MILPITAS, Calif., May 1 /PRNewswire-FirstCall/ -- California Micro Devices , a leading supplier of application specific analog semiconductor products for the mobile, personal computer and digital consumer electronics markets, today announced that Kyle Baker, vice president, marketing, will participate in the 8th Annual Piper Jaffray Hardware and Communications Conference, which will be held on May 10-11, 2006 at The New York Palace in New York, New York.
Mr. Baker's presentation is scheduled for Thursday, May 11, 2006 at 4:00 p.m. Eastern Time. The live Web cast will be accessible via the Company's Web site at http://www.calmicro.com/. The replay will be accessible at the same site and will be archived for approximately 90 days.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of application specific analog semiconductor products for the mobile handset, personal computer and digital consumer electronics markets. Key products include Application Specific Integrated Passive(TM) (ASIP(TM)) devices and selected high value mixed signal ICs. Detailed corporate and product information may be accessed at http://www.calmicro.com/.
NOTE: ASIP(TM) and Application Specific Integrated Passive(TM) are trademarks of California Micro Devices.
All other trademarks are property of their respective owners.California Micro Devices
CONTACT: Kevin Berry, Chief Financial Officer of California Micro
Web site: http://www.calmicro.com/
MELBOURNE, Fla., May 1 /PRNewswire-FirstCall/ -- Harris Corporation today announced significant increases in revenue, orders, and net income for the third quarter of fiscal year 2006. Revenue in the third quarter was $881 million, an increase of 14 percent compared to the prior-year third quarter. GAAP net income was $72.5 million, or $.52 per diluted share. Non-GAAP net income was $81.1 million, or $.58 per diluted share, an increase of 45 percent compared to the prior year.
Non-GAAP results in the third quarter excluded $3.2 million, or $.02 per share, associated with previously announced actions and acquisition expenses; and $5.4 million or $.04 per share, arising from an unfavorable arbitration decision that was received by Harris on April 24, 2006, following the end of the quarter. The claim brought by Bourdex Telecommunications in Nigeria related to an analog base station product that was discontinued in 2001. Harris has vigorously defended against this claim and still believes it has no merit. The legal proceeding has been disclosed in company filings since November 2002.
The company increased non-GAAP earnings guidance for its fiscal year ending June 30, 2006, from a previous range of $2.05 to $2.15 per share to a new range of $2.13 to $2.18 per share. On a GAAP basis, including estimated full-year charges of $.53 per share associated with the above charges, earnings guidance is a range of $1.60 to $1.65 per share. Details related to these charges are provided in the attached Reconciliation of Non-GAAP Financial Measures Tables 5, 6, 7 and accompanying notes.
The company also increased earnings guidance for its new fiscal year beginning July 1, 2006, from a previous range of $2.45 to $2.55 per share provided on March 13, 2006, to a new range of $2.50 to $2.60 per diluted share. Revised fiscal 2007 earnings guidance represents a year-over-year increase of about 20 percent compared to non-GAAP earnings guidance for fiscal 2006.
"Harris employees worldwide delivered another quarter of excellent results in our businesses," said Howard L. Lance, chairman, president and chief executive officer. "New orders were extremely strong in the quarter, setting the stage for continued revenue growth as we go forward. Demand is continuing to increase for our Falcon(R) II and Falcon III radios in our RF Communications segment. In our Government Communications Systems segment, recent program wins including the $600 million Field Data Collection Automation program with the U.S. Census Bureau, have positioned the business for renewed growth. Orders were up significantly once again in our Microwave Communications segment, thanks to strong market conditions and our new TRuepoint(TM) radio product line. And, the Broadcast segment also reported higher orders as a result of demand for HD Radio(TM) transmission systems, broadcast software solutions, and new Leitch digital video products."
Government Communications Systems
Revenue in the Government Communications Systems segment was $456.8 million in the third quarter, compared to $464.0 million in the year- ago quarter. The year-ago quarter benefited from $17.0 million in revenue from the Iraqi Media Network program, which was completed in the fourth quarter of fiscal year 2005. Sequentially, revenue increased 3 percent. Operating income was $55.0 million, compared to $52.3 million in the prior- year quarter, demonstrating excellent program execution and a continued high mix of fixed-price production programs.
Among the programs that contributed to higher sequential revenue were the $2.2 billion FAA Telecommunications Infrastructure program, including the Mission Support network and other services; the 10-year Patriot program providing technical services for the National Reconnaissance Office; several classified programs, including the $77 million RADIC program to provide knowledge-management software systems for the National Security Agency; the F/A-18E/F Super Hornet program; the Large Aperture Multiband Deployable Antenna (LAMDA) satellite ground terminals for the U.S. Air Force and Marine Corps; terminals for the Multi-function Information Distribution System (MIDS); and commercial satellite antenna programs for Boeing and Space Systems/Loral.
New program wins during the quarter included a five-year, $600 million contract with the U.S. Census Bureau for its Field Data Collection Automation program. Harris will integrate multiple automated systems required to obtain data from field census-takers during the 2010 Census. The automated systems will capture information collected during field interviews, reducing the need for paper-based processing. Harris technology will support approximately 500,000 field census takers and 500 Census Bureau field offices.
Additional contract wins in the quarter included a five-year, $41 million Indefinite Delivery Indefinite Quantity (IDIQ) contract with the National Security Agency for new SecNet 54(TM) Secure Wireless Local Area Network products; three classified programs with a combined value of $56 million over the next five years; the four-year, $22 million Joint Environmental Toolkit (JET) services program for the U.S. Air Force that will support weather forecasting on the battlefield; a one-year, $10 million design contract on the U.S. Army WIN-T program for the low-rate initial production phase; a $40 million contract extension from the U.S. Census Bureau for the $210 million MAF/TIGER database modernization program; and a three-year, $27 million program to develop and integrate a communications system that will link the U.S. Navy's Advanced Deployable System undersea surveillance sensors with host Littoral Combat Ships.
Revenue in the RF Communications segment was $214.2 million in the third quarter, a 49 percent increase compared to the year-ago quarter. Orders in the third quarter were once again significantly greater than sales. Operating income rose 52 percent in the quarter to $75.6 million. Strong demand continued in both U.S. and international markets, driven by force modernization and force restructuring initiatives moving communications closer to individual soldiers, and by the worldwide need for interoperable communications.
During the quarter, Harris received orders from the U.S. Marine Corps totaling $150 million for Falcon II AN/PRC-150(C) high-frequency (HF) radios and AN/PRC-117F(C) multiband, multi-mission radios. The new radios will be used to upgrade and replace active duty and reserve legacy tactical radios and for other programs including target location and designation, the Expeditionary Fighting Vehicle, and the Light Armored Vehicle-Command and Control.
Also during the quarter, Harris received orders from the U.S. Army totaling $76 million for Falcon II radio systems. The long-haul capabilities of these radios allow soldiers to transmit voice, data, images, and situational awareness information using the highest-grade encryption available.
Harris received $9 million in orders for its Falcon II AN/PRC-117F multiband, multi-mission radio from NATO headquarters in Belgium as well as significant international orders from the governments of Iraq, Romania, Hungary, Canada, Angola, Indonesia, and the UK.
During the quarter, Harris made first deliveries of its new Falcon III AN/VRC-110 vehicular radio systems under a previously announced $38 million order from the U.S. Army. This next-generation radio system includes dual AN/PRC-152 multiband, multi-mission radios that are easily detached for use as handheld radios by dismounted soldiers. The AN/VRC-110 provides interoperability with legacy, single-band VHF SINCGARS systems, and also offers multiband capability, portability, and compatibility with the new U.S. Joint Tactical Radio System (JTRS) currently under development.
Revenue in the Microwave Communications segment was $73.7 million in the third quarter, compared to $74.3 million in the prior-year quarter. Non-GAAP operating income in the third quarter of fiscal year 2006 was $1.3 million, excluding charges. Orders were $106 million during the quarter, up significantly compared to the prior-year quarter. Year-to-date orders are 27 percent higher than the prior year.
"Strong orders growth from both North American and international customers continued to build our backlog. Fourth quarter fiscal 2006 revenue and operating income are now expected to be significantly higher than both the third quarter and the prior-year fourth quarter as this backlog is delivered to our customers," Mr. Lance said.
In North America, microwave demand continues to be driven by capacity expansion and upgrades to provide high-reliability, high-bandwidth networks that are more secure and better protected against natural and man-made disasters. During the quarter, Harris received a $14 million order from the Commonwealth of Kentucky as part of a state-wide, three-year, potential $42 million program to transition the Kentucky Early Warning System from analog to digital technology utilizing TRuepoint radios and provide first responders with critical voice and video services. Harris also received a $3 million order from the State of Montana, a new customer, for a secure system using TRuepoint(TM) radios to provide interoperability among law enforcement, tribal agencies, U.S. border security and the Army National Guard.
In the international market, order rates were strongest in the Europe, Middle East and Africa region. Harris received $28 million in orders from Vmobile Nigeria as part of a contract to provide radios for its transmission and transport network spanning more than 5,000 km. Harris also received a $4 million order from MTN Zambia as part of a contract to design, build and install new infrastructure for its national GSM network. Other significant orders in the region came from customers in Portugal, Kenya, and the Ivory Coast. Orders from Latin America were received from customers in Argentina, Mexico and Brazil.
Demand for the company's new TRuepoint(TM) microwave radio continues to expand. During the quarter, Harris announced additional features that enable wireless operators to remotely select security protocols and to remotely scale radio capacity on-demand for more cost effective operations.
Revenue in the Broadcast Communications segment was $143.1 million in the third quarter, compared to $103.2 million in the prior-year quarter. Revenue benefited from the October 2005 acquisition of Leitch Technology. Non-GAAP operating income in the third quarter of fiscal 2006 was $17.8 million, excluding charges. GAAP operating income was $13.8 million, compared to the prior-year quarter of $6.9 million. Operating margin reached 12.4 percent, excluding charges, compared to 6.7 percent in the prior year. Improved margin performance reflects the positive impact of cost reductions and a favorable mix of higher-margin digital products, including Leitch video distribution and server systems.
Sequentially, orders increased significantly in the quarter, driven by demand for radio equipment and software solutions, as well as for new Leitch products. Significant orders included HD Radio transmission products for Clear Channel Communications and CBS Radio and international analog transmission equipment for Iberica De Componentes in Spain and Radio Globo in Brazil. Following the close of the quarter, the company signed a multi-year agreement with Cumulus Broadcasting to provide HD Radio transmission systems to over 250 Cumulus FM and AM stations. Orders for software solutions came from Tribune Broadcasting, Turner Broadcasting, and BSkyB. Networking orders were received from TV Azteca in Mexico, Norkring in Norway, and Sprint.
The Leitch Technology acquisition delivered significant increases in revenue, orders and income in the third quarter, compared to its prior year. Leitch organic growth exceeded 15 percent. "Leitch continues to introduce new products to capitalize on the transition to digital technology in the professional television market," Mr. Lance said. "We believe we are gaining share with our expanding product portfolio, including the Platinum(TM) large router for mixed video and audio signal routing, the ICONMaster(TM) digital master control system, and the Nexio(TM) line-up of video servers."
At the recently concluded National Association of Broadcasters (NAB) trade exhibition, the company highlighted a number of exciting new products to the market that are expected to increase sales and broaden future market opportunities. Among these were the Harris H-Class(TM) Total Content Delivery platform; the Flexstar(TM) exciter for HD Radio systems; transmission systems for Mobile TV, IPTV, and on-demand video; and Leitch studio products that support standard definition and high-definition broadcasting.
On April 28, Harris completed the acquisition of Optimal Solutions, Inc. (OSi), a privately held provider of air-time sales, traffic and billing software systems to over 350 call-letter broadcast stations in North America. OSi expands Harris capabilities in software solutions for broadcasters and complements its H-Class(TM) software platform.
"Strong order rates in the third quarter have raised our expectations for the remainder of fiscal 2006 and for higher revenue and income in fiscal 2007," Mr. Lance said. "We expect the momentum in RF Communications to remain very strong. And the new contract award with the Census Bureau, as well as our other program wins, supports our view that the Government Communications Systems segment will return to growth. We expect strong orders growth in our two commercial businesses also to continue as the transition to digital communications technologies drives demand for reliable, secure and expandable networks for public and private voice and data networks and for products that support emerging services such as HDTV, HD radio, 3G wireless, and Mobile TV."
Harris will host a conference call today at 5:00 p.m. Eastern Time to discuss the above items. Interested individuals are invited to listen to the call by using a dial-in number: (719) 457-2641, access code: 5050413. The conference call also will be broadcast live via the Internet at http://www.harris.com/ . A replay of the teleconference will be available beginning at 8:00 p.m. Eastern Time and will run until midnight Eastern Time on Monday, May 8. To access the replay, please call (719) 457-0820, access code: 5050413. A recording of the call will also be available on Harris' website beginning at 7:00 p.m. Eastern Time on May 1.
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. With its headquarters in Melbourne, Florida, the company has more than 13,000 employees -- including 5,500 engineers and scientists -- dedicated to the development of best-in-class assured communications(TM) products, systems, and services. The company's operating divisions serve markets for government communications systems, RF tactical radio communications, broadcast communications, and microwave communications. Additional information about Harris Corporation is available at http://www.harris.com/ .
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC, including earnings per share for the third quarter and fiscal 2006 earnings-per-share guidance excluding the impact of charges associated with product discontinuations in the Microwave segment, cost-reduction actions in the Broadcast Communications segment, acquisition- related costs associated with the acquisition of Leitch Technology and the charge related to our arbitration with Bourdex. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris business trends and to better understand the company's performance. In addition, the company may utilize non-GAAP financial measures as a guide in its forecasting, budgeting, and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP.
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include but are not limited to: earnings guidance for fiscal 2006 and fiscal 2007, the potential value of contract awards and potential contract awards, and statements regarding outlook, including expected revenue growth. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. The Company's consolidated results and the forward-looking statements could be affected by many factors, including but not limited to: our participation in markets that are often subject to uncertain economic conditions which makes it difficult to estimate growth in our markets and, as a result, future income and expenditures; our dependence on the U.S. government for a significant portion of our revenues, and the loss of this relationship or a shift in U.S. government funding could have adverse consequences on our future business; potential changes in U.S. government or customer priorities due to program reviews or revisions to strategic objectives, including termination of or potential failure to fund U.S. government contracts; risks inherent with large long-term fixed-price contracts, particularly the ability to contain cost overruns; the performance of critical subcontractors or suppliers; financial and government and regulatory risks relating to international sales and operations, including fluctuations in foreign currency exchange rates and the effectiveness of our currency hedging program; our ability to continue to develop new products that achieve market acceptance; the consequences of future geo-political events, which may affect adversely the markets in which we operate, our ability to insure against risks, our operations or our profitability; strategic acquisitions and the risks and uncertainties related thereto, including our ability to manage and integrate acquired businesses; potential claims that we are infringing the intellectual property rights of third parties; the successful resolution of patent infringement claims and the ultimate outcome of other contingencies, litigation and legal matters; customer credit risk; the fair values of our portfolio of passive investments, which values are subject to significant price volatility or erosion; risks inherent in developing new technologies; the potential impact of hurricanes on our operations in Florida and the potential impact of earthquakes on our operations in California; the ability to recruit and retain qualified personnel; and general economic conditions in the markets in which we operate. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. Harris disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Attachments: Financial Statements (seven tables). Table 1 HARRIS CORPORATION FY'06 Third Quarter Summary Consolidated Statement of Income Quarter Ended Three Quarters Ended March 31, April 1, March 31, April 1, 2006 2005 2006 2005 (In millions, except per share amounts) Revenue from product sales and services $881.1 $772.1 $2,482.4 $2,178.7 Cost of product sales and services (584.2) (547.4) (1,721.3) (1,591.7) Engineering, selling and administrative expenses (177.8) (136.0) (490.3) (361.2) Non-operating income (loss) -- (1.0) (0.8) (6.2) Interest income 2.3 1.6 8.5 5.5 Interest expense (10.1) (6.1) (26.6) (18.1) Income before income taxes 111.3 83.2 251.9 207.0 Income taxes (38.8) (27.4) (99.1) (66.0) Net income $72.5 $55.8 $152.8 $141.0 Net income per common share Basic $ .54 $ .42 $ 1.15 $1.06 Diluted $ .52 $ .40 $ 1.10 $1.02 Cash dividends paid per common share $ .08 $ .06 $ .24 $ .18 Basic weighted average shares outstanding 133.2 132.8 132.8 132.7 Diluted weighted average shares outstanding 142.0 141.4 141.6 141.3 Table 2 HARRIS CORPORATION FY'06 Third Quarter Summary Business Segment Information Quarter Ended Three Quarters Ended March 31, April 1, March 31, April 1, 2006 2005 2006 2005 (In millions) Revenue Government Communications Systems $ 456.8 $464.0 $1,332.8 $1,343.5 RF Communications 214.2 143.7 565.9 373.3 Microwave Communications 73.7 74.3 238.2 229.2 Broadcast Communications 143.1 103.2 366.2 269.5 Corporate eliminations (6.7) (13.1) (20.7) (36.8) $ 881.1 $ 772.1 $2,482.4 $2,178.7 Income Before Income Taxes Segment Operating Income (Loss): Government Communications Systems $ 55.0 $ 52.3 $ 162.3 $150.5 RF Communications 75.6 49.6 195.2 113.5 Microwave Communications 1.0 1.1 (25.5) 4.6 Broadcast Communications 13.8 6.9 5.0 10.2 Headquarters expense (23.8) (15.4) (55.0) (42.8) Corporate eliminations (2.5) (5.8) (11.2) (10.2) Non-operating income (loss) -- (1.0) (0.8) (6.2) Net interest (7.8) (4.5) (18.1) (12.6) $ 111.3 $ 83.2 $ 251.9 $207.0 Table 3 HARRIS CORPORATION FY'06 Third Quarter Summary CONSOLIDATED STATEMENT OF CASH FLOWS Three Quarters Ended March 31, April 1, 2006 2005 (In millions) Operating Activities Net income $ 152.8 $ 141.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 69.6 60.1 Non-current deferred income tax (3.5) 4.8 Loss (gain) on the sale of securities available-for-sale -- 3.7 (Increase) decrease in: Accounts and notes receivable (20.5) 16.4 Inventories (83.1) (32.9) Increase (decrease) in: Accounts payable and accrued expenses 7.4 (47.1) Advance payments and unearned income 21.1 (2.4) Income taxes 46.5 0.2 Other 24.7 34.8 Net cash provided by operating activities 215.0 178.6 Investing Activities Cash paid for acquired businesses (443.5) (427.3) Additions of plant and equipment (64.4) (51.9) Additions of capitalized software (27.9) (14.4) Proceeds from the sale of securities available-for-sale -- 13.5 Net cash used in investing activities (535.8) (480.1) Financing Activities Proceeds from borrowings 331.6 117.3 Payment of borrowings (33.0) (127.5) Proceeds from exercise of employee stock options 28.7 18.3 Repurchase of common stock (16.2) (36.2) Cash dividends (32.0) (24.0) Net cash provided by (used in) financing activities 279.1 (52.1) Effect of exchange rate changes on cash and cash equivalents (0.4) 1.7 Net (decrease) in cash and cash equivalents (42.1) (351.9) Cash and cash equivalents, beginning of year 377.6 627.5 Cash and cash equivalents, end of period $ 335.5 $ 275.6 Table 4 HARRIS CORPORATION FY'06 Third Quarter Summary CONDENSED CONSOLIDATED BALANCE SHEET March 31, July 1, 2006 2005 (In millions) Assets Cash and cash equivalents $335.5 $377.6 Receivables 538.7 494.0 Inventories 468.2 347.8 Current deferred income taxes 106.5 96.0 Plant and equipment 343.8 307.8 Goodwill 907.3 569.9 Identifiable intangible assets 173.8 99.1 Non-current notes receivable 8.7 13.6 Other assets 163.9 151.6 $3,046.4 $2,457.4 Liabilities and Shareholders' Equity Short-term debt $9.8 $4.2 Accounts payable and accrued expenses 502.9 441.9 Advance payments and unearned income 160.1 139.0 Income taxes payable 44.6 5.1 Non-current deferred income taxes 36.9 26.7 Long-term debt 699.6 401.4 Shareholders' equity 1,592.5 1,439.1 $3,046.4 $2,457.4 HARRIS CORPORATION FY'06 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE
To supplement our consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of segments' operating income (loss), headquarters expense, net income, and net income per diluted share adjusted to exclude certain costs, expenses, and losses. Management of Harris believes that these non-GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Harris' business and to better understand our performance. In addition, the Company may utilize non-GAAP financial measures as a guide in its budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non- GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:
Table 5 HARRIS CORPORATION FY'06 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Consolidated Statement Of Income Quarter Ended Quarter Ended March 31, 2006 April 1, 2005 As Adjustment Non- As Adjustment Non- Reported GAAP Reported GAAP (In millions, except per share amounts) Revenue from product sales and services $881.1 $ -- $881.1 $772.1 $-- $772.1 Cost of product sales and services (A) (584.2) 2.5 (581.7) (547.4 ) -- (547.4) Engineering, selling and administrative expenses (B) (177.8) 7.2 (170.6) (136.0) -- (136.0) Non-operating income (loss) -- -- -- (1.0) -- (1.0) Interest income 2.3 -- 2.3 1.6 -- 1.6 Interest expense (10.1) -- (10.1) (6.1) -- (6.1) Income before income taxes 111.3 9.7 121.0 83.2 -- 83.2 Income taxes (38.8) (1.1) (39.9) (27.4) -- (27.4) Net Income $ 72.5 $ 8.6 $ 81.1 $ 55.8 $-- $ 55.8 Net Income per diluted common share $ .52 $ .06 $ .58 $ .40 $-- $ .40 Three Quarters Ended Three Quarters Ended March 31, 2006 April 1, 2005 As Adjustment Non- As Adjustment Non- Reported GAAP Reported GAAP (In millions, except per share amounts) Revenue from product sales and services $2,482.4 $-- $2,482.4 $2,178.7 $ -- $2,178.7 Cost of product sales and services (A) (1,721.3) 48.8 (1,672.5) (1,591.7) 4.8 (1,586.9) Engineering, selling and administrative expenses (B) (490.3) 26.1 (464.2) (361.2) 3.8 (357.4) Non-operating income (loss) (0.8) -- (0.8) (6.2) -- (6.2) Interest income 8.5 -- 8.5 5.5 -- 5.5 Interest expense (26.6) -- (26.6) (18.1) -- (18.1) Income before income taxes 251.9 74.9 326.8 207.0 8.6 215.6 Income taxes (99.1) (8.7) (107.8) (66.0) (1.6) (67.6) Net Income $ 152.8 $66.2 $ 219.0 $141.0 $7.0 $148.0 Net Income per diluted common share $ 1.10 $ .47 $ 1.57 $ 1.02 $.05 $ 1.07 Table 6 HARRIS CORPORATION FY'06 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Business Segment Information Quarter Ended Quarter Ended March 31, 2006 April 1, 2005 As Adjustment Non- As Adjustment Non- Reported GAAP Reported GAAP (In millions) Revenue Government Communications Systems $456.8 $-- $456.8 $464.0 $-- $464.0 RF Communications 214.2 -- 214.2 143.7 -- 143.7 Microwave Communications 73.7 -- 73.7 74.3 -- 74.3 Broadcast Communications 143.1 -- 143.1 103.2 -- 103.2 Corporate eliminations (6.7) -- (6.7) (13.1) -- (13.1) $881.1 $-- $881.1 $772.1 $-- $772.1 Income Before Income Taxes Segment Operating Income (Loss): Government Communications Systems $55.0 $-- $55.0 $52.3 $-- $52.3 RF Communications 75.6 -- 75.6 49.6 -- 49.6 Microwave Communications (C) 1.0 0.3 1.3 1.1 -- 1.1 Broadcast Communications (D) 13.8 4.0 17.8 6.9 -- 6.9 Headquarters expense (E) (23.8) 5.4 (18.4) (15.4) -- (15.4) Corporate eliminations (2.5) -- (2.5) (5.8) -- (5.8) Non-operating income (loss) -- -- -- (1.0) -- (1.0) Net interest (7.8) -- (7.8) (4.5) -- (4.5) $111.3 $9.7 $121.0 $83.2 $-- $83.2 Three Quarters Ended Three Quarters Ended March 31, 2006 April 1, 2005 As Adjustment Non- As Adjustment Non- Reported GAAP Reported GAAP (In millions) Revenue Government Communications Systems $1,332.8 $-- $1,332.8 $1,343.5 $-- $1,343.5 RF Communications 565.9 -- 565.9 373.3 -- 373.3 Microwave Communications 238.2 -- 238.2 229.2 -- 229.2 Broadcast Communications 366.2 -- 366.2 269.5 -- 269.5 Corporate eliminations (20.7) -- (20.7) (36.8) -- (36.8) $2,482.4 $-- $2,482.4 $2,178.7 $-- $2,178.7 Income Before Income Taxes Segment Operating Income (Loss): Government Communications Systems $162.3 $-- $162.3 $150.5 $-- $150.5 RF Communications 195.2 -- 195.2 113.5 -- 113.5 Microwave Communications (C) (25.5) 35.8 10.3 4.6 -- 4.6 Broadcast Communications (D) 5.0 33.7 38.7 10.2 8.6 18.8 Headquarters expense (E) (55.0) 5.4 (49.6) (42.8) -- (42.8) Corporate eliminations (11.2) -- (11.2) (10.2) -- (10.2) Non-operating income (loss) (0.8) -- (0.8) (6.2) -- (6.2) Net interest (18.1) -- (18.1) (12.6) -- (12.6) $251.9 $74.9 $326.8 $207.0 $8.6 $215.6 Table 7 HARRIS CORPORATION FY'06 SUMMARY OF NON-GAAP CHARGES Quarter Ended Quarter Ended September 30, 2005 December 31, 2005 After- After- Pre-Tax Tax EPS Pre-Tax Tax EPS (In millions, except per share amounts) MCD Product Discontinuances (C) $-- $-- $-- $ 35.5 $32.4 $0.23 BCD Cost Reduction and Acquisition Costs(D) 18.0 15.1 0.11 11.7 10.1 0.07 $18.0 $15.1 $0.11 $47.2 $42.5 $0.30 Quarter Ended Fiscal Year (Forecasted) March 31, 2006 2006 After- After- Pre-Tax Tax EPS Pre-Tax Tax EPS (In millions, except per share amounts) MCD Product Discontinuances (C) $0.3 $0.3 $ -- $40.5 $37.4 $ 0.26 BCD Cost Reduction and Acquisition Costs(D) 4.0 2.9 0.02 38.5 32.6 0.23 Arbitration Charge (E) 5.4 5.4 0.04 5.4 5.4 0.04 $9.7 $8.6 $0.06 $84.4 $75.4 $ 0.53 HARRIS CORPORATION FY'06 Third Quarter Summary RECONCILIATION OF GAAP TO NON-GAAP MEASUREMENTS Notes to tables 5, 6, and 7:
Note A - Adjustments to cost of product sales and services for the quarter ended March 31, 2006 are due to costs related to a step up in inventory associated with our acquisition of Leitch Technology Corporation ("Leitch"). Adjustments to cost of product sales and services for the three quarters ended March 31, 2006 include inventory write-downs associated product discontinuances in our Microwave Communications segment ($35.0 million), inventory write-downs associated with previously announced cost-reduction actions including the transfer of European manufacturing to the United States and outsourcing of other manufacturing activity in our Broadcast Communications segment ($11.3 million) and costs related to a step up in inventory associated with our acquisition of Leitch ($2.5 million). Adjustments to cost of product sales and services for the three quarters ended April 1, 2005, relate to impairment losses on capitalized software development costs ($4.8 million) associated with our acquisition of Encoda Systems, Inc. ("Encoda").
Note B - Adjustments to engineering, selling and administrative expenses for the quarter ended March 31, 2006 include charges related to a decision received on our arbitration with Bourdex Telecommunications Limited ("Bourdex") ($5.4 million), integration costs associated with our acquisition of Leitch ($0.7 million), severance and other expenses associated with cost-reduction actions in our Broadcast Communications segment ($0.8 million) and severance costs associated with product discontinuances in our Microwave Communications segment ($0.3 million). Adjustments to engineering, selling and administrative expenses for the three quarters ended March 31, 2006 include the charge related to our arbitration with Bourdex ($5.4 million), the write- off of in-process research and development ($3.6 million) and other expenses ($3.6 million) associated with our acquisition of Leitch, severance costs associated with product discontinuances in our Microwave Communication segment ($0.8 million) and severance and other costs associated with cost-reduction actions in our Broadcast Communications segment ($12.7 million). Adjustments to engineering, selling and administrative expenses for the three quarters ended April 1, 2005, relate to the write-off of in-process research and development ($3.8 million).
Note C - Adjustments to our Microwave Communications segment operating income for the quarter ended March 31, 2006 relate to severance costs associated with product discontinuances in our Microwave Communications segment. Adjustments to our Microwave Communications segment operating loss for the three quarters ended March 31, 2006 relate to inventory write-downs and severance costs associated with product discontinuances in our Microwave Communications segment. We expect to have an additional $5 million of costs related to these product discontinuances in the fourth quarter of fiscal 2006 primarily due to the shut-down of our manufacturing activities in Montreal, Canada.
Note D - Adjustments to our Broadcast Communications segment operating income for the quarter ended March 31, 2006 include costs related to a step up in inventory and integration costs associated with our acquisition of Leitch ($3.2 million) and severance and other expenses associated with cost-reduction actions in our Broadcast Communications segment ($0.8 million). Adjustments to Broadcast Communications segment operating income for the three quarters ended March 31, 2006 include inventory write-downs, severance and other costs associated with cost-reduction actions ($24.0 million) and charges associated with our acquisition of Leitch ($9.7 million) including the write-off of in- process research and development, costs related to the step up of inventory, integration activities and other items. The adjustments to Broadcast Communications segment operating income for three quarters ended April 1, 2005, relate to the write-off of in-process research and development ($3.8 million), and impairment losses on capitalized software development costs ($4.8 million) associated with our acquisition of Encoda. We expect to have an additional $5 million of costs related to the cost-reduction actions and acquisitions in the fourth quarter of fiscal 2006.
Note E - Adjustments to headquarters expense for the quarter and three quarters ended March 31, 2006 include a charge related to a decision we received after the end of the quarter in our arbitration with Bourdex.
HD Radio(TM) is a trademark of iBiquity Digital Corporation.
For additional information, contact Harris Corporation at firstname.lastname@example.org .Harris Corporation
CONTACT: Investor relations, Pamela Padgett, +1-321-727-9383, or
email@example.com; or media, Tom Hausman, +1-321-727-9131, or
firstname.lastname@example.org, both of Harris Corporation
Web site: http://www.harris.com/
WALLINGFORD, Conn., May 1 /PRNewswire-FirstCall/ -- TransAct Technologies Incorporated , a leading producer of market specific printers for transaction-based industries worldwide, today announced financial results for the three months ended March 31, 2006.
Revenues for the first quarter of 2006 were $16.4 million, a 37% increase compared to $12.0 million in the same period a year ago. The Company earned net income for the first quarter of 2006 of $1.1 million compared to net income of $0.2 million in the same period of 2005. Earnings per share for the three months ended March 31, 2006 were $0.11 per diluted share compared to $0.02 per diluted share in the same period a year ago.
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, said, "Our strong results this quarter across all of our markets are a result of the investments we made in the business last year. We achieved record quarterly sales in the first quarter, and significantly improved profitability. Specifically, we reported double-digit revenue growth in all three of our sales units."
Gaming and Lottery
Gaming and Lottery revenue for the first quarter of 2006 was $8.6 million, up 58% compared to $5.5 million in the same period of 2005. Revenue growth was driven by a combination of factors including increased market share in the domestic casino market, continued growth in the international casino markets, the benefits of a sales relationship with JCM and stronger lottery printer sales to GTECH.
POS and Banking
POS and Banking revenue was $4.7 million in the first quarter of 2006, an increase of 18% compared to $4.0 million in the first quarter of 2005. This growth was largely attributable to increased sales of TransAct's line of inkjet and thermal POS printers, including TransAct's new line of printers exclusively for distributors launched last year and its BANKjet(R) 1500 printers used in bank teller stations.
TransAct Services Group
Revenue from the TransAct Services Group, which includes spare parts, refurbished printers, consumables and services, was $3.1 million in the first quarter of 2006, a 20% increase from $2.6 million in the year-ago period. The success achieved in the first quarter was largely the result of the Company's expanded sales team, the impact from the west coast service center, which the Company opened last year, and the growing installed base of TransAct printers in the marketplace.
Operations and Finance
Steven A. DeMartino, Executive Vice President and Chief Financial Officer of TransAct Technologies, commented, "This was a strong quarter for TransAct in terms of both top and bottom line growth, as we executed well against our business strategy. Gross margin for the first quarter of 2006 improved to 34.6% from 30.6% in the first quarter of 2005 as a result of higher sales and continued cost improvements. We also continued to strengthen our balance sheet and generated over $2 million in cash from operations during the quarter. We finished the quarter with $5.3 million of cash and no debt on our balance sheet."
Mr. DeMartino continued, "As part of our stock repurchase program authorized by our Board of Directors in March 2005, during the first quarter of 2006, we repurchased 74,800 shares for approximately $700,000 bringing the total buyback as of March 31, 2006 to 579,800 shares, or 6% of total shares outstanding, for a total of approximately $4.6 million."
Mr. Shuldman commented, "The investments we made in the business last year are starting to pay off and we believe that the business momentum we experienced in the first quarter will continue throughout 2006. We expect to continue to deliver growth across all of our sales units. More specifically, growth in our POS and banking business will be driven by our innovative product offerings and our expanded sales team. Growth in the TransAct Services Group will be led by our three fully operational service centers and an expanded sales team focused solely on ramping up sales of TransAct Services Group products and services. We also remain excited about the international gaming market and expect to continue to gain market share in the domestic gaming market."
Mr. Shuldman concluded, "Overall, we are encouraged by the prospects for our business and feel confident that we have built the organization needed to achieve growth in revenue, profitability and market share. And with our newly expanded sales team, growing product lines, and strategic marketing initiatives in place, we are well positioned for success. We expect that the investments made in 2005 will continue to pay returns for the remainder of 2006. We are expecting this to be a year of growth in both revenue and profit. Based on the momentum in our business, we are raising earnings per share guidance for the full year 2006 to $0.42 to $0.46 per diluted share, up from our previous guidance of $0.38 to $0.40 per diluted share, on revenues of approximately $65 million to $67 million. We anticipate revenues for the second quarter of 2006 to be between $16 and $17 million with net income in the range of $0.09 to $0.12 per diluted share, compared to $0.03 per diluted share in the second quarter of 2005."
Investor Conference Call / Webcast Details
TransAct will review detailed first quarter 2006 results and forward looking guidance during a conference call today at 5:00PM EDT. The conference call-in number is 201-689-8471. A replay of the call will be available from 8:00PM EDT on Monday, May 1 through midnight EDT on Monday, May 8 by telephone at 201-612-7415. The account number to access the replay is 3055 and the password is 199274. Investors can also access the conference call via a live webcast on the Company's Web site at http://www.transact-tech.com/. A replay of the call will be archived on that Website for one week.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is the leader in developing and manufacturing market-specific printers for transaction-based industries. These industries include gaming, lottery, banking and hospitality. Each individual market has distinct, critical requirements for printing and the transaction isn't complete until the receipt and/or ticket is produced. TransAct printers are designed from the ground up based on market specific requirements and are sold under the Ithaca(R) and Epic product brands. TransAct distributes its products through OEMs, value-added resellers, selected distributors, and direct to end-users. TransAct has over two million printers installed around the world. TransAct also has a strong focus on the after-market side of the business, with a high commitment to printer service, supplies and spare parts. TransAct is headquartered in Wallingford, CT. For more information on TransAct, visit http://www.transact-tech.com/ or call 203.859.6800.
Contacts: Steven DeMartino, Chief Financial Officer, 203-859-6810 or David Pasquale, 646-536-7006, or Denise Roche, 646-536-7008, both with The Ruth Group Forward-Looking Statements:
Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but are not limited to, customer acceptance and market share gains, both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; dependence on significant vendors; the ability to recruit and retain quality employees as the Company grows; dependence on third parties for sales outside the United States, including Australia, New Zealand, Europe and Latin America; economic and political conditions in the United States, Australia, New Zealand, Europe and Latin America; marketplace acceptance of new products; risks associated with foreign operations; availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company's products in the United States or abroad; and the outcome of lawsuits between TransAct and FutureLogic, Inc. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
TRANSACT TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three months ended March 31, 2006 2005 Net sales $16,434 $12,036 Cost of sales 10,747 8,359 Gross profit 5,687 3,677 Operating expenses: Engineering, design and product development 761 731 Selling and marketing 1,580 1,349 General and administrative 1,710 1,364 4,051 3,444 Operating income 1,636 233 Other income (expense): Interest, net 14 20 Other, net (11) (1) 3 19 Income before income taxes 1,639 252 Income tax provision 582 89 Net income $1,057 $163 Net income per common share: Basic $0.11 $0.02 Diluted $0.11 $0.02 Shares used in per share calculation: Basic 9,558 10,010 Diluted 9,868 10,452 SUPPLEMENTAL INFORMATION - - SALES BY SALES UNIT: Three months ended March 31, 2006 2005 Point of sale and banking $4,664 $3,954 Gaming and lottery 8,644 5,471 TransAct services group 3,126 2,611 Total net sales $16,434 $12,036 TRANSACT TECHNOLOGIES INCORPORATED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (In thousands) 2006 2005 Assets: Current assets: Cash and cash equivalents $5,289 $4,579 Receivables, net 10,082 8,359 Inventories 7,225 6,036 Refundable income taxes 150 295 Deferred tax assets 2,735 2,735 Other current assets 478 258 Total current assets 25,959 22,262 Fixed assets, net 5,144 4,510 Goodwill, net 1,469 1,469 Deferred tax assets 565 557 Intangibles and other assets 504 534 7,682 7,070 Total assets $33,641 $29,332 Liabilities and Shareholders' Equity: Current liabilities: Accounts payable $5,531 $2,859 Accrued liabilities 4,094 3,198 Accrued restructuring 420 420 Deferred revenue 455 410 Total current liabilities 10,500 6,887 Accrued restructuring 480 587 Deferred revenue 331 270 Other liabilities 338 331 1,149 1,188 Total liabilities 11,649 8,075 Shareholders' equity: Common stock 103 102 Additional paid-in capital 17,864 17,497 Retained earnings 8,546 7,489 Accumulated other comprehensive income 44 36 Treasury stock (4,565) (3,867) Total shareholders' equity 21,992 21,257 $33,641 $29,332TransAct Technologies Incorporated
CONTACT: Steven DeMartino, Chief Financial Officer of TransAct
Technologies Incorporated, +1-203-859-6810; or David Pasquale,
+1-646-536-7006, or Denise Roche, +1-646-536-7008, both of The Ruth Group for
TransAct Technologies Incorporated
Web site: http://www.transact-tech.com/
SARASOTA, Fla., May 1 /PRNewswire-FirstCall/ -- Horizon Holding Corporation (BULLETIN BOARD: HRZH) announced today that the company has changed their name to Inverted Paradigms Corporation.
"Inverted Paradigms Corporation represents a radical change of thinking. Not just a shift, an inverted paradigm is a complete overhaul of conceptual approach. Our new focus will be on the redesign and implementation of obsolete and current technologies. The one constant today is change, and exploring business opportunities that have yet to be identified requires forward-thinking companies, and a name to properly represent it," said Stewart York, CEO of Inverted Paradigms.
Inverted Paradigms Corporation, through its subsidiaries, seeks to acquire business opportunities providing diversity in revenue streams and overall corporate growth.
Inverted Paradigms Corporation developed Silent Sword software, a proprietary security process, which prevents malware (viruses, Trojans, worms, and spyware) from starting. To do this, the product uses a patent-pending process that only allows programs to start that are known to be harmless -- a paradigm shift from the current focus on malware that attempts to identify files that are known to be bad.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any action by the Company that may negatively impact results, the success of Company or competitive products, other economic factors affecting the Company and its markets, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.Horizon Holding Corporation
CONTACT: Stewart York, ext. 805, or Suzanne Spotts, ext. 801, both of
Inverted Paradigms Corporation
Web site: http://www.silent-sword.com/
COLUMBIA, Md., May 1 /PRNewswire-FirstCall/ -- MICROS Systems, Inc. , a leading provider of information technology solutions for the hospitality industry, is pleased to announce that it has been ranked the #1 information technology company based in the Washington, DC area, in the 2006 Post 200, conducted by the Washington Post.
More than 260 companies based in the District, Virginia or Maryland are directly surveyed by The Washington Post. Information provided by these companies is cross-checked against audited financial statements and annual reports on file with the Securities and Exchange Commission. All public and private companies are ranked by annual revenue, except the financial institutions, which are ranked by assets.
"We are thrilled to be ranked the number one information technology company for the second consecutive year in the Post 200," stated Tom Giannopoulos, Chairman and CEO of MICROS Systems, Inc. "The Washington, DC area is known to have some of the most acclaimed technology companies in the United States. We are honored to remain at the top of that list."
About MICROS Systems, Inc.
MICROS Systems, Inc. provides enterprise applications for the hospitality and retail industries worldwide. Over 220,000 MICROS systems are currently installed in table and quick service restaurants, hotels, motels, casinos, leisure and entertainment, and retail operations in more than 130 countries, and on all seven continents. In addition, MICROS provides property management systems, central reservation and customer information solutions under the brand MICROS-Fidelio for more than 20,000 hotels worldwide, as well as point- of-sale and loss prevention products through its subsidiary Datavantage for more than 50,000 specialty retail stores worldwide. MICROS stock is traded through NASDAQ under the symbol MCRS.
For more information on MICROS and its advanced information technology solutions for the hospitality industry, please contact Louise Casamento, Vice President of Marketing at (443) 285-8144 or (800) 638-0985. You can also visit the MICROS website at http://www.micros.com/ or send an email to email@example.com.
The MICROS logo is a registered trademark of MICROS Systems, Inc. All other product and brand names are the property of their respective owners.MICROS Systems, Inc.
CONTACT: Louise Casamento, Director of Marketing of MICROS Systems,
Web site: http://www.micros.com/
DALLAS, May 1 /PRNewswire-FirstCall/ -- Carreker Corporation , a leading provider of payments technology and consulting solutions for the financial services industry, today reported results for its fourth quarter and 2005 fiscal year ended January 31, 2006.
The Company reported revenue of $30.1 million and net income of $1.5 million, or $0.06 per diluted share for the fourth quarter of 2005 as compared to revenue of $28.4 million and a net loss of $950,000, or ($0.04) per diluted share for the third quarter of 2005.
During the three months ended October 31, 2005 and January 31, 2006 respectively, the Company recorded amortization associated with certain acquisition-related intangible assets of approximately $1.5 million. Excluding this item, non-GAAP net income for the three months ended January 31, 2006 was $3.0 million, or $0.12 per diluted share, as compared with non- GAAP net income of $555,000, or $0.02 per diluted share for the three months ended October 31, 2005.
"We are pleased to report that total revenue in the fourth quarter was the Company's highest total quarterly revenue during the fiscal year of 2005, meeting our previously stated guidance," said J.D. (Denny) Carreker, Chairman and Chief Executive Office of Carreker Corporation. "Stronger consulting revenue as well as continued strength in our software license and implementation revenue categories contributed to the improved results. Demand for our new products is increasing, and although in certain situations we are experiencing extended sales cycles and intensified competition in our payments business, we are optimistic about the revenue generating potential for these products during fiscal year 2006 and beyond. Looking forward, we remain confident that our new and existing products will gain further industry adoption and, when combined with our ongoing cost containment initiatives, will result in future revenue growth and profitability."
Revenue for the fiscal year of 2005 was $116.6 million and net income was $2.1 million, or $0.08 per diluted share as compared to revenue of $118.9 million and a net loss of $1.2 million or ($0.05) per diluted share for the full year 2004.
During the twelve months ended January 31, 2005 and 2006, the Company recorded amortization associated with certain acquisition-related intangible assets of approximately $6.0 million. Excluding this item, non-GAAP net income for the twelve months ended January 31, 2006 was $8.1 million, or $0.33 per diluted share, as compared with non-GAAP net income of $4.8 million, or $0.20 per diluted share, for the twelve months ended January 31, 2005.
Carreker has presented supplemental non-GAAP financial measures as part of this earnings release. The non-GAAP financial measures exclude the amortization of acquisition-related intangibles. These adjustments to Carreker's GAAP results are made with the intent of providing useful information to management and investors regarding Carreker's underlying operational results and performance in the marketplace. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles ("GAAP") in the United States. A reconciliation of non- GAAP to GAAP results for the three month periods ended January 31, 2006 and October 31, 2005 as well as the twelve month periods ended January 31, 2006 and January 31, 2005 is as follows:
Three Three Twelve Twelve Months Months Months Months ended ended ended ended ($ in 000s, other than Jan. 31, Oct. 31, Jan. 31, Jan. 31, per share figures) 2006 2005 2006 2005 GAAP Net Income (Loss) $1,467 ($950) $2,069 ($1,196) Amortization of Intangible Assets $1,505 $1,505 $6,020 $6,020 Non-GAAP Net Income $2,972 $555 $8,089 $4,824 Diluted net income (loss) per share on a GAAP basis $0.06 ($0.04) $0.08 ($0.05) Amortization of Intangible Assets $0.06 $0.06 $0.24 $0.24 Diluted net income per share on a Non-GAAP basis $0.12 $0.02 $0.33* $0.20* * Please note: The figures above do not tie due to rounding Business Outlook
Carreker anticipates revenue growth during the 2006 fiscal year due to the availability and anticipated acceptance of several new products and service offerings, which were developed during 2005 as well as new products and services expected to be offered in 2006. However, due to a lengthened decision cycle associated with some of the new products, our overall annual growth in revenue is anticipated to be in the latter half of the year. The Company believes it is well positioned for profitability in 2006 as a result of the anticipated revenue growth coupled with ongoing cost containment efforts.
Carreker's management will host a conference call and live Web cast today, Monday, May 1, 2006, at 4:30 p.m. Eastern Time to discuss the Company's fourth quarter and fiscal year 2005 financial results and provide an overview of business conditions, industry trends and other points of interest. To join the conference call, Domestic participants dial 866-348-8664; International participants dial 706-679-0430. All participants enter code 5845508. Additionally, a live Web cast of the conference call will be available through the investor relations section of the Company's Web site at http://ir.carreker.com/ . A replay of the call will be available from Monday, May 1st at 7:30 p.m. Eastern Time to Monday, May 8th, 2006 at 11:59 p.m. Eastern Time. To access the replay, Domestic participants dial 800-642-1687; International participants dial 706-645-9291. All replay participants enter code 5845508. An archived version of the Web cast will be available through the investor relations section of the Company's Web site at http://ir.carreker.com/ .
Except for historical information, the statements in this release, including statements regarding future financial performance, constitute forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially, including but not limited to customer acceptance of new product introductions, the timing of revenue from contracted sales, the timing of expected sales of products, the impact of the recent restatement of the Company's consolidated financial statements and the volatility in the Company's common stock price, as well as the risks and uncertainties arising out of economic, competitive, governmental and technological factors affecting the Company's operations, markets, services, products, sales, potential sales and prices. For further information concerning certain of these risks and uncertainties, see under the caption "Risk Factors" in the Company's most recent Form 10-K. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
About Carreker Corporation
Carreker Corporation improves earnings for financial institutions around the world. The Company's integrated consulting and software solutions are designed to increase clients' revenues and reduce their expenses, while improving security and increasing the value of their customer relationships. Carreker provides products and services to more than 250 clients in the United States, Canada, the United Kingdom, Ireland, continental Europe, Australia, New Zealand, South Africa, South America, Mexico, and the Caribbean. Clients include the full range of community, regional and large banks, among them more than 75 of the largest 100 banks in the United States. Headquartered in Dallas, Texas since 1978, Carreker Corporation has offices in London and Sydney. For more information, visit http://www.carreker.com/ .
CARREKER CORPORATION Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Q4 Q3 YEAR ENDED JANUARY 31, 2005 2005 2006 2005 Revenues: Consulting $8,704 $6,720 $33,244 $37,193 Software license 5,814 5,322 18,277 20,429 Software maintenance 9,732 10,822 42,442 43,293 Software implementation and other services 4,846 4,585 18,457 14,799 Outsourcing service 320 220 1,038 139 Out-of-pocket expense reimbursements 680 701 3,126 3,038 Total revenues 30,096 28,370 116,584 118,891 Cost of revenues: Consulting 4,299 4,369 17,186 18,989 Software license 2,443 2,155 7,962 7,960 Software maintenance 3,210 3,588 14,209 14,771 Software implementation and other services 3,117 3,562 13,334 14,747 Outsourcing service 477 424 1,914 616 Out-of-pocket expenses 804 701 3,103 3,087 Total cost of revenues 14,350 14,799 57,708 60,170 Gross profit 15,746 13,571 58,876 58,721 Operating costs and expenses: Selling, general and administrative 11,839 11,191 45,527 46,524 Research and development 2,136 2,444 9,617 8,644 Amortization of customer relationships 350 350 1,400 1,400 Restructuring and other charges 15 780 918 3,682 Total operating costs and expenses 14,340 14,765 57,462 60,250 Income (loss) from operations 1,406 (1,194) 1,414 (1,529) Other income (expense): Interest income 221 185 716 306 Interest expense (106) (122) (440) (442) Other income (expense) 96 283 814 1,037 Total other income (expense), net 211 346 1,090 901 Income (loss) before provision for income taxes 1,617 (848) 2,504 (628) Provision for income taxes 150 102 435 568 Net income (loss) $1,467 $(950) $2,069 $(1,196) Basic earnings (loss) per share $0.06 $(0.04) $0.09 $(0.05) Diluted earnings (loss) per share $0.06 $(0.04) $0.08 $(0.05) Shares used in computing basic earnings (loss) per share 23,911 23,906 24,092 24,295 Shares used in computing diluted earnings (loss) per share 24,122 23,906 24,478 24,295Carreker Corporation
CONTACT: Lisa Peterson, Executive Vice President and CFO,
+1-972-371-1454, or firstname.lastname@example.org , or Gary Samberson, SVP, Treasury,
Risk Management and Investor Relations, +1-972-371-1590, or
email@example.com , both of Carreker Corporation, fax, +1-972-458-2567
Web site: http://www.carreker.com/
BIRMINGHAM, Ala., May 1 /PRNewswire-FirstCall/ -- Emageon Inc. today reported financial results for its first quarter ended March 31, 2006.
Revenue for the quarter was a record $26.6 million, a 134% increase over first quarter 2005 revenue of $11.3 million. The net loss for the quarter was $7.0 million, or $0.34 per share, including $1.2 million, or $0.06 per share, in expenses related to the merger and reorganization of Camtronics Medical Systems, Ltd. into the Company's operations; $1.0 million, or $0.05 per share, in amortization of intangible assets acquired on November 1, 2005 in the Camtronics acquisition; and non-cash expense of $0.6 million, or $0.03 per share, for stock options-based compensation as a result of the Company's adoption of Statement of Financial Accounting Standards No. 123R as of January 1, 2006. The net loss for the prior year quarter ended March 31, 2005 was $4.8 million, or $0.42 per share. On a pro forma basis, assuming the Company's February 9, 2005 initial public offering had occurred on January 1, 2005, the Company's net loss per share in the prior year quarter ended March 31, 2005 would have been $0.24 per share. A reconciliation of actual net loss per share to pro forma net loss per share for this prior year period is included below.
Cash used in operations for the quarter was $4.4 million. At March 31, 2006 cash and marketable securities totaled $15.6 million compared to $20.5 million at December 31, 2005.
"We are pleased to report another quarter of record revenue," said Chuck Jett, Chairman, President, and CEO of Emageon. "I believe we are on track to achieve our financial goals in 2006. We continue to see growth opportunities in our business as hospitals adopt our product offerings as a way to lower their costs and provide better service to physicians and better care to patients."
The Company confirmed its previously announced revenue and earnings guidance for the full year 2006. The Company continues to expect to have revenue in the range of $122 to $125 million for the year, and earnings in the range of $0.02 to $0.06 per share, including non-cash expenses of $0.18 per share for the amortization of intangible assets acquired in the Camtronics acquisition and an incremental $0.10 per share for stock options-based compensation expense, but excluding the effects of expenses incurred in the merger and reorganization of the operations of Camtronics. The Company believes Camtronics merger and reorganization costs will approximate $6 million for the full year 2006.
Emageon will host a conference call for investors on May 1, 2006 at 5:00 P.M. EDT to discuss its financial results for the quarter. The call will be webcast by Thomson/CCBN and can be accessed at Emageon's web site at http://www.emageon.com/. The dial-in telephone number for the call is 800-299-7635 (internationally, at 617-786-2901), passcode 38827967. Replay is available from 7:00 P.M. EDT, May 1, 2006 until 11:59 P.M. EDT, May 11 at 888-286-8010 (internationally, at 617-801-6888), passcode 13353042.
The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com,thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (http://www.streetevents.com/).
This press release contains forward-looking statements about Emageon which represent the Company's current views with respect to, among other things, future events and financial performance. Any forward-looking statements contained in this press release are based on Emageon's historical performance and on current plans, beliefs and expectations. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various risks, uncertainties and other factors beyond its control. These risks, uncertainties and other factors include, among others, the risk that it may not compete successfully against larger competitors, risks associated with its history of operating losses, the risk that it may not manage its growth effectively, the risk that acquisitions could result in integration difficulties, dilution or other adverse financial consequences, risks associated with its reliance on continuing relationships with large customers, the risk of significant product errors or product failures, the risk of its reliance on reseller arrangements for important components of its solution, the risk that it may not respond effectively to changes in its industry, the risk of its customers' reliance on third party reimbursements, and the risk of the potential impact on its business of FDA regulations and other applicable health care regulations. Additional information concerning these and other factors that could affect Emageon's financial and operating results may be found under the heading "Risk Factors" and elsewhere in the Company's Form 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission on March 31, 2006. Emageon undertakes no obligation to update these forward-looking statements or other information provided in this press release except as may be required by law.
Emageon provides an enterprise-level advanced visualization and infrastructure solution for the clinical analysis and management of digital medical images within multi-hospital networks, community hospitals and diagnostic imaging centers. Emageon's software, including its HeartSuite set of cardiology solutions from its Camtronics subsidiary, provides physicians in multiple medical specialties such as cardiology, radiology, and orthopedics, among others, with dynamic tools to manipulate and analyze images in two and three dimensions. With these tools physicians have the ability to better understand internal anatomic structure and pathology, which can improve clinical diagnoses, disease screening and therapy planning. Emageon's open standards-based solution is designed to help customers improve staff productivity, automate complex medical imaging workflow, lower total cost of ownership and provide better service to physicians and patients. For more information, please visit http://www.emageon.com/.
Unaudited Statements of Operations In Thousands, Except Share and Per Share Amounts Quarter ended March 31 2006 2005 (1) Revenue: System sales $17,269 $7,719 Support services 9,309 3,617 Total revenue 26,578 11,336 Cost of revenue: System sales 13,284 4,823 Support services 5,795 3,083 Total cost of revenue 19,079 7,906 Gross profit 7,499 3,430 Operating expenses: Research and development 4,130 2,534 Sales and marketing 4,002 2,804 General and administrative 4,318 2,291 Amortization of intangible assets related to Camtronics acquisition 885 - Merger and reorganization costs related to Camtronics acquisition 1,204 - Total operating expenses 14,539 7,629 Operating loss (7,040) (4,199) Interest income 156 232 Interest expense (109) (851) Net loss $(6,993) $(4,818) Net loss per share-basic and diluted $(0.34) $(0.42) Weighted average shares outstanding- basic and diluted 20,583,048 11,531,986 (1) Certain reclassifications have been made to prior year operating expenses to conform with the current year presentation. Summary Consolidated Balance Sheets Dollars In Thousands (Unaudited) March 31, December 31, 2006 2005 ASSETS: Current assets: Cash and cash equivalents $15,597 $15,520 Marketable securities - 4,951 Trade accounts receivable, net 28,558 29,261 Prepaid expenses and other current assets 3,663 3,052 Inventories 9,726 8,031 Total current assets 57,544 60,815 Property and equipment, net 21,102 21,433 Other noncurrent assets 1,471 1,419 Intangible assets, net 32,929 34,277 Total assets $113,046 $117,944 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $20,947 $22,023 Deferred revenue 27,395 25,312 Current portion of long-term debt and capital lease obligations 2,668 2,763 Total current liabilities 51,010 50,098 Long-term deferred revenue 2,899 3,221 Long-term debt and capital lease obligations 395 986 Total liabilities 54,304 54,305 Stockholders' equity 58,742 63,639 Total liabilities and stockholders' equity $113,046 $117,944 Pro Forma Net Loss Per Share for the Quarter Ended March 31, 2005
The following table presents the Company's net loss per share for the first quarter of 2005 on a pro forma basis, a non-GAAP financial measurement, as if the Company's initial public offering of its common stock, which occurred February 9, 2005, had occurred on January 1, 2005. The Company believes that presentation of the net loss per share for the first quarter of 2005 utilizing the Company's post-initial public offering capital structure enhances an overall understanding of its current and historical financial performance and provides an additional meaningful measure of operating performance by enhancing the consistency and comparability of reported financial results, enabling investors to more thoroughly evaluate current performance in comparison to past performance. This information will necessarily differ from comparable information that may be provided by other companies and should not be considered in isolation or as an alternative to the Company's operating and other financial information determined under U.S. generally accepted accounting principles.
The table presents the adjustments made to actual weighted average shares of common stock outstanding in order to derive weighted average common stock outstanding on the pro forma basis described above. The resulting pro forma net loss per share for the period was calculated by dividing the actual net loss for the period by the pro forma weighted average common stock outstanding as determined in the table.
Quarter Ended March 31, 2005 Weighted average shares outstanding 11,531,986 Effects of: Conversion of preferred stock 5,301,223 Required exercise of warrants 262,573 Release of escrowed common stock at completion of initial public offering 83,625 Issuance of common stock in initial public offering 2,844,444 Total pro forma shares outstanding 20,023,851 Pro forma net loss per share $(0.24)Emageon Inc.
CONTACT: W. Randall Pittman of Emageon, +1-205-980-7551; or Susan Noonan
of The SAN Group, LLC, +1-212-966-3650
Web site: http://www.emageon.com/
SOUTHPOINTE, Pa., May 1 /PRNewswire-FirstCall/ -- ANSYS, Inc. , a global innovator of simulation software and technologies designed to optimize product development processes, and Fluent Inc., a global provider of computer-aided engineering (CAE) simulation software, today announced that ANSYS has completed its acquisition of Fluent in a series of mergers for approximately 6,000,000 shares of ANSYS common stock and approximately $299 million in net cash.
ANSYS expects the acquisition to be immediately accretive to earnings, excluding acquisition-related costs, amortization of intangibles, the impact of deferred revenue purchase accounting treatment and expensing of stock options. The company used a combination of existing cash and proceeds from approximately $200 million of committed bank financing to fund the transaction.
Fluent Inc. is a global supplier of CAE simulation software technologies and services. Fluent products utilize computational fluid dynamics (CFD) principles and techniques to enable engineers and designers to simulate fluid flow, heat and mass transfer, and related phenomena involving turbulent, reacting, and multiphase flow. The company's products are used by blue chip companies, small and medium size enterprises, and academic institutions and institutes around the world. Today, CFD simulation technology is used in almost every industry sector and manufactured product.
"With the acquisition of Fluent, ANSYS has significantly broadened its offerings in the simulation market. I expect ANSYS to be an important partner to design engineers in industries, from discrete manufacturing, oil and gas, chemicals, food processing, as well as to environmental scientists studying how pollution propagates and oceanographers trying to predict the effects of global warming. Ships, airplanes, cars, your PC, home, office building and the environment -- all will work better, be more efficient, pollute less or be better managed as a result of a better understanding of the dynamics of the gases and liquids in which, and with which, they operate," commented Daratech CEO Charles M. Foundyller.
Jim Cashman, ANSYS President and CEO added, "Finalizing the acquisition of Fluent is great news for us, our customers and partners. We are very excited to be able to move forward today as a unified company and begin executing our strategy for the future."
"With the operations and technology synergies that Fluent and ANSYS share, we are confident that we can meet the needs of the CAE community for simulation software and services in a highly effective manner," said Dr. Ferit Boysan, Vice President and General Manager, Fluids Business Unit.
The combination of ANSYS' and Fluent's software products and services is expected to give ANSYS one of the most comprehensive, independent engineering simulation software offerings in the industry, reaffirming and strengthening ANSYS' commitment to open interface and flexible simulation solutions that are primarily driven by customer demand and choice. With over 40 direct sales offices and 17 development centers, on three continents, the combined company will employ approximately 1,350 people.
The company expects to provide updated financial guidance with respect to Fluent and the financial outlook of the combined company in the next couple of weeks.
About ANSYS, Inc.
ANSYS, Inc., founded in 1970, develops and globally markets engineering simulation software and technologies widely used by engineers and designers across a broad spectrum of industries. The Company focuses on the development of open and flexible solutions that enable users to analyze designs directly on the desktop, providing a common platform for fast, efficient and cost- conscious product development, from design concept to final-stage testing and validation. The Company and its global network of channel partners provide sales, support and training for customers. Headquartered in Canonsburg, Pennsylvania U.S.A. with more than 40 strategic sales locations throughout the world, ANSYS, Inc. and its subsidiaries employ approximately 1,350 people and distribute ANSYS products through a network of channel partners in over 40 countries. Visit http://www.ansys.com/ for more information.
Certain statements contained in the press release regarding matters that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including, without limitation, the statement regarding our expectation that the acquisition of Fluent will be immediately accretive to earnings, with certain exceptions, and our statement that the combination of our software products and services combined with Fluent's is expected to give us one of the most comprehensive, independent engineering simulation software offerings in the industry. All forward-looking statements in this press release are subject to risks and uncertainties. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve a number of risks and uncertainties, including, but not limited to, the risk that the business of ANSYS and Fluent may not be integrated successfully or that such integration may take longer or cost more to accomplish than expected, that potential difficulties may arise in the assimilation of operations, strategies, technologies and products of Fluent, that key personnel of Fluent may not stay with ANSYS, and that management's attention may be diverted from other business concerns during the integration process. Additional risks are detailed from time to time in reports filed by ANSYS, Inc. with the Securities and Exchange Commission, including ANSYS, Inc.'s 2005 Annual Report and Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether changes occur as a result of new information or future events after the date they were made.
ANSYS, ANSYS Workbench, CFX, AUTODYN, FLUENT and any and all ANSYS, Inc. product and service names are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries located in the United States or other countries. ICEM CFD is a trademark licensed by ANSYS, Inc. All other trademarks or registered trademarks are the property of their respective owners.ANSYS, Inc.
CONTACT: Lisa O'Connor of ANSYS, Inc., +1-724-514-1782, or
Web site: http://www.ansys.com/
MINNEAPOLIS, May 1 /PRNewswire-FirstCall/ -- Alliant Techsystems will webcast its investor conference call on fiscal year 2006 fourth-quarter and year-end financial results, which will be announced May 5, 2006, prior to market open. The call will discuss ATK's full-year and quarterly financial performance, as well as financial guidance and trend information related to the company's expectations of future period results.
The call will be webcast by CCBN and can be accessed via the investor relations page on ATK's website at: http://www.atk.com/InvestorRelations/investrelate_investorinfo.asp . Information about downloading Windows Media Player software, which is required to access the webcast, will be available on the website. Charts referenced during the call will also be available on the website prior to the call.
Conference call details: When: 10:00 a.m. Eastern Time, Friday, May 5. Who: Dan Murphy, Chairman and CEO John Shroyer, Senior Vice President and Chief Financial Officer Steve Wold, Vice President, Investor Relations
For those who cannot participate in the live webcast, an audio recording of the conference call will be available for one month. The telephone number is 719-457-0820, and the confirmation code is 4676957. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com/).
ATK is a $3.3 billion advanced weapon and space systems company employing approximately 15,000 people in 23 states. News and information can be found at http://www.atk.com/.
Media Contact: Investor Contact: Bryce Hallowell Steve Wold Phone: 952-351-3087 Phone: 952-351-3056 E-mail: firstname.lastname@example.org E-mail: email@example.comAlliant Techsystems
CONTACT: Media Contact: Bryce Hallowell, +1-952-351-3087, or
firstname.lastname@example.org ; Investor Contact: Steve Wold, +1-952-351-3056, or
Web site: http://www.atk.com/
CHICAGO, May 1 /PRNewswire-FirstCall/ -- NAVTEQ , a leading global provider of digital map data for vehicle navigation and location-based solutions, and Thales' navigation business, leading global innovator of Magellan outdoor and vehicle navigation solutions, announced today that the Magellan RoadMate 760 and 700 portable vehicle navigation solutions are the first to offer NAVTEQ real-time traffic services via NAVTEQ Traffic RDS (Radio Data System). In addition, all Magellan vehicle navigation solutions introduced in 2006 will provide real-time traffic solutions, even entry-level devices, and will provide the one of the most cost-effective real-time traffic solutions on the market.
The subscription-based traffic service is available immediately for the Magellan RoadMate 760 through the purchase of the Magellan TrafficKit(TM) at http://www.magellangps.com/ or from select retailers. The TrafficKit is also compatible with the Magellan RoadMate 700 when customers obtain a software upgrade from the Magellan website.
With NAVTEQ Traffic RDS, these products will help North American customers avoid delays in major metropolitan areas by notifying drivers of traffic flow and incidents along their route and redirecting them when a faster route is available.
"We selected NAVTEQ Traffic RDS because of the reliable data it will deliver to our customers," said Christian Bubenheim, general manager of Thales' consumer business. "Integrating NAVTEQ real-time traffic capabilities with the proven performance of the Magellan RoadMate line provides an advanced routing solution for convenience and flexibility so customers can make informed choices and get to their destination faster without getting lost."
Magellan traffic solutions continuously and wirelessly transmit, via FM frequencies, comprehensive NAVTEQ data from multiple sources across the nation, including commercial traffic data, government departments of transportation, police and emergency services, road sensors, cameras and airborne reports.
"Working together to offer NAVTEQ Traffic RDS to the Magellan RoadMate devices enables us to provide reliable traffic information to an extended customer base and driving audience," commented Winston Guillory, Senior Vice President - Consumer and Business Sales, NAVTEQ. "NAVTEQ is committed to responding to the needs of its customers, and we are thrilled that Magellan has selected NAVTEQ to deliver traffic information via RDS broadcasting."
The Magellan TrafficKit receiver processes the real-time traffic information and displays icons on the Magellan RoadMate map screen to show traffic jams and conditions that impede the normal flow of traffic, such as lane reductions, road construction and accidents. Drivers can choose whether they see all or specific types of incidents, and can learn details about each by touching the associated icon on the screen. Drivers can also receive traffic alerts for informational purposes only, without being rerouted.
The Magellan TrafficKit for the Magellan RoadMate 760 sells for $149, which includes 15 months of traffic service. The TrafficKit for the Magellan RoadMate 800 and 3000T will be available in June for US $149, which includes 15 months of service. Available in May, the Magellan RoadMate 860T will include the TrafficKit and 15 months of service for US $799. The Magellan RoadMate 3050T will ship in June with the TrafficKit included along with three months of service for US $649. Available in July, the Magellan RoadMate 6000T will feature an integrated traffic receiver and will include three months of service for $699.99.
About Thales' navigation business
Thales is a leading international electronics and systems group serving defense, aerospace, security and services markets. The Group employs 60,000 people throughout the world and generated revenues of 10.2 billion Euros in 2005.
Thales' navigation business is a global innovator of navigation and positioning solutions. The company markets its Magellan brand GPS products in vehicle navigation and outdoor markets, and its professional GPS and GNSS solutions in the survey, GIS/Mapping, and OEM markets that include consumer electronics, automotive navigation and high-precision applications. Also, through its joint venture with Hertz, Thales Navigation has developed the Hertz NeverLost(R) vehicle navigation system.
Thales' navigation business is headquartered in Santa Clara, Calif., with European headquarters in Carquefou, France. For more information, visit http://www.thalesgroup.com/navigation .
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 1,900 employees located in 131 offices in 23 countries.
NAVTEQ is a trademark in the U.S. and other countries.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005, as filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO )Photo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO
CONTACT: Kellie Bourdage of NAVTEQ, +1-312-894-7479,
email@example.com ; Bob Richter for NAVTEQ, +1-212-802-8588,
firstname.lastname@example.org ; Angela Linsey-Jackson of Thales Navigation,
+1-909-394-5062, email@example.com ; or Melisa Glasberg for
Thales Navigation, +1-310-374-6893, Melisa@delyon-hunt.com
Web site: http://www.magellangps.com/
NEW YORK, May 1 /PRNewswire/ -- Consumers and small businesses can now get Internet connections that leave the cable companies in the dust. Verizon is turning on the afterburners and is offering its Verizon FiOS Internet Service in New York, New Jersey and Connecticut at even faster standard speeds -- with no increase in price.
For consumers, the basic level of Verizon FiOS Internet, which provides connection speeds of up to 5 Mbps (megabits per second) downstream / 2 Mbps upstream, and the next fastest service, providing speeds of up to 15/2 Mbps FiOS services, will be upgraded to connection speeds of up to 10/2 and 20/5 Mbps, respectively. The service for small businesses that provides connection speeds of up to 15/2 Mbps will be upgraded to up to 20/5 Mbps. The small- business product that provides speeds of up to 30/5 Mbps and is currently in the market for both consumers and small businesses remains as an additional option. No other Internet access provider can beat Verizon FiOS' maximum upstream connection speed.*
The boost in broadband speeds for these qualifying packages offers Verizon FiOS-eligible customers in New York, New Jersey and Connecticut a breathtaking broadband experience.
For example, the faster speeds can mean faster online research and quicker downloads and uploads of photos and large files.* In addition, faster speeds make sharing a single Internet connection even better for customers with multiple computers.
"Speed is the winner in the broadband race, and Verizon FiOS Internet Service offers customers a more powerful and faster solution," said Chris Pizzirani, Verizon vice president, product management and development. "With faster connection speeds, we're creating an unsurpassed Internet experience at an unbeatable price."
Verizon offers FiOS Internet and FiOS TV services over its fiber-to-the- premises (FTTP) network -- the only network that currently brings fiber-optic technology directly to homes and businesses on a widespread scale. The company is currently building its FTTP network in more than half of the states where it offers landline communications services, including more than 200 communities in the tri-state area.
For Consumers, Blazing Speeds at Affordable Prices
FiOS service for consumers is available as part of a bundle of local and long-distance calling services from Verizon, or as a stand-alone Internet access service. Customers can receive a discount with a one-year commitment to FiOS, along with free installation for their primary computer.
In New York, New Jersey and Connecticut, Verizon now offers consumers three tiers of Verizon FiOS Internet Service at the same prices previously charged for the lower speeds:
-- 10 Mbps downstream and 2 Mbps upstream (increased from 5/2). Suited for Internet surfing and basic computer functions. $34.95 a month with a one-year agreement or $39.95 a month stand-alone. -- 20 Mbps downstream and 5 Mbps upstream (increased from 15/2). Appealing for families that have multiple computers and various needs such as multi-media and the ability to access and send large files. $44.95 a month with a one-year agreement or $49.95 a month stand-alone. -- 30 Mbps downstream and 5 Mbps upstream. Designed for communications- intensive power users with significant bandwidth needs, such as telecommuters or work-at-home households and avid online gamers. $54.95 a month with a one-year agreement or $59.95 a month stand-alone in NY ($179.95 - $199.95 in NJ and CT). Small Businesses Can Get Big-Biz Speeds
FiOS service for small businesses is available as part of a bundle of local and long-distance calling services from Verizon, or as a stand-alone Internet access service. Small-business customers can receive free professional installation for their primary computer, plus a 10 to 20 percent monthly discount with a qualifying local service page package.
Small-business owners can choose from three tiers of FiOS Internet service, one including the new speed change at no increase in price, with either a dynamic Internet protocol (IP) address or static IP address:
-- 20 Mbps downstream and 5 Mbps upstream (increased from 15/2), for the former 15 Mbps prices of $59.95 a month with a dynamic IP address and $99.95 a month with static IP address. -- 30 Mbps downstream and 5 Mbps upstream (no speed change), for $349.95 a month with a dynamic IP address and $389.95 a month with static IP address. -- Up to 5 Mbps downstream and 5 Mbps upstream synchronous service (no speed change), for $169.95 a month with a dynamic IP address and $209.95 with static IP address.
All FiOS business services include 24x7 business-grade technical support. Companies also receive up to 15 domain name e-mail addresses (firstname.lastname@example.org), 20 MB (megabytes) of Web space and unlimited remote dial-up access that keeps employees connected when they're on the road. A one-year contract is required for all FiOS business packages.
Residential customers who want to determine whether they can order FiOS Internet Service can call 888-GET FIOS (888-438-3467) or visit Verizon's FiOS Web site at http://www.verizonfios.com/. Small businesses can call 877-FIOS BIZ (877-346-7249) to determine if they qualify for FiOS Internet Service for Business or visit http://www.verizon.com/fiosinternet for more information and current promotions.
* All speeds reflect initial connection speeds between your computer and Verizon's central office. Actual throughput speeds will vary based on numerous factors, including network and Internet congestion and the speed of websites visited on the Internet.
Verizon reminds you to always download legally.
Verizon Communications Inc. , a Dow 30 company, is a leader in delivering broadband and other communication innovations to wireline and wireless customers. Verizon operates America's most reliable wireless network, serving 51.3 million customers nationwide; one of the most expansive wholly-owned global IP networks; and one of the nation's premier wireline networks, serving home, business and wholesale customers. Based in New York, Verizon has a diverse workforce of approximately 250,000 and generates annual consolidated operating revenues of approximately $90 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.Verizon Communications
CONTACT: Heather Wilner, consumer, +1-212-321-8333,
email@example.com, or Ellen Yu, small business, +1-908-559-3496,
firstname.lastname@example.org, both of Verizon Communications
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
FREMONT, Calif., May 1 /PRNewswire-FirstCall/ AXT, Inc. , a leading manufacturer of compound semiconductor substrates, today announced that Phil C.S. Yin, chief executive officer and Wilson W. Cheung, chief financial officer, will present at the AeA Micro Cap Financial Conference on Mon., May 8, 2006 at the Monterey Plaza Hotel in Monterey, Calif.
A link to the live webcast will be available on the Investor Relations section of the company's website at http://www.axt.com/ prior to the presentation. A replay of the webcast will be available shortly following the live presentation.
About AXT, Inc.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge). The company's substrate products are used primarily in lighting display applications, wireless communications, and fiber optic communications. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates, particularly in optoelectronics applications. AXT has manufacturing facilities in China and invests in five joint ventures producing raw materials. For more information, see AXT's website at http://www.axt.com/. The company can also be reached at 4281 Technology Drive, Fremont, California 94538 or by calling (510) 683-5900. AXT is traded on the NASDAQ National Market under the symbol AXTI.AXT, Inc.
CONTACT: Wilson W. Cheung, Chief Financial Officer of AXT, Inc.,
+1-510-683-5900; or Leslie Green of Green Communications Consulting, LLC,
+1-650-312-9060, for AXT, Inc.
Web site: http://www.axt.com/
In the news release, California Micro Devices Adds Family of Fractional Charge Pump LED Drivers for Wireless Handsets, issued earlier today by California Micro Devices over PR Newswire, we are advised by the company that in the fourth paragraph, the phrases "(or?)," "(WHY?)" and "(more so than the boost products?)" should be disregarded. Furthermore, in the seventh paragraph the phrase "(more so than the boost products?)" should also be disregarded.California Micro Devices Corporation
SAN DIEGO, May 1 /PRNewswire-FirstCall/ -- Path 1 Network Technologies Inc. , a leading provider of video routing products that enable the transmission of broadcast-quality video over IP networks, today announced that it will be presenting at the 8th annual AeA Micro Cap Financial Conference, an investment event for technology companies under $200 million in annual sales or market cap, on May 9, 2006.
During the event, Tom Tullie, President and CEO of Path 1, and Rick Segil, Vice President of Marketing, will discuss results of the first quarter of 2006, ended March 31st, as well as current business activity and the repositioning of the company's market focus.
The conference will be held May 7-9, 2006, at the Monterey Plaza Hotel in Monterey, California. Mr. Tullie and Mr. Segil are scheduled to present on Tues, May 9, at approximately 11:30 a.m. PT. For a complete schedule, or to register to attend the conference, please visit http://www.aeanet.org/microcap.
Organized by AeA, the nation's largest high-tech trade association, the AeA Micro Cap Financial Conference is held each spring in Monterey, California. This unique two-day forum allows executives from more than 120 technology companies to present their technologies, strategic missions, trend analysis and investment potential to a focused group of 200+ investors.
About Path 1 Network Technologies Inc.
Path 1 Network Technologies Inc. is the pioneer and leading provider of video transport products that enable the conversion and distribution of real-time, broadcast-quality video over Internet Protocol (IP) through public and private networks. From the delivery of live MPEG-2, MPEG-4, and VC-1 standard definition (SD) and high definition (HD) broadcasts to video on demand (VOD), Path 1's video gateways allow broadcasters, cable, telco, satellite and mobile operators to transmit high-quality point-to-point, multipoint and multiplexed video across town or around the world. To find out more about Path 1 Network Technologies Inc. visit our website at http://www.path1.com/ or call 877/ONE-PATH (663-7284).
SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future", "plan" or "planned", "will" or "should", "expected", "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that we may require future financing, that our products might not achieve customer or market acceptance or that they might not perform as expected, that customer trials might not lead to future sales, that our sales might fluctuate between reporting periods and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and Path 1 undertakes no obligation to update such statements.
Media Contact: Investor Contact: Alice Borda Amy Cozamanis / Lasse Glassen Sterling Communications Financial Relations Board Office: 408-395-5500 Office: 310-854-8314 email@example.com ACozamanis@financialrelationsboard.com firstname.lastname@example.orgPath 1 Network Technologies Inc.
CONTACT: Media, Alice Borda of Sterling Communications, +1-408-395-5500,
email@example.com; or Investors, Amy Cozamanis,
ACozamanis@financialrelationsboard.com, or Lasse Glassen,
firstname.lastname@example.org, both of Financial Relations Board,
+1-310-854-8314, all for Path 1 Network Technologies Inc.
Web site: http://www.path1.com/
FREMONT, Calif., May 1 /PRNewswire-FirstCall/ -- Volterra Semiconductor Corporation , a leading provider of high-performance analog and mixed-signal power management semiconductors, today announced that Greg Hildebrand, CFO, will present to investors at the Piper Jaffray Hardware & Communications Conference on Thursday, May 11, 2006 in New York, at 8:20 a.m. Pacific Time, (11:20 a.m. Eastern Time).
Volterra's presentation will be available live and, subsequently, on demand via the Internet. The Webcast link for investors to listen to management's remarks can be found on the Investor section of the Company's website at http://www.volterra.com/.
Investors should visit the site at least 10 minutes prior to the beginning of the scheduled presentation to register, download and install any necessary multimedia streaming software. The software plug-ins required for the live event can be either RealPlayer or Windows Media Player. This audio file will be archived and available until May 18, 2006 on the Volterra website.
About Volterra Semiconductor Corporation
Volterra Semiconductor Corporation, headquartered in Fremont, CA, designs, develops, and markets leading edge silicon solutions for low-voltage power delivery. The Company's product portfolio is focused on advanced switching regulators for the computer, datacom, storage, and portable markets. Volterra operates as a fabless semiconductor company utilizing world-class foundries for silicon supply. The Company is focused on creating products with high intellectual property content that match specific customer needs. For more information please visit http://www.volterra.com/.Volterra Semiconductor Corporation
CONTACT: Heidi Flannery, Investor Relations, +1-510-743-1718, or
Web site: http://www.volterra.com/
Industry Expert Shares Insights From Recent Study in Upcoming Webinar on How
Webcasting is Improving the Way Businesses Communicate and Compete WHO: Steve Vonder Haar, research director, Interactive Media Strategies, provides research and consulting services to companies involved in the communications, collaboration and media distribution chains. Steve Geishirt, director of training, Parts Now! Parts Now! LLC is an international distributor of new and refurbished computer printer parts, whole-unit printers and component-level repairs for Hewlett-Packard, Lexmark and Canon U.S.A. printers. Parts Now! has been using Sonic Foundry's Mediasite(TM) rich media communication system to offer a series of classes throughout the year that educate technicians on specific printer models and the techniques needed to address common repair issues. Mediasite has become an essential tool to educate and inform their service technicians. WHAT: Rich media communications melds online audio and video with computer-driven visual aids to produce engaging web presentations. For leading enterprises, rich media is emerging as a cornerstone of next-generation communication, helping these organizations realize a significant business advantage. This webinar will offer insights on how corporate executives use rich media technology to gain productivity improvements as well as a competitive edge in the marketplace. Participants will learn about webcasting's impact on business communications from companies actively using the technology. In addition, participants will explore the ways rich media is used in day-to-day business communication and how to justify investment in web communications technology. The presentation will include quantifiable results from Interactive Media Strategies' recent Rich Media at Work survey, which profiled deployment, use and perceptions of rich media among executives at nearly 700 companies producing at least 10 online multimedia events annually. Parts Now! executive Steve Geishirt will discuss how his company is using rich media to draw hundreds of customers to its training sessions. Key findings that will be shared include: * Nine out of 10 executives at companies frequently deploying rich media describe the technology as an effective communications tool * When determining the ROI of rich media technology investments, survey participants cite more efficient use of executive's time as the top ROI factor * Companies are increasingly witnessing firsthand the corporate value of rich media and 56% of survey respondents are planning to increase their budgets for rich media in the coming year
The webinar is sponsored by Sonic Foundry, a technology leader in enterprise rich media solutions and services. The company's integrated webcasting and web presentation platform, Mediasite, is a transformational communication medium for delivering critical information and sharing knowledge. Sonic Foundry is changing the way organizations communicate via the web and how people around the globe receive vital information needed for work, professional advancement, safety and education. Mediasite is trusted by Fortune 500 companies, education institutions and government agencies for a variety of critical communication needs. The company's roster includes American Family Insurance, Centers for Disease Control, Lockheed Martin and Sandia National Laboratories.
WHEN: Thursday, May 4, 200612 - 1 p.m. Central WHERE: To register for this Webinar http://www.sonicfoundry.com/register 877-783-7987 CONTACT: For more information, or to schedule an interview with Sonic Foundry, Mr. Vonder Haar or Mr. Geishert, Contact: Terri Douglas, Catapult PR-IR 303/581-7760, ext. 18 email@example.comSonic Foundry
CONTACT: Terri Douglas of Catapult PR-IR, +1-303-581-7760, ext. 18,
firstname.lastname@example.org, for Sonic Foundry
Web site: http://www.sonicfoundry.com/register
LOS GATOS, Calif., May 1 /PRNewswire-FirstCall/ -- Monolithic Power Systems, Inc. (MPS) , a leading fabless manufacturer of high- performance analog and mixed-signal semiconductors, will present at the Merrill Lynch Tech Gathering Forum, on Wednesday, May 3, 2006 at The New York Palace Hotel, New York, NY.
About Monolithic Power Systems, Inc.
Monolithic Power Systems, Inc. (MPS) develops and markets proprietary, advanced analog and mixed-signal semiconductors. The Company combines advanced process technology with its highly experienced analog designers to produce high-performance power management integrated circuits (ICs) for Cold Cathode Fluorescent Lamp (CCFL) backlight controllers, LED drivers, DC to DC converters, Class D audio amplifiers, and Linear ICs. MPS products are used extensively in computing and network communications products, LCD monitors and TVs, and a wide variety of consumer and portable electronics products. MPS partners with world-class manufacturing organizations to deliver top quality, ultra-compact, high-performance solutions through the most productive, cost- efficient channels. Founded in 1997 and headquartered in Los Gatos, California, the Company has expanded its global presence with offices in Taiwan, China, Korea, Japan, and Europe, which operate under MPS International, Ltd.
MPS, Monolithic Power Systems, and the MPS logo are trademarks of Monolithic Power Systems, Inc. in the U.S. and certain other countries.Monolithic Power Systems, Inc.
CONTACT: Rick Neely, Chief Financial Officer of Monolithic Power
Systems, Inc., +1-408-357-6759
CHICAGO, May 1 /PRNewswire/ -- Marking the first time an educational publisher has developed reading curriculum specifically aligned to federal requirements and incorporating a wide range of research-based learning strategies, Pearson Scott Foresman today unveiled Reading Street -- an innovative pre-K-6 reading program at the International Reading Association's annual convention.
"Reading Street sets the gold standard on every level," said Paul McFall, president of Glenview-based Pearson Scott Foresman. "We're excited at its potential to help teachers educate a new nation of successful readers."
Reading Street is the first program tailored specifically to the requirements of Reading First, a nationwide mandate to enable all students to become successful early readers as created by the No Child Left Behind Act (NCLB) signed into law by President George W. Bush in 2002.
Successful Reading Through Scientific Research
Solidly anchored in the most current scientific research, Reading Street focuses on the priority skills that are proven to be indicators of reading success identified by the National Reading Panel -- phonemic awareness, phonics, fluency, vocabulary, and text comprehension.
Created by nationally recognized experts, practitioners, and researchers, Reading Street is designed to help teachers build readers through a wealth of reliable teaching tools for instruction, pacing, assessments, and grouping. It prioritizes skill instruction at each grade level, so teachers can be assured they will focus on the right skill, at the right time, and for every student.
Compelling Literature & New Literacies
Reading Street is designed to help teachers build readers through motivating and engaging literature, scientifically research-based instruction, and a wealth of reliable teaching tools. The program emphasizes ongoing progress monitoring and includes an explicit plan to help with managing small groups of students.
Reading Street includes fiction, expository articles, biographies, poems, and online reading, all focused on driving students toward No Child Left Behind's mandated Adequate Yearly Progress.
The program acknowledges that learning to read in the 21st Century means more than simply just reading books. Rather, it also integrates such important new literacies as skills for searching the Internet, using e-mail, reading web pages, and using online references and directories.
"Given Reading Street's solid scientific foundation and stellar list of contributing authors we are fully confident in its ability to help build a new generation of readers equipped for the 21st Century," said Pearson Scott Foresman's McFall.
Reading Street's contributing authors include: Dr. Connie Juel, professor of education, School of Education, Stanford University; Dr. P. David Pearson, professor and dean at the Graduate School of Education, University of California, Berkeley; Dr. Ed Kame'enui, prominent education researcher; Dr. Deborah Simmons, professor, Texas A&M University; Dr. Sharon Vaughn, professor, University of Texas; Dr. Donald Leu, professor and the John and Maria Neag Endowed Chair in Literacy and Technology at the University of Connecticut; Dr. Candy Dawson Boyd, professor, Saint Mary's College of California's School of Education; and Dr. Jeanne Paratore, associate professor of education, Boston University's Department of Literacy and Language Development.
About Pearson Scott Foresman
The world's leading elementary educational publisher of scientifically research-based instructional materials, assessment tools, digital media, and professional development. Pearson Scott Foresman is part of Pearson Education, the world's leading educational publisher and a business of Pearson, the international media company .Pearson Scott Foresman
CONTACT: Jami Warner of JWarnerGroup, +1-916-761-7699,
email@example.com; or Kate Miller of Pearson Education, 1-800-745-8489,
Web site: http://www.pearsoned.com/
Connect, LAS VEGAS, May 1 /PRNewswire-FirstCall/ -- Presstek, Inc. , a leading manufacturer and marketer of high tech digital imaging solutions for the graphic arts market, and EFI , the world leader in digital controllers, superwide format printers and inks, and print management solutions for commercial and enterprise printing today announced the Presstek Facet RIP, powered by EFI Fiery(R), will be featured at EFI Connect 2006 conference, the industry's largest users' conference, being held from April 30th through May 2nd in Las Vegas at the Venetian Hotel. The Facet RIP is available for immediate ordering and installation.
"We are excited to be demonstrating the Presstek Facet RIP at EFI Connect, because conference attendees will see first hand how easily the Facet RIP can integrate into their existing EFI workflow," said Peter Bouchard, Presstek's Vice President of Marketing. "Facet is designed to enable print providers to grow their service offerings by allowing the easy implementation of Presstek DI or CTP products." Bouchard adds, "Our partnership with EFI combines the industry's leading RIP and workflow solution with the leading short run color printing solution to create an affordable opportunity for small- and mid-sized shops to seamlessly add digital offset printing."
Presstek Facet RIP, based on the Fiery, sets a new standard for connectivity in digital and offset environments with advanced digital prepress capabilities in an easy-to-use, cost-effective software solution. Based on Adobe CPSI 3016, the Facet RIP is the industry's most powerful platform, generating the highest quality documents through its RIP Once Output Many (ROOM) architecture, which ensures the same results on proof as on plates. Re-RIPping is not required and variations are not introduced by the requirement to RIP files multiple times.
"Presstek's DI and CTP products are recognized in the industry for their ability to produce high quality short-run color printing," said Frank Mallozzi, EFI senior vice president, worldwide sales and marketing. "Integration with the Fiery's precision color, consistent high quality output and workflow innovation will greatly benefit EFI/Presstek joint customers. At Presstek's booth, we believe the more than 1000 Connect attendees will see the superior performance, cost savings and increased productivity they'll experience integrating the Fiery-based Presstek Facet RIP in their operations."
Facet has been developed for operation with all Presstek-branded digital output devices, including DI presses and Dimension Excel, Vector TX52, and ABDick DPM platesetters. This simplifies the process of adding a Presstek system into environments with an established Fiery workflow. The Facet RIP is sold and supported exclusively by Presstek and is the initial product in a portfolio of digital solutions. It provides the core foundation for adding advanced workflow modules and business management solutions to the operations of these establishments.
The Presstek Facet RIP builds on EFI's heritage of providing innovative, market-leading imaging and print management solutions. With more than 1.4 million Fiery controllers installed worldwide and managed by EFI's award-winning Command WorkStation interface, the Presstek Facet RIP takes advantage of EFI's unmatched technology, market reputation and ease-of-use. Based on EFI's Adobe CPSI Fiery G210 RIP, the Presstek Facet RIP can be configured with a wide range of capabilities, including:
* Automatic in-RIP trapping * The ability to quickly and easily re-map spot colors from the desktop without returning to the native application * Advanced proofing and ICC-based color management functionality based on Best Technology * ImageViewer local and remote soft-proofing and color editing capabilities, including real-time pixel-level zoom of a rasterized job before it is committed to the print device * Drag-and-drop hot folders for automation of repetitive tasks * Easy integration with EFI Print MIS solutions, including PrintSmith(R) * Powerful digital workflow management tools
Printers can manage their entire digital workflow from the Fiery-based Presstek Facet RIP. Since Facet is built on Fiery technology, it is controlled via the Command WorkStation(R) interface. This is the same familiar interface used by millions of Fiery digital controller customers around the world. The Fiery Command WorkStation, operated from a Mac or PC platform, offers the ability to view and control multiple Fiery-based RIPs, including Facet, from remote locations. This allows a customer to move a job from one device to another right from Command WorkStation. Now, with the click of a mouse, a customer can output 10 copies on a digital toner device and 250 to 10,000 prints with the DI press without ever going back to prepress computers. Command Workstation also offers Sort, Search and Archive capability for increased operational flexibility. The Sort function allows jobs to be organized by name, date or print status. The Search function enables operators to quickly locate jobs that were previously printed. And Archive offers the ability to easily save pre-RIPped files to another server or disk for easy retrieval and reprinting as well as for distribute-and-print applications.
Presstek, Inc. is a leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI(R), CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins.
Presstek's Precision Lithograining Corporation is a manufacturer of high quality digital and conventional printing plate products, including Presstek's award-winning, chemistry-free Anthem plate. Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications.
For more information visit http://www.presstek.com/, or call 603-595-7000 or email: firstname.lastname@example.org.
EFI (http://www.efi.com/) is the world leader in digital controllers, superwide format printers and inks, and print management solutions for commercial and enterprise printing. EFI's award-winning technologies offer end to end, integrated document management tools from creation to print, including high fidelity color Fiery(R) print servers that can output up to 2000 ppm; VUTEk superwide digital inkjet printers and UV and solvent inks capable of printing on flexible and rigid substrates; powerful print production workflow and management information software solutions for increased performance and cost efficiency; and an array of corporate printing solutions. EFI's integrated solutions connect seamlessly, delivering unbeatable performance, cost savings and increased productivity. EFI maintains 23 offices worldwide.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding customers' acceptance of and demand for the Company's newly introduced products. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the uncertainty and delays associated with launching new products, market acceptance of and demand for the Company's products, the effects of the introduction of a competing product and the impact of general market factors in the print industry generally and the economy as a whole. Other risks are detailed in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "anticipates," "expects," "will," "believe(s)," "may," "is expected to," "likely," and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Presstek undertakes no obligation to update any forward- looking statements contained in this news release.
CONTACTS: Presstek Public Relations EFI Public Relations Betty LaBaugh Gayle LeDoux Public Relations Manager EFI Public Relations Manager (603) 594-8585 ext. 3441 650-357-3938 email@example.com firstname.lastname@example.org Presstek Investor Relations Jane Miller Corporate Relations Manager (603) 594-8585 ext. 3346 email@example.comPresstek, Inc.
CONTACT: Betty LaBaugh, Public Relations Manage,
+1-603-594-8585 ext. 3441, firstname.lastname@example.org, or Jane Miller, Corporate
Relations Manager, +1-603- 594-8585 ext. 3346, email@example.com, both of
Presstek, Inc.; or Gayle LeDoux, Public Relations Manager of EFI,
Web site: http://www.presstek.com/
WASHINGTON, May 1 /PRNewswire-FirstCall/ -- XM Satellite Radio Holdings Inc. announced today that its subsidiary, XM Satellite Radio Inc., completed a $800 million debt offering, consisting of $600 million 9.75% Senior Notes due 2014 and $200 million Senior Floating Rate Notes due 2013.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000724/XMSATLOGO )
As previously announced, XM is using the proceeds of the new notes offering to repurchase or redeem its existing outstanding 14% Senior Secured Notes due 2009, 12% Senior Secured Notes due 2010 and Senior Secured Floating Rate Notes due 2009, which are the subject of a cash tender offer that is scheduled to expire on May 10, 2006, and to make a prepayment in the amount of approximately $240 million to retire approximately $320 million of fixed payment obligations that would have come due in 2007, 2008 and 2009 under XM's distribution agreement with General Motors. The initial repurchase of existing notes has been completed, consisting of approximately $110.2 million of the 14% Senior Secured Notes, $99.6 million of 12% Senior Secured Notes and $180.4 million of Senior Secured Floating Rate Notes. XM has commenced the redemption of the remaining 14% Senior Secured Notes and Senior Secured Floating Rate Notes, which XM has the right to redeem. That redemption should be completed by the end of May.
Also as previously announced, XM has received commitments from a group of banks and financial institutions to establish a secured revolving credit facility to provide approximately $250 million of incremental liquidity. XM expects the credit facility to close shortly.
The new notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these notes. The information in this news release is forward-looking, and is subject to the risk that some or all of the proposed transactions will not occur as planned.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000724/XMSATLOGO
CONTACT: Chance Patterson of XM Satellite Radio Holdings Inc.,
Web site: http://www.xmradio.com/
ROCHESTER, N.Y., MAY 1 /PRNewswire-FirstCall/ -- Mpower Communications Corp. , a leading provider of data and voice services to retail and wholesale business customers, will host a public conference call to discuss the details of its first quarter 2006 financial and operating results.
Date: Tuesday, May 9, 2006 Time: 10:00 a.m. EDT
Web Cast & Audio Streaming Link/Instructions: http://showvisuals.mshow.com/findshow.aspx?usertype=0&cobrand=128&shownumber=2 97550
This link will access both the audio and PowerPoint presentation for the call. Advanced registration on the site is recommended. Click on the link above to register in advance and/or join the conference call at the designated time.
Web Cast Replay: Available for 30 days after the call at above link Audio Live Number: 1-888-332-7254, PIN #7326607 Audio Replay Number: 1-877-519-4471, PIN #7326607 From Tuesday, May 9, 2006 at 1:00 p.m. Eastern through Tuesday, May 16, 2006 at 5:00 p.m. Eastern About Mpower Communications
Founded in 1996, Mpower Communications is a leading facilities-based broadband communications provider offering a full range of data, telephony, Internet access and Web hosting services for retail business and wholesale customers. Further information about the company can be found at http://www.mpowercom.com/.Mpower Communications Corporation
CONTACT: Investors: Gregg Clevenger, Chief Financial Officer,
+1-585-218-6547, firstname.lastname@example.org, or Media: Michele Sadwick, Vice
President, +1-585-218-6542, email@example.com, both of Mpower
Web site: http://www.mpowercom.com/
FAIRFAX, Va., May 1 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to federal government organizations, announced that it has been awarded a General Services Administration Federal Supply Schedule Blanket Purchase Agreement by the U.S. Agency for International Development (USAID). The Company will provide a broad range of information technology and advisory services to support the USAID Office of Economic Growth, Agriculture and Trade (EGAT). The single award, five-year contract has a maximum dollar value of $125 million.
USAID is the federal agency that promotes economic growth in the developing world, extends assistance to countries recovering from disasters, and supports the development of democracies around the world. EGAT has lead responsibility for technical leadership and field support in economic growth, the environment, engineering, energy, and information technology. Under this contract, SRA will support EGAT's efforts to establish an effective, efficient, and comprehensive mechanism to provide information and communication technology support for development across the Agency. SRA services will include network design and implementation, application development, technology assessments, information communications technology policy development and implementation, strategic consulting, portfolio management, project design and implementation, technology transfer, and a wide range of information communications technology related activities for the developing world. The SRA team includes fifteen companies, consultants, and universities.
"The SRA team brings strong technical skills, international development expertise, and extensive knowledge of the EGAT mission to this contract," said Renny DiPentima, SRA President and CEO. "We are proud of the insights we have gained from our past work with the program and remain dedicated to continually improving how we assist EGAT in serving its customers across USAID."
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The Company also delivers business solutions for text and data mining, enterprise architecture, contingency and disaster response planning, information assurance, environmental strategies, enterprise systems management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for seven consecutive years. In 2005, BusinessWeek selected SRA as one of its "Hot Growth" companies and as an Info Tech 100 Company. The Company's 4,900 employees serve clients from its headquarters in Fairfax, Virginia, and offices across the country. For additional information on SRA, please visit http://www.sra.com/.
Any statements in this press release about future expectations, plans, and prospects for SRA, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies, particularly within the U.S. Department of Defense, for substantially all of our revenue, our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business, and other factors discussed in our latest quarterly report on Form 10-Q filed with the Securities and Exchange Commission on February 2, 2006. In addition, the forward-looking statements included in this press release represent our views as of May 1, 2006. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to May 1, 2006.SRA International, Inc.
CONTACT: Laura Luke of SRA International, Inc., +1-703-803-1856,
Web site: http://www.sra.com/
BELOIT, Wis., May 1 /PRNewswire-FirstCall/ -- REGAL-BELOIT CORPORATION today announced that the Company has completed the previously announced acquisition of the assets of Changzhou Sinya Electromotor Co. Ltd., Jiangsu Southern Sinya Electric Co. Ltd. and Changzhou Xiesheng Plastic Co. Ltd. The business operations are located in Changzhou, China. The acquired operations primarily produce electric motors for the HVAC industry. The Company expects the business to add approximately $30 million in sales and $.02 to $.03 on an earnings per share to the Company's 2006 results.
REGAL-BELOIT CORPORATION is a leading manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. REGAL-BELOIT is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout North America, and in Mexico, Europe and Asia.
The following is a cautionary statement made under the Private Securities Litigation Reform Act of 1995: With the exception of historical facts, the statements contained in this press release may be forward-looking statements. Forward-looking statements represent our management's judgment regarding future events. We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors, including: unexpected issues and costs arising from the integration of acquired companies and businesses, such as our recent acquisitions of the HVAC motors and capacitors businesses and the Commercial AC motors business from General Electric Company; marketplace acceptance of our recent acquisitions, including the loss of, or a decline in business from, any significant customers; unanticipated fluctuations in commodity prices and raw material costs and issues affecting our ability to pass increased costs on to our customers; cyclical downturns affecting the markets for capital goods; substantial increases in interest rates that impact the cost of our outstanding debt; the impact of capital market transactions that the Company may effect; unanticipated costs associated with litigation matters; the success of our management in increasing sales and maintaining or improving the operating margins of our businesses; actions taken by our competitors; difficulties in staffing and managing foreign operations; our ability to satisfy various covenant requirements under our credit facility; and other risks and uncertainties described from time to time in our reports filed with U.S. Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release, and we undertake no obligation to update these statements to reflect subsequent events or circumstances.Regal-Beloit Corporation
CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal-Beloit Corporation, +1-608-364-8808, Ext. 106
Web site: http://www.regal-beloit.com/
DETROIT, May 1 /PRNewswire-FirstCall/ -- Compuware Corporation today announced that it had achieved Ford Motor Company's coveted Q1 2002 certification. Through this certification, Ford acknowledged Compuware as a preferred supplier that pays close attention to processes, improvement, quality of work and customer satisfaction.
"Compuware has served as a trusted partner to Ford Motor Company for decades," said Compuware Chairman and CEO Peter Karmanos, Jr. "This exclusive certification confirms the quality of Compuware's work and the rigor of the company's processes for ensuring continuous improvement. By meeting Ford's high expectations for customer satisfaction, quality, and process management, Compuware delivers better value to all of its customers."
The Q1 2002 certification is an enhanced version of Ford's highly sought- after Q1 certification. To achieve Q1 2002, Compuware earned ISO 9001:2000 certification, undertook a comprehensive review of its quality operating systems in partnership with Ford Motor Company and demonstrated established process performance metrics. Additionally, Compuware garnered endorsements from key sponsors within Ford for its ability to meet the company's performance requirements.
Compuware Corporation maximizes the value IT brings to the business by helping CIOs more effectively manage the business of IT. Compuware solutions accelerate the development, improve the quality and enhance the performance of critical business systems while enabling CIOs to align and govern the entire IT portfolio, increasing efficiency, cost control and employee productivity throughout the IT organization. Founded in 1973, Compuware serves the world's leading IT organizations, including more than 90 percent of the Fortune 100 companies. Learn more about Compuware at http://www.compuware.com/ .
For Sales or Marketing Information
Compuware Corporation, One Campus Martius, Detroit, MI, 48226, 800-521-9353, http://www.compuware.com/
Doug Kuiper, Compuware Corporation, 313-227-2764, firstname.lastname@example.org
Compuware is a registered trademark of Compuware Corporation. All other product and company names are trademarks or registered trademarks of their respective owners.Compuware Corporation
CONTACT: Doug Kuiper of Compuware Corporation, +1-313-227-2764,
Web site: http://www.compuware.com/
Company News On-Call: http://www.prnewswire.com/comp/112310.html
NEWTOWN SQUARE, Pa., May 1 /PRNewswire-FirstCall/ -- SAP America, Inc., a subsidiary of SAP AG , today announced that Zoom Systems, a rapidly-growing automated retailer, has successfully implemented SAP(R) Business One as its business management application. Designed as an affordable, easy-to-use software application for small and midsize enterprises, SAP Business One was selected for its integrated customer relationship management and financial reporting capabilities, allowing Zoom Systems to continuously monitor customer account status and instantly report sales revenues. The application was implemented and is continually supported by SAP Business One reseller Apollo Consulting LLC of San Francisco, California.
Founded in Australia in 1997 and based in San Francisco since 2000, Zoom Systems is a world-leading provider of automated retail outlets, a class of sophisticated retail machines dispensing high-end electronics and consumer products located in airports, hotels, universities and other public areas.
"With significant expansion planned over the next two years, we required a business application that provides complete control over an increasingly complex network of business partners, suppliers and unit locations," said Clay Creasey, CFO, Zoom Systems. "By replacing an existing QuickBooks solution, the SAP Business One implementation tied accounting processes with all areas of sales, procurement and warehousing, creating a frictionless IT environment that adeptly handles our growing unit volume."
"As their operations expand, businesses such as Zoom Systems must take measures to retain control while maintaining their current growth paths," said Scott McMahon, business development director, Apollo Consulting LLC. "By implementing SAP Business One, Zoom Systems has deployed an affordable, highly-scalable application that consolidates its full range of business processes into one system."
For more information on SAP Business One, please visit http://www.sap.com/smb/businessone.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Copyright (C) 2006 SAP AG. All rights reserved. SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serves informational purposes only. National product specifications may vary.
For customers interested in learning more about SAP products: Global Customer Center: +49 180 534-34-24 United States Only: 1 (800) 872-1SAP (1-800-872-1727) Contacts: Jim Dever, SAP, +1 (610) 661-2161, email@example.com, EDT Matt Carrington, +1 (202) 530-4612, firstname.lastname@example.org, EDTPhoto: http://www.newscom.com/cgi-bin/prnh/20050310/SFTH009LOGO-a
CONTACT: Jim Dever of SAP, +1-610-661-2161 or email@example.com, EDT;
or Matt Carrington, +1-202-530-4612 or firstname.lastname@example.org, EDT, for
Web site: http://www.sap.com/
LOS ANGELES, May 1 /PRNewswire/ -- Vivendi Universal Games today announced its new name, Vivendi Games ("VG"). The name change follows the parent company's announcement on April 20 that "Vivendi Universal" has become "Vivendi." Under its new name, Vivendi Games will compete in all areas of the video games industry, developing and publishing the highest quality franchises for all gamers.
"This has been a time of renewal for our company and we have emerged as a leader in creativity and innovation," said Bruce Hack, CEO of Vivendi Games. "The adoption of the name 'Vivendi Games' marks a new chapter in our history, as we make Vivendi Games synonymous around the globe with top quality interactive entertainment."
Vivendi Games operates with four centers of creativity. Blizzard Entertainment publishes World of Warcraft(R) the world's most popular subscription-based massively multiplayer online role-playing game (MMORPG) with over 6.5 million subscribers: its upcoming expansion, The Burning Crusade(TM); and the award winning Diablo(R), StarCraft(R), and Warcraft(R) franchises. Sierra Entertainment includes Radical Entertainment, Swordfish Studios, High Moon Studios, and Massive Entertainment, and has relationships with top external studios. It is the publisher of Scarface(TM): The World Is Yours, Eragon(TM), F.E.A.R.(TM) World in Conflict(TM), Crash Bandicoot(R), Spyro The Dragon(R), Timeshift(TM), 50 Cent: Bulletproof and Miami Vice(TM) The Game.
Vivendi Games also recently announced the formation of two new divisions: Vivendi Mobile Games which publishes games for the fast growing mobile market and Sierra Online which is dedicated to publishing casual games for online play and distribution on all platforms.
About Vivendi Games
Vivendi Games (http://www.vivendigames.com/) is a global developer, publisher and distributor of multi-platform interactive entertainment. The company is the leader in the subscription-based massively multi-player online role-playing games (MMORPG) category, holds leading positions in the PC, console, handheld and mobile games markets, and is an emerging player in casual online games. Vivendi Games' two principal studios and publishing labels include Blizzard Entertainment, headquartered in Irvine, CA, the creator of World of Warcraft(R), Diablo(R), StarCraft(R), and Warcraft(R); and Sierra Entertainment, headquartered in Los Angeles, which includes Radical Entertainment, Swordfish Studios, High Moon Studios, and Massive Entertainment. Sierra's IPs include Crash Bandicoot(R), Spyro The Dragon(R), Empire Earth(R), SWAT(R), Darkwatch(TM), Timeshift(TM), Ground Control(R) and Leisure Suit Larry(R). Vivendi Games is also home to Vivendi Mobile Games, publishing games for the emerging mobile market, and Sierra Online, dedicated to publishing casual games for online play and distribution on all platforms. Vivendi Games maintains strategic relationships with industry leading content partners, including Universal Music Group, NBC Universal, Twentieth Century Fox, and Ludlum Entertainment. The company has 16 offices around the world conducting business in 75 countries.Vivendi Games
CONTACT: Jose Zavala of Vivendi Games, +1-310-431-4803
Web site: http://www.vivendigames.com/
RENO, Nev., May 1 /PRNewswire-FirstCall/ -- International Game Technology announced today that it has filed a lawsuit against Bally Technologies, Inc. and its affiliates Bally Gaming International, Inc. and Bally Gaming, Inc. in the United States District Court for the District of Delaware. The lawsuit alleges that defendants' "Bally Power Bonusing"(TM) technology, a suite of products recently installed at casinos on the East Coast and in Nevada, and being actively marketed and offered for sale to other casinos, infringes at least nine United States patents held by IGT. The lawsuit further alleges that the infringement has been carried out with full knowledge of the patents and IGT's rights. IGT's lawsuit requests preliminary and permanent injunctive relief, a court declaration of infringement, and monetary damages.
"Although IGT respects and supports true innovation in the gaming technology field, it cannot condone willful infringement by others of IGT's valuable intellectual property. The patents at issue in this lawsuit cover innovations that Bally has chosen to exploit for its own benefit without seeking a license or any other authorization from IGT," said TJ Matthews, IGT's Chairman of the Board and Chief Executive Officer.
Bally is the object of two other patent infringement lawsuits. In 2004, IGT sued Bally for infringing six patents including patents relating to IGT's highly successful bonus wheel gaming machines. IGT is also party to a lawsuit in which Bally is accused of infringing patents relating to optical systems for monitoring table games. Both these cases are pending in the Federal Courts in Nevada.
Additionally, in September, 2004, Bally was found guilty of infringing patents relating to multi-hand poker games such as IGT's highly successful Triple Play Poker(R) gaming machines. Damages of $7,361,000 plus interest and costs were awarded.
IGT will continue to aggressively prosecute lawsuits against Bally and others who infringe its intellectual property.
IGT (http://www.igt.com/) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
Statements in this release which are not historical facts are "forward looking" statements under the Private Securities Litigation Reform Act of 1995. Although IGT believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. IGT's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent known and unknown risks and uncertainties. IGT does not intend, and undertakes no obligation, to update our forward-looking statements to reflect future events or circumstances.
Information on risks and factors that could affect IGT's business and financial results are included in our public filings made with the Securities
and Exchange Commission.IGT
CONTACT: Patrick Cavanaugh, Director, Investor Relations,
+1-866-296-4232, or Ed Rogich, Vice President, Marketing, +1-702-896-8690,
both of IGT
Web site: http://www.igt.com/
HOLTSVILLE, N.Y., May 1 /PRNewswire-FirstCall/ -- Symbol Technologies, Inc. , The Enterprise Mobility Company(TM), today announced the results of voting on proposals presented to the stockholders at the Company's Annual Meeting of Stockholders, held today at Symbol's headquarters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041029/SYMBOLOGO )
Approved by stockholders were the two proposals set forth in the Company's proxy statement, dated March 28, 2006. The proposals approved today by the stockholders were as follows:
-- Election of six directors to the Board of Directors of Symbol Technologies, Inc. -- Appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2006. No other business was brought before the meeting.
Elected to the Board of Directors were Robert J. Chrenc, who serves as non-executive chairman; Salvatore Iannuzzi, Symbol president and chief executive officer; J. Michael Lawrie; George Samenuk; Melvin A. Yellin; and Timothy T. Yates, Symbol senior vice president and chief financial officer.
About Symbol Technologies
Symbol Technologies, Inc., The Enterprise Mobility Company(TM), is a recognized worldwide leader in enterprise mobility, delivering products and solutions that capture, move and manage information in real time to and from the point of business activity. Symbol enterprise mobility solutions integrate advanced data capture products, radio frequency identification technology, mobile computing platforms, wireless infrastructure, mobility software and world-class services programs. Symbol enterprise mobility products and solutions are proven to increase workforce productivity, reduce operating costs, drive operational efficiencies and realize competitive advantages for the world's leading companies. More information is available at http://www.symbol.com/.
This news release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include price and product competition, dependence on new product development, reliance on major customers, customer demand for our products and services, control of costs and expenses, international growth, general industry and market conditions and growth rates and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. For a further list and description of such risks and uncertainties, see the reports filed by Symbol with the Securities and Exchange Commission. Symbol disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For Symbol Technologies: For media information: Patricia Hall Symbol Technologies, Inc. 631.738.5636 email@example.com For financial information: Lori Chaitman Symbol Technologies, Inc. 631.738.5050 firstname.lastname@example.orgPhoto: http://www.newscom.com/cgi-bin/prnh/20041029/SYMBOLOGO Symbol Technologies, Inc.
CONTACT: Patricia Hall, +1-631-738-5636, or email@example.com, or
for financial information: Lori Chaitman, +1-631-738-5050, or
firstname.lastname@example.org, both of Symbol Technologies, Inc.
Web site: http://www.symbol.com/
BETHLEHEM, Pa., May 1 /PRNewswire-FirstCall/ -- Today Edentify, Inc. (BULLETIN BOARD: EDFY) , a leading provider of identity management solutions, announced that its Chief Operating Officer and former MasterCard International executive, Thomas J. Harkins, will present at SecurTech's 16th Annual Conference and Exhibition, to be held May 2, 2006, through May 4, 2006, at the Moscone Center in San Francisco, California. Harkins' presentation is scheduled for Wednesday, May 3, at 4:00 p.m PDT.
SecurTech is part of the CardTech/SecurTech (CTST) Conference from SourceMedia, North America's largest advanced card and biometrics conference, covering secure transaction technology, contactless cards, and IT/physical access security convergence. The highly interactive three-day conference program will feature more than 50 expert speakers who will address every critical aspect of physical and IT access security. This year's theme, "Innovations in Access Convergence," will focus on what's new in physical and logical access, including biometrics, and the implications of these innovations for implementing a converged security system.
Harkins, joined by two other leaders in the industry, will engage the audience during one of two Biometrics Workshops with a comprehensive look at how biometrics is used for authentication and security in the financial services industry. The session is part of the "Biometrics for Access Security" workshop, which will take a close look at the current state of public acceptance of biometric technologies, and how these technologies are helping organizations increase security today. Harkins spent over two decades helping MasterCard's high-profile corporate customers find and fight fraud, data theft, and other high-security risks, and now leads Edentify's business and product development efforts.
"Consumers are looking for alternative ways, outside of current initiatives, to feel secure in their banking," says Harkins. "Financial institutions must increase their awareness of the varying roles technology can play in their lasting battle against identity theft and fraud. The use of biometrics is just one way financial institutions can provide a non-intrusive, easy-to-implement solution that will increase the level of their customers' security. I hope that executives and managers in the financial services sector attending this conference will walk away better prepared to assist their companies and customers in using biometrics to help deter identity fraud."
Edentify develops and deploys technology solutions utilized in preventing identity theft and fraud. The company's solutions are built around a technology platform that includes the only patent issued for identity manipulation detection and identity verification systems. Edentify will soon be offering an equally groundbreaking biometric solution from InMotion Biometrics (IMB), a wholly owned subsidiary of Edentify, Inc. The solution, an integral part of the authentication process in the security continuum, combines a robust inner lip analysis technology with existing voice and facial recognition technologies to create a multi-modal, spoof-proof biometric solution.
Edentify, Inc. ("Edentify") was formed in August 2004 with the objective of becoming the leading organization in the field of developing and deploying data analysis technology solutions for preventing identity theft and fraud. It is currently a later-stage development company and expects shortly to begin a period of increased growth. Edentify will seek to fulfill its goals by analyzing the means by which identity crimes are perpetrated and through the development of new technologies and procedures to assist corporations, the government, and consumers in the fight against identity fraud and related crime.
Edentify owns the intellectual property rights to two strategic approaches towards the detection and prevention of identity fraud:
One is a patented information-based approach that analyzes identity data information for individuals in large databases and is capable of detecting and scoring incidences of identity manipulation and potential theft (Identity Quotient Index(TM)). The forerunner of this technology is currently used in screening identities used for new checking account applications at nearly every major bank in the U.S. Edentify will continue to market this technology to other areas of the financial services industry, as well as to large healthcare organizations and local, state, and federal governments.
The second approach is a biometric technology that will be marketed through and is named after our wholly owned subsidiary, InMotion Biometrics, Inc. ("IMB"). This novel set of algorithms combines face and voice recognition techniques for authenticating the identity of an individual. The IMB technology is licensed from face2face, Inc., a leading character animation company that was spun off from Lucent Technologies, Inc. in 2000. The core capability of this technology is its facial analysis system that contains highly evolved algorithms for obtaining the inner lip contour, which can accurately measure for optimal visual speech recognition performance. Additionally, the system is designed as a multi-modal platform capable of combining the reading of two or more biometric technologies simultaneously.
Forward-Looking Statement Disclaimer
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals and similar statements reflecting other than historical facts constitute forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, which are described in Edentify's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. Edentify undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Press Contact: Mike Lizun Gregory FCA 610-642-8253 E-mail: Mike@GregoryFCA.com Investor Relations Contact: Redwood Consultants 415-884-0348Edentify, Inc.
CONTACT: Mike Lizun, Gregory FCA, +1-610-642-8253, E-mail:
Mike@GregoryFCA.com, for Edentify; or Investor Relations Contact: Redwood