE Specialist, CommAgility, Ltd.

    LOS ANGELES, Feb. 23, 2017 /PRNewswire/ -- B. Riley & Co., LLC, a full-service independent investment bank and a wholly-owned subsidiary of B. Riley Financial, Inc. , served as the exclusive financial advisor to Wireless Telecom Group, Inc. in connection with the Company's acquisition of CommAgility, Ltd.

    Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. CommAgility designs the latest DSP, FPGA and RF technologies into compact, powerful, and reliable products based on industry standard architectures. CommAgility's LTE software for mobile devices and wireless infrastructure includes physical layer and protocol stack for small cells, physical layer and protocol stack for terminals, an advanced scheduler for small cells, and IP development in the areas of advanced PHY algorithms in multi-core SDR platforms.

    B. Riley sourced, structured and negotiated the transaction on behalf of Wireless Telecom. The B. Riley deal team was led by Managing Director Salomon Kamalodine, Director Chobun Hieblinger and Associate Erik Bullock.

    About Wireless Telecom Group, Inc.

    Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group's website address is http://www.wtcom.com.

    About B. Riley & Co., LLC
    B. Riley & Co., LLC is a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, and merger and acquisitions advisory services. The firm is nationally recognized for its highly ranked proprietary equity research. B. Riley & Co., LLC is a member of FINRA and SIPC.

    B. Riley Financial, Inc. provides collaborative financial services and solutions through several subsidiaries, including: Great American Group, LLC, a leading provider of advisory and valuation services, asset disposition and auction solutions; B. Riley Capital Management, LLC, an SEC registered Investment Advisor, which includes B. Riley Asset Management, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management (formerly MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and Great American Capital Partners, a provider of senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies. B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc., please visit www.brileyfin.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/b-riley--co-acts-as-buy-side-advisor-to-wireless-telecom-group-inc-in-its-acquisition-of-lte-specialist-commagility-ltd-300412908.html

    Photo: http://mma.prnewswire.com/media/178002/brclogo_blue__stackedtag__whitebg_margin.jpg B. Riley & Co., LLC

    CONTACT: Caroline Crawford, 1-818-746-9526, ccrawford@brileyco.com

    Web site: http://www.wtcom.com/
    http://www.brileyfin.com/




    Lockheed Martin Announces Multi-Year Plan to Relocate Fleet Ballistic Missile Program to Other U.S. FacilitiesCompany plans to move 650 positions by 2024 to co-locate key skills and infrastructure

    SUNNYVALE, Calif., Feb. 23, 2017 /PRNewswire/ -- Lockheed Martin today announced plans to relocate the Fleet Ballistic Missile (FBM) program within its Space Systems business area to co-locate employees in facilities with common skills and resource requirements. These moves, which are enabled by government approval, are expected to deliver substantial cost savings while centralizing mission expertise in key locations.

    Over the next eight years, the company plans to move approximately 650 positions from its Space Systems facility in Sunnyvale, California, to other Lockheed Martin locations in the U.S. Sites in Florida and Colorado, which have complementary facilities and employee skill sets, are under consideration to receive the positions. Most employees will be offered the opportunity to retain their current positions and relocate to the receiving facility.

    "We value the deep expertise of our employees, and we're working diligently to shape a transition that leverages the knowledge of this team," said Rick Ambrose, executive vice president, Lockheed Martin Space Systems. "Reshaping our Fleet Ballistic Missile program will help us take full advantage of our engineering and manufacturing facilities and centralize key skills, saving costs for the Navy on this critical national security program."

    The relocating positions are FBM program jobs, as well as functional and program management support roles. The company will be working closely with its Navy customer to ensure a smooth transition as people, facilities and equipment move in phases over an eight-year period.

    "As our business evolves, we're adapting to ensure we deliver the innovation, affordability and performance our customers demand," said Mathew Joyce, vice president and general manager of Strategic and Missile Defense Systems for Lockheed Martin. "We've laid out a long-term strategy that will achieve that evolution and position us for the future, while offering our employees time to plan and prepare for the transition."

    About Lockheed Martin
    Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lockheed-martin-announces-multi-year-plan-to-relocate-fleet-ballistic-missile-program-to-other-us-facilities-300412838.html

    Lockheed Martin

    CONTACT: Matt Kramer, +1 303-526-8623, matthew.s.kramer@lmco.com

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




    Konami Launches Nevada's First Primary Skill-based Game to MarketKonami's Frogger: Get Hoppin' Makes its World Premiere on the Las Vegas Strip

    LAS VEGAS, Feb. 23, 2017 /PRNewswire/ -- Konami Gaming, Inc. announced the world premiere of its Frogger: Get Hoppin' skill-based casino game inside MGM Grand's LEVEL UP entertainment lounge in Las Vegas. Konami is the first manufacturer authorized for field trials under the Nevada Gaming Control Board's New Innovation Beta (NIB) program, and the first to introduce skill-based gaming as the primary game play to the Nevada market for players to enjoy. The game's world premiere was marked by a competition on February 18 and 19 in which participants played to earn high scores and become the world's first Frogger: Get Hoppin'(TM) champion. Over the two days, hundreds of competitors arrived to the event to navigate Frogger(R) through the road and river crossing course toward increasing scores and potential cash prizes.

    "Considering Konami's extensive heritage in consumer arcade and video game entertainment, we're excited to bring that creativity and technology to the gaming industry in new ways and help pioneer the development of next generation gaming product," said Tom Jingoli, executive vice president & chief commercial officer at Konami Gaming, Inc. "Thanks to the Nevada Gaming Control Board and the New Innovation Beta program, unique developments like Frogger: Get Hoppin' can gather and react to early feedback--strengthening success for consumers, operators, and developers alike."

    Frogger: Get Hoppin' is Konami's first skill-based game development to arrive to casinos, and was among several next generation gaming concepts presented by the company last fall during the Global Gaming Expo (G2E) Las Vegas. For a $2 entry wager, the game gives players the chance to win random cash awards and earn true skill-based cash awards. Top scores are recorded on daily and all time Hall of Fame leaderboard displays.

    "We're very pleased with the response we've seen to Frogger: Get Hoppin'. Throughout the trial and competition event an entire spectrum of player types have tried the game, but by far the largest audiences represented were those not traditionally engaged in gaming activities at the casino," said Jingoli. "As this emerging sector continues to expand, players can look forward to connecting with new forms of gaming entertainment that reinforce their interests and social preferences."

    For more information about Konami Gaming, Inc., please visit www.konamigaming.com.

    About Konami Gaming, Inc.
    Konami Gaming, Inc. is a Las Vegas-based subsidiary of KONAMI HOLDINGS CORPORATION . The company is a leading designer and manufacturer of slot machines and casino management systems for the global gaming market. For more information about Konami Gaming, Inc. or the SYNKROS gaming enterprise management system, please visit konamigaming.com.

    Media Contact:
    Tashina Wortham
    Sr. Marketing Communications Specialist
    702.419.6025
    wortham0609@konamigaming.com

    About LEVEL UP
    Changing the way Las Vegas views lounge entertainment, LEVEL UP presents a new era in interactive, skill-based fun. Located inside MGM Grand between Hakkasan Nightclub and the MGM Grand Race and Sports Book, the tech savvy, adult playground features pay-to-play offerings in a social atmosphere, designed not only to attract the next generation of players, but existing players seeking innovation. The exciting new 'place to play' concept offers an extensive selection of traditional activities all while putting an inventive twist on the latest in peer-to-peer experiences. In addition to the next level entertainment, the 12,000-square-foot venue features the "Live Lucky Bar" offering a variety of craft beers and specialty cocktails, a live DJ, and endless entertainment across the multiple screens on display. For more information please visit leveluplv.com. Guests can also find LEVEL UP on Facebook, Twitter and Instagram. Guests must be 21 years or older.

    About MGM Grand
    MGM Grand Hotel & Casino is "The Entertainment Authority," creating the ultimate Las Vegas experience. A variety of accommodations serve every need while guests discover signature dining by celebrity chefs including Tom Colicchio's Craftsteak, Michael Mina's PUB 1842, Wolfgang Puck's Bar & Grill, Michelin three star restaurant Joel Robuchon and Morimoto Las Vegas. In addition to a pampering spa and salon and an elaborate 380,000-square-foot conference center, the resort offers a wide-range of world-class entertainment at the Grand Garden Arena; the epic KA by Cirque du Soleil; world-famous dance crew Jabbawockeez; master illusionist David Copperfield; Topgolf Las Vegas; Brad Garrett's Comedy Club; and Hakkasan Las Vegas. MGM Grand is a wholly owned subsidiary of MGM Resorts International . For more information and reservations, visit mgmgrand.com, call toll free at (877) 880-0880 or find us on Facebook and Twitter or follow our blog.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/konami-launches-nevadas-first-primary-skill-based-game-to-market-300412980.html

    Photo: http://mma.prnewswire.com/media/471671/Konami_Gaming_Frogger.jpg
    http://mma.prnewswire.com/media/154734/konami_gaming_inc_logo.jpg Konami Gaming, Inc.

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




    ITL Profit Doubles In Half Year 2016/2017 Results

    MELBOURNE, Australia, Feb. 23, 2017 /PRNewswire/ -- ITL Limited, , an innovative diversified healthcare company, is pleased to announce excellent results for the half year ended 31 December 2016 compared with the previous corresponding period. A full "Results and ITL BioMedical Growth Update" presentation can be viewed here [https://www.itlhealthgroup.com/wp-content/uploads/2017/02/Presentation-200217with-Intro.pdf].

    Highlights

    --  Profit after tax of $2.12m (Dec 2015: $1.04m; up 104%)
    --  Earnings per share of 2.2 cents (Dec 2015: 1.2 cents; up 83%)
    --  Revenue of $17.5m (Dec 2015: $15.7m; up 11%)
    --  Profit before tax of $2.12m (Dec 2015: $1.01m; up 110%)
    --  EBITDA was $2.7m (Dec 2015: $1.6m; up 69%)
    --  Net Debt $5.0m (June 2016: $5.5m; down 9%)
    

    The significant increase in profit was driven by improvements in the BioMedical and Healthcare divisions.

    ITL BioMedical [http://www.itlbiomedical.com/] won new customers, grew its product portfolio and benefited from improved market conditions.

    ITL Healthcare [http://www.itlhealthcare.com/] achieved improved profitability from strategic sourcing and customer initiatives whilst costs have been carefully controlled.

    ITL's investment in MyHealthTest [http://www.myhealthtest.com/], the direct to consumer pathology test provider for major chronic diseases, has focused on critical systems development and expanding the range of tests.

    ITL intends to continue reducing identified key risks, drive product growth and enter new markets in order to keep driving business growth.

    The Board expects a strong result for the full financial year even allowing for some seasonality in the 2(nd) half year.

    Logo - http://mma.prnewswire.com/media/471428/ITL_Health_Group_Logo.jpg [http://mma.prnewswire.com/media/471428/ITL_Health_Group_Logo.jpg]

    About ITL Limited

    ITL Limited is an innovative global medical technology company that creates and manufactures leading edge medical devices for the clinical, blood banking, and laboratory markets. ITL is a growing provider of specialist ancillary products for the blood culture testing market, estimated to be worth US$3.3bn.

    ITL maintains four divisions including ITL BioMedical, ITL Healthcare, ITL Clinical and MyHealthTest. The Company holds an IP portfolio of 48 patents and sells into 55 countries, protecting healthcare workers in millions of procedures annually.

    For more information or inquiries please email info@itl-limited.com [mailto:info@itl-limited.com]

    Photo: http://mma.prnewswire.com/media/471428/ITL_Health_Group_Logo.jpg ITL Limited

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




    Telefonica Brasil S.A. Announces The Filing Of Its Annual Report On Form 20-F For Fiscal Year 2016

    SAO PAULO, Feb. 23, 2017 /PRNewswire/ -- Telefonica Brasil S.A. (the "Company") hereby announces that on February 23, 2017, the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2016 (the "2016 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2016 Annual Report can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at www.telefonica.com.br/ir. In addition, shareholders may receive a hard copy of the Company's complete audited financial statements free of charge, by requesting a copy from:

    David Melcon Sanchez-Friera
    Investor Relations Officer
    Telephone: +55 11 3430-3687
    Email: ir.br@telefonica.com

    TELEFONICA BRASIL S.A.
    PUBLICLY-HELD COMPANY
    CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/telefonica-brasil-sa-announces-the-filing-of-its-annual-report-on-form-20-f-for-fiscal-year-2016-300412959.html

    Telefonica Brasil S.A.



    Baidu Announces Fourth Quarter and Fiscal Year 2016 Results

    BEIJING, Feb. 23, 2017 /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2016(([1])).

    http://photos.prnewswire.com/prnvar/20081103/BAIDULOGO

    "AI is an enormous opportunity that will revolutionize the Internet and traditional industries. Baidu, in particular, is well positioned to lead the AI wave in China, with our unique combination of technology, data and talent," said Robin Li, Chairman and CEO of Baidu. "Our existing platform, including our search and newsfeed products, are enhanced by AI and enriched by our content and services ecosystem. We are thrilled by the opportunities that our existing platform has opened up and are excited to build the next generation of AI-enabled businesses."

    "During the fourth quarter we largely completed our initiative to ensure that new and existing customers meet our stringent quality requirements," said Jennifer Li, CFO of Baidu. "We believe that the impact of these initiatives is mostly behind us and we look forward to 2017 as a time of recovery and growth. As always, we will stay focused on creating the best possible experience for users, while maintaining investment in key AI-enabled initiatives such as financial services, cloud and autonomous driving."

    Fourth Quarter and Fiscal Year 2016 Operational Highlights

    --  Mobile search monthly active users (MAUs) were 665 million for the month
    of December 2016, an increase of 2% year-over-year
    --  Mobile maps MAUs were 341 million for the month of December 2016, an
    increase of 13% year-over-year
    --  Gross merchandise value([2]) (GMV) for Transaction Services totaled
    RMB18.1 billion ($2.6 billion) for the fourth quarter of 2016, an
    increase of 23% year-over-year
    --  Baidu Wallet activated accounts reached 100 million at the end of
    December 2016, an increase of 88% year-over-year
    

    Changes to Board Composition

    Effective on February 26, 2017:

    --  Dr. Qi Lu, Baidu's Group President and Chief Operating Officer, has been
    appointed as a director and the vice chairman of the board of directors
    of the Company.
    --  Mr. Greg Penner, who has served as a board member since July 2004, will
    step down from the board and all the committees on the board.
    --  Mr. Yuanqing Yang has been appointed as a member of the audit committee
    and as a member of the corporate governance and nominating committee of
    the board of directors of the Company.
    

    Fourth Quarter and Fiscal Year 2016 Financial Highlights

    --  Total revenues in the fourth quarter of 2016 were RMB18.212 billion
    ($2.623 billion), a 2.6% decrease from the corresponding period in 2015,
    and flat year-over-year, excluding Qunar([3]) in the fourth quarter of
    2015. Mobile revenue represented 65% of total revenues for the fourth
    quarter of 2016, compared to 56% for the corresponding period in 2015.
    --  Total revenues in fiscal year 2016 were RMB70.549 billion ($10.161
    billion), a 6.3% increase and 11.9% year-over-year increase excluding
    Qunar from 2015. Mobile revenue represented 63% of total revenues in
    2016, compared to 53% in 2015.
    --  Operating profit in the fourth quarter of 2016 was RMB2.185 billion
    ($314.7 million), a 38.2% decrease from the corresponding period in
    2015. Transaction Services reduced non-GAAP operating margins by 22.9
    percentage points and iQiyi further reduced non-GAAP operating margins
    by 9.8 percentage points for the fourth quarter of 2016.
    --  Operating profit in fiscal year 2016 was RMB10.049 billion ($1.447
    billion), a 13.9% decrease from 2015. Transaction Services reduced
    non-GAAP operating margins by 23.8 percentage points and iQiyi further
    reduced non-GAAP operating margins by 7.9 percentage points for the
    fiscal year 2016.
    --  Net income attributable to Baidu in the fourth quarter of 2016 was
    RMB4.129 billion ($594.7 million). Diluted earnings attributable to
    Baidu per ADS for the fourth quarter of 2016 were RMB11.40 ($1.64);
    non-GAAP net income attributable to Baidu([4]) in the fourth quarter of
    2016 were RMB4.606 billion ($663.4 million); non-GAAP diluted earnings
    per ADS([5]) in the fourth quarter of 2016 were RMB13.23 ($1.91);
    diluted earnings attributable to Baidu per ADS excluding net gain
    recognized as a result of Baidu's exchange of Uber China shares with
    Didi for the fourth quarter of 2016 were RMB6.49 ($0.93).
    --  Net income attributable to Baidu in fiscal year 2016 was RMB11.632
    billion ($1.675 billion). Diluted earnings attributable to Baidu per ADS
    for the fiscal year 2016 were RMB31.86 ($4.59); non-GAAP net income
    attributable to Baidu in fiscal year 2016 were RMB13.219 billion ($1.904
    billion); non-GAAP diluted earnings per ADS in fiscal year 2016 were
    RMB38.03 ($5.48); diluted earnings attributable to Baidu per ADS
    excluding net gain recognized as a result of Baidu's exchange of Uber
    China shares with Didi in fiscal year 2016 were RMB26.94 ($3.88).
    

    In the following section, comparison and analysis are provided based on reported consolidated financial results. For ease of comparison, a table with apples-to-apples adjusted financials and metrics excluding Qunar can be found at the end of the following section.

    Fourth Quarter 2016 Results

    Baidu reported total revenues of RMB18.212 billion ($2.623 billion) for the fourth quarter of 2016, representing a 2.6% decrease from the corresponding period in 2015.

    Online marketing revenues for the fourth quarter of 2016 were RMB16.166 billion ($2.328 billion), representing an 8.2% decrease from the corresponding period in 2015. Baidu had about 452,000 active online marketing customers([6]) in the fourth quarter of 2016, representing an 18.6% decrease from the corresponding period in 2015. Revenue per online marketing customer for the fourth quarter of 2016 was approximately RMB35,400 ($5,099), a 14.2% increase from the corresponding period in 2015.

    Traffic acquisition cost as a component of cost of revenues was RMB2.636 billion ($379.7 million), representing 14.5% of total revenues, as compared to 14.0% in the corresponding period in 2015 and 14.2% in the third quarter of 2016.

    Bandwidth costs as a component of cost of revenues were RMB1.235 billion ($177.9 million), representing 6.8% of total revenues, compared to 5.4% in the corresponding period in 2015.

    Depreciation costs as a component of cost of revenues were RMB811.5 million ($116.9 million), representing 4.5% of total revenues, compared to 3.7% in the corresponding period in 2015.

    Operational costs as a component of cost of revenues were RMB1.186 billion ($170.9 million), representing 6.5% of total revenues, compared to 6.3% in the corresponding period in 2015.

    Content costs as a component of cost of revenues were RMB2.571 billion ($370.3 million), representing 14.1% of total revenues, compared to 7.4% in the corresponding period in 2015. The year-over-year increase was mainly due to iQiyi's increased content costs.

    Selling, general and administrative expenses were RMB3.334 billion ($480.2 million), representing a decrease of 26.4% from the corresponding period in 2015, primarily due to a decrease in promotional spending for transaction services.

    Research and development expenses were RMB2.971 billion ($428.0 million), a 19.5% increase from the corresponding period in 2015. The increase was primarily due to the growth of research and development personnel-related cost.

    Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB631.9 million ($91.0 million) in the fourth quarter of 2016, compared to RMB341.0 million in the corresponding period in 2015.

    Operating profit was RMB2.185 billion ($314.7 million), representing a 38.2% decrease from the corresponding period in 2015. Non-GAAP operating profit was RMB2.817 billion ($405.7 million), a 27.3% decrease from the corresponding period in 2015.

    Other income, net was RMB1.796 billion ($258.6 million) in the fourth quarter of 2016, which mainly consisted of the investment gain recognized as a result of Baidu's exchange of Uber China shares with Didi. Other income, net was RMB24.294 billion in the corresponding period of 2015, which mainly consisted of the investment gain recognized as a result of Baidu's exchange of Qunar shares with Ctrip.

    Income tax expense was RMB400.9 million ($57.7 million), compared to income tax expense of RMB3.580 billion in the corresponding period in 2015. The effective tax rate for the fourth quarter of 2016 was 8.9% as compared to 12.7% for the corresponding period in 2015. The decrease in the effective tax rate was due to the newly granted preferential tax licenses for certain PRC subsidiaries.

    Net income attributable to Baidu was RMB4.129 billion ($594.7 million). Basic and diluted earnings per ADS for the fourth quarter of 2016 amounted to RMB11.43 ($1.65) and RMB11.40 ($1.64), respectively.

    Non-GAAP net income attributable to Baidu was RMB4.606 billion ($663.4 million). Non-GAAP diluted earnings per ADS for the fourth quarter of 2016 amounted to RMB13.23 ($1.91).

    As of December 31, 2016, the Company had cash, cash equivalents and short-term investments of RMB89.842 billion ($12.940 billion). Net operating cash inflow for the fourth quarter of 2016 was RMB8.011 billion ($1.154 billion). Capital expenditures for the fourth quarter of 2016 were RMB1.201 billion ($173.0 million).

    Adjusted EBITDA was RMB3.855 billion ($555.2 million) for the fourth quarter of 2016, representing a 19.9% decrease from the corresponding period in 2015. On an apples-to-apples basis, excluding Qunar from Baidu's financials, the adjusted EBITDA represents a 21.4% year-over-year decrease.

    Summary of adjusted financial information (excluding Qunar) ([7])

    (RMB in millions, unless otherwise noted)

    Three months ended YoY variance December 31, ------------ 2016 2015 Adjusted Revenues 18,212 18,209 0.0% Adjusted online marketing revenues 16,166 17,267 (6.4%) Active online marketing customer (000) 452,000 555,000 (18.6%) Revenue per active online marketing customer (RMB) 35,400 31,000 14.2% Adjusted cost of revenues 9,722 7,935 22.5% Adjusted selling, general and administrative expenses 3,334 4,259 (21.7%) Adjusted research and development expenses 2,971 2,379 24.9% ----- ----- Adjusted operating profit 2,185 3,636 (39.9%)

    Fiscal Year 2016 Results

    Total revenues in 2016 were RMB70.549 billion ($10.161 billion), representing a 6.3% increase from 2015.

    Online marketing revenues in 2016 were RMB64.525 billion ($9.294 billion), representing a 0.8% increase from 2015. Baidu had about 982,000 active online marketing customers in 2016, representing a 6.4% decrease from 2015. Revenue per online marketing customer for 2016 was RMB65,300 ($9,405), an increase of 7.9% from 2015.

    Traffic acquisition costs in 2016 were RMB10.373 billion ($1.494 billion), representing 14.7% of total revenues, compared to 13.3% in 2015.

    Bandwidth costs as a component of cost of revenues were RMB4.716 billion ($679.3 million), representing 6.7% of total revenues, compared to 5.6% in 2015.

    Depreciation costs as a component of cost of revenues were RMB3.075 billion ($442.9 million), representing 4.4% of total revenues, compared to 3.9% in 2015.

    Operational costs as a component of cost of revenues were RMB4.430 billion ($638.0 million), representing 6.3% of total revenues, compared to 5.8% in 2015.

    Content costs as a component of cost of revenues were RMB7.864 billion ($1.133 billion), representing 11.1% of total revenues, compared to 5.6% in 2015. The year-over-year increase was mainly due to iQiyi's increased content costs.

    Selling, general and administrative expenses in 2016 were RMB15.071 billion ($2.171 billion), representing a decrease of 11.7% from the previous year, primarily due to a decrease in promotional spending for transaction services.

    Research and development expenses totaled RMB10.150 billion ($1.462 billion) in 2016, representing a 0.2% decrease from 2015.

    Share-based compensation expenses, which were allocated to related operating cost and expense line items, were RMB1.760 billion ($253.5 million) in 2016, compared to RMB1.387 billion in 2015.

    Operating profit in 2016 was RMB10.049 billion ($1.447 billion), a 13.9% decrease from 2015. Non-GAAP operating profit in 2016 was RMB11.809 billion ($1.701 billion), representing a 9.6% decrease from 2015.

    Other income, net was RMB3.793 billion ($546.4 million) in 2016, which mainly consisted of the investment gain recognized as a result of Baidu's exchange of Uber China shares with Didi. Other income, net was RMB24.728 billion in 2015, which mainly consisted of the investment gain recognized as a result of Baidu's exchange of Qunar shares with Ctrip.

    Income tax expense was RMB2.914 billion ($419.6 million), compared to an income tax expense of RMB5.474 billion in 2015. The effective tax rate for 2016 was 20.1% as compared to 14.4% in 2015. Excluding the share exchange transactions impact for the past two years, the effective tax rate was flat year over year.

    Net income attributable to Baidu in 2016 was RMB11.632 billion ($1.675 billion). Basic and diluted earnings attributable to Baidu per ADS for 2016 amounted to RMB31.95 ($4.60) and RMB31.86 ($4.59), respectively.

    Non-GAAP net income attributable to Baidu in 2016 was RMB13.219 billion ($1.904 billion). Non-GAAP diluted earnings per ADS in 2016 was RMB38.03 ($5.48).

    Net operating cash inflow in 2016 was RMB22.258 billion ($3.206 billion). Capital expenditures in 2016 were RMB4.189 billion ($603.4 million).

    Adjusted EBITDA was RMB15.792 billion ($2.275 billion) in 2016, representing a 5.2% decrease from 2015.

    Summary of adjusted financial information (excluding Qunar)

    (RMB in millions, unless otherwise noted)

    Year ended YoY variance December 31, ------------ 2016 2015 Adjusted Revenues 70,549 63,073 11.9% Adjusted online marketing revenues 64,525 61,205 5.4% Active online marketing customer (000) 982,000 915,000 7.3% Revenue per active online marketing customer (RMB) 65,300 66,700 (2.1%) Adjusted cost of revenues 35,279 26,329 34.0% Adjusted selling, general and administrative expenses 15,071 14,275 5.6% Adjusted research and development expenses 10,150 9,027 12.5% ------ ----- Adjusted operating profit 10,049 13,442 (25.2%)

    Outlook for First Quarter 2017

    Baidu currently expects to generate total revenues in an amount ranging from RMB16.480 billion ($2.374 billion) to RMB17.030 billion ($2.453 billion) for the first quarter of 2017, representing a 4.2% to 7.6% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.

    Conference Call Information

    Baidu's management will hold an earnings conference call at 8:00 PM on February 23, 2017, U.S. Eastern Time (9:00 AM on February 24, 2017, Beijing/Hong Kong Time).

    Dial-in details for the earnings conference call are as follows:

    International: +65 67135090 China 4006208038 US: +1 8456750437 UK: +44 2036214779 Hong Kong: +852 30186771 Passcode for all regions: 67004023

    A replay of the conference call may be accessed by phone at the following number until March 3, 2017:

    International: +61 2 8199 0299 Passcode: 67004023

    Additionally, a live and archived webcast of this conference call will be available at http://ir.baidu.com.

    About Baidu

    Baidu, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best and most equitable way for people to find what they're looking for. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Currently, ten ADSs represent one Class A ordinary share.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. 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," "confident" and similar statements. Among other things, the outlook for the first quarter 2017 and quotations from management in this announcement, as well as Baidu's strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese language Internet search market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers and general economic conditions in China, Japan and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

    About Non-GAAP Financial Measures

    To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating profit, non-GAAP net income attributable to Baidu, non-GAAP diluted earnings per ADS, adjusted EBITDA and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding not only non-cash charges, but also other items that are infrequent or unusual in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

    Non-GAAP operating profit represents operating profit excluding share-based compensation expenses.

    Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses and the gain or loss associated with the issuance of shares by Baidu's equity method investees at a price higher or lower than the carrying value per share.

    Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated based on non-GAAP net income attributable to Baidu.

    Adjusted EBITDA represents operating profit excluding depreciation, amortization and share-based compensation expenses.

    Free cash flow represents net cash provided by operating activities less capital expenditures.

    For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures".

    For investor inquiries, please contact:

    Sharon Ng
    Baidu, Inc.
    Tel: +86-10-5992-4958
    Email: ir@baidu.com

    [1] This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9430 to US$1.00, the effective noon buying rate as of December 30, 2016, in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. [2] Gross merchandise value (GMV) is defined as GMV generated by the Baidu platform, through products such as Baidu Nuomi, Baidu Deliveries and Baidu Wallet. GMV is defined as the value of confirmed orders of products and services, regardless of whether the service has been consumed or delivered. [3] Qunar Cayman Islands Limited ("Qunar") financials were consolidated in Baidu's financial statements from July 2011 to October 26, 2015. Following Baidu's exchange of Qunar shares with Ctrip, Baidu deconsolidated Qunar's financials after October 26, 2015. [4] Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses and the gain or loss associated with the issuance of the shares by our equity method investees at a price higher or lower than our carrying value per share. [5] Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated based on non-GAAP net income attributable to Baidu. [6] The number of active online marketing customers and revenue per online active customer exclude our group-buying and delivery related businesses for consistency with previous reporting. [7] The adjusted figures for the fourth quarter of 2015 only exclude Qunar related figures from Baidu's consolidated results. Share-based compensation was allocated to related operating costs and expense line items.

    Baidu, Inc. Condensed Consolidated Statements of Income Three Months Ended Twelve Months Ended ------------------ ------------------- December 31, September 30, December 31, December 31, December 31, (In RMB thousands except for share, per share (or ADS) information) 2015 2016 2016 2015 2016 ------------------------------------------------------------------ ---- ---- ---- ---- ---- Unaudited Unaudited Unaudited audited Unaudited Revenues: Online marketing services 17,610,379 16,490,040 16,165,751 64,037,006 64,525,115 Other services 1,088,415 1,762,719 2,046,634 2,344,723 6,024,249 Total revenues 18,698,794 18,252,759 18,212,385 66,381,729 70,549,364 ---------- ---------- ---------- ---------- ---------- Operating costs and expenses: Cost of revenues (note 1, 2) (8,149,327) (9,256,370) (9,721,570) (27,458,030) (35,278,945) Selling, general and administrative (note 2) (4,527,813) (3,595,985) (3,334,168) (17,076,383) (15,070,586) Research and development (note 2) (2,486,778) (2,613,573) (2,971,521) (10,175,762) (10,150,753) Total operating costs and expenses (15,163,918) (15,465,928) (16,027,259) (54,710,175) (60,500,284) ----------- ----------- ----------- ----------- ----------- Operating profit 3,534,876 2,786,831 2,185,126 11,671,554 10,049,080 --------- --------- --------- ---------- ---------- Other income: Interest income 572,725 627,308 631,346 2,362,632 2,341,631 Interest expense (299,372) (319,899) (294,193) (1,041,394) (1,157,562) Foreign exchange income, net 106,007 20,361 310,206 181,802 508,312 Income(loss) from equity method investments 23,119 (248,460) (105,642) 3,867 (1,025,727) Other income, net 24,294,280 1,271,932 1,795,684 24,728,162 3,793,473 Total other income 24,696,759 1,351,242 2,337,401 26,235,069 4,460,127 ---------- --------- --------- ---------- --------- Income before income taxes 28,231,635 4,138,073 4,522,527 37,906,623 14,509,207 ---------- --------- --------- ---------- ---------- Income taxes (3,579,909) (1,045,184) (400,937) (5,474,377) (2,913,594) Net income 24,651,726 3,092,889 4,121,590 32,432,246 11,595,613 ========== ========= ========= ========== ========== Less: net loss attributable to noncontrolling interests (60,085) (9,441) (7,695) (1,231,927) (36,656) Net income attributable to Baidu 24,711,811 3,102,330 4,129,285 33,664,173 11,632,269 ========== ========= ========= ========== ========== Earnings per share for Class A and Class B ordinary shares: Net income attributable to Baidu -Basic 711.02 85.27 114.32 954.56 319.47 Net income attributable to Baidu -Diluted 709.15 85.06 113.98 951.49 318.62 Earnings per ADS (1 Class A ordinary share equals 10 ADSs): Net income attributable to Baidu -Basic 71.10 8.53 11.43 95.46 31.95 Net income attributable to Baidu -Diluted 70.92 8.51 11.40 95.15 31.86 Weighted average number of Class A and Class B ordinary shares outstanding: Basic 34,588,703 34,678,734 34,712,363 34,921,782 34,665,238 Diluted 34,679,673 34,764,579 34,816,049 35,034,470 34,757,086 (1) Cost of revenues are detailed as follows: Sales tax and surcharges (1,259,925) (1,220,377) (1,238,965) (4,644,357) (4,718,468) Traffic acquisition costs (2,616,319) (2,594,452) (2,636,455) (8,860,861) (10,372,516) Bandwidth costs (1,000,957) (1,240,986) (1,235,400) (3,716,747) (4,716,416) Depreciation costs (692,046) (802,257) (811,529) (2,559,623) (3,074,893) Operational costs (1,181,667) (1,158,554) (1,186,252) (3,881,609) (4,429,713) Content costs (1,381,875) (2,211,373) (2,570,729) (3,745,063) (7,863,585) Share-based compensation expenses (16,538) (28,371) (42,240) (49,770) (103,354) Total cost of revenues (8,149,327) (9,256,370) (9,721,570) (27,458,030) (35,278,945) ========== ========== ========== =========== =========== (2) Includes share-based compensation expenses as follows: Cost of revenues (16,538) (28,371) (42,240) (49,770) (103,354) Selling, general and administrative (100,353) (116,646) (113,709) (486,760) (429,234) Research and development (224,129) (273,045) (475,984) (850,588) (1,227,400) Total share-based compensation expenses (341,020) (418,062) (631,933) (1,387,118) (1,759,988) ======== ======== ======== ========== ==========

    Baidu, Inc. Condensed Consolidated Balance Sheets December 31, December 31, (In RMB thousands except for number of shares and per share data) 2015 2016 ---------------------------------------------------------------- ---- ---- Audited Unaudited ASSETS Current assets: Cash and cash equivalents 9,959,932 10,898,463 Restricted cash 95,997 317,521 Short-term investments 57,969,242 78,943,065 Accounts receivable, net 3,926,986 4,109,324 Loans and interest receivable, net 227,107 1,800,397 Amounts due from related parties 1,940,559 345,594 Other assets, current 4,113,840 3,344,516 Total current assets 78,233,663 99,758,880 ---------- ---------- Non-current assets: Fixed assets, net 10,627,127 11,294,348 Intangible assets, net 3,334,619 3,872,227 Goodwill 15,395,573 15,342,096 Long-term investments, net 37,958,591 45,690,363 Amounts due from related parties 9,725 11,153 Deferred tax assets, net 1,008,174 1,100,230 Loans and interest receivable, net 122,093 2,708,817 Other assets, non-current 1,163,743 2,219,277 --------- Total non-current assets 69,619,645 82,238,511 ---------- ---------- Total assets 147,853,308 181,997,391 =========== =========== LIABILITIES AND EQUITY Current liabilities: Short-term loans 100,000 1,115,000 Accounts payable and accrued liabilities 17,840,192 28,654,086 Customer advances and deposits 5,420,230 6,031,681 Deferred revenue 375,672 596,460 Deferred income 559,855 566,104 Long-term loans, current portion 974,820 3,468,296 Notes payable,current portion - 5,203,315 Capital lease obligation 46,088 8,416 Amounts due to related parties 785,945 458,687 Total current liabilities 26,102,802 46,102,045 ---------- ---------- Non-current liabilities: Deferred income 17,413 27,828 Long-term loans 3,239,676 6,822,109 Notes payable 30,702,116 27,648,477 Deferred tax liabilities 3,441,290 3,589,235 Capital lease obligation 8,435 348 Other non-current liabilities 125,860 64,954 Total non-current liabilities 37,534,790 38,152,951 ---------- ---------- Total liabilities 63,637,592 84,254,996 ---------- ---------- Redeemable noncontrolling interests 3,947,879 5,491,976 Equity Class A Ordinary Shares, par value US$0.00005 per share, 12 12 825,000,000 shares authorized, and 27,113, 541 shares and 27,325,551 shares issued and outstanding as at December 31, 2015 and December 31, 2016 Class B Ordinary Shares, par value US$0.00005 per share, 3 3 35,400,000 shares authorized, and 7,492,921 shares and 7,401,254 shares issued and outstanding as at December 31, 2015 and December 31, 2016 Additional paid-in capital 6,402,349 8,322,787 Retained earnings 74,659,355 85,733,706 Accumulated other comprehensive loss (806,056) (1,782,966) -------- ---------- Total Baidu, Inc. shareholders' equity 80,255,663 92,273,542 Noncontrolling interests 12,174 (23,123) Total equity 80,267,837 92,250,419 ---------- ---------- Total liabilities, redeemable noncontrolling interests, and equity 147,853,308 181,997,391 =========== ===========

    Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures (in RMB thousands except for share and per ADS information, unaudited) Three months ended Twelve months ended ------------------ ------------------- December 31, 2015 September 30, 2016 December 31, 2016 December 31, 2015 December 31, 2016 ----------------- ------------------ ----------------- ----------------- ----------------- Operating profit 3,534,876 2,786,831 2,185,126 11,671,554 10,049,080 Add: Share-based compensation expenses 341,020 418,062 631,933 1,387,118 1,759,988 ------- ------- ------- --------- --------- Non-GAAP operating profit 3,875,896 3,204,893 2,817,059 13,058,672 11,809,068 --------- --------- --------- ---------- ---------- Add: Depreciation of fixed assets 772,684 898,890 911,578 2,886,254 3,451,422 Add: Amortization of intangible assets 166,632 125,839 126,292 715,108 531,550 ------- ------- ------- ------- ------- Adjusted EBITDA 4,815,212 4,229,622 3,854,929 16,660,034 15,792,040 --------- --------- --------- ---------- ---------- Three months ended Twelve months ended ------------------ ------------------- December 31, 2015 September 30, 2016 December 31, 2016 December 31, 2015 December 31, 2016 ----------------- ------------------ ----------------- ----------------- ----------------- Net income attributable to Baidu 24,711,811 3,102,330 4,129,285 33,664,173 11,632,269 Add: Share-based compensation expenses 341,020 418,062 631,933 1,387,118 1,759,988 Add: Gain associated with the dilution of equity method investees - (73,408) (155,515) - (172,958) --- ------- -------- --- -------- Non-GAAP net income attributable to Baidu 25,052,831 3,446,984 4,605,703 35,051,291 13,219,299 ---------- --------- --------- ---------- ---------- Weighted average number of ADS used in computing non- 346,796,727 347,645,787 348,160,487 350,344,697 347,570,857 GAAP diluted earnings per ADS Non-GAAP diluted earnings per ADS 72.24 9.92 13.23 100.05 38.03

    Reconciliation from net cash provided by operating activities to free cash flow (in RMB thousands, unaudited) Three months ended As a % of Three months ended As a % of Three months ended As a % of Twelve months ended As a % of Twelve months ended As a % of ------------------ --------- ------------------ --------- ------------------ --------- ------------------- --------- ------------------- --------- December 31, 2015 total revenues September 30, 2016 total revenues December 31, 2016 total revenues December 31, 2015 total revenues December 31, 2016 total revenues ----------------- -------------- ------------------ -------------- ----------------- -------------- ----------------- -------------- ----------------- -------------- Net cash provided by operating activities 6,070,158 32% 2,953,166 16% 8,011,229 44% 19,422,438 29% 22,258,297 32% Less: Capital expenditures (1,423,527) -8% (1,182,627) -6% (1,201,360) -7% (5,229,616) -8% (4,189,187) -6% Free cash flow 4,646,631 24% 1,770,539 10% 6,809,869 37% 14,192,822 21% 18,069,110 26% ========= === ========= === ========= === ========== === ========== ===

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2016-results-300412705.html

    Photo: http://photos.prnewswire.com/prnh/20081103/BAIDULOGO Baidu, Inc.

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




    IMAX China Reports Full-Year 2016 Results

    SHANGHAI, Feb. 23, 2017 /PRNewswire/ --

    GREATER CHINA HIGHLIGHTS

    --  Signed agreements for a record 238 new theatres in 2016, more than the
    previous two years combined, resulting in a year-end backlog of 334
    theatres
    --  Installed a record 117 new theatre systems, a 56% increase over 2015,
    which brings the commercial China network to 407 screens across 149
    cities
    --  IMAX China together with IMAX Corporation completed the first phase of a
    $50 million Virtual Reality ("VR") fund alongside several strategic
    investors to help finance the creation of at least 25 interactive VR
    content experiences for use across all VR platforms, including IMAX VR
    centres
    --  Heightened pace of installation activity is expected to continue as IMAX
    China sets current-year install guidance at levels similar to 2016
    

    IMAX China Holding, Inc. ("IMAX China," HKG: 1970) today reported full-year 2016 revenue of $118.5 million and gross profit of $69.3 million, or 58.5% of revenues. Adjusted profit for the year came in at $37.6 million, down 13% from the prior year, primarily reflecting weaker box office and the installation of 34 additional revenue-sharing theatres in 2016 versus 2015, which carry one-time upfront marketing and launch costs. For adjustments to net profit and a full detail of our financial results, please refer to our corporate filing posted with the Hong Kong Stock Exchange or to our earnings results posted on the Investor Relations section of the IMAX China website (http://www.imax.cn/investor).

    "We achieved a number of exciting accomplishments in 2016 that we believe will continue to facilitate meaningful growth in IMAX China for years to come," said Richard L. Gelfond, Chairman of IMAX China. "The IMAX network reached an astounding 407 commercial screens across 149 cities - with another 334 theatres in backlog. In 2016 alone, we expanded the network by more than 40% and saw record-level signings activity, most of which came from existing partners looking to further expand their existing IMAX footprint. This is particularly encouraging as these metrics not only serve as a key barometer for future growth, they also come ahead of what has already been a strong start to the robust 2017 film slate, with hit titles such as Journey to the West: The Demons Strike Back and xXx: Return of Xander Cage."

    Network Update

    The IMAX(R) theatre network in Greater China has reached 424 systems as of Dec. 31, 2016, of which 407 were in commercial multiplexes. Currently, 261 of these theatres are operating under revenue-sharing arrangements and 163 are operating under sales and sales-type lease arrangements. There were also 334 theatres in backlog as of Dec. 31, 2016, of which 275 are for revenue sharing arrangements. The Company also installed 117 new theatres systems and two laser GT upgrades in 2016, which is up from the 75 installations and two upgrades recognized in 2015.

    "In terms of new business opportunities in China, we've already taken significant first steps towards our premium, location-based VR initiative - we completed the first phase of a $50 million virtual reality fund with several leading strategic partners, including China Media Capital and Enlight Media. IMAX Corporation also announced the first pilot IMAX VR Centre in China with JinYi, which should be open in the coming months. While the company's VR venture is still in its pilot phase, we are extremely encouraged by the initial results and we will continue pursuing efforts like VR and original content to further establish IMAX as a leader in the entertainment industry."

    Greater China Key Metrics

    Twelve Months ended December 31 ------------------------------- FY2016 FY2015 ------ ------ Greater China Signings Sales 37 29 Revenue Share 201 45 Total 238 74 Greater China Theatre Installations Sales 33 25 Revenue Share 84 50 Laser Upgrade 2 2 Total 119 77 Greater China Network Commercial Multiplex 407 290 Institutional 17 17 Total 424 307 Greater China Backlog 334 215 IMAX Greater China Box Office $295.7 million $312.4 million IMAX Greater China Per Screen Average $932.4 thousand $1344.5 thousand --------------- ---------------- Film Count PRC 37 31 HK/Taiwan Only 9 10 Total 46 41

    Conference Call

    The Company will host a conference call today at 8:00 AM Hong Kong Time to discuss its full-year 2016 financial results. To access the call via telephone, interested parties in the US and Canada should dial (800) 263-0877 approximately 5 to 10 minutes before the call begins. Parties in Hong Kong should dial 800-961-105 and China callers should dial 40-0120-9101. Other International callers should dial +1 (647) 749-1827. The conference ID for the call is 7468074. A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 7468074.

    About IMAX China

    IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."

    About IMAX Corporation

    IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

    IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."

    IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R), IMAX Is Believing(R) and IMAX nXos(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

    This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    For additional information please contact:

    Investors: Media: IMAX Corporation, New York IMAX Corporation, New York Jessica Kourakos Ann Sommerlath 212-821-0100 212-821-0155 jkourakos@imax.com asommerlath@imax.com Michael Mougias, New York Entertainment Media: 212-821-0187 Principal Communications Group, Los Angeles mmougias@imax.com Melissa Zuckerman/Paul Pflug 323-658-1555 IMAX China Holding, Inc., Shanghai melissa@pcommgroup.com Kenneth Ke paul@pcommgroup.com +86-021-2315-7000 kke@imax.com Business Media: Sloane & Company, New York Whit Clay 212-446-1864 wclay@sloanepr.com ------------------

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/imax-china-reports-full-year-2016-results-300412948.html

    Photo: http://mma.prnewswire.com/media/74988/imax_corporation_logo.jpg IMAX Corporation

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




    RELM Wireless to Host Fourth Quarter and Year-End 2016 Conference Call on Thursday, March 2, 2017

    WEST MELBOURNE, Fla., Feb. 23, 2017 /PRNewswire/ -- RELM Wireless Corporation , a company that designs, manufactures and markets two-way radio communications equipment, will host an investor conference call to discuss its operating results for the fourth quarter and full year ended December 31, 2016 on Thursday, March 2, 2017 at 9:00 am EST. On the call will be Timothy Vitou, President and William Kelly, Executive Vice President and Chief Financial Officer.

    The Company will release its financial and operating results for the fourth quarter and full year ended December 31, 2016 after the close of stock market trading on Wednesday, March 1, 2017.

    Shareholders and interested parties may participate in the conference call by dialing 877-407-8031 (international and local participants dial 201-689-8031) and asking to be connected to the "RELM Wireless Corporation Conference Call". The call will also be webcast at www.relm.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the webcast. An online archive of the webcast will be available on the Company's web site for thirty (30) days following the call at www.relm.com. A replay of the conference call will be available one hour after completion of the call until March 10, 2017 by dialing 877-481-4010 (international/local participants dial 919-882-2331) and entering conference I.D. # 13654405.

    About RELM Wireless

    As an American Manufacturer for almost 70 years, RELM Wireless Corporation has produced high-specification two-way communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications. Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. RELM's products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at www.relm.com or directly at 1-800-821-2900. The Company's common stock trades on the NYSE MKT market under the symbol "RWC".

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/relm-wireless-to-host-fourth-quarter-and-year-end-2016-conference-call-on-thursday-march-2-2017-300412843.html

    RELM Wireless Corporation

    CONTACT: RELM Wireless Corporation, William P. Kelly, EVP & CFO, (321)
    984-1414

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




    Aramark, Rand McNally, Rayonier, Sargento Foods Among Companies To Embrace Continuous Accounting With BlackLine In Q4Enterprise and Midsize Companies around the World Continue To Adopt BlackLine Cloud Platform

    LOS ANGELES and LONDON and SINGAPORE and SYDNEY, Feb. 23, 2017 /PRNewswire/ -- BlackLine, Inc. , a leading provider of financial automation solutions that enable Continuous Accounting, continues to expand its customer base globally, adding a broad range of both large and midsize companies to its client roster during the fourth quarter of 2016.

    Customers signed on in North America, Europe and the Asia-Pacific (APAC) region, deploying BlackLine's cloud platform to enhance the efficiency and visibility of Finance & Accounting (F&A) and reduce compliance risks.

    Among the new customers to come on board in North America were Aramark Services, James Hardie Building Products, Rand McNally & Co., Rayonier and Sargento Foods. In Europe, new customers included Crelan, Novomatic, GKN Group Services and Synthomer, and in APAC, Heritage Bank, Incitec Pivot, Vita Group and the University of Melbourne signed on during the fourth quarter.

    BlackLine tallied customers in all three regions, many now beginning to employ the Continuous Accounting model via the BlackLine cloud platform. Altogether, nearly 167,000 users across 1,700 companies in more than 130 countries presently employ BlackLine's products and solutions to help increase accountant productivity, elevate controls and compliance functions and modernize their F&A operations.

    About BlackLine
    BlackLine is a provider of cloud-based solutions that transform Finance & Accounting (F&A) by automating, centralizing and streamlining financial close operations, intercompany accounting processes and other key F&A processes for large and midsize organizations. Designed to complement ERP and other financial systems, BlackLine's cloud platform increases operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management and accounting automation.

    BlackLine's mission is to continuously improve the quality, accuracy and efficiency of Finance & Accounting by centralizing key functions within a single, unified cloud platform. Enabling customers to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities, BlackLine helps companies modernize accounting operations with intelligent automation, ensuring more accurate and insightful financial statements and a more efficient financial close. More than 1,700 companies with users in over 130 countries around the world trust BlackLine to ensure balance sheet integrity and confidence in their financial statements.

    BlackLine is recognized by Gartner as a Leader in its 2016 Magic Quadrant for Financial Corporate Performance Management (FCPM) Solutions and as a pioneer of the Enhanced Financial Controls & Automation (EFCA) software category.

    Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit www.blackline.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aramark-rand-mcnally-rayonier-sargento-foods-among-companies-to-embrace-continuous-accounting-with-blackline-in-q4-300412822.html

    Photo: http://mma.prnewswire.com/media/325382/blackline_company_logo.jpg BlackLine

    CONTACT: Ashley Dyer, Sr. PR Manager, BlackLine, 818-936-7166,
    ashley.dyer@blackline.com

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




    Black Knight Financial Services Implements Fee Service Solution to Verify Fee Quotes for Loan Estimate and Closing Disclosure- New capability within LoanSphere Exchange will automatically deliver from all 50 states fee quotes that are more up-to-date than internally maintained fee tables- The solution helps reduce the risk of using outdated resources by eliminating the need to internally maintain accurate fee tables- Fee Service capabilities also include a tax solution that instantly delivers estimated property taxes using sophisticated estimation methods

    JACKSONVILLE, Fla., Feb. 23, 2017 /PRNewswire/ -- Black Knight Financial Services announced today that a Fortune 500 provider of diversified financial services has implemented the LoanSphere Exchange - Fee Service capability. The solution automatically delivers fee quotes, which are required to generate the Loan Estimate and Closing Disclosure, from all 50 states for delivery greater accuracy than internally maintained fee tables can offer. Fee Service is available through Black Knight's Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange that connects more than 25,000 of the mortgage industry's service and solution providers.

    Maintaining and validating accurate loan-related fees from various settlement service providers across multiple counties and states is an immense challenge for lenders. When fees change before a lender can update its internal information, staff can unknowingly reference outdated resources when working on a new Loan Estimate and Closing Disclosure.

    The Fee Service solution leverages automation and workflow to save lenders time and resources by eliminating the need to internally maintain fee tables. Lenders gain quick, online access to fee quotes from multiple settlement providers and agencies using this service within Exchange, and can request unlimited updates throughout the origination process. Using Black Knight's Fee Service to streamline this manually intensive process helps clients reduce overhead costs and provide borrowers with more accurate fee quotes throughout the loan process.

    Black Knight's Fee Service suite benefits lenders by enabling them to reduce technology resource costs, increase efficiencies and possibly better support TRID requirements. The solution also tracks a complete history of the received fee quotes and updates for audit purposes.

    The Fee Service suite also includes Black Knight's Tax solution, a reliable, cost-effective tool to estimate property taxes -- even for new construction loans. The tool uses advanced estimation methods combined with confidence scoring to help provide more accurate fee quotes, requiring fewer resources to rework property tax estimates. Black Knight's Tax solution can also expedite the loan application process for the borrower, providing a better understanding of their real estate tax obligation.

    "Black Knight is pleased to provide these innovative capabilities to improve the process of gathering fees needed and estimated taxes for the closing process," said Jerry Halbrook, president of the Origination Technologies division of Black Knight Financial Services. "By delivering automated fee quotes, Fee Service helps to minimize tolerance violations, increase savings and enhance the borrower experience."

    About LoanSphere
    LoanSphere is Black Knight's premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle - from origination to servicing to default. The platform delivers business process automation, workflow, rules and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight's LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.

    About Black Knight Financial Services, Inc.
    Black Knight Financial Services, Inc. is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

    Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

    For more information:

    Michelle Kersch
    Black Knight Financial Services
    904.854.5043
    michelle.kersch@bkfs.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/black-knight-financial-services-implements-fee-service-solution-to-verify-fee-quotes-for-loan-estimate-and-closing-disclosure-300412699.html

    Photo: http://mma.prnewswire.com/media/235391/Black_Knight_Financial_Services_Logo.jpg Black Knight Financial Services, Inc.

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




    Table Trac signs contract with Chesapeake Beach Resort and Spa to install its gaming management system

    MINNETONKA, Minn., Feb. 23, 2017 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC) announces the signing of an agreement to install its management system at the Chesapeake Beach Resort and Spa in Chesapeake Beach, Maryland.

    Table Trac will provide Chesapeake Beach Resort and Spa with a complete suite of gaming management products that includes reporting, auditing, accounting, patron management, dispatching, along with marketing and promotional solutions, which assist in creating player loyalty and growing revenues.

    Mary Lanham, General Manager of the Chesapeake Beach Resort and Spa, stated, "Our competitive landscape has changed over the past 18 months, and we understood the importance to implement Table Trac's suite of products to create the best gaming experience for our customers. We are excited to be the first site in Maryland with this system."

    Brian Hinchley, Chief Executive Officer of Table Trac, stated, "We are thrilled Chesapeake Beach Resort and Spa has chosen our management system, and we are confident that our suite of products will benefit the Chesapeake gaming operations."

    About Table Trac, Inc.

    Founded in 1995, Table Trac, Inc. designs, develops and sells information and management systems. The company has systems installed in North, South, and Central America, as well as the Caribbean. More information is available at http://www.tabletrac.com/.

    Forward Looking Statements
    This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.

    For more information:
    Brian Hinchley
    Table Trac, Inc.
    952-548-8877

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/table-trac-signs-contract-with-chesapeake-beach-resort-and-spa-to-install-its-gaming-management-system-300412706.html

    Table Trac, Inc.

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




    Introducing theScore $100K Team Tourney Challenge!

    - Leading sports app offers huge grand prize with unique bracket-picking contest for friends

    TORONTO, Feb. 23, 2017 /PRNewswire/ - theScore, Inc. ("theScore") is giving sports fans a shot at a massive grand prize of $100,000 with an exciting new bracket-picking challenge during next month's men's college basketball championship tournament.

    Launching soon exclusively on theScore app for iOS and Android, theScore $100K Team Tourney Challenge delivers the same bracket-picking fun as regular contests - but with a unique social twist.

    Click to learn more about theScore $100K Team Tourney Challenge!

    Like most bracket gameplay, players can create or join groups and compete against their friends to earn bragging rights by picking the winners from each round of the 63-game tournament. However, with theScore $100K Team Tourney Challenge, each group of friends will also compete as a team to play for the grand prize. At the end of the tournament, the team of friends with the highest average score walks away with $100,000.

    What's more, there's also a prize of $25,000 for the best overall individual bracket, so all fans have something to play for - even if their group is tanking.

    "theScore $100K Team Tourney Challenge is a first of its kind, combining the great bracket-picking fun that sports fans love at this time of year plus an exciting new social dimension. All this, plus a significant prize to be won," said John Levy, CEO and Founder of theScore. "Together with the excitement of competing with and against your friends, theScore app is the best place to make your picks this March."

    Entrants will accumulate points for every successful prediction they make throughout the tournament, with the final score going towards their average group total and their own individual bracket.

    theScore $100K Team Tourney Challenge officially launches soon. Terms and conditions will apply. Please review official contest rules before entering.

    Click here for more information and to register your email so you're one of the first to know as soon as it goes live.

    Stay connected to theScore!

    Facebook
    Twitter

    About theScore Inc.
    theScore, Inc. is an independent creator of mobile-first sports experiences, connecting fans to the sports content they love through an addictive combination of comprehensive and personalized real-time news, scores, stats, alerts and videos via emerging and established digital media platforms, including its mobile sports applications theScore and theScore esports, its web platforms theScore.com and thescoreesports.com and theScore Bot for Facebook Messenger and Kik Messenger.

    Forward-looking (safe harbour) statement
    Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "may", "would", "could", "will", "believes", "plans", "anticipates", "estimates", "expects" or "intends" and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading "Risk Factors" in the Company's Annual Information Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.

    Photo: http://mma.prnewswire.com/media/471615/theScore__Inc__Introducing_theScore__100K_Team_Tourney_Challenge.jpg
    http://mma.prnewswire.com/media/471633/theScore__Inc__Introducing_theScore__100K_Team_Tourney_Challenge.jpg theScore, Inc.

    CONTACT: James Bigg, Sr. Manager, Communications, theScore, Inc., Tel:
    416.479.8812 ext. 2366, Email: james.bigg@thescore.com

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




    VisionChina Media Receives Petition from Former DMG Shareholders

    BEIJING, Feb 23, 2017 /PRNewswire/ -- VisionChina Media Inc. ("VisionChina Media" or the "Company") , China's largest out-of-home digital television and advertising network on mass transportation systems and the leading provider of urban mass transit Wi-Fi, today announced that Gobi Fund, Gobi Fund II, L.P. and Gobi Ventures, Inc., who are former shareholders of Digital Media Group ("Former DMG Shareholders") filed a petition in the Grand Court of the Cayman Islands, the Company's jurisdiction of organization, to request an order to wind up the Company. The hearing of the winding up petition has been scheduled on March 2, 2017.

    The Company is currently in consultation with legal counsel to resolve this issue, and day-to-day operations in China continue its normal course of business. The Company will provide updates to the public as appropriate. For further information regarding circumstances related to the Former DMG Shareholders, please refer to the Company's Annual Report on Form 20-F for 2015, which can be accessed on the Investor Relations section of the Company's website at http://www.visionchina.cn as well as on the SEC's website at https://www.sec.gov.

    About VisionChina Media Inc.

    VisionChina Media Inc. operates an out-of-home advertising network on mass transportation systems, including buses and subways. As of September 30, 2016, VisionChina Media's advertising network included approximately 58,365 digital television displays on mass transportation systems in 14 of China's economically prosperous cities, including Beijing, Guangzhou and Shenzhen, as secured by exclusive agency agreements or joint venture contract. VisionChina Media has the ability to deliver real-time, location-specific broadcasting, including news, stock quotes, weather and traffic reports, and other entertainment programming.

    In addition, VisionChina Media, through its consolidated affiliate Qianhai Mobile, has secured exclusive concession rights for bus Wi-Fi services in 25 cities across China, including Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately 80,000 buses. Currently, Qianhai Mobile provides free Wi-Fi Internet services on over 35,000 buses under the brand name "VIFI," spanning over 15 million commuters and providing over 6 million Wi-Fi service sessions per day.

    For more information, please visit http://www.visionchina.cn.

    Safe Harbor Statement

    This press release contains forward-looking statements. These statements constitute "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 U.S. 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. Among other things, the quotations from management in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1 and its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:
    Ms. Shuning Yi
    Investor Relations Department
    VisionChina Media Inc.
    Tel: +86 134-2090-9426
    E-mail: shuning.yi@visionchina.cn

    Mr. Ross Warner
    The Piacente Group, Inc.
    Tel: +86 (10) 5730-6200
    E-mail: visionchina@tpg-ir.com

    In the United States:
    Mr. Alan Wang
    The Piacente Group, Inc.
    Tel: +1 212-481-2050
    E-mail: visionchina@tpg-ir.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/visionchina-media-receives-petition-from-former-dmg-shareholders-300412765.html

    VisionChina Media Inc.

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




    IMAX Corporation Reports Fourth-Quarter And Full-Year 2016 Results

    NEW YORK, Feb. 23, 2017 /PRNewswire/ --

    HIGHLIGHTS

    --  Installed 166 new IMAX(R) theatres during 2016, up 22% vs. prior year,
    bringing the IMAX theatre network count to 1,215 screens across 75
    countries
    --  Signed agreements for record 319 IMAX theatre systems during 2016, up
    from 138 signings in 2015
    --  Ended year with 498 theatres in backlog, up 34% vs. prior year
    --  Company provides 2017 installation guidance range of approximately
    150-155 new systems
    --  Opened flagship IMAX Virtual Reality Centre in Los Angeles in January of
    2017, with an additional five pilot centres signed and scheduled to be
    open in coming months
    

    IMAX Corporation today reported fourth-quarter 2016 revenue of $106.9 million and net income attributable to common shareholders of $8.9 million, or $0.13 per diluted share. Full year 2016 revenue was $377.3 million and net income attributable to common shareholders was $28.8 million, or $0.42 per diluted share. Adjusted net income attributable to common shareholders for the fourth quarter and full year was $0.22 per diluted share and $0.73 per diluted share, respectively. For reconciliations of reported results to non-GAAP financial results, and for the definition and reconciliation of Adjusted EBITDA as calculated in accordance with the Company's credit facility, please see the end of this press release.

    "2016 was an impressive year for IMAX on several strategic fronts: our footprint grew 15%, we signed a record 319 new theatre agreements, and we further established IMAX as a leader in the entertainment industry through two key growth initiatives - original content and virtual reality," said IMAX CEO Richard L. Gelfond. "We're extremely optimistic on the theatrical side of the business, where demand for IMAX has hit record levels. With a global footprint of 1,215 theatres in 75 countries and a promising blockbuster-driven 2017 film slate that features more IMAX differentiation than any year in our history, we believe we're extremely well positioned for future growth."

    Fourth-Quarter 2016 Results

    Network Update
    During the quarter, the Company installed 73 theatres, of which 70 were for new theatre locations and 3 were upgrades. The Company also signed contracts for 26 theatres in the fourth quarter of 2016. The total IMAX theatre network consisted of 1,215 systems as of Dec. 31, 2016, of which 1,107 were in commercial multiplexes. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

    Box Office Update
    Gross box office from IMAX DMR titles was $246.5 million in the fourth quarter of 2016, compared with $288.4 million in the prior-year period. The average global DMR box office per-screen average in the fourth quarter of 2016 was $233,300, compared with $318,600 in same period last year.

    Fourth-Quarter Segment Results

    --  Revenue from sales and sales-type leases was $31.0 million in the fourth
    quarter of 2016, compared with $33.0 million in the fourth quarter of
    2015. The Company installed 23 full theatre systems under sales and
    sales-type lease arrangements in the most recent quarter, compared with
    the 24 full sales-type theatres the Company installed in the fourth
    quarter of 2015. The Company also recognized one laser upgrade under a
    sales-type lease arrangement in the most recent quarter, compared to two
    in the same period last year. Gross margin for sales and sales-type
    leases was 58.9% vs. 60.7% in the year ago period, primarily a result of
    lower margins from the installation of laser-based digital systems. The
    Company's margins on full, new sales and sales-type leases was 62.6% in
    the most recent quarter.
    --  Revenue from joint revenue-sharing arrangements was $24.5 million in the
    quarter, compared with $31.9 million in the prior-year period. During
    the quarter, the Company installed 46 new theatres under joint
    revenue-sharing arrangements, compared with 32 new theatres in the
    fourth quarter of 2015. The Company had 640 theatres operating under
    joint revenue-sharing arrangements as of Dec. 31, 2016, as compared to
    529 theatres one year prior. Gross margin for joint revenue-sharing
    arrangements was 61.8%, compared to 67.7% in the prior-year period.
    Revenue and gross margin results primarily reflected lower box office
    revenue and FX headwinds.
    --  Production and DMR revenues were $27.6 million in the fourth quarter of
    2016, compared with $31.9 million in the fourth quarter of 2015. Gross
    margin for the Production and DMR segment was 60.8%, compared to 68.9%
    in the prior-year period, primarily a result of lower box office
    revenue, higher marketing costs and FX headwinds.
    --  Gross margin across all segments in the fourth quarter of 2016 was
    51.7%, compared to 60.2% in the fourth quarter of 2015, mainly due to
    lower box office, upfront costs associated with heightened installation
    activity and FX headwinds.
    --  Operating expenses (which includes SG&A and R&D, and excludes
    stock-based compensation) were $28.7 million in the quarter, compared to
    $29.2 million in the fourth quarter of 2015 and consistent with guidance
    disclosed on the Q3 2016 call.
    

    Full-Year 2016 Results
    Full-year 2016 revenue was $377.3 million as compared to 2015 revenue of $373.8 million. Reported net income attributable to common shareholders was $28.8 million, or $0.42 per diluted share, as compared to $55.8 million or $0.78 per diluted share in 2015. Adjusted net income attributable to common shareholders was $50.0 million as compared to $73.0 million in 2015, or $0.73 per diluted share as compared to $1.02 per diluted share in 2015 Adjusted EBITDA, as calculated in accordance with the Company's credit facility, was $121.9 million in 2016 as compared to $140.8 million in 2015. The Company also reported a global 2016 per-screen average of $963,800, as compared to $1,155,800 in the prior year.

    The full-year installations total grew to 182 theatre systems, of which 16 were upgrades, compared with 154 and 18, respectively, in the prior-year period. IMAX signed contracts for 319 theatres in 2016, across 28 countries, resulting in 498 theatre systems in backlog as of Dec. 31, 2016, compared to 372 theatre systems in backlog as of Dec. 31, 2015. The Company's top three markets for signings were China, the United States and France. For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

    "In terms of new business opportunities, we formed a ground-breaking partnership with Marvel and ABC to exclusively launch the first two episodes of the television series Marvel's Inhumans across the global IMAX network ahead of its premiere on ABC and in international markets later this year. We are excited to have an equity interest in the venture and we believe this approach could help facilitate quicker international syndication," Gelfond said.

    "We've also taken a giant step forward in establishing location-based VR with the launch of our $50 million VR content fund and several new innovative technology and content partnerships," he continued. "Last month, we opened our flagship pilot IMAX VR Centre in Los Angeles, which has already had more than 7,000 unique, satisfied visitors. We also signed agreements to open five new VR pilot centres in China, the U.K. and the U.S. by year-end. While this venture is still in its pilot phase, we are extremely encouraged by the initial results and look forward to getting the additional locations up and running over the coming months."

    Share Buybacks
    In 2016, the Company repurchased 3,849,222 common shares under the Company's repurchase program at an average price of $30.25 per share. The retired shares were purchased for $116.5 million. The Company has $46.3 million available under its approved repurchase program.

    Supplemental Materials
    For more information about our results, please refer to the IMAX Investor Relations website located at www.imax.com/content/investor-relations.

    Investor Relations Website and Social Media
    On a weekly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at www.imax.com/content/investor-relations. The Company expects to provide such updates on Friday of each week, although the Company may change this timing without notice. Results will be displayed with a one week lag. In addition, the Company maintains a Twitter account: @IMAX_Investors. The Company intends to use Twitter to disclose the box office information, as well as other information that may be of interest to the Company's investor community.

    The information posted on the Company's Investor Relations website and/or via its Twitter account may be deemed material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company's website and its Twitter account in addition to the Company's press releases, SEC filings and public conference calls and webcasts.

    Conference Call
    The Company will host a conference call today at 4:30 PM ET to discuss its fourth-quarter and full-year 2016 financial results. To access the call via telephone, interested parties in the US and Canada should dial (800) 274-0251 approximately 5 to 10 minutes before the call begins. Other international callers should dial (647) 794-1827. The conference ID for the call is 6312959. A replay of the call will be available via webcast on the IMAX Investor Relations website located at www.imax.com/content/investor-relations or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 6312959.

    About IMAX Corporation
    IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

    IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."

    IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R), The IMAX Experience(R), IMAX Is Believing(R) and IMAX nXos(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

    This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, references to future capital expenditures (including the amount and nature thereof), business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the "Company") and expectations regarding the Company's future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the signing of theater system agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the performance of IMAX DMR films; the potential impact of increased competition in the markets within which the Company operates; competitive actions by other companies; the failure to respond to change and advancements in digital technology; the Company's largest customer accounting for a significant portion of the Company's revenue and backlog; risks related to new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security; risks related to the Company's inability to protect its intellectual property; risks related to the Company's implementation of a new enterprise resource planning system; general economic, market or business conditions; the failure to convert theater system backlog into revenue; changes in laws or regulations; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    For additional information please contact:

    Investors: Media: IMAX Corporation, New York IMAX Corporation, New York Jessica Kourakos Ann Sommerlath 212-821-0100 212-821-0155 jkourakos@imax.com asommerlath@imax.com Michael Mougias Entertainment Media: 212-821-0187 Principal Communications Group, Los Angeles mmougias@imax.com Melissa Zuckerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com Business Media: paul@pcommgroup.com Sloane & Company, New York Whit Clay 212-446-1864 wclay@sloanepr.com ------------------

    Additional Information Signings and Installations -------------------------- December 31, 2016 Year Ended December 31, ----------------------- Theater Signings: 2016 2015 ---- Full new sales and sales-type lease arrangements 61 55 (1) New joint revenue sharing arrangements 253 78 --- Total new theaters 314 133 Upgrade of IMAX theater systems 5 5 --- Total Theater Signings 319 138 === Year Ended December 31, ----------------------- Theater Installations: 2016 2015 ---- Full new sales and sales-type lease arrangements 56 (2) 56 (2) New joint revenue sharing arrangements 109 80 Operating lease arrangements 1 - Total new theaters 166 136 Upgrade of IMAX theater systems 16 (3)(4) 18 (3)(4) --- Total Theater Installations 182 154 === As of December 31, ------------------ Theater Backlogs: 2016 2015 ---- New sales and sales-type lease arrangements 143 160 New joint revenue sharing arrangements Hybrid arrangements 92 117 Traditional arrangements 263 95 Total new theaters 498 (5)(6) 372 (5)(7) === === As of December 31, ------------------ Theater Network: 2016 2015 ---- Commercial Multiplex Theaters: Sales and sales-type lease arrangements 467 414 Joint revenue sharing arrangements 640 529 Total Commercial Multiplex Theaters 1,107 943 Commercial Destination Theaters 16 19 Institutional Theaters 92 99 --- Total Theater Network 1,215 1,061 =====

    ______________________

    (1) Includes four signings which replaced theaters under an existing arrangement in backlog. (2) Includes one used theater system (2015 - one used theater system). (3) Includes 14 installations of an upgrade to a laser-based digital system, 12 under sales and sales- type lease arrangement and two under joint revenue sharing arrangements (2015 - 16 laser-based digital systems, ten under sales and sales- type lease arrangements, one under a short-term operating lease arrangement and five under joint revenue sharing arrangements). Includes two installations of an upgrade to a xenon-based digital system under sales arrangements (2015 - two xenon-based digital systems, one under a sales and sales-type lease arrangement and one under a short-term operating (4) lease arrangement). (5) Includes 20 laser-based digital theater system configurations (2015 - 24), including upgrades. The Company continues to develop and roll out its laser-based digital projection system. (6) Includes three upgrades to a laser- based digital theater system, in existing IMAX theater locations. (7) Includes 15 upgrades to a digital theater system, in existing IMAX theater locations (two xenon configurations and 13 laser configurations).

    2017 DMR Films:

    To date, the Company has announced the following 26 DMR titles to be released in 2017 to the IMAX theater network. The Company remains in active negotiations with all of the major Hollywood studios, as well as international studios, for additional films to fill out its short and long-term film slate, and anticipates that the number of IMAX DMR films to be released to the IMAX network in 2017 will be similar to the IMAX DMR films released to the IMAX network in 2016.

    --  Your Name: The IMAX Experience (Toho Co., Ltd., January 2017);
    --  xXx: Return of Xander Cage: The IMAX Experience (Paramount Pictures,
    January 2017);
    --  Resident Evil: The Final Chapter: The IMAX Experience (Sony Pictures,
    February 2017);
    --  Attraction: The IMAX Experience (Art Pictures Studio, January 2017,
    Russia only);
    --  Journey to The West: The Demons Strike Back: The IMAX Experience
    (Alibaba Pictures Group, January 2017);
    --  The Lego Batman Movie: The IMAX Experience (Warner Bros. Pictures,
    February 2017);
    --  Sing: The IMAX Experience (Universal Pictures, February 2017, China and
    Japan only);
    --  Logan: The IMAX Experience (20th Century Fox, March 2017);
    --  Kong: Skull Island: The IMAX Experience (Warner Bros. Pictures, March
    2017);
    --  Beauty and The Beast: The IMAX Experience (Walt Disney Studios, March
    2017);
    --  Ghost in the Shell: The IMAX Experience (Paramount Pictures, March
    2017);
    --  The Fate of the Furious: The IMAX Experience (Universal Pictures, April
    2017);
    --  Guardians of the Galaxy Vol. 2: The IMAX Experience (Walt Disney
    Studios, May 2017);
    --  Pirates of the Caribbean: Dead Men Tell No Tales: The IMAX Experience
    (Walt Disney Studios, May 2017);
    --  Wonder Woman: The IMAX Experience (Warner Bros. Pictures, June 2017);
    --  The Mummy: The IMAX Experience (Universal Pictures, June 2017);
    --  Transformers: The Last Knight: The IMAX Experience (Paramount Pictures,
    June 2017);
    --  Spider-Man: Homecoming: The IMAX Experience (Sony Pictures-distributed
    and Marvel Studios and Sony Pictures- produced, July 2017);
    --  Dunkirk: The IMAX Experience (Warner Bros. Pictures, July 2017);
    --  The Solutrean: The IMAX Experience (Sony Pictures, September 2017);
    --  The Lego Ninjago Movie: The IMAX Experience (Warner Bros. Pictures,
    September 2017);
    --  Blade Runner 2049: The IMAX Experience (Warner Bros. Pictures, October
    2017);
    --  Geostorm: The IMAX Experience (Warner Bros. Pictures, October 2017);
    --  Thor: Ragnarok: The IMAX Experience (Walt Disney Studios, November
    2017);
    --  Justice League: The IMAX Experience (Warner Bros. Pictures, November
    2017); and
    --  Star Wars: The Last Jedi: The IMAX Experience (Walt Disney Studios,
    December 2017).
    

    In addition, in conjunction with Marvel and Disney|ABC Television Group, the Company will be co-producing and exclusively premiering the new ABC series "Marvel's Inhumans" in IMAX theaters. The first two episodes of the series are expected to run worldwide exclusively in IMAX theaters for two weeks in September 2017, and several weeks later, the series will premiere on the ABC network. The Company will have an equity participation both in the pilot and in the television series, representing the first time the Company will have an economic interest in a television property.


    IMAX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars, except per share amounts) Three Months Years Ended Ended December 31, Ended December 31, ------------------ ------------------ 2016 2015 2016 2015 ---- ---- ---- ---- Revenues Equipment and product sales $41,318 $46,113 $122,382 $118,937 Services 44,009 46,266 166,862 161,964 Rentals 18,777 24,645 77,315 83,651 Finance income 2,509 2,309 9,500 9,112 Other 300 - 1,275 141 --- --- ----- --- 106,913 119,333 377,334 373,805 ------- ------- ------- ------- Costs and expenses applicable to revenues Equipment and product sales 20,605 20,625 69,680 63,635 Services 25,263 20,654 83,780 70,855 Rentals 5,719 6,171 21,086 20,027 Other - - 110 - --- --- --- --- 51,587 47,450 174,656 154,517 ------ ------ ------- ------- Gross margin 55,326 71,883 202,678 219,288 Selling, general and administrative expenses 32,039 32,997 124,745 115,345 (including share-based compensation expense of $8.0 million and $30.5 million for the three months and year ended December 31, 2016, respectively (2015 - expense of $7.0 million and $21.9 million, respectively)) Research and development 4,712 3,119 16,315 12,730 Amortization of intangibles 542 558 2,079 1,860 Receivable provisions, net of recoveries 323 43 954 752 Asset (recoveries) impairments (1,000) 235 417 830 ------ --- --- --- Income from operations 18,710 34,931 58,168 87,771 Interest income 273 241 1,490 968 Interest expense (480) (491) (1,805) (1,661) ---- ---- ------ ------ Income from operations before income taxes 18,503 34,681 57,853 87,078 Provision for income taxes (6,577) (7,644) (16,212) (20,052) Gain (loss) from equity-accounted investments, net of tax 150 (792) (2,321) (2,402) --- ---- ------ ------ Net income 12,076 26,245 39,320 64,624 Less: net income attributable to non-controlling interests (3,131) (3,752) (10,532) (8,780) ------ ------ ------- ------ Net income attributable to common shareholders $8,945 $22,493 $28,788 $55,844 ====== ======= ======= ======= Net income per share attributable to common shareholders - basic and diluted: $0.14 $0.33 $0.43 $0.79 ===== ===== ===== ===== $0.13 $0.32 $0.42 $0.78 ===== ===== ===== ===== Weighted average number of shares outstanding (000's): Basic 66,152 69,364 67,575 69,526 Fully Diluted 66,950 70,764 68,263 71,058 Additional Disclosure: Depreciation and amortization(1) $12,306 $11,612 $46,485 $42,803 (1) Includes $0.1 million and $0.5 million of amortization of deferred financing costs charged to interest expense for the three months and year ended December 31, 2016 (2015 - $0.4 million and $1.0 million, respectively).

    IMAX CORPORATION CONSOLIDATED BALANCE SHEETS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars) As at December 31, ------------------ 2016 2015 ---- ---- Assets Cash and cash equivalents $204,759 $317,449 Accounts receivable, net of allowance for doubtful accounts of $1,250 (December 31, 2015 - $1,146) 96,349 97,981 Financing receivables 122,125 117,231 Inventories 42,121 38,753 Prepaid expenses 6,626 6,498 Film assets 16,522 14,571 Property, plant and equipment 245,415 218,267 Other assets 33,195 26,136 Deferred income taxes 20,779 25,766 Other intangible assets 30,416 28,950 Goodwill 39,027 39,027 Total assets $857,334 $930,629 ======== ======== Liabilities Bank indebtedness $27,316 $29,276 Accounts payable 19,990 23,455 Accrued and other liabilities 93,208 95,748 Deferred revenue 90,266 104,993 Total liabilities 230,780 253,472 ------- ------- Commitments and contingencies Non-controlling interests 4,980 3,307 ----- ----- Shareholders' equity Capital stock common shares - no par value. Authorized - unlimited number. 66,224,467 - issued and 66,159,902 - outstanding (December 31, 2015 - 69,673,244 - issued and outstanding) 439,213 448,310 Less: Treasury stock, 64,565 shares at cost (December 31, 2015 - nil) (1,939) - Other equity 177,304 163,094 Accumulated (deficit) earnings (47,366) 19,930 Accumulated other comprehensive loss (5,200) (7,443) Total shareholders' equity attributable to common shareholders 562,012 623,891 Non-controlling interests 59,562 49,959 ------ ------ Total shareholders' equity 621,574 673,850 ------- ------- Total liabilities and shareholders' equity $857,334 $930,629 ======== ========

    IMAX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS In accordance with United States Generally Accepted Accounting Principles (In thousands of U.S. dollars) Years Ended December 31, ------------------------ 2016 2015 ---- ---- Cash provided by (used in): Operating Activities Net income $39,320 $64,624 Adjustments to reconcile net income to cash from operations: Depreciation and amortization 46,485 42,803 Write-downs, net of recoveries 5,940 3,725 Change in deferred income taxes 4,940 (1,336) Stock and other non-cash compensation 31,586 22,379 Unrealized foreign currency exchange loss 462 785 Loss from equity-accounted investments 2,685 3,838 Gain on non-cash contribution to equity-accounted investees (364) (1,436) Investment in film assets (22,308) (15,119) Changes in other non-cash operating assets and liabilities (30,874) (36,058) Net cash provided by operating activities 77,872 84,205 Investing Activities Purchase of property, plant and equipment (15,278) (43,257) Investment in joint revenue sharing equipment (42,910) (28,474) Investment in new business ventures (1,911) (2,000) Acquisition of other intangible assets (4,787) (5,065) Net cash used in investing activities (64,886) (78,796) Financing Activities Increase in bank indebtedness - 25,290 Repayment of bank indebtedness (2,000) (333) Repurchase of common shares (116,518) (34,276) Settlement of restricted share units and options (17,889) (10,000) Exercise of stock options 13,113 35,609 Taxes paid on secondary sales and repatriation dividend (2,443) - Treasury stock repurchased for future settlement of restricted share units (1,996) - Taxes withheld and paid on employee stock awards vested (528) (520) Issuance of subsidiary shares to non-controlling interests - private offering 2,479 40,000 Share issuance costs from the issuance of subsidiary shares to non-controlling - (2,000) interests - private offering Issuance of subsidiary shares to non-controlling interests - public offering - 178,226 Share issuance expenses - public offering - (16,257) Dividends paid to non-controlling interests - (9,511) Credit facility amendment fees paid - (1,533) Net cash (used in) provided by financing activities (125,782) 204,695 Effects of exchange rate changes on cash 106 842 --- --- (Decrease) increase in cash and cash equivalents during year (112,690) 210,946 Cash and cash equivalents, beginning of year 317,449 106,503 Cash and cash equivalents, end of year $204,759 $317,449 ======== ========

    IMAX CORPORATION
    SELECTED FINANCIAL DATA
    In accordance with United States Generally Accepted Accounting Principles
    (in thousands of U.S. dollars)

    The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment includes the design, manufacture, sale or lease of IMAX theater projection system equipment. The theater system maintenance segment includes the maintenance of IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment includes the provision of IMAX theater projection system equipment to an exhibitor in exchange for a share of the box-office and concession revenues. The film production and IMAX DMR segment includes the production of films and the performance of film re-mastering services. The film distribution segment includes the distribution of films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The other segment includes certain IMAX theaters that the Company owns and operates, camera rentals and other miscellaneous items.

    Three Months Years Ended Ended December 31, Ended December 31, ------------------ ------------------ 2016 2015 2016 2015 ---- ---- ---- ---- Revenue IMAX Theater Systems IMAX Systems Sales and sales-type leases $31,002 $33,011 $89,524 $86,935 Ongoing rent, fees, and finance income 4,017 4,485 16,003 15,193 Other 5,040 6,259 19,434 17,579 40,059 43,755 124,961 119,707 ------ ------ ------- ------- Theater System Maintenance 10,399 9,599 40,430 36,944 Joint Revenue Sharing Arrangements 24,473 31,861 91,413 99,120 Film Production and IMAX DMR 27,636 31,945 106,403 107,089 Film distribution and post-production 4,346 2,173 14,127 10,945 31,982 34,118 120,530 118,034 ------ ------ ------- ------- Total $106,913 $119,333 $377,334 $373,805 ======== ======== ======== ======== Gross margins IMAX Theater Systems IMAX Systems(1) Sales and sales-type leases $17,991 $20,070 $44,786 $44,790 Ongoing rent, fees, and finance income 3,847 4,267 15,304 14,378 Other 327 700 76 279 22,165 25,037 60,166 59,447 ------ ------ ------ ------ Theater System Maintenance 3,452 2,811 13,659 12,702 Joint Revenue Sharing Arrangements(1) 15,121 21,556 59,837 68,372 Film Production and IMAX DMR(1) 16,798 22,003 69,196 77,645 Film distribution and post- production(1) (2,210) 476 (180) 1,122 14,588 22,479 69,016 78,767 ------ ------ ------ ------ Total $55,326 $71,883 $202,678 $219,288 ======= ======= ======== ======== __________________ (1) IMAX systems include marketing and commission costs of $1.1 million and $3.0 million for the three and twelve months ended December 31, 2016, respectively (2015 -$1.2 million and $3.0 million, respectively). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $1.2 million and $4.1 million for the three and twelve months ended December 31, 2016, respectively (2015 -$1.6 million and $4.3 million, respectively). Production and DMR segment margins include marketing costs of $5.8 million and $17.5 million for the three and twelve months ended December 31, 2016, respectively (2015 -$5.0 million and $13.3 million, respectively). Distribution segment margins include marketing costs of $0.1 million and $2.2 million for the three and twelve months ended December 31, 2016, respectively (2015 -less than $0.1 million recovery and $0.1 million recovery, respectively).

    IMAX CORPORATION
    OTHER INFORMATION
    (in thousands of U.S. dollars)

    Non-GAAP Financial Measures:
    In this release, the Company presents adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share as supplemental measures of performance of the Company, which are not recognized under U.S. GAAP. The Company presents adjusted net income and adjusted net income per diluted share because it believes that they are important supplemental measures of its comparable controllable operating performance and it wants to ensure that its investors fully understand the impact of its stock-based compensation (net of any related tax impact) on net income. In addition, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share because it believes that they are important supplemental measures of its comparable financial results, and not including these measures could potentially distort the analysis of trends in business performance. Management uses these measures to review operating performance on a comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share should be considered in addition to, and not as a substitute for, net income and net income attributable to common shareholders and other measures of financial performance reported in accordance with U.S. GAAP.

    The Credit Facility provides that the Company will be required at all times to satisfy a Minimum Liquidity Test (as defined in the Credit Agreement) of at least $50.0 million. The Company is required to maintain a minimum level of "EBITDA" of $100.0 million, as such term is defined in the Company's credit agreement (herein referred to as "Adjusted EBITDA" as the credit agreement includes additional adjustments beyond interest, taxes, depreciation and amortization). EBITDA and Adjusted EBITDA should not be construed as substitutes for net income or as better measures of liquidity than cash flow from operating activities determined in accordance with U.S. GAAP. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the credit agreement) of 2.0:1.0, which requirement decreases to 1.75:1.0 on December 31, 2017. The Company was in compliance with all of these requirements at December 31, 2016. The Maximum Total Leverage Ratio was 0.23:1 as at December 31, 2016, where Total Debt (as defined in the credit agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $27.7 million. Adjusted EBITDA is calculated as follows:

    Quarter Ended Year Ended Year Ended December 31, 2016 December 31, 2016 (1) December 31, 2015 ----------------- ----------------- ----------------- (In thousands of U.S. Dollars) Net income $12,076 $39,320 $64,624 Add (subtract): Provision for income taxes 6,577 16,212 20,052 Interest expense, net of interest income 207 315 693 Depreciation and amortization, including film asset amortization 12,176 45,953 41,787 EBITDA $31,036 $101,800 $127,156 Write-downs, net of recoveries including asset impairments and 3,037 5,940 3,725 receivable provisions (Gain) loss from equity accounted investments (150) 2,321 2,402 Stock and other non-cash compensation 8,690 31,586 22,379 Adjusted EBITDA before non-controlling interests 42,613 141,647 155,662 Adjusted EBITDA attributable to non-controlling interests(2) (5,752) (19,743) (14,885) Adjusted EBITDA attributable to common shareholders $36,861 $121,904 $140,777 === Adjusted revenues attributable to common shareholders(3) $96,192 $339,868 $347,862 === Adjusted EBITDA margin 38.3% 35.9% 40.5% __________________ (1) Ratio of funded debt calculated using twelve months ended Adjusted EBITDA. (2) The Adjusted EBITDA calculation specified for purpose of the minimum Adjusted EBITDA covenant excludes the reduction in EBITDA from the Company's non-controlling interests.

    (3) Quarter Ended Year Ended Year Ended December 31, 2016 December 31, 2016 December 31, 2015 ----------------- ----------------- ----------------- Total revenues $106,913 $377,334 $373,805 Greater China revenues $33,735 $118,532 $110,591 Non-controlling interest ownership percentage(4) 31.78% 31.61% 23.46% ----- ----- ----- Deduction for non-controlling interest share of revenues (10,721) (37,466) (25,943) Adjusted revenues attributable to common shareholders $96,192 $339,868 $347,862 ======= ======== ======== (4) Weighted average ownership percentage for change in non-controlling interest share

    IMAX CORPORATION
    OTHER INFORMATION
    (in thousands of U.S. dollars)

    Adjusted Net Income and Adjusted Diluted Per Share Calculations - Quarter Ended December 31, 2016 vs. 2015:
    The Company reported net income of $12.1 million or $0.18 per basic and diluted share for the quarter ended December 31, 2016 as compared to net income of $26.2 million or $0.38 per basic share and $0.37 per diluted share for the quarter ended December 31, 2015. Net income for the quarter ended December 31, 2016 includes a $8.0 million charge or $0.13 per diluted share (2015 -- $6.9 million or $0.10 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $17.7 million or $0.27 per diluted share for the quarter ended December 31, 2016 as compared to adjusted net income of $31.7 million or $0.45 per diluted share for the quarter ended December 31, 2015. The Company reported net income attributable to common shareholders of $8.9 million, or $0.14 per basic and $0.13 per diluted share for the year ended December 31, 2016 (2015 -- $22.5 million, or $0.33 per basic share and $0.32 per diluted share).Adjusted net income attributable to common shareholders, which consists of net income attributable to common shareholders excluding the impact of stock-based compensation and the related tax impact, was $14.5 million or $0.22 per diluted share for the quarter ended December 31, 2016 as compared to adjusted net income attributable to common shareholders of $27.3 million or $0.39 per diluted share for the quarter ended December 31, 2015. A reconciliation of net income and net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below:


    Quarter Ended December 31, -------------------------- 2016 2015 ---- ---- Net Income Diluted EPS Net Income Diluted EPS ---------- ----------- ---------- ----------- Reported net income $12,076 $0.18 $26,245 $0.37 (1) Adjustments: Stock-based compensation 8,038 0.13 6,949 0.10 Tax impact on items listed above (2,389) (0.04) (1,453) (0.02) Adjusted net income 17,725 0.27 31,741 0.45 (1) Net income attributable to non-controlling interests (3,131) (0.05) (3,752) (0.05) Stock-based compensation (net of tax of less than $0.1 million and $0.2 million, respectively) attributable to non-controlling interests (112) - (703) (0.01) Adjusted net income attributable to common shareholders $14,482 $0.22 $27,286 $0.39 (1) ======= ===== ======= ===== Weighted average diluted shares outstanding 66,950 70,764 ====== ====== _____________ (1) Includes impact of less than $0.1 million of accretion charges associated with redeemable Class C shares of IMAX China.

    Adjusted Net Income and Adjusted Diluted Per Share Calculations - Year Ended December 31, 2016 vs. 2015:
    The Company reported net income of $39.3 million or $0.58 per basic and diluted share for the year ended December 31, 2016 as compared to net income of $64.6 million or $0.92 per basic share and $0.90 per diluted share for the year ended December 31, 2015. Net income for the year ended December 31, 2016 includes a $30.5 million charge or $0.45 per diluted share (2015 -- $21.9 million or $0.31 per diluted share) for stock-based compensation. Adjusted net income, which consists of net income excluding the impact of stock-based compensation and the related tax impact, was $61.1 million or $0.90 per diluted share for the year ended December 31, 2016 as compared to adjusted net income of $82.4 million or $1.15 per diluted share for the year ended December 31, 2015. The Company reported net income attributable to common shareholders of $28.8 million, or $0.43 per basic and $0.42 per diluted share for the year ended December 31, 2016 (2015 -- $55.8 million, or $0.79 per basic share and $0.78 per diluted share). Adjusted net income attributable to common shareholders, which consists of net income attributable to common shareholders excluding the impact of stock-based compensation and the related tax impact, was $50.0 million or $0.73 per diluted share for the year ended December 31, 2016 as compared to adjusted net income attributable to common shareholders of $73.0 million or $1.02 per diluted share for the year ended December 31, 2015. A reconciliation of net income and net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below:

    Year Ended December 31, ----------------------- 2016 2015 ---- ---- Net Income Diluted EPS Net Income Diluted EPS ---------- ----------- ---------- ----------- Reported net income $39,320 $0.58 $64,624 $0.90 (1) Adjustments: Stock-based compensation 30,523 0.45 21,880 0.31 Tax impact on items listed above (8,783) (0.13) (4,056) (0.06) Adjusted net income 61,060 0.90 82,448 1.15 (1) Net income attributable to non-controlling interests (10,532) (0.16) (8,780) (0.12) Stock-based compensation (net of tax of $0.2 million and $0.2 million, respectively) attributable to non-controlling interests (533) (0.01) (703) (0.01) Adjusted net income attributable to common shareholders $49,995 $0.73 $72,965 $1.02 (1) ======= ===== ======= ===== Weighted average diluted shares outstanding 68,263 71,058 ====== ====== _____________ (1) Includes impact of $0.8 million of accretion charges associated with redeemable Class C shares of IMAX China.

    Free Cash Flow:
    Free cash flow is defined as cash provided by operating activities minus cash used in investing activities (from the consolidated statements of cash flows). Cash provided by operating activities consist of net income, plus depreciation and amortization, plus the change in deferred income taxes, plus other non-cash items, plus changes in working capital, less investment in film assets, plus other changes in operating assets and liabilities. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. A reconciliation of cash provided by operating activities to free cash flow is presented in the table below:

    For the For the 3 months ended 12 months ended December 31, 2016 December 31, 2016 ----------------- ----------------- (In thousands of U.S. Dollars) Net cash provided by operating activities $32,568 $77,872 Net cash used in investing activities (26,398) (64,886) Free cash flow $6,170 $12,986 ===

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/imax-corporation-reports-fourth-quarter-and-full-year-2016-results-300412853.html

    Photo: http://mma.prnewswire.com/media/74988/imax_corporation_logo.jpg IMAX Corporation

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




    Aeon Global Health(TM) Launches BDx Advantage(TM) - Extensive Blood Diagnostic TestingThis new addition of blood testing offers clients a larger suite of services.

    GAINESVILLE, Ga., Feb. 23, 2017 /PRNewswire/ -- Authentidate Holding Corp. , a provider of genetic hereditary cancer, molecular microbiology, pharmacogenomics, toxicology testing services, and secure, web-based software applications and telehealth products for healthcare organizations, today announced the addition of BDx Advantage(TM) Blood Diagnostic testing to their growing portfolio of services.

    Blood tests may be performed for several different reasons. Blood may be analyzed to diagnose certain health conditions or possibly rule out conditions based on symptoms. In addition, blood tests may help monitor existing health conditions. Finally, they may be used to check the function of organs like the liver or kidneys if patients are taking medications that may affect them.

    Aeon's comprehensive BDx Advantage(TM) menu includes:

    --  Metabolic, hepatic and renal function testing
    --  Advanced lipid profiles
    --  General chemistry and extensive hormone testing
    

    Some of the benefits of Aeon's BDx Advantage(TM) include the extensive testing options and the use of the most advanced technology and high throughput instrumentation available. Furthermore, Aeon has the ability to handle thousands of samples per day, while maintaining a quick turnaround time of 24 hours.

    "By expanding into blood diagnostic testing, we can leverage our technical knowledge to provide accurate results for our customers. This complements our extensive range of testing capabilities, allowing physicians to determine the best course of treatment for their patients." - Dr. James Canner, Ph.D., Laboratory Operations Director.

    Dr. Shawn Desai, Ph.D., J.D., Chief Technology Officer comments, "We have several thousand physician clients across the United States that are currently using our specialty testing services, and many of them have inquired about using Aeon for BDx. We believe this will lead to rapidly increasing testing volumes in this area, especially since we are using the latest in testing equipment."

    "My excitement is building as Aeon Global Health begins blood testing using the state of the art Roche Cobas 6000 high throughput chemistry analyzer," - comments John Andrews, MLT (AMT), Head of the Blood Testing Department. "The analyzer can perform more than 1000 chemistry tests and 250 immunoassays per hour with a wide test menu for the clients that we serve."

    For more information, visit: http://aeonglobalhealth.com/

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aeon-global-health-launches-bdx-advantage---extensive-blood-diagnostic-testing-300412701.html

    Aeon Global Health

    CONTACT: Tara Carney, (678) 707-8004, tcarney@aeonglobalhealth.com

    Web site: http://aeonglobalhealth.com/




    ITL Profit Doubles In Half Year 2016/2017 Results

    MELBOURNE, Australia, Feb. 23, 2017 /PRNewswire/ -- ITL Limited, , an innovative diversified healthcare company, is pleased to announce excellent results for the half year ended 31 December 2016 compared with the previous corresponding period. A full "Results and ITL BioMedical Growth Update" presentation can be viewed here.

    Highlights

    --  Profit after tax of $2.12m (Dec 2015: $1.04m; up 104%)
    --  Earnings per share of 2.2 cents (Dec 2015: 1.2 cents; up 83%)
    --  Revenue of $17.5m (Dec 2015: $15.7m; up 11%)
    --  Profit before tax of $2.12m (Dec 2015: $1.01m; up 110%)
    --  EBITDA was $2.7m (Dec 2015: $1.6m; up 69%)
    --  Net Debt $5.0m (June 2016: $5.5m; down 9%)
    

    The significant increase in profit was driven by improvements in the BioMedical and Healthcare divisions.

    ITL BioMedical won new customers, grew its product portfolio and benefited from improved market conditions.

    ITL Healthcare achieved improved profitability from strategic sourcing and customer initiatives whilst costs have been carefully controlled.

    ITL's investment in MyHealthTest, the direct to consumer pathology test provider for major chronic diseases, has focused on critical systems development and expanding the range of tests.

    ITL intends to continue reducing identified key risks, drive product growth and enter new markets in order to keep driving business growth.

    The Board expects a strong result for the full financial year even allowing for some seasonality in the 2(nd) half year.

    About ITL Limited

    ITL Limited is an innovative global medical technology company that creates and manufactures leading edge medical devices for the clinical, blood banking, and laboratory markets. ITL is a growing provider of specialist ancillary products for the blood culture testing market, estimated to be worth US$3.3bn.

    ITL maintains four divisions including ITL BioMedical, ITL Healthcare, ITL Clinical and MyHealthTest. The Company holds an IP portfolio of 48 patents and sells into 55 countries, protecting healthcare workers in millions of procedures annually.

    For more information or inquiries please email info@itl-limited.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/itl-profit-doubles-in-half-year-20162017-results-300412848.html

    Photo: http://mma.prnewswire.com/media/471428/ITL_Health_Group_Logo.jpg ITL Limited

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




    Sikorsky - PZL Mielec Prepares Multirole M28(R) Airplane for Transatlantic Leg of Latin American and Caribbean TourMid-winter flight from Europe to Latin America will demonstrate the all-weather versatility of the Polish designed-and-built twin turboprop.

    STRATFORD, Conn., Feb. 23, 2017 /PRNewswire/ -- Sikorsky, a Lockheed Martin company and its affiliate PZL Mielec are finalizing an M28 short takeoff and landing airplane for its transatlantic flight from southeast Poland to Latin America and the Caribbean.

    Once in the region, the 7,500 kg (16,500 lb.) twin turboprop airplane will demonstrate to interested militaries and commercial transport its ability to move people and cargo into short, unpaved or underdeveloped airstrips. The tour begins in Port of Spain, Trinidad & Tobago on March 17, 2017 before visiting 12 other cities through mid-May across Brazil, Argentina, Ecuador, Colombia, Panama and Mexico.

    Engineers at PZL Mielec have given the newly built airplane -- serial number AJE00347 -- its final coat of paint, and the necessary equipment that will showcase the plane's quick conversion to passenger configuration, paratroop, cargo transport or casualty evacuation.

    PZL pilots and aircrew will fly the aircraft from Mielec, Poland, on February 24 to Denmark, then begin the maritime leg to Scotland and Iceland. The aircraft arrives in Kulusuk, Greenland on February 28 after 2,164 nm and approximately 10 hours of transatlantic flying.

    "The westward transatlantic crossing in mid-winter is just one example of extreme weather flying for this rugged and reliable M28 airplane," said Mariusz Kubryn, M28 chief designer. "By the end of the demonstration tour in Latin America this spring, the aircraft will have flown 14,500 km over mountain ranges and oceans, taken off and landed on jungle and island airstrips, and shown its ability to perform under hot and icing conditions."

    The M28 aircraft is certified by Brazil's ANAC, and by EASA and the FAA to perform in minus 50 C to 50 C temperatures. The airframe's ice protection system is certified for flight into known icing conditions.

    A high-lift wing, two 1,100 shp (820 kW) Pratt & Whitney Canada PT6-65B turboprop engines, and thrust-reversing propellers give the airplane unique short takeoff and landing capabilities. With a maximum payload of 2,300 kg (5,000 lb), the M28 can take off and land on rough airstrips just 548 meters (1,800 ft.) long.

    "When you combine the maneuverability of the M28 with its large cabin and clamshell rear doors, this airplane has the power and payload to fly very different mission profiles," noted Adam Schierholz, Sikorsky's regional executive for Latin America. "Militaries and commercial airlines across Latin America and the Caribbean have expressed tremendous interest in the diverse and unique capabilities of this exceptional airplane."

    To learn more about the M28 aircraft and the Caribbean and Latin America tour, please link to www.m28aircraft.com.

    About Lockheed Martin
    Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sikorsky---pzl-mielec-prepares-multirole-m28-airplane-for-transatlantic-leg-of-latin-american-and-caribbean-tour-300412761.html

    Photo: http://mma.prnewswire.com/media/471562/Sikorsky_M28_DEMO_TOUR_2017.jpg
    http://mma.prnewswire.com/media/338377/sikorsky_logo_star___black__tif__Logo.jpg Sikorsky Aircraft Corporation

    CONTACT: Frans Jurgens, +1 203-944-8911 frans.m.jurgens@lmco.com; Keith
    Little, +1 202-302-3735 keith.little@lmco.com

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




    Orange CEO Interview - 2016 Results (video)

    PARIS, February 23, 2017 /PRNewswire/ --

    Orange, France's largest telecoms operator and one of the leaders in Europe, reports annual results for 2016. Stephane Richard, Chairman and CEO of Orange, comments on the group's results and outlook.

    Watch video interview and read transcript:  https://www.eurobusinessmedia.com/video/orange-2016-results/?utm_source=ceo-direct&utm_medium=wire

    Topics covered in the interview include: 

    - 2016 results

    - Growth by zone

    - Explore 2020

    - Capex

    - Dividend

    - Guidance

    - Content and consolidation

    About Orange 

    Orange is one of the world's leading telecommunications operators with sales of 40 billion euros in 2015 and has 154,000 employees worldwide at 30 September 2016, including 95,000 employees in France. Present in 29 countries, the Group has a total customer base of 256 million customers worldwide at 30 September 2016, including 194 million mobile customers and 18 million fixed broadband customers. Under the Orange Business Services brand, Orange is also one of the world leaders in providing telecommunication services to multinational companies. In March 2015, the Group presented its new strategic plan "Essentials2020" which places customer experience at the heart of its strategy with the aim of allowing them to benefit fully from the digital universe and the power of its new generation networks. Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN). For more information on the internet and on your mobile: http://www.orange.com, http://www.orange-business.com or follow us on Twitter: @presseorange.

    Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited.

    Orange

    CONTACT: Press contacts: +33 1 44 44 93 93, Jean-Bernard Orsoni,
    jeanbernard.orsoni@orange.com, Tom Wright, tom.wright@orange.com, Olivier
    Emberger, olivier.emberger@orange.com; Financial communications +33 1 44 44
    04 32 (analysts and investors), Patrice Lambert-de Diesbach,
    p.lambert@orange.com, Constance Gest, constance.gest@orange.com, Luca
    Gaballo, luca.gaballo@orange.com, Anna Vanova, anna.vanova@orange.com,
    Samuel Castelo, samuel.castelo@orange.com, Didier Kohn,
    didier.kohn@orange.com




    Concierge Technologies Highlights New Acquisition With Latest Quarterly Financial Statements

    VALLEY CENTER, Calif., Feb. 23, 2017 /PRNewswire/ -- Concierge Technologies, Inc. (Concierge) today announced the first filing of quarterly financial statements that include recently acquired Wainwright Holdings, Inc. (Wainwright). Concierge consolidated revenues for the quarter topped $8.5 million with operating profit of approximately $1.6 million representing a solid operating performance and a strong balance sheet with $7.0 million in cash.

    Concierge now operates on an international scale with wholly owned subsidiaries located in New Zealand, Canada and the U.S. The Company is active in food manufacturing and distribution, home and residential security systems and monitoring, live-streaming mobile video data, and investment fund management. For readers of the quarterly report on Form 10-Q filed February 21, 2017 attention will be drawn to the revenues which, for the six-month period ended December 31, 2016 were approximately $17 million with operating profits near $4 million. Long term shareholders will readily recognize the increase from previous periods where reports did not include Wainwright. With the acquisition of Wainwright on December 9, 2016, where Wainwright and Concierge have a commonality of ownership and control as represented by the shareholdings, the acquisition has been recorded as a transaction between entities under common control on the balance sheets of Concierge. Further, the income statements have been adjusted to include the carrying value of operations of Wainwright as if the transaction had concluded on July 1, 2015.

    Wainwright is the holding company for United States Commodity Funds LLC and USCF Advisers LLC (USCF). USCF is a registered commodity pool operator that is the general partner for flagship funds, United States Oil Fund, LP, United States Natural Gas Fund, LP and United States Commodity Index Fund. The funds under management during the most recent quarter totaled approximately $5 billion. Wainwright earns revenues from contractual agreements providing for investment management and advisory services charged against these funds. For more information about USCF, please visit www.uscfinvestments.com.

    David Neibert, Chief Financial Officer of Concierge, explains; "Our company looks much different than it did a few short years ago, when we were struggling to make a profit with 5 employees and some dash cams. Today we have operations in three different countries with staff numbering near one hundred. Our annual revenues have climbed from just over $2 million to an expected $30 million for this fiscal year. With significant cash in the bank, no convertible debt instruments, and significant profits coming from our subsidiaries, we are in a continuing growth mode. The new focus of the Company is "Growing Together" as we strive to acquire additional profitable companies and integrate them into the Concierge family. The mantra among our management team and our subsidiaries is to work together bringing growth and profits which, in turn, provide the returns on investment expected by our shareholders. For our long-term patient shareholders who have endured the ups and downs the past few years I wish to thank them for their loyalty and assure them we have finally put in motion the strategy and the funding to realize our goals."

    About Concierge Technologies

    Founded in 1996, Concierge Technologies, Inc. today is a global conglomerate with operating businesses in financial services, food manufacturing, and security systems. Concierge's common stock is listed as "CNCG" on the OTC QB Exchange.

    This release may contain "forward-looking statements" that include information relating to future events and future financial and operating performance. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, please refer to the Company's recent Securities and Exchange Commission filings, which are available at the Company's website or at www.sec.gov.

    USCF is a registered trademark. All rights reserved.

    Commodity Fund Disclosures:

    Download a copy of a Fund's Prospectus by clicking one of the following: ( USO, USL, DNO, UNG, UNL, UGA, UHN, BNO, USCI, CPER, USAG). Please read any Prospectus carefully before investing.

    These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

    Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

    Katie Rooney is a registered representative of ALPS Distributors, Inc.

    ALPS Distributors, Inc. is not affiliated with Concierge Technologies, Wainwright Holdings, Inc. or USCF.

    USCF Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203.

    Member FINRA

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concierge-technologies-highlights-new-acquisition-with-latest-quarterly-financial-statements-300412874.html

    Concierge Technologies, Inc.

    CONTACT: Katie Rooney, Chief Communications Officer, Phone: 614.775.1246,
    Email address: krooney@conciergetechnology.net

    Web site: http://conciergetechnology.net//




    SiriusXM to Present at Upcoming Investor Conferences

    NEW YORK, Feb. 23, 2017 /PRNewswire/ -- SiriusXM today announced that David Frear, Senior Executive Vice President and Chief Financial Officer, is scheduled to speak at the 2017 J.P. Morgan Global High Yield & Leveraged Finance Conference on Monday, February 27, at approximately 2 pm ET. Mr. Frear is also scheduled to speak at the 2017 Deutsche Bank Media, Internet & Telecom Conference on Tuesday, March 7, at approximately 3:05 pm ET.

    http://photos.prnewswire.com/prnvar/20101014/NY82093LOGO

    In addition, Jim Meyer, Chief Executive Officer, is expected to present at the 2017 Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 1, at approximately 11 am ET.

    An audio webcast of each presentation will be available via the Investor Relations section of the company's website, www.siriusxm.com.

    About SiriusXM

    Sirius XM Holdings Inc. is the world's largest radio company measured by revenue and has approximately 31.3 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic(TM), SiriusXM Travel Link, NavTraffic(R), NavWeather(TM). SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation(TM) and SiriusXM Marine(TM). In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.8 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.

    To download SiriusXM logos and artwork, visit http://www.siriusxm.com/LogosAndPhotos.

    This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

    The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to attract and retain subscribers, which is uncertain; interference to our service from wireless operations; consumer protection laws and their enforcement; unfavorable outcomes of pending or future litigation; the market for music rights, which is changing and subject to uncertainties; our dependence upon the auto industry; general economic conditions; the security of the personal information about our customers; existing or future government laws and regulations could harm our business; failure of our satellites would significantly damage our business; the interruption or failure of our information technology and communications systems; our failure to realize benefits of acquisitions or other strategic initiatives; rapid technological and industry changes; failure of third parties to perform; our failure to comply with FCC requirements; modifications to our business plan; our indebtedness; our principal stockholder has significant influence over our affairs and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock; impairment of our business by third-party intellectual property rights; and changes to our dividend policies which could occur at any time. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2016, which is filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

    Source: SiriusXM

    Investor Relations Contact:

    Chris Leal
    212-584-5236
    Chris.leal@siriusxm.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siriusxm-to-present-at-upcoming-investor-conferences-300412780.html

    Photo: http://photos.prnewswire.com/prnh/20101014/NY82093LOGO Sirius XM Holdings Inc.

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




    Sonus Diameter Signaling Controller Selected by Korea TelecomSonus Future Proofs KT's Network with Support for SS7 and Diameter

    WESTFORD, Mass., Feb. 23, 2017 /PRNewswire/ --

    Key Takeaways:

    --  The Sonus DSC 8000 helps Korea Telecom (KT) meet the strict levels of
    reliability, security and quality of service demanded by its global
    customer base.
    --  The Sonus DSC 8000 provides essential STP and Diameter functionality,
    enabling KT to migrate its signaling network to next-generation
    protocols at its own pace.
    

    http://photos.prnewswire.com/prnvar/20151201/292253LOGO

    Sonus Networks, Inc. , a global leader in securing Cloud and real-time communications, announced today that Korea Telecom (KT), the largest tier one service provider in South Korea, selected the Sonus Diameter Signaling Controller (DSC) 8000 as the foundation for its signaling network. The Sonus DSC 8000 helps provide dependability, security and superior service functionality to ensure KT's fixed and wireless customers can communicate seamlessly whenever and wherever.

    As the leading South Korean service provider, KT offers fixed wireline, wireless, end-to-end data transmission and IP-based access services to customers around the world. As KT's Internet-protocol (IP)-based offerings continue to expand around the globe, it requires a solution to bridge legacy SS7 protocols with IP-based signaling protocols. Sonus' DSC 8000 supports both SS7 and Diameter in the same platform, helping KT migrate its network from legacy to next-generation signaling protocols at a pace that aligns with its network transformation strategy.

    The flexible scale and configuration of the Sonus DSC 8000 is key for KT's fast-paced service expansion. The DSC 8000 also delivers critical performance, security and roaming functionality for KT's growing signaling networks.

    Quotes:
    "We were working on enhancing our current signaling network and looked to Sonus for help," said Kim Young Jin, senior manager, KT. "The Sonus DSC 8000 is a cost-effective solution that provides advance security and scalability, while enabling an evolutionary path from SS7 to next-generation Diameter networks."

    "Looking at the current climate of signaling networks, Sonus realized it needed to ensure operators can continue to offer reliable services to customers, while protecting their own network investments," said Bill Welch, senior product manager, Signaling Solutions, Sonus. "Our solution to this problem is the Sonus DSC portfolio. Our products protect investments for service providers, like KT, by combining STP and DSC functionality on the same signaling routing platform. This gives customers a simple, reliable and secure solution for signaling networks that supports legacy protocols while migrating to LTE/Diameter."

    Other Facts:

    --  To leverage the benefits of NFV, Sonus separated its field-proven
    Diameter software from the DSC 8000 hardware, and designed it to operate
    on industry standard COTS servers. This product is known as the DSC
    Software edition (SWe).
    --  Sonus recently made new SS7 security enhancements to its DSC 8000
    products that discourage mobile device hacking.
    --  The addition of the DSC 8000 expands Sonus' footprint in Korea Telecom's
    network, which has incorporated the Sonus SBC 5210s since 2014.
    

    Additional Resources:

    --  Learn more about KT.
    --  Download Diameter Signaling for Dummies.
    --  Learn more about the Diameter Signaling Portfolio at Sonus.
    --  Watch a recent 60 Minutes report from CBS News: How Strangers Can Hack
    the Phone in Your Pocket.
    

    About Sonus:
    Sonus brings the next generation of Cloud-based SIP and 4G/VoLTE solutions to its customers by securing mission critical traffic for VoIP, video, IM and online collaboration. With Sonus, enterprises can secure and prioritize real-time communications, while service providers can deliver reliable, secure real-time services for mobile, UC and social applications. Sonus offers an award-winning portfolio of hardware-based and virtualized Session Border Controllers (SBCs), Diameter Signaling Controllers (DSCs), Policy/Routing servers and media/signaling gateways. Visit www.sonus.net or call 1-855-GO-SONUS. Follow Sonus on Twitter, Facebook, LinkedIn, YouTube and Instagram.

    Important Information Regarding Forward-Looking Statements:
    The information in this release contains forward-looking statements regarding future events that involve risks and uncertainties. All statements other than statements of historical facts contained in this release are forward-looking statements. Our actual results may differ materially from those contemplated by the forward-looking statements. For further information regarding risks and uncertainties associated with Sonus' business, please refer to the "Risk Factors" section of Sonus' most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Sonus' views only as of the date on which such statement is made and should not be relied upon as representing Sonus' views as of any subsequent date. While Sonus may elect to update forward-looking statements at some point, Sonus specifically disclaims any obligation to do so.

    For Sonus:
    Jason Vancura, +1-978-614-8321
    jvancura@sonusnet.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sonus-diameter-signaling-controller-selected-by-korea-telecom-300412739.html

    Photo: http://photos.prnewswire.com/prnh/20151201/292253LOGO Sonus Networks, Inc.

    Web site: http://www.sonus.net/en/




    /C O R R E C T I O N -- AppZocial/

    In the news release, AppZocial Joins Blackbaud Partner Network as a Blackbaud Technology Partner and Raises $1M to Invest into Integration and Sales Rollout, issued 23-Feb-2017 by AppZocial over PR Newswire, we are advised by the company that the incorrect version of the release was issued inadvertently. The complete, corrected release follows:

    AppZocial Joins Blackbaud Partner Network as a Blackbaud Technology Partner

    Firm Joins Network of Companies Providing Applications and Solutions that Complement Blackbaud's Cloud Offerings

    BELLEVUE, Wash., Feb. 23, 2017 /PRNewswire/ -- AppZocial, a company that provides branded, mobile native, social networking apps for trusted communities, announced today that it has joined the Blackbaud Partner Network as a Blackbaud Technology Partner. With this partnership, AppZocial joins a network of companies that provide applications and solutions that extend Blackbaud product functionality in new ways.

    "The convergence of mobile and social is extremely important to our customers' engagement and communication strategies," said Steve Halleck, Blackbaud's senior vice president of Business Operations. "AppZocial provides an easy-to-use, software as a service solution for nonprofit, higher education, K-12 school and faith-based customers' engagement, networking and fundraising efforts, which is one of the core value propositions for their members."

    The partnership allows AppZocial to leverage Blackbaud's CRM solutions, such as Raiser's Edge NXT(TM) and Blackbaud CRM(TM), to help organizations drive a deeper data analysis on their members, donors and constituents.

    "Blackbaud is one of the most reputable software companies who understands the importance of innovation and data, and we are extremely excited to bring a new innovative solution to its customers," said James Sun, co-founder and CEO of AppZocial. "Our mobile solution along with Blackbaud's cloud solutions makes for a powerful combination to effectively engage alumni, donors, and nonprofit members and drive deeper data analysis on the engagement metrics."

    To learn more about AppZocial visit: www.appzocial.com.

    The Blackbaud Partner Network is a group of leading technology and services firms providing nonprofits with the solutions, applications and strategies they need to make a difference in their local communities and worldwide. To learn more about Blackbaud's Technology Partner program, visit: http://www.blackbaud.com/partners.

    About AppZocial
    AppZocial empowers and mobilizes trusted communities for nonprofits, higher education, alumni groups, networking organizations, K-12, and churches. AppZocial provides a SAAS platform that allows organizations to launch a branded private mobile app within 7 days without any custom development. AppZocial is a Seattle based software company focused on the convergence of mobile and social for enterprise solutions.

    Media Contact
    Tyler Kreitz
    AppZocial
    510-219-0852
    tyler@appzocial.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/appzocial-joins-blackbaud-partner-network-as-a-blackbaud-technology-partner-and-raises-1m-to-invest-into-integration-and-sales-rollout-300412367.html

    AppZocial

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




    Orange CEO Interview - 2016 Results (video)

    PARIS, February 23, 2017 /PRNewswire/ --

    Orange, France's largest telecoms operator and one of the leaders in Europe, reports annual results for 2016. Stephane Richard, Chairman and CEO of Orange, comments on the group's results and outlook.

    Watch video interview and read transcript: https://www.eurobusinessmedia.com/video/orange-2016-results/?utm_source=ceo-direct&utm_medium=wire

    Topics covered in the interview include:

    - 2016 results

    - Growth by zone

    - Explore 2020

    - Capex

    - Dividend

    - Guidance

    - Content and consolidation

    About Orange

    Orange is one of the world's leading telecommunications operators with sales of 40 billion euros in 2015 and has 154,000 employees worldwide at 30 September 2016, including 95,000 employees in France. Present in 29 countries, the Group has a total customer base of 256 million customers worldwide at 30 September 2016, including 194 million mobile customers and 18 million fixed broadband customers. Under the Orange Business Services brand, Orange is also one of the world leaders in providing telecommunication services to multinational companies. In March 2015, the Group presented its new strategic plan "Essentials2020" which places customer experience at the heart of its strategy with the aim of allowing them to benefit fully from the digital universe and the power of its new generation networks. Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN). For more information on the internet and on your mobile: http://www.orange.com, http://www.orange-business.com or follow us on Twitter: @presseorange.

    Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited.

    Orange

    CONTACT: Press contacts: +33 1 44 44 93 93, Jean-Bernard Orsoni,
    jeanbernard.orsoni@orange.com, Tom Wright, tom.wright@orange.com, Olivier
    Emberger, olivier.emberger@orange.com; Financial communications +33 1 44 44
    04 32 (analysts and investors), Patrice Lambert-de Diesbach,
    p.lambert@orange.com, Constance Gest, constance.gest@orange.com, Luca
    Gaballo, luca.gaballo@orange.com, Anna Vanova, anna.vanova@orange.com,
    Samuel Castelo, samuel.castelo@orange.com, Didier Kohn,
    didier.kohn@orange.com




    Alango Voice Communication and Voice Enhancement Packages Now Available for Cadence Tensilica HiFi DSP

    SAN JOSE, Calif., Feb. 23, 2017 /PRNewswire/ -- Cadence Design Systems, Inc. today announced its collaboration with Alango Technologies Ltd., a leading provider of voice and audio enhancement technologies. The companies collaborated to provide the latest Alango Voice Communication Packages (VCP) and Voice Enhancement Packages (VEP) for the Cadence((R)) Tensilica((R)) HiFi DSP for Audio, Voice and Speech.

    Alango's VCP is a universal software package of digital signal processing technologies for voice applications enabling high-quality, full-duplex and noise-free communication for mobile phones, hands-free car kits, Bluetooth headsets and speakers, voice activated devices, industrial intercoms and other types of voice terminals. VEP is a set of software technologies comprised of a multi-microphone beamforming array and echo canceller, which supports far-field speech recognition enhancement in smart home products, mobile phones and automotive voice-controlled applications. It is configurable from one to 16 microphones depending on the use case and available computational resources. VCP8 and VEP have been ported and optimized to efficiently run on the HiFi DSPs and are characterized by low latency (TX/RX), small code size and small CPU load.

    "The HiFi DSP from Cadence is an ideal platform for our voice processing technologies," said Dr. Alexander Goldin, CEO of Alango Technologies. "The efficiency of the HiFi architecture, capability and ease of use of the HiFi software tools enabled Alango to quickly support our customers with a very low MHz and memory implementation."

    "The HiFi DSP is used today in mobile, PC, automotive and digital assistant products where voice processing is an essential feature," said Larry Przywara, group director of Audio/Voice IP Marketing at Cadence. "Alango's Voice Communication and Enhancement products enables our mutual customers to achieve an exceptional user experience in these applications."

    Tensilica HiFi DSPs are the most widely licensed audio/voice/speech processors, with support for over 200 proven software packages and more than 85 software partners in the Tensilica Xtensions((TM)) partner program. More than 75 top-tier semiconductor companies and system OEMs have selected Tensilica HiFi DSPs for their audio, voice and speech products. For more information on the Tensilica HiFi DSP family, visit http://ip.cadence.com/ipportfolio/tensilica-ip/audio.

    Cadence is a leading provider of intellectual property (IP) for system on chip (SoC) developers. Cadence design IP, verification IP, and Tensilica processor IP have been used to simplify the design and verification of thousands of SoCs across automotive, mobile, enterprise, internet of things (IoT), and consumer applications. Cadence IP plays a vital role in the company's overarching system design enablement strategy, which is to provide a comprehensive set of tools, design content, and services for the development of innovative electronic systems.

    About Cadence

    Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software, hardware, IP and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers and research facilities around the world to serve the global electronics industry. More information about the company, its products and its services is available at www.cadence.com.

    (C) 2017 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective holders.

    Cadence Newsroom
    408-944-7039
    newsroom@cadence.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alango-voice-communication-and-voice-enhancement-packages-now-available-for-cadence-tensilica-hifi-dsp-300412528.html

    Photo: http://mma.prnewswire.com/media/321883/cadence_design_systems__inc__logo.jpg Cadence Design Systems, Inc.

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




    ADM Tronics Elects to Outsource Investor Relations Activities

    NORTHVALE, N.J., Feb. 23, 2017 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (OTCQB: ADMT) announced today that this past Tuesday February 21, 2017 the Company released results for its third quarter ended December 31, 2016 of fiscal year 2017. What immediately followed was a significant increase in the trading volume of ADMT common stock, with over 950,000 shares traded, plus an influx of calls and emails inquiring about the Company from individual investors, investment professionals and the media. People reported they were concerned that after recording 13 consecutive quarters of increased profits, could the loss in the three months ended December 31, 2016 mark a decline in the growth of the company. Andre' DiMino, ADMT CEO responded, "The situation is just the opposite when you consider that we have booked 14 consecutive quarters of increased revenues."

    He continued, "In order to meet the demand for our products, which are scheduled for delivery in this current quarter, we made a significant investment into acquiring and installing automated state-of -the-art computer controlled equipment, which significantly expands our internal production capabilities. We also invested in expanding our engineering division. Putting these extraordinary expenses behind us bodes well for the fourth quarter of this fiscal year as we now have returned to running at our typical operating expenses. With our FDA-registered medical device facility having greatly increased production and engineering capabilities, plus a substantial amount of cash in reserve, the return on the investment in the company's infrastructure should reap dividends for years to come, and also allow ADMT to put more focus on rolling out several of its own proprietary medical device technologies."

    Mr. DiMino went on to say, "I am pleased that our Company is now seeing more interest in our current progress and our future potential. However, in light of the number of inquiries about the Company this week, management has determined that it would be impractical to create an internal investor relations unit. In consideration of the time, costs and effort involved in building an internal unit, the Company has instead elected to outsource these activities to an experienced and established investor relations firm that has the infrastructure and network already in place to service the Company's needs. Taking this approach will afford ADMT the ability to move more rapidly to commence an investor awareness campaign."

    Mr. DiMino concluded, "This approach to our investor relations effort will be more cost effective and allow us to move expeditiously in presenting our story to the world. We are making considerable strides in our organic growth and proprietary technologies, it has become important to fast-track an investor relations campaign to keep pace with our fast developing fundamentals."

    ADMT is currently in the process of interviewing several investor relations firms and expects to make a decision in the near term.

    About ADMT

    www.concepttoquantity.com

    ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three Business Segments: Proprietary Electronic Medical Devices; Design, Engineering, Regulatory and Manufacturing Services; and, Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, medical device and manufacturing operations are located in Northvale, New Jersey. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals for the research, development and commercialization of diversified technologies.

    Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/adm-tronics-elects-to-outsource-investor-relations-activities-300412650.html

    ADM Tronics Unlimited, Inc.

    CONTACT: Andre' DiMino 201-767-6040, andre@admtronics.com

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

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