SANTA CRUZ, Calif., May 1 /PRNewswire-FirstCall/ -- Plantronics, Inc., today announced fourth quarter net revenues of $194.7 million compared with $206.7 million in the fourth quarter of fiscal 2006. Revenues were at the midpoint of previously provided guidance of $190 to $200 million. Plantronics' GAAP diluted earnings per share were $0.21 for the fourth quarter compared with $0.43 in the fourth quarter of fiscal 2006. Non-GAAP diluted earnings per share were $0.28 and exceeded the range of guidance the Company provided on January 22, 2007 which was $0.22 to $0.27. The difference between GAAP and non-GAAP earnings per share is primarily the cost of equity-based compensation.
Net revenues for the fiscal year ended March 2007 were $800.2 million, an increase of 7% compared with $750.4 million for the fiscal year ended March 2006. GAAP diluted earnings per share were $1.04 for the fiscal year ended March 2007 compared with $1.66 in the prior fiscal year. Non-GAAP diluted earnings per share were $1.26 for the fiscal year ended March 2007 compared with $1.66 in the prior fiscal year.
"We are entering fiscal 2008 in a stronger strategic position than we entered fiscal 2007. We have a rich product portfolio slated to launch this year. Our marketing programs appear to be working as evidenced by the resumed growth in our office wireless products which grew 28% compared to Q4 last year. Additionally, our Bluetooth products for mobile are being well received given our growth of over 60% in fiscal 2007 compared to the prior fiscal year," stated Ken Kannappan, President & CEO of Plantronics.
"We are also well positioned for the convergence of voice and music. Altec is not performing well financially which is primarily the result of a current product portfolio that isn't sufficiently competitive. However, we are confident in our ability to improve the Altec portfolio and ultimately be very competitive."
Audio Communications Group (ACG) Non-GAAP Results (Office & Contact Center, Mobile, Computer, Clarity)
Fourth quarter net revenues of $173.2 million were up 2.5% compared with $169 million in the year ago quarter. Revenue growth compared to the year ago quarter was driven by demand for wireless headsets, both for office applications and for mobile Bluetooth devices. Our OCC corded business was essentially flat compared to the fourth quarter a year ago. This growth was partially offset by declines in sales of corded mobile, computer and Clarity products.
Office wireless products were up 28% compared to the fourth quarter a year ago and 16% sequentially. After several quarters of relatively flat sequential results, growth resumed in Q3 and continued in Q4, bringing the fiscal year growth in this important category to 36% compared to fiscal 2006.
Gross margin in Q4 FY07 was 45.1% compared with 43.1% in the year ago quarter. Among the factors driving gross margin higher from Q4 FY06 were the positive impact of cost reduction on our Bluetooth mobile and office wireless products, and our improved product portfolio in Bluetooth mobile. Operating margin in Q4 FY07 was 14.5% compared with 14.3% in the year ago quarter due to the higher gross margin. The increase in gross margin was partially offset by higher sales and marketing expenses.
Audio Entertainment Group (AEG) Non-GAAP Results (Altec Lansing)
Fourth quarter net revenues of $21.5 million were down 43% from $37.8 million in the year ago quarter. Our product portfolio has not been sufficiently competitive which has resulted in lost market share and profitability. This is the key factor affecting revenue as well as gross margin. While some new products, such as the iM600, have begun shipping and are being well received, the portfolio as a whole needs to be substantially refreshed. The portable product line has faced the most severe competition and declined the most, while the powered line has held up reasonably well from a revenue standpoint.
Gross margin in Q4 FY07 was -5.4% compared with 32.6% in the year ago quarter. Cost reductions over the year have been very limited while net realizable prices for AEG products have continued to decline. These factors account for approximately 24 points of the decline in gross margin. With lower volumes, fixed costs are a higher percent of revenue and account for approximately 8 points of the decline. Provision for excess and obsolete inventory, while not substantially higher than in the fourth quarter a year ago in dollars, amounted to 3 points of the decline given the lower revenue base on which it was recorded. In the fourth quarter of fiscal 2007, we also classified within Cost of Goods sold certain expenses that were classified as G&A expenses in the year ago quarter to conform to the ACG presentation. While the dollar cost of these G&A expenses was approximately $400k, it resulted in 2 points of decline compared to the year ago quarter.
Non-GAAP operating loss was $10.5 million in the quarter compared to operating income of $1.7 million in the same quarter of the prior year. The non-GAAP measure excludes the impact of stock option expense of $0.3 million.
Sequentially, net revenues declined from $38.9 million to $21.5 million, which was larger than the seasonal impact previously expected. The lower volume contributed to the decline in gross margin. For example, fixed costs were flat sequentially but as a percent of revenue were up approximately 8 points sequentially. The reclassification of certain G&A expenses mentioned above contributed to a 2 point sequential decline. Product mix was less favorable and net realized prices slipped further, more than offsetting the benefit of no maker's claims in Q4. The above factors were the primary reasons for the sequential decline in non-GAAP gross margin.
We have a multi-year plan to refresh and expand our Altec Lansing branded products, expand distribution and implement operational improvements to increase revenue and return to profitability.
The following statements are based on current expectations. Many of these statements are forward-looking, and actual results may differ materially.
We have a "book and ship" business model whereby we ship most orders to our customers within 48 hours of our receipt of those orders, and we thus cannot rely on the level of backlog to provide visibility into potential future revenues. Our business is inherently difficult to forecast and there can be no assurance that the incoming orders we expect to receive over the balance of the quarter will materialize.
Subject to the foregoing, we are currently expecting the following financial results for the first quarter of fiscal 2008:
-- Net revenues for the first quarter of fiscal 2008 to be in the range of $205 - $210 million; -- Non-GAAP consolidated tax rate to be in the range of 24-25%; -- The EPS cost of equity compensation pursuant to FAS 123(R) to be approximately $0.06; -- Non-GAAP earnings per share for the first quarter of fiscal 2008 to be in the range of $0.26 - $0.29; and -- GAAP earnings per share of approximately $0.20 to $0.23. Longer-term Business Model
During fiscal 2007, the Company achieved a non-GAAP operating margin of 9.1% compared with an operating margin target range of 15-20%. The target non-GAAP operating margin range for ACG is 18-20% and for AEG is 5-10%. In FY08, we expect to improve operating margin in ACG above the 14.6% achieved in FY07 but not reach the target range. In AEG, for the first half of fiscal 2008, we expect to incur losses of similar magnitude to that of the fourth quarter just ended, with smaller losses in the second half of fiscal 2008. While we continue to believe that the right long-term target model is 5-10% for consumer audio businesses such as AEG, we do not expect to be within that range for FY09. We are aiming to achieve that range for the second half of FY09 on the anticipated strength of products planned for that selling window. By FY10, we currently believe we can get within the target range for the fiscal year taken as a whole.
The key drivers for the Company to achieve the longer-term business model include volume growth particularly as it relates to AEG, improved product margins, higher utilization of our manufacturing facilities, lower transformation costs, effective supply chain re-engineering and the utilization of common product platforms.
Plantronics does not intend to update these targets during the quarter or to report on its progress toward these targets. Plantronics will not comment on these targets to analysts or investors except by its next press release announcing its first quarter fiscal year 2008 results or by other public disclosure. Any statements by persons outside Plantronics speculating on the progress of the first quarter of the fiscal year will not be based on internal Company information and should be assessed accordingly by investors. The statements do not reflect the potential impact of any mergers or acquisitions that may be completed after the date of this release.
Conference Call Scheduled to Discuss Financial Results
Plantronics has scheduled a conference call to discuss the contents of this release. The conference call will take place today, Tuesday, May 1 at 2:00 PM (PDT). All interested investors and potential investors in Plantronics stock are invited to participate. To listen to the call, please dial in five to ten minutes prior to the scheduled starting time and refer to the "Plantronics Conference Call." Participants from North America should call (888) 301-8736 and other participants should call (706) 634-7260.
A replay of the call with the conference ID #2591305 will be available for 72 hours at (800) 642-1687 for callers from North America and at (706) 645- 9291 for all other callers. The conference call will also be simultaneously web cast at http://www.plantronics.com/ under Investor Relations, and the web cast of the conference call will remain available at the Plantronics Web site for thirty days.
Use of Non-GAAP Financial Information
We are reporting GAAP versus non-GAAP for equity-based compensation expense for the fourth quarter and year-to-date, and to isolate the earnings per share impact of an impairment charge relating to certain acquired intangible assets (Q4 FY07) and a non-recurring real estate transaction (completed in Q1 FY07) in fourth quarter and year-to-date results. In the fourth quarter, the difference between GAAP and non-GAAP earnings per share is the after-tax cost of equity-based compensation which was approximately $2.8 million or $0.06 per share and an impairment charge of approximately $500,000 after-tax or $0.01 per share relating to certain intangible assets recorded in connection with the acquisition of Octiv in fiscal 2006.
We believe this is appropriate to enhance an overall understanding of our comparative financial performance and our prospects for the future.
We also believe that our estimates of expense and the earnings per share impact from equity compensation pursuant to FAS 123(R) are subject to a number of risks and uncertainties which we had not faced prior to the first fiscal quarter of 2007, including our estimates of the forfeiture rate, the impact on diluted shares outstanding pursuant to the Treasury Stock method, and the tax rate which will apply to the pre-tax expense. Therefore, we are also estimating earnings per share for the first quarter of fiscal 2008 on a GAAP and non-GAAP basis.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward- looking statements include our prospects for growth and the resumption of a long term trend toward wireless in the office, estimates of net revenues, margins, operating expenses, tax rate and earnings for the first quarter of fiscal 2008 and our belief that AEG will make financial progress on the strength of a product refresh cycle by December with a goal of approaching the range of their target operating model in the second half of fiscal 2009. These forward-looking statements involve a number of risks and uncertainties, and are based on current information and management judgment.
Among the factors that could cause actual results to differ materially from those projected are:
-- Our operating results are difficult to predict; -- We have significant intangible assets and goodwill recorded on our balance sheet. If the carrying value of our intangible assets and goodwill is not recoverable, an impairment loss must be recognized which would adversely affect our financial results. We have completed our preliminary review of the intangible assets and goodwill remaining on our books from the Altec Lansing acquisition, and based on that preliminary review, do not believe these balances are impaired. However, if our assessment of our prospects for FY08, the recovery plan and the long-term business model were to change in a negative direction, we may need to recognize an impairment loss; -- The market for our products is characterized by rapidly changing technology, short product life cycles, and frequent new product introductions, and we may not be able to develop, manufacture or market new products in response to changing customer requirements and new technologies; -- The actions of existing and/or new competitors, especially with regard to pricing and promotional programs; -- Product mix is difficult to estimate and standard margin varies considerably by product; -- Failure to match production to demand given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts to meet demand without having excess inventory or incurring cancellation charges; -- The inability to successfully develop, manufacture and market new products and achieve volume shipment schedules to meet demand; -- A softening of the level of market demand for our products; -- Variations in sales and profits in higher tax, as compared to lower tax, jurisdictions; -- Fluctuations in foreign exchange rates; -- Class action lawsuits are being brought against us and other Bluetooth headset manufacturers claiming "noise induced hearing loss". While we believe these suits are without merit, the costs to defend against them could be high and the results of litigation are not predictable in any event; -- Changes in the regulatory environment either as to headsets directly or as to the products, such as mobile phones, with which our products are used; -- Additional risk factors include: changes in the timing and size of orders from our customers, price erosion, increased requirements from retail customers for marketing and advertising funding, interruption in the supply of sole-sourced critical components, continuity of component supply at costs consistent with our plans, failure of our distribution channels to operate as we expect, failure to develop products that keep pace with technological changes, the inherent risks of our substantial foreign operations, problems which might affect our manufacturing facilities in Mexico or in China, and the loss of the services of key executives and employees.
For more information concerning these and other possible risks, please refer to the Company's Annual Report on Form 10-K filed June 5, 2006, quarterly reports filed on Form 10-Q and other filings with the Securities and Exchange Commission as well as recent press releases. These filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html
Financial Summaries The following related charts are provided: -- Summary Unaudited Condensed Consolidated Financial Statements -- Summary Unaudited Condensed Statements of Operations by Segment -- Unaudited GAAP to Non-GAAP Statements of Operations Reconciliation for Plantronics, Inc. -- Unaudited GAAP to Non-GAAP Statements of Operations Reconciliations by Segment -- Summary Unaudited Statements of Operations and Related Data About Plantronics
In 1969, a Plantronics headset carried the historic first words from the moon: "That's one small step for man, one giant leap for mankind." Since then, Plantronics has become the headset of choice for mission-critical applications such as air traffic control, 911 dispatch, and the New York Stock Exchange. Today, this history of Sound Innovation(TM) is the basis for every product we build for the office, contact center, personal mobile, entertainment and residential markets. The Plantronics family of brands includes Plantronics, Altec Lansing, Clarity, and Volume Logic. For more information, go to http://www.plantronics.com/ or call (800) 544-4660.
NOTE: Altec Lansing, Clarity, Plantronics, Sound Innovation, and Volume Logic are trademarks or registered trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.
FOR INFORMATION, CONTACT: Greg Klaben Vice President, Investor Relations (831) 458-7533 PLANTRONICS, INC. SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, March 31, March 31, 2006 2007 2006 2007 Net revenues $206,748 $194,716 $750,394 $800,154 Cost of revenues 121,671 118,446 424,140 490,539 Impairment of intangible asset - 800 - 800 Gross profit 85,077 75,470 326,254 308,815 Gross profit % 41.2% 38.8% 43.5% 38.6% Research, development and engineering 16,930 18,462 62,798 71,895 Selling, general and administrative 42,249 47,524 153,094 182,108 Gain on sale of land - - - (2,637) Total operating expenses 59,179 65,986 215,892 251,366 Operating income 25,898 9,484 110,362 57,449 Operating income % 12.5% 4.9% 14.7% 7.2% Interest and other income (expense), net 1,525 1,344 2,192 4,089 Income before income taxes 27,423 10,828 112,554 61,538 Income tax expense 6,719 691 31,404 11,395 Net income $20,704 $10,137 $81,150 $50,143 % of net revenues 10.0% 5.2% 10.8% 6.3% Diluted earnings per common share $0.43 $0.21 $1.66 $1.04 Shares used in diluted per share calculations 48,637 48,218 48,788 48,020 Tax rate 24.5% 6.4% 27.9% 18.5% UNAUDITED CONSOLIDATED BALANCE SHEETS March 31, March 31, 2006 2007 ASSETS Cash and cash equivalents $68,703 $94,131 Short-term investments 8,029 9,234 Total cash, cash equivalents, and short-term investments 76,732 103,365 Accounts receivable, net 118,008 113,758 Inventory 105,882 126,605 Deferred income taxes 12,409 12,659 Other current assets 15,318 18,474 Total current assets 328,349 374,861 Property, plant and equipment, net 93,874 97,259 Intangibles, net 109,208 100,120 Goodwill 75,077 72,825 Other assets 5,741 6,239 $612,249 $651,304 LIABILITIES AND STOCKHOLDERS' EQUITY Line of credit $22,043 $- Accounts payable 48,574 49,956 Accrued liabilities 43,081 54,025 Income taxes payable 13,231 12,476 Total current liabilities 126,929 116,457 Deferred tax liability 48,246 37,344 Long-term liability 1,453 696 Total liabilities 176,628 154,497 Stockholders' equity 435,621 496,807 $612,249 $651,304 AUDIO COMMUNICATIONS GROUP SUMMARY CONDENSED FINANCIAL STATEMENTS (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, March 31, March 31, 2006 2007 2006 2007 Net revenues $168,997 $173,233 $629,725 $676,514 Cost of revenues 96,220 95,789 340,437 380,234 Impairment of intangible asset - 800 - 800 Gross profit 72,777 76,644 289,288 295,480 Gross profit % 43.1% 44.2% 45.9% 43.7% Research, development and engineering 14,697 15,886 56,570 61,583 Selling, general and administrative 33,898 40,517 132,867 151,857 Gain on sale of land - - - (2,637) Total operating expenses 48,595 56,403 189,437 210,803 Operating income $24,182 $20,241 $99,851 $84,677 Operating income % 14.3% 11.7% 15.9% 12.5% AUDIO ENTERTAINMENT GROUP SUMMARY CONDENSED FINANCIAL STATEMENTS (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, March 31, March 31, 2006 2007 2006 2007 Net sales $37,751 $21,483 $120,669 $123,640 Cost of revenues 25,451 22,657 83,703 110,305 Gross profit (loss) 12,300 (1,174) 36,966 13,335 Gross profit (loss) % 32.6% -5.5% 30.6% 10.8% Research, development and engineering 2,233 2,576 6,228 10,312 Selling, general and administrative 8,351 7,007 20,227 30,251 Total operating expenses 10,584 9,583 26,455 40,563 Operating income (loss) $1,716 $(10,757) $10,511 $(27,228) Operating income (loss) % 4.5% -50.1% 8.7% -22.0% PLANTRONICS, INC. UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Excluded Excluded GAAP (1)(2) Non-GAAP GAAP (1)(2)(3) Non-GAAP Net revenues $194,716 $- $194,716 $800,154 $- $800,154 Cost of revenues 118,446 (708) 117,738 490,539 (2,908) 487,631 Impairment of intangible asset 800 (800) - 800 (800) - Gross profit 75,470 1,508 76,978 308,815 3,708 312,523 Gross profit % 38.8% 39.5% 38.6% 39.1% Research, development and engineering 18,462 (992) 17,470 71,895 (3,835) 68,060 Selling, general and administrative 47,524 (2,613) 44,911 182,108 (10,176) 171,932 Gain on sale of land - - - (2,637) 2,637 - Total operating expenses 65,986 (3,605) 62,381 251,366 (11,374) 239,992 Operating income 9,484 5,113 14,597 57,449 15,082 72,531 Operating income % 4.9% 7.5% 7.2% 9.1% Interest and other income (expense), net 1,344 - 1,344 4,089 - 4,089 Income before income taxes 10,828 5,113 15,941 61,538 15,082 76,620 Income tax expense 691 1,816 2,507 11,395 4,901 16,296 Net income $10,137 $3,297 $13,434 $50,143 $10,181 $60,324 % of net revenues 5.2% 6.9% 6.3% 7.5% Diluted earnings per common share $0.21 $0.07 $0.28 $1.04 $0.21 $1.26 Shares used in diluted per share calculations 48,218 48,218 48,218 48,020 48,020 48,020 AUDIO COMMUNICATIONS GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Excluded Excluded GAAP (1)(2) Non-GAAP GAAP (1)(2)(3) Non-GAAP Net revenues $173,233 $- $173,233 $676,514 $-$676,514 Cost of revenues 95,789 (689) 95,100 380,234 (2,856) 377,378 Impairment of intangible asset 800 (800) - 800 (800) - Gross profit 76,644 1,489 78,133 295,480 3,656 299,136 Gross profit % 44.2% 45.1% 43.7% 44.2% Research, development and engineering 15,886 (959) 14,927 61,583 (3,735) 57,848 Selling, general and administrative 40,517 (2,398) 38,119 151,857 (9,500) 142,357 Gain on sale of land - (2,637) 2,637 - Total operating expenses 56,403 (3,357) 53,046 210,803 (10,598) 200,205 Operating income $20,241 $4,846 $25,087 $84,677 $14,254 $98,931 Operating income % 11.7% 14.5% 12.5% 14.6% AUDIO ENTERTAINMENT GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Excluded Excluded GAAP (1) Non-GAAP GAAP (1) Non-GAAP Net revenues $21,483 $- $21,483 $123,640 $- $123,640 Cost of revenues 22,657 (19) 22,638 110,305 (52) 110,253 Gross profit (loss) (1,174) 19 (1,155) 13,335 52 13,387 Gross profit (loss) % -5.5% -5.4% 10.8% 10.8% Research, development and engineering 2,576 (33) 2,543 10,312 (100) 10,212 Selling, general and administrative 7,007 (215) 6,792 30,251 (676) 29,575 Total operating expenses 9,583 (248) 9,335 40,563 (776) 39,787 Operating income (loss) $(10,757) $267 $(10,490) $(27,228) $828 $(26,400) Operating income (loss) % -50.1% -48.8% -22.0% -21.4% (1) Excludes stock-based compensation. (2) Excludes impairment of intangible asset. (3) Excludes gained on sale of land. Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a GAAP basis, Plantronics uses non-GAAP measures of operating results, which are adjusted to exclude the impact of all stock-based compensation charges under FAS 123(R), the gain on sale of land and impairment of intangible assets, which Plantronics considers non-recurring transactions. At the segment level, we have presented non-GAAP statements that only show our results to the operating income line. On a consolidated basis, we have presented full non- GAAP statement of operations. The non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and the reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
Summary of Unaudited Statements of Operations and Related Data Q106 Q206 (1) Q306 (1) Net revenues $148,909 $172,225 $222,512 Cost of revenues 75,760 98,223 128,486 Gross profit 73,149 74,002 94,026 Gross profit % 49.1% 43.0% 42.3% Research, development and engineering 13,766 16,122 15,980 Selling, general and administrative 29,892 37,823 43,130 Operating expenses 43,658 53,945 59,110 Operating income 29,491 20,057 34,916 Operating income % 19.8% 11.6% 15.7% Income before income taxes 29,723 21,088 34,320 Income tax expense 8,025 7,381 9,279 Income tax expense as a percent of income before taxes 27.0% 35.0% 27.0% Net income 21,698 13,707 25,041 Diluted shares outstanding 49,335 49,007 48,165 EPS $0.44 $0.28 $0.52 Net revenues from unaffiliated customers: Audio Communication Group Office and Contact center 105,425 107,475 114,290 Mobile 26,868 26,682 29,973 Gaming and Computer 9,344 8,906 9,419 Other specialty products 7,272 7,237 7,837 Audio Entertainment Group -- 21,925 60,993 Net revenues by geographic area from unaffiliated customers: Domestic 96,685 113,431 139,033 International 52,224 58,794 83,479 Balance Sheet accounts and metrics: Accounts receivable, net 88,576 115,078 126,169 Days sales outstanding 54 60 51 Inventory, net 56,441 99,167 106,573 Inventory turns 5.4 4.0 4.8 Q107 (1), Q406 (1) FY06 (1) (2),(3) Net revenues $206,748 $750,394 $195,069 Cost of revenues 121,671 424,140 118,681 Gross profit 85,077 326,254 76,388 Gross profit % 41.2% 43.5% 39.2% Research, development and engineering 16,930 62,798 17,633 Selling, general and administrative 42,249 153,094 41,832 Operating expenses 59,179 215,892 59,465 Operating income 25,898 110,362 16,923 Operating income % 12.5% 14.7% 8.7% Income before income taxes 27,423 112,554 17,908 Income tax expense 6,719 31,404 4,261 Income tax expense as a percent of income before taxes 24.5% 27.9% 23.8% Net income 20,704 81,150 13,647 Diluted shares outstanding 48,637 48,788 48,268 EPS $0.43 $1.66 $0.28 Net revenues from unaffiliated customers: Audio Communication Group Office and Contact center 119,334 446,524 114,267 Mobile 35,810 119,333 35,806 Gaming and Computer 7,987 35,656 7,289 Other specialty products 5,866 28,212 6,375 Audio Entertainment Group 37,751 120,669 31,332 Net revenues by geographic area from unaffiliated customers: Domestic 136,253 485,402 126,900 International 70,495 264,992 68,169 Balance Sheet accounts and metrics: Accounts receivable, net 118,008 118,008 121,702 Days sales outstanding 51 56 Inventory, net 105,882 105,882 135,979 Inventory turns 4.6 3.5 Q207 (1), Q307 (1), Q407 (1), FY07 (1), (2),(3) (2),(3) (2) (2) Net revenues $194,934 $215,435 $194,716 $800,154 Cost of revenues 117,357 133,855 117,738 487,631 Gross profit 77,577 81,580 76,978 312,523 Gross profit % 39.8% 37.9% 39.5% 39.1% Research, development and engineering 16,055 16,902 17,470 68,060 Selling, general and administrative 41,570 43,619 44,911 171,932 Operating expenses 57,625 60,521 62,381 239,992 Operating income 19,952 21,059 14,597 72,531 Operating income % 10.2% 9.8% 7.5% 9.1% Income before income taxes 20,219 22,552 15,941 76,620 Income tax expense 5,049 4,479 2,507 16,296 Income tax expense as a percent of income before taxes 25.0% 19.9% 15.7% 21.3% Net income 15,170 18,073 13,434 60,324 Diluted shares outstanding 47,626 47,922 48,218 48,020 EPS $0.32 $0.38 $0.28 $1.26 Net revenues from unaffiliated customers: Audio Communication Group Office and Contact center 115,813 118,280 126,964 475,324 Mobile 33,199 43,080 34,774 146,859 Gaming and Computer 7,727 8,364 6,782 30,162 Other specialty products 6,294 6,787 4,713 24,169 Audio Entertainment Group 31,900 38,924 21,483 123,640 Net revenues by geographic area from unaffiliated customers: Domestic 122,782 126,178 115,846 491,706 International 72,152 89,257 78,870 308,448 Balance Sheet accounts and metrics: Accounts receivable, net 118,646 131,735 103,365 103,365 Days sales outstanding 55 55 53 Inventory, net 139,426 134,263 113,758 113,758 Inventory turns 3.4 4.0 3.8 (1) Includes Altec Lansing since the acquisition on August 18, 2005 (2) Non-GAAP (3) Certain reclassifications have been made to prior period reported amounts to conform to the current period presentation.Plantronics, Inc.
CONTACT: Greg Klaben, Vice President, Investor Relations of Plantronics,
Web site: http://www.plantronics.com/
SEATTLE, May 1 /PRNewswire-FirstCall/ -- Getty Images, Inc. , the world's leading creator and distributor of visual content, today reported preliminary results for the first quarter ended March 31, 2007. Results presented in this release are subject to change as a result of the matters described in the Restatement of Financial Statements section below.
Quarterly Highlights -- Revenue grew 6 percent to a record $213 million compared to $201 million in the first quarter of 2006 -- Royalty-free imagery revenue grew 13 percent -- Editorial imagery revenue grew 16 percent -- Earnings per diluted share were $0.63. Excluding costs related to the company's review of its equity compensation grant practices and a terminated acquisition, earnings per diluted share were $0.68 -- Cash and cash equivalents grew by $47 million during the quarter to $387 million -- Agreed to acquire WireImage, a leading creator of entertainment and event imagery
"We continue to increase our lead in this dynamic industry and are taking significant and meaningful actions to drive future growth," said Jonathan Klein, Getty Images' co-founder and Chief Executive Officer. "Our recent operating achievements, partnerships and acquisitions, together with the formation of our footage and multimedia division, are all evidence of our commitment to innovation and growth. Additionally, our industry leading Web sites and customer service continue to ensure a best-in-class image licensing experience for our customers."
Revenue grew 5.8 percent to $212.7 million from $200.9 million in the first quarter of 2006, or 1.6 percent on a currency-neutral basis. Cost of revenue of $54.8 million was 25.8 percent of revenue.
Selling, general and administrative expenses (SG&A) were $81.4 million, or 38.3 percent of revenue. Excluding $4.1 million in professional fees associated with the company's review of its equity compensation grant practices and a terminated acquisition, SG&A was $77.3 million, or 36.3 percent of revenue.
Income from operations was $55.6 million, or 26.2 percent of revenue. Excluding the professional fees mentioned above, income from operations was $59.8 million, or 28.1 percent of revenue.
Net income for the first quarter of 2007 was $38.0 million with earnings per diluted share of $0.63. Excluding the professional fees mentioned above, net income was $40.5 million and earnings per diluted share were $0.68.
Cash and cash equivalent balances were $386.5 million at March 31, 2007, an increase of $47 million during the quarter. The acquisition of property and equipment totaled $16.6 million during the first quarter of 2007.
Expansion of Multi-Site Strategy
Getty Images is executing on a strategy to offer all products to all customer segments on all platforms at all price points. In order to accelerate key parts of this strategy the company has acquired PunchStock, a leading distributor of royalty-free imagery, which will serve as an additional creative imagery Web site for our customers.
"Customers have a wide array of projects with varying requirements for the quality of the imagery and the related budget," commented Klein. "The addition of PunchStock extends Getty Images' reach to a customer base that places high importance on value-priced, high-quality imagery coupled with simplified search and licensing. We look forward to further innovation with expanded licensing options, additional language capabilities, and many new products and services."
This site joins http://www.gettyimages.com/ and http://www.istockphoto.com/ in serving distinct segments of the creative image buying marketplace. In addition to its editorial imagery products, services, and sites, Getty Images now has three creative imagery Web sites that address the variety of existing customer needs.
-- http://www.gettyimages.com/ is the de facto home page for creative and publishing professionals with unparalleled breadth and depth, the highest quality imagery and world-class search technology. The company will continue to offer best in class products and services including some leading collections which cannot be found anywhere else. -- http://www.punchstock.com/ offers high quality, value-priced imagery coupled with simplified search and licensing. Additional innovation will include expanded license options, additional language capabilities and many new products and services. -- http://www.istockphoto.com/ is the inventor and leader in community-based stock photography, showcasing the world's best, freshest, commercially-viable, user-generated content, while making imagery affordable to businesses that may not have licensed imagery otherwise. Business Outlook
The following forward-looking statements reflect Getty Images' expectations as of May 1, 2007. Currently, the company does not intend to update these forward-looking statements until the next quarterly results announcement.
For the second quarter of 2007, the company expects revenue of approximately $218 million and diluted earnings per share of $0.58. This guidance includes approximately $0.07 of dilution from the acquisition of WireImage and $0.01 for the costs related to the company's review of its equity compensation grant practices in the second quarter. The company expects this acquisition to be accretive in 2008.
For full year 2007, the company expects revenue of approximately $880 million and earnings per share of approximately $2.47. Earnings per share guidance includes approximately $0.12 of dilution from the acquisition of WireImage and $0.05 for the costs related to the company's review of its equity compensation grant practices and terminated acquisition costs.
Guidance for 2007 assumes just over 60 million fully diluted shares for both the second quarter and for the full year.
Restatement of Financial Statements
The financial results and outlook set forth in this press release do not take into account any adjustments for additional expenses that may be required in connection with the ongoing review of the company's historical equity compensation grant practices, as more fully discussed in the company's Current Report on Form 8-K dated April 16, 2007 and other filings with the SEC.
The company is in the process of finalizing its accounting for any adjustments for additional expenses that may be required in connection with the ongoing review of the company's historical equity compensation grant practices including the tax impact and other related issues. Based on the company's current knowledge, management believes that the restatement will likely involve total pre-tax, non-cash equity-based compensation expense of approximately $28 million to $32 million, of which management expects approximately 95% to be expensed in 2002 and earlier fiscal years. As announced on April 16, 2007, the special committee concluded that the evidence obtained and reviewed in its investigation did not establish any intentional wrongdoing by current employees, officers or directors of the company, and the special committee continues to have confidence in the integrity of current management.
The company's management has determined that, due to errors in the accounting for equity based compensation, the company's previously filed financial statements for the fiscal years ended 1998 to 2005, the interim periods contained therein, the quarters ended March 31, 2006 and June 30, 2006, together with all earnings and other press releases containing company financial information for those periods and the earnings releases for the quarters ended September 30, 2006 and December 31, 2006, respectively, should no longer be relied upon and will require restatement. The company's Board of Directors concurred with management's determination.
The company intends to provide audited, restated financial statements and related disclosures in its Annual Report on Form 10-K for the fiscal year ended December 31, 2006, to be filed as soon as possible with the SEC, and otherwise to become current in its reporting obligations under the Securities Exchange Act of 1934, as amended. Other than the results for the quarter ended March 31, 2007, and the revenue comparables for the quarter ended March 31, 2006, the company has not included any historical results herein because, as noted above, management has determined, and the company's Board of Directors has concurred, that certain of the company's previously filed financial statements and earnings and other press releases containing company financial statements should no longer be relied upon.
The company will host a conference call today at 2:00 pm PT. The dial-in number is 800.475.3716 (North America) or 719.457.2728 (international). There will be a live webcast of the conference call, which can be accessed from the Investors page in the About Us section of the Getty Images Web site at http://www.gettyimages.com/. The company will also provide a replay of the conference call at 888.203.1112 (North America) or 719.457.0820 (international), confirmation number 2144038, until May 3, at 9:00 pm PT. The webcast will be archived on the Getty Images Web site and will be available until May 1, 2008. Supplemental statistical information referenced in the conference call will be available in the Investors section of the Web site.
This press release by Getty Images Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). Generally the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions, identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, litigation risk, economic conditions, and other trends and uncertainties - not all of which can be currently identified. These forward-looking statements thus involve risks and uncertainties that may cause our actual results to differ materially from the results anticipated in the forward-looking statements. Some factors that could cause results to differ materially from those contained in our forward-looking statements include: the potential consequences of the findings announced on April 16, 2007 of the investigation by a special committee of the board of directors of our equity compensation grant practices; the consequences of the company's determination that our financial statements for the years ended 1998 to 2005, the interim periods contained therein, the quarters ended March 31, 2006 and June 30, 2006, respectively, and all earnings and press releases containing financial information for those periods and for the quarters ended September 30, 2006 and December 31, 2006, and similar communications issued by us for such periods should not be relied upon; the consequences of the restatement of our financial statements for those periods (including but not limited to the possibility of a deficiency in our internal control over financial reporting); delays in filing our Quarterly Report on Form 10-Q for the third quarter of 2006 and our Annual Report on Form 10-K for the year ended December 31, 2006; related governmental reviews, including but not limited to an informal investigation undertaken by the SEC relating to our equity compensation grant practices; any related shareholder derivative actions; receipt of a notice of acceleration with respect to certain of our debt securities based upon an alleged event of default under the indenture governing such securities; and the potential impact of each or all of these factors on our business, should they ultimately be realized. This list of important factors that might cause actual results to differ materially from those anticipated in any forward- looking statements contained herein should not be viewed as exhaustive. A further list and description of some of these important factors can be found in our reports filed with the SEC from time to time, including our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. Any or all forward-looking statements may turn out to be wrong; as a result, we urge you not to place undue reliance on such statements because they speak only as of the date they are made. Except to the extent otherwise required by applicable law, including the federal securities laws, we do not undertake to update or revise any of these forward-looking statements. .
About Getty Images
Getty Images is the world's leading creator and distributor of visual content and the first place creative professionals turn to discover, purchase and manage imagery. The company's award-winning photographers and imagery help customers create inspiring work which appears every day in the world's most influential newspapers, magazines, advertising campaigns, films, television programs, books and Web sites. Headquartered in Seattle, WA and serving customers in more than 100 countries, Getty Images believes in the power of imagery to drive positive change, educate, inform, and entertain. Visit Getty Images at http://gettyimages.com/ .
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) THREE MONTHS ENDED MARCH 31, 2007 (In thousands, except per share amounts) Revenue $212,650 Cost of revenue (exclusive of items shown separately below) 54,836 Selling, general and administrative expenses 81,403 Depreciation 14,544 Amortization 5,226 Restructuring 1,043 Other operating income (28) Operating expenses 157,024 Income from operations 55,626 Investment income 3,294 Interest expense (434) Exchange losses, net (761) Other non-operating expenses (35) Income before income taxes 57,690 Income tax expense (19,710) Net income $37,980 Earnings per share Basic $0.64 Diluted $0.63 Shares used in computing earnings per share Basic 59,187 Diluted 60,031
The financial results and outlook set forth in this press release do not take into account any adjustments for additional expenses that may be required in connection with the ongoing review of the company's historical equity compensation grant practices, as more fully discussed in the company's Current Report on Form 8-K dated April 16, 2007 and other filings with the SEC.Getty Images, Inc.
CONTACT: Investors, Alan Pickerill, Director, Investor Relations,
+1-206-925-6355, or email@example.com, or Media, Deb Trevino,
Vice President, Communications, +1-206-925-6474, or
Web site: http://www.gettyimages.com/
SAN JOSE, Calif., April 26 /PRNewswire-FirstCall/ -- Pericom Semiconductor Corporation, a worldwide preferred supplier of PCI Express technology used for switching, timing, connecting and signal integrity, today announced results for its third quarter of fiscal 2007, ended March 31, 2007.
Net revenues for the third quarter were $30.2 million, down $600,000 from the $30.8 million reported in the second quarter and up 8.4 percent from the $27.8 million reported in the comparable period last year. Gross margin was 33.9 percent, down from 34.6 percent last quarter, and the same as 33.9 percent in the comparable period last year. Net revenues and gross margin in the third quarter were negatively affected by an inventory return reserve relating to a distributor that terminated during the quarter. The reserve reduced net revenues by $719,000 and gross margin by 1.2 percent.
Net income in the quarter was a strong $2.6 million, or $0.10 per diluted share, compared with net income of $2.3 million, or $0.08 per diluted share in the second quarter and net income of $1.8 million, or $0.07 per diluted share, in the same period a year ago. Net income for the third quarter grew despite FAS 123(R) expenses of $443,000. Net income for the third quarter benefited by $1.0 million due to the sale of 50 percent of one of the company's investments in a privately-held semiconductor company.
Net revenues for the nine-month period ending March 31, 2007 were $91.8 million, up 19.9 percent from the $76.6 million reported in the prior year comparable period. Net income for the nine-month period ending March 31, 2007 was $6.5 million, or $0.24 per diluted share, compared with net income of $3.9 million, or $0.14 per diluted share, in the same period a year ago.
"We are very pleased to have reported another sequential increase in net profit this quarter," said Alex Hui, president and chief executive officer. "This is the highest net income we have seen in almost six years."
"At the recent Intel Developer Forum, we introduced our GreenPacket(TM) family of PCI Express packet switches, which are designed for power, size and value-sensitive applications. We are already engaged with several high volume customers and expect to see adoption of this new family in the quarters to come," he said.
Q3 NEW PRODUCTS
With the release of three new Generation 2 phase jitter compliant HCSL differential clock buffers and a new clock synthesizer, Pericom further expanded its PCI-Express offerings in addressing the critical clock distribution needs of servers, high-end desktops and mobile platforms.
The company began sampling new, low-power small PCI-Express packet switch family to top tier OEM customers. The GreenPacket(TM) switch product family is designed for power, size and value sensitive applications, such as volume motherboard/workstation, docking stations, networking control planes, video, graphics, embedded applications and mobile applications.
Pericom also sampled two newly developed small form factor analog switch products. Target applications include cell phones, MP3/MP4 players and PDAs.
Fiscal Q4 2007 OUTLOOK
The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.
* The company continues to be in a high turns environment and therefore revenue visibility remains limited. Depending upon the strength of turns orders, revenues in the fourth fiscal quarter are expected to be in the range of $31.0 million to $32.0 million. * Gross margins are expected to be in the 35 to 36 percent range. Margins are influenced by the product mix of turns business and sales, if any, of previously reserved inventory. * Operating expenses are expected to be in the range of $9.7 to $9.9 million. * Other income is expected to be approximately $1.2 million, consisting primarily of interest income. CONFERENCE CALL
The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time. To listen to the call, dial (210) 234-0007. The passcode is Pericom.
A taped replay of the conference call will be made available for one week. To listen to the replay, dial (210) 369-1863. The Pericom financial results conference call will be available via a live webcast on the investor relations section of the web site at http://www.pericom.com/investor. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 12 months.
Pericom Semiconductor Corporation offers customers worldwide the industry's most complete silicon and quartz-based solutions for the Computing, Communications and Consumer market segments. Our broad portfolio of leading- edge analog, digital, and mixed-signal integrated circuits and SaRonix frequency control products are essential in the timing, transferring, routing, and translating of high-speed signals as required by today's ever-increasing speed and bandwidth demanding applications. Company headquarters are in San Jose, Calif., with design centers and sales offices located globally. http://www.pericom.com/
This press release contains forward-looking statements as defined under The Securities Litigation Reform Act of 1995. Forward-looking statements in this release include the statements under the captions 'Fiscal Q4 2007 Outlook' and statements regarding the future adoption of our GreenPacket(TM) family of PCI Express packet switches. The Company's actual results could differ materially from what is set forth in such forward-looking statements due to a variety of risk factors, including softness in demand for our products, price erosion for certain of our products, unexpected difficulties in developing new products, customer decisions to reduce inventory, economic or financial difficulties experienced by our customers, or technological and market changes. All forward-looking statements included in this document are made as of the date hereof, based on information available to the company as of the date hereof, and Pericom assumes no obligation to update any forward- looking statements. Parties receiving this release are encouraged to review our annual report on Form 10-K for the year ended July 1, 2006, our quarterly reports on Form 10-Q for the quarters ended September 30, 2006 and December 30, 2006 and, in particular, the risk factors sections of those filings.
Pericom Semiconductor Corporation Consolidated Statements of Operations - GAAP (In thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended Mar 31, Dec 30, Apr 1, Mar 31, Apr 1, 2007 2006 2006 2007 2006 Net revenues $30,182 $30,842 $27,847 $91,850 $76,590 Cost of revenues 19,960 20,176 18,402 60,530 50,327 Gross profit 10,222 10,666 9,445 31,320 26,263 Operating expenses: Research and development 4,048 4,040 3,925 12,030 11,318 Selling, general and administrative 5,342 4,919 4,394 16,056 13,569 Restructuring charge 0 0 0 0 55 Total 9,390 8,959 8,319 28,086 24,942 Income from operations 832 1,707 1,126 3,234 1,321 Interest and other income 2,496 1,151 888 4,927 2,698 Other than temporary decline in value of investment (5) 0 (31) (6) (64) Income before income taxes 3,323 2,858 1,983 8,155 3,955 Income tax expense 788 691 641 2,099 1,245 Minority interest in income (loss) in consolidated subsidiary (7) (21) 32 (37) 93 Equity in income (loss) of investees 86 110 464 476 1,072 Net income $2,614 $2,256 $1,838 $6,495 $3,875 Basic income per share $0.10 $0.09 $0.07 $0.25 $0.15 Diluted income per share $0.10 $0.08 $0.07 $0.24 $0.14 Shares used in computing basic income per share 26,109 26,113 26,207 26,118 26,271 Shares used in computing diluted income per share 26,702 26,783 26,984 26,725 27,033 Pericom Semiconductor Corporation Condensed Consolidated Balance Sheets (In thousands) As of As of Mar 31,2007 Jul 1, 2006 (unaudited) (1) Assets Current Assets: Cash & cash equivalents $8,544 $12,577 Restricted cash 302 950 Short-term investments 88,989 52,761 Accounts receivable 20,604 23,306 Inventories 14,047 16,742 Prepaid expenses and other current assets 700 508 Deferred income taxes 3,672 4,709 Total current assets 136,858 111,553 Property and equipment, net 23,294 24,376 Investment in unconsolidated affiliates 9,656 9,056 Deferred income taxes-non current 4,922 5,043 Long-term investment in marketable securities 31,788 56,297 Goodwill 1,348 1,348 Intangible assets 2,838 2,976 Other assets 2,077 3,037 Total assets $212,781 $213,686 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $11,571 $10,435 Accrued liabilities 7,094 7,243 Short-term and current portion of long-term debt 694 5,756 Total current liabilities 19,359 23,434 Long-term debt 1,323 3,482 Deferred tax liabilities 1,288 1,288 Other long-term liabilities 3 402 Minority interest in consolidated subsidiaries 1,006 969 Total liabilities 22,979 29,575 Shareholders' equity: Common stock and paid in capital 136,955 138,483 Retained earnings and other comprehensive loss 52,847 45,628 Total shareholders' equity 189,802 184,111 Total liabilities and shareholders' equity $212,781 $213,686 (1) The information in this column was derived from the Company's audited consolidated financial statements for the year ended July 1, 2006.Pericom Semiconductor Corporation
CONTACT: Alexis Pascal, firstname.lastname@example.org, or Deborah Stapleton,
email@example.com, both of Stapleton Communications, +1-650-470-0200, for
Web site: http://www.pericom.com/
SHANGHAI, China, May 1 /Xinhua-PRNewswire/ -- Linktone Ltd. , a leading provider of wireless interactive entertainment products and services to consumers in China, today announced that it will report financial results for the first quarter ended March 31, 2007 after the U.S. equities markets closes on Thursday, May 24, 2007.
Linktone will host a conference call to discuss its first quarter 2007 financial results at 8:00 p.m. Eastern Time on May 24, 2007 (5:00 p.m. Pacific Time on May 24, 2007 and 8:00 a.m. Beijing/Hong Kong Time on May 25, 2007). The dial-in number for the call is 800-811-0667 for U.S. callers and 913-981- 4901 for international callers. Chief Executive Officer Michael Li and Chief Financial Officer Colin Sung will be on the call to discuss the quarterly results and highlights and to answer questions from participants. A replay of the call will be available through 11:59 PM ET on June 7, 2007. To access the replay, U.S. callers should dial 888-203-1112 and enter passcode 4803184; international callers should dial 719-457-0820 and enter the same passcode.
Additionally, a live webcast of this call will be available on the Linktone web site at http://english.linktone.com/aboutus/index.html. An archived replay of the call will be available for 90 days.
About Linktone Ltd.
Linktone Ltd. is a leading provider of wireless interactive entertainment products and services in China. Linktone provides a diverse portfolio of services to wireless consumers, with a particular focus on media, entertainment and communications. These services are promoted through the Company's own marketing channels and through the networks of the mobile operators in China. Through in-house development and alliances with international and local branded content partners, the Company develops, aggregates, and distributes innovative and engaging products to maximize the breadth, quality and diversity of its offerings. Linktone categorizes China's wireless services landscape as "MAGIC" -- Music, Advanced Gaming, Graphics, Instant Messaging and Community.
Investor Relations Edward Liu Brandi Piacente Linktone Ltd. The Piacente Group, Inc. Tel: 86-21-6361-1583 Tel: 212-481-2050 Email: firstname.lastname@example.org Email: email@example.comLinktone Ltd.
CONTACT: Investor Relations - Edward Liu, Linktone Ltd.,
+86-21-6361-1583, firstname.lastname@example.org; Brandi Piacente, The Piacente
Group, Inc., +1-212-481-2050, email@example.com
Web site: http://english.linktone.com/aboutus/index.html
RESEARCH TRIANGLE PARK, N.C., May 1 /PRNewswire-FirstCall/ -- Harris Stratex Networks, Inc. , the leading independent supplier of turnkey wireless network solutions, today reported financial results for the third quarter of fiscal 2007, which ended March 30, 2007.
On January 26, 2007, the Harris Microwave Communications Division ("MCD") was combined with Stratex Networks ("Stratex") to create a new company -- Harris Stratex Networks, Inc. The company's third quarter results exclude the January 2007 results of Stratex, which preceded the date of the merger.
Revenue for the third quarter of fiscal 2007 was $139.0 million, compared with $73.6 million for MCD in the third quarter of fiscal 2006. Net loss in the third quarter of fiscal 2007, as reported in accordance with U.S. generally accepted accounting principles (GAAP), was $23.2 million, or $0.58 per share, which includes $28.9 million in pre-tax charges associated with the combination.
Non-GAAP Financial Results
On a non-GAAP basis, pro forma combined revenue for the third quarter of fiscal 2007 grew 7 percent to $146.8 million, compared with $137.6 million in the same period of the prior year. Orders in the quarter were greater than sales. Non-GAAP results include the January 2007 results for Stratex.
Revenue for the North America microwave segment increased 34 percent year over year, reflecting continuing market strength driven by mobile operators substituting wireless capabilities for leased lines and expanding geographic footprint to handle higher bandwidth services. Private network revenue strengthened in the quarter with significant business from state and local governments for network hardening, network interoperability and homeland security projects. International revenue declined 4 percent in the quarter compared with the prior year, primarily as a result of lower orders and project delays in Africa, Europe, the Middle East and Russia, as well as merger integration disruptions in these regions. International revenue was higher in Latin America compared to the prior year. Revenue in the Network Operations segment of the business increased 21 percent over the prior year.
Harris Stratex Networks third quarter non-GAAP pro forma net income rose 16 percent to $3.7 million, or $0.06 per basic share. This compares with non- GAAP pro forma net income of $3.2 million in the year ago period. The non- GAAP pro forma results exclude charges related to purchase accounting for the combination, restructuring and integration activities undertaken in connection with the merger, and stock-based compensation, and include the January results for Stratex. On a non-GAAP pro forma basis, operating income in the third quarter was $5.6 million, which was flat with the prior-year quarter. While ongoing product cost reductions progressed as planned and product margins continued to improve, an unusually high mix of services revenue versus product revenue in the quarter reduced gross margin and operating results.
A full reconciliation of GAAP net income (loss) to non-GAAP net income (loss) is provided in the accompanying financial tables.
"The revenue momentum that both MCD and Stratex had entering the merger was interrupted more than anticipated during the implementation of our integration plans. This has been a complex merger with a significant reach into global markets. We believe the challenges are temporary, and the necessary actions have been initiated to accelerate our momentum and to achieve the significant potential of this new company. In spite of disruptions, we are pleased to report that pro forma third quarter 2007 revenues were seven percent above the year ago period," said Guy Campbell, president and chief executive officer of Harris Stratex Networks. "Even though we experienced a modest decline in international revenue, North America continued to drive good revenue growth as mobile operators expand network reach and deploy higher bandwidth services. Our new product revenues, from products less than three years old, increased year-over-year, demonstrating the broad acceptance of our innovative technology within our global customer base. In addition, we had a positive book-to-bill in the quarter and increased our backlog as we enter the fourth quarter.
"Our cost reduction initiatives are proceeding on schedule, and we expect to capture or exceed the projected $3 million to $4 million in cost savings forecasted for FY07 by the end of June. We remain focused on our R&D programs to develop and introduce expanded functionality to maintain our competitive advantage while reducing costs and addressing our customers' needs," added Campbell.
Outlook and Guidance for Harris Stratex Networks
The following forecasts are based on current expectations. These statements are forward-looking, and actual results may differ materially. Please see the Safe Harbor Statement in this release for a description of certain important risk factors that could cause actual results to differ, and refer to the company's reports on file with the Securities and Exchange Commission (SEC) for a more complete description of the risks.
Revised non-GAAP guidance for the second half of fiscal year 2007 (ending June 29, 2007) is a range of $0.19 to $0.24 per diluted share. Second half revenue is expected in a range between $300 million to $310 million. Non-GAAP earnings guidance for fiscal year 2008 is a range of $1.05 to $1.22 per diluted share. Our planned cost reduction actions are expected to be completed by mid fiscal year 2008 and should result in savings of $35 million. Revenue in fiscal year 2008 is expected to increase 5 to 10 percent compared to the prior year.
"While integration disruptions have temporarily dampened the strong momentum that both companies had entering the merger, our strategy of combining two industry leaders to create a global market leader remains sound. We believe strongly that the greater scale and industry leadership we have created is a game-changing strategy that will reshape the industry for wireless transmission network solutions," Campbell said. "Our focus remains on rapid response to customer needs and the achievement of the financial performance we envision for this new company."
Non-GAAP Measures and Comparative Financial Information
Tables reconciling financial results for the Microwave Communications Division of Harris Corporation and Stratex Networks for each quarter of fiscal 2006 and the first two quarters of fiscal 2007 will be posted on the investor relation page of the company Web site at http://www.harrisstratex.com/.
Harris Stratex Networks, Inc. and the Microwave Communications Division of Harris Corporation report information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The GAAP information presented in this press release consists of the results of operations and financial position of Harris Stratex Networks, Inc. for the quarter and three quarters ended March 30, 2007 and the quarter and three quarters ended March 31, 2006. On January 26, 2007, the Microwave Communications Division of Harris Corporation and Stratex Networks, Inc. merged into Harris Stratex Networks, Inc. and became one reporting entity. Accordingly, management of Harris Stratex Networks will monitor revenues, cost of product sales and services, engineering, general and administrative expenses, operating income or loss, income or loss from operations, tax expense or benefit, net income or loss, and net income per diluted share for the new combined entity for planning and forecasting results in future periods, and may use these measures for some management compensation purposes. As such, historical non-GAAP combined information has been included in this press release for comparative purposes. These measures exclude certain costs and expenses as discussed herein. As a result, management is presenting these non-GAAP measures in addition to results reported in accordance with GAAP to better communicate underlying operational and financial performance in each period. Management believes these non-GAAP 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 given period. Management also believes that these non-GAAP measures enhance the ability of an investor to analyze trends in Harris Stratex Networks' business and to better understand our performance.
Harris Stratex Networks management does not, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Harris Stratex Networks presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate the Company's financial performance. Reconciliations of these non- GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are included in the tables below.
Harris Stratex Networks will host a conference call to discuss the company's financial results at 5:30 p.m. Eastern Time on Tuesday, May 1, 2007. Those wishing to join the call should dial 303-262-2138, (no pass code required) at approximately 5:20 p.m. A replay of the call will be available starting one hour after the call's completion until May 7, 2007. To access the replay, dial 303-590-3000 (pass code: 11087382 #). A live and archived webcast of the conference call will also be available via the company's Web site at http://www.harrisstratex.com/investors/conference-call.
About Harris Stratex Networks
Harris Stratex Networks is the world's leading independent supplier of turnkey wireless network solutions. The company offers reliable, flexible and scalable wireless network solutions, backed by comprehensive professional services and support. Harris Stratex Networks serves all global markets, including mobile network operators, public safety agencies, private network operators, utility and transportation companies, government agencies and broadcasters. Customers in more than 135 countries depend on Harris Stratex Networks to build, expand and upgrade their voice, data and video solutions. Harris Stratex Networks is recognized around the world for innovative, best- in-class wireless networking solutions and services. For more information, visit http://www.harrisstratex.com/.
Safe Harbor Statement
The information contained in this document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. All statements, trend analyses and other information contained herein about the markets for the services and products of Harris Stratex Networks and trends in revenue, as well as other statements identified by the use of forward-looking terminology, including "anticipate", "believe", "plan", "estimate", "expect", "goal" and "intend", or the negative of these terms or other similar expressions, constitute forward-looking statements. These forward-looking statements are based on estimates reflecting the current beliefs of the senior management of Harris Stratex Networks. These forward- looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward- looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:
- the failure to obtain and retain expected synergies from the merger; - the ability to successfully integrate the operations, personnel and businesses of the former Stratex Networks, Inc. with those of the former Microwave Communications Division of Harris Corporation; - the ability to minimize the disruption of the merger and related integration on direct and indirect sales channels; - continued price erosion as a result of increased competition in the microwave transmission industry; - the ability to achieve business plans for Harris Stratex Networks; - the ability to manage and maintain key customer relationships - the effect of technological changes on Harris Stratex Networks' businesses; - the ability to maintain projected product rollouts, product functionality or market acceptance of planned products; - the failure of Harris Stratex Networks to protect its intellectual property rights and its ability to defend itself against intellectual property infringement claims by others; - currency and interest rate risks; - the impact of political, economic and geographic risks on international sales; and - the impact of slowing growth in the wireless telecommunications market combined with supplier and operator consolidations; - pricing pressure on Harris Stratex Networks products and services.
For more information regarding the risks and uncertainties of the microwave communications business as well as risks relating to the combination of the former Harris Corporation Microwave Communications Division and the former Stratex Networks, see "Risk Factors" in the proxy statement/prospectus included in the Company's registration statement on Form S-4, as amended, as well as other reports filed by Harris Stratex Networks with the U.S. Securities and Exchange Commission from time to time. Harris Stratex Networks undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
Financial Tables Attached. Table 1 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary Condensed consolidated Statement of operations (Unaudited) Quarter Ended Three Quarters Ended March 30, March 31, March 30, March 31, 2007 2006 2007 2006 (In millions, except net loss per share) Revenue from product sales and services $139.0 $73.6 $333.8 $247.1 Cost of product sales and services (101.8) (48.5) (230.9) (201.4) Amortization of purchased technology (1.2) -- (1.2) -- Gross margin 36.0 25.1 101.7 45.7 Engineering, selling and administrative expenses (40.1) (24.3) (91.0) (67.2) Acquired in-process research and development (15.3) -- (15.3) -- Amortization of intangible assets (3.0) -- (3.0) -- Corporate allocations expense (0.3) (6.9) (3.7) (10.2) Operating loss (22.7) (6.1) (11.3) (31.7) Interest income 0.8 -- 1.2 0.6 Interest expense (1.0) (0.6) (1.5) (1.0) Loss before income taxes (22.9) (6.7) (11.6) (32.1) Income tax (expense) (0.3) (0.2) (1.0) (6.5) Net loss $(23.2) $(6.9) $(12.6) $(38.6) Net loss per common share Basic and diluted $(0.58) * $(0.93) * Basic and diluted weighted average shares Outstanding 40.3 * 13.5 * * Prior to January 26, 2007, the Company was not a public reporting entity and there were no shares outstanding for purposes of earnings (loss) per share calculations. Table 2 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) March 30, June 30, 2007 2006 (1) (In millions) Assets Cash and cash equivalents $59.4 $13.8 Short-term investments 35.8 - Receivables 163.5 123.9 Inventories and unbilled costs 168.1 97.4 Current deferred taxes 3.5 - Plant and equipment 79.4 51.8 Goodwill 274.6 28.3 Identifiable intangible assets 150.6 6.4 Non-current deferred taxes 1.7 9.6 Other assets 38.8 21.4 $975.4 $352.6 Liabilities and Shareholders' Equity Current portion of long-term debt $11.3 $0.2 Accounts payable 81.3 42.1 Accrued expenses and other current liabilities 79.8 45.7 Due to Harris Corporation 14.8 12.6 Long-term debt 11.1 - Restructuring and other long-term liabilities 11.8 - Warrants outstanding 4.5 - Redeemable preference shares 8.3 - Shareholders' equity 752.5 252.0 $975.4 $352.6 (1) Derived from audited financial statements. Table 3 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary Condensed consolidated Statement of cash flows (Unaudited) Three Quarters Ended March 30, March 31, 2007 2006 Cash flow used in Operations $(11.5) $(2.2) Cash flows from Investing Activities: Proceeds from sale of land and building -- 4.6 Cash and cash equivalents acquired from Stratex Acquisition, net of direct costs of $12.7 million 20.4 -- Purchases of short-term investments, net (10.4) -- Purchases of capital assets (7.2) (3.6) Net cash provided by Investing Activities 2.8 1.0 Cash flows from Financing Activities: Proceeds from issuance of short-term debt -- 3.0 Proceeds from issuance of redeemable preference shares 8.3 -- Proceeds from issuance of Class B common stock to Harris Corporation 26.9 -- Proceeds from exercise of former Stratex stock options 1.4 -- Proceeds from exercise of warrants 0.2 -- Payments on long-term debt (2.6) -- Registration costs for Class A common stock issued in Stratex Acquisition (1.1) -- Net cash and other transfers from Harris Corporation prior to the Stratex Acquisition 24.1 (0.6) Net cash provided by Financing Activities 57.2 2.4 Effect of exchange rate changes on cash and cash equivalents (2.9) 0.7 Net increase in cash and cash equivalents 45.6 1.9 Cash and cash equivalents, beginning of year 13.8 7.8 Cash and cash equivalents, end of year $59.4 $9.7 HARRIS STRATEX NETWORKS, INC. FY07 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 revenue, gross margin, operating income (loss), non-operating income (loss); cost of product sales and services; engineering, selling and administrative expenses; income before income taxes; income taxes; net income, and net income per diluted share adjusted to exclude certain costs, expenses, gains and losses. Management of Harris Stratex Networks, Inc. (the "Company" or "Harris Stratex") 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 Stratex 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 4 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statement Of Operations (Unaudited) Quarter Ended Quarter Ended March 30, 2007 March 31, 2006 MCD and Stratex As Non-GAAP Non- Combined as Non-GAAP Non- Reported Adjustments GAAP Reported Adjustments GAAP (In millions, except for net loss per share) Revenue from product sales and services (A) $139.0 $7.8 $146.8 $137.6 $ -- $137.6 Cost of product sales and services (B) (101.8) (0.5) (102.3) (92.9) -- (92.9) Amortization of purchased technology (C) (1.2) 1.2 -- -- -- -- Gross margin 36.0 8.5 44.5 44.7 -- 44.7 Engineering, selling and administrative expenses (D) (40.1) 1.5 (38.6) (39.9) 0.8 (39.1) Acquired in-process research and development (E) (15.3) 15.3 -- -- -- -- Amortization of intangible assets (F) (3.0) 3.0 -- -- -- -- Corporate allocations expense(G) (0.3) -- (0.3) (6.9) 6.9 -- Operating (loss) income (22.7) 28.3 5.6 (2.1) 7.7 5.6 Interest income 0.8 0.1 0.9 -- -- -- Interest expense (1.0) (0.2) (1.2) (1.1) -- (1.1) (Loss) income before income taxes (22.9) 28.2 5.3 (3.2) 7.7 4.5 Income taxes (H) (0.3) (1.3) (1.6) (0.4) (0.9) (1.3) Net (loss) income $(23.2) $26.9 $3.7 $(3.6) $6.8 $3.2 Net (loss) income per common share: Basic and diluted $(0.58) $0.06 * * Basic and diluted weighted average shares Outstanding 40.3 57.7 * * * Prior to January 26, 2007, the Company was not a public reporting entity and there were no shares outstanding for purposes of earnings (loss) per share calculations. Table 4 (Continued) HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statement Of Operations (Unaudited) Three Quarters Ended Three Quarters Ended March 30, 2007 March 31, 2006 MCD and Stratex As Non-GAAP Non- Combined as Non-GAAP Non- Reported Adjustments GAAP Reported Adjustments GAAP (In millions, except for net loss per share) Revenue from product sales and services (A) $333.8 $145.8 $479.6 $423.1 $-- $423.1 Cost of product sales and services (B) (230.9) (94.1) (325.0) (326.4) 35.1 (291.3) Amortization of purchased technology (C) (1.2) 1.2 -- -- -- -- Gross margin 101.7 52.9 154.6 96.7 35.1 131.8 Engineering, selling and administrative expenses (D) (91.0) (26.3) (117.3) (112.8) 3.2 (109.6) Acquired in-process research and development (E) (15.3) 15.3 -- -- -- -- Amortization of intangible assets (F) (3.0) 3.0 -- -- -- -- Corporate allocations expense(G) (3.7) 3.4 (0.3) (10.2) 10.2 -- Operating (loss) income (11.3) 48.3 37.0 (26.3) 48.5 22.2 Interest income 1.2 1.8 3.0 1.2 -- 1.2 Interest expense (1.5) (1.4) (2.9) (2.2) -- (2.2) Other expense, net -- (0.9) (0.9) (1.6) -- (1.6) (Loss) income before income taxes (11.6) 47.8 36.2 (28.9) 48.5 19.6 Income taxes (H) (1.0) (9.9) (10.9) (7.8) 1.9 (5.9) Net (loss) income $ (12.6) $ 37.9 $25.3 $(36.7) $50.4 $13.7 Net (loss) income per common share: Basic and diluted $(0.93) $0.44 * * Basic and diluted weighted average shares Outstanding 13.5 57.7 * * * Prior to January 26, 2007, the Company was not a public reporting entity and there were no shares outstanding for purposes of earnings (loss) per share calculations. Table 5 HARRIS STRATEX NETWORKS, INC. Consisting of The Microwave Communications Division of Harris Corporation FY06 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statement Of Operations (Unaudited) Quarter Ended Three Quarters Ended March 31, 2006 March 31, 2006 MCD MCD MCD As Non-GAAP Non- MCD As Non-GAAP Non- Reported Adjustments GAAP Reported Adjustments GAAP (In millions) Revenue from product sales and services $73.6 $-- $73.6 $247.1 $-- $247.1 Cost of product sales and services (B) (48.5) -- (48.5) (201.4) 34.9 (166.5) Gross margin 25.1 -- 25.1 45.7 34.9 80.6 Engineering, selling and administrative expenses (D) (24.3) 0.7 (23.6) (67.2) 2.1 (65.1) Corporate allocations expense (G) (6.9) 6.9 -- (10.2) 10.2 -- Operating (loss) income (6.1) 7.6 1.5 (31.7) 47.2 15.5 Interest income -- -- -- 0.6 -- 0.6 Interest expense (0.6) -- (0.6) (1.0) -- (1.0) (Loss) income before income taxes (6.7) 7.6 0.9 (32.1) 47.2 15.1 Income taxes (0.2) -- (0.2) (6.5) -- (6.5) Net (loss) income $ (6.9) $ 7.6 $0.7 $(38.6) $47.2 $8.6 Table 5 (Continued) HARRIS STRATEX NETWORKS, INC. Consisting of Stratex Networks, Inc. FY06 Third Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Condensed Consolidated Statement Of Operations (Unaudited) Quarter Ended Three Quarters Ended March 31, 2006 March 31, 2006 Stratex Stratex Stratex Stratex As Non-GAAP Non- As Non-GAAP Non- Reported Adjustments GAAP Reported Adjustments GAAP (In millions) Revenue from product sales and services $64.0 $-- $64.0 $176.0 $-- $176.0 Cost of product sales and services (B) (44.4) -- (44.4) (125.0) 0.2 (124.8) Gross margin 19.6 -- 19.6 51.0 0.2 51.2 Engineering, selling and administrative expenses (D) (15.6) 0.1 (15.5) (45.6) 1.1 (44.5) Operating income 4.0 0.1 4.1 5.4 1.3 6.7 Interest income -- -- -- 0.6 -- 0.6 Interest expense -- -- -- (1.2) -- (1.2) Other expense, net (0.5) -- (0.5) (1.6) -- (1.6) Income before income taxes 3.5 0.1 3.6 3.2 1.3 4.5 Income taxes (0.2) -- (0.2) (1.3) -- (1.3) Net income $ 3.3 $ 0.1 $ 3.4 $1.9 $1.3 $3.2 Notes to tables 4, 5 and 7:
Note A - Adjustment to revenue for the quarter and three quarters ended March 30, 2007 of $7.8 million and $145.8 million to add Stratex Networks, Inc. revenue for the month of January, 2007 and the 7 months ended January 26, 2007, prior to the merger.
Note B - Adjustments to cost of product sales and services for the quarter and three quarters ended March 30, 2007 to add $6.3 million and $100.3 million to add Stratex Networks cost of product sales and services for the month of January, 2007, and the 7 months ended January 26, 2007, prior to the merger, and to remove merger related charges including amortization of the step-up in inventory and fixed assets ($5.6 million) and write off of deferred revenue ($0.1 million). Adjustments to cost of product sales and services for the quarter and three quarters ended March 30, 2007 to remove FAS 123R expense ($0.1 million for the quarter and $0.5 million for the three quarters ended March 30, 2007). Adjustments to the Microwave Communications Division of Harris Corporation's cost of product sales and services for the three quarters ended March 30, 2006 to remove $34.9 million for inventory write-downs related to product discontinuances. Adjustment to Stratex Networks, Inc. cost of product sales and services for the three quarters ended March 30, 2006 to remove $0.2 million of APB No. 25 stock compensation expense prior to the adoption of FAS 123R.
Note C - Adjustment for the quarter and three quarters ended March 30, 2007 to remove amortization of purchased intangibles incurred in connection with the merger.
Note D - Adjustment to engineering, selling and administrative expenses for the quarter and three quarters ended March 30, 2007 of $3.6 million and $41.5 million to add Stratex Networks engineering, selling and administrative expenses for the month of January 2007 and the 7 months ended January 26, 2007, prior to the merger. Adjustment for the quarter and three quarters ended March 30, 2007 to remove restructuring costs of $1.3 million incurred following the merger. Adjustment to engineering, selling and administrative expenses for the quarter and three quarters ended March 30, 2007 to remove merger related charges including amortization of the step-up in inventory and fixed assets ($0.2 million), integration costs ($2.2 million for the quarter and $7.1 million for the three quarters ended March 30, 2007), and FAS 123R expense ($1.4 million for the quarter and $6.6 million for the three quarters ended March 30, 2007). Adjustments to the Microwave Communications Division of Harris Corporation's engineering, selling and administrative expenses for the quarter and three quarters ending March 30, 2006 to remove FAS 123 (R) expense ($0.4 million for the quarter and $1.4 million for the three quarters ended March 30, 2006), and to remove severance costs in associated with product discontinuance in the Microwave Communications Division ($0.3 million for the quarter and $0.7 million for the three quarters ended March 31, 2006). Adjustment to Stratex Networks, Inc. engineering, selling and administrative expenses for the quarter and three quarters ended March 30, 2006 to remove $0.1 million and $1.1 million of APB No. 25 stock compensations expense prior to the adoption of FAS 123R.
Note E - Adjustment for the quarter and three quarters ended March 30, 2007 to remove write off of in-process research and development incurred in connection with the merger.
Note F - Adjustment for the quarter and three quarters ended March 30, 2007 to remove amortization of purchased intangibles incurred in connection with the merger.
Note G - Adjustment for the three quarters ended March 30, 2007 and for the quarter and three quarters ended March 30, 2006 to remove Corporate allocation expenses from Harris Corporation through December 31, 2006, which did not continue after the merger.
Note H - Adjustment to reflect a pro forma 30 percent tax rate for quarter over quarter and year over year comparisons.
Table 6 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary REVENUE BY Segment Information (Unaudited) Quarter Ended Three Quarters Ended March March March March 2007 2006 2007 2006 (In millions) Revenue North America microwave $48.9 $34.3 $157.5 $126.6 International microwave 84.9 35.0 161.6 107.8 Network operations 5.2 4.3 14.7 12.7 $139.0 $73.6 $333.8 $247.1 Table 7 HARRIS STRATEX NETWORKS, INC. FY07 Third Quarter Summary SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA Information (Unaudited) Quarter Ended Quarter Ended March 31, 2007 March 31, 2006 As Non-GAAP Non- MCD Stratex Combined Reported Adjustments GAAP Actual Actual Non-GAAP (In millions) North America $48.9 $0.2 $49.1 $34.3 $2.4 $36.7 International: Africa 35.2 2.4 37.6 21.3 10.2 31.5 Europe, Middle East and Russia 30.8 2.7 33.5 6.4 36.5 42.9 Latin America and AsiaPac 18.9 2.5 21.4 7.3 14.9 22.2 Total International 84.9 7.6 92.5 35.0 61.6 96.6 Network Operations 5.2 -- 5.2 4.3 -- 4.3 Net income $ 139.0 $ 7.8 $ 146.8 $73.6 $64.0 $137.6Harris Stratex Networks, Inc.
CONTACT: Investor, Mary McGowan, Summit IR Group Inc., +1-408-404-5401,
Mary@summitirgroup.com; or Media, Kami Spangenberg, Harris Stratex Networks,
Inc., +1-919-767-5238, Kami.Spangenberg@HSTX.com
Web site: http://www.harrisstratex.com/
ORLANDO, Fla., May 1 /PRNewswire-FirstCall/ -- INFORMATICA WORLD 2007 -- Informatica Corporation , a leading provider of data integration software, today announced the winners of the Informatica 2007 Innovation Awards at Informatica World 2007, with accolades going to Achmea, Air France Cargo-KLM Cargo, Boston Medical Center, Cadbury Schweppes, M&S Money, the New York Police Department (NYPD), Rabobank, and The William Carter Company.
The winning organizations were recognized by Sohaib Abbasi, chairman and chief executive officer of Informatica, and Brian Gentile, chief marketing officer of Informatica, who presented the awards to the company representatives at Informatica World 2007 in Orlando.
The overwhelming number of strong entries this year resulted in unprecedented ties in two key categories: Data Migration and Consolidation, and Data Warehousing. The categories and winners for the Awards are as follows:
Category Winner Data Migration and Consolidation (tie): Air France/KLM Cargo Partner: Sogeti Data Migration and Consolidation (tie): The William Carter Company Partner: Informatica Professional Services Data Warehousing (tie): Boston Medical Center Data Warehousing (tie): New York Police Department Partner: Dimension Data Broader Data Integration: Rabobank Partner: Informatica Professional Services Integration Competency Center: Achmea Partner: Atos Origin Data Quality Operational Efficiency: Cadbury Schweppes Partner: Informatica Professional Services Data Quality Regulatory Compliance: M&S Money
"This year's Informatica Innovation Awards showcase organizations that, when faced with significant opportunities and challenges -- around compliance, customer-centricity, business efficiency and more -- have achieved breakthrough results through their innovative applications of data integration technology," said Brian Gentile, executive vice president and CMO of Informatica. "These are organizations that have turned their everyday torrents of information into a business advantage, helping to drive customer value, operational excellence, and even public welfare. Informatica embraces the opportunity to honor these organizations and we are proud to be a part of their success."
Informatica Corporation is a leading provider of enterprise data integration software and services. With Informatica, organizations can gain greater business value by integrating all their information assets from across the enterprise. More than 2,790 companies worldwide rely on Informatica to reduce the cost and expedite the time to address data integration needs of any complexity and scale. For more information, call 650-385-5000 (1-800-653-9871 in the U.S.), or visit http://www.informatica.com/ .
Note: Informatica is a trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.Informatica Corporation
CONTACT: Deborah Wiltshire of Informatica Corporation, +1-650-385-5360,
mobile: +1-650-862-8186, firstname.lastname@example.org ; or Radley Moss of Text
100, +1-212-331-8429, mobile: +1-917-583-2349, email@example.com
Web site: http://www.informatica.com/
CHICAGO, May 1 /PRNewswire-FirstCall/ -- NAVTEQ Corporation, a leading global provider of digital maps for vehicle navigation and location-based solutions, today reported record revenue and operating income for the first quarter ended April 1, 2007.
Revenue in the quarter rose 31% over the first quarter of 2006 to $160.0 million. Operating income grew 85% over the prior year to $38.3 million. Net income was up 87% over last year's first quarter to $30.2 million. Earnings per diluted share grew 84% to $0.31, compared to $0.17 in the prior year's quarter.
"The business is performing very well and we see positive signs for the remainder of the year," said Judson Green, President and Chief Executive Officer. "In terms of our key accomplishments, we closed on our acquisition of Traffic.com, secured new business with a number of in-dash and portable customers, and released our first Thailand map, which marked our 60th country of coverage."
NAVTEQ revenue from the Europe, Middle East & Africa (EMEA) region totaled $87.3 million in the quarter, up 14% from the first quarter of 2006. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 5%. Revenue for the Americas region was $70.8 million in the quarter, a 61% increase over the first quarter of 2006. Asia Pacific revenue was $1.9 million compared to $1.8 million in last year's first quarter.
Cash and marketable securities totaled $347.5 million at April 1, 2007. Net cash provided by operating activities for the first quarter of 2007 was $79.1 million.
The following forward-looking statements reflect NAVTEQ management's expectations as of May 1, 2007. For the fiscal year 2007, NAVTEQ reaffirms its previously issued annual guidance, which was provided on February 8, 2007. NAVTEQ expects revenue in the range of $720 million to $750 million and earnings per diluted share of $1.20 to $1.26, assuming an average annual U.S. Dollar/Euro exchange rate of $1.27 and an effective tax rate of 28-29%.
Earnings Call Information
The information for the company's earnings release conference call is as follows:
When: Tuesday, May 1, 2007 at 5:00 PM ET Where: http://investor.navteq.com/ How: Log on to the web at the URL above or call to listen in at 866.356.4281 (North America) or 617.597.5395 (international), passcode 42287945 Contact: firstname.lastname@example.org
The company will provide a telephone replay of the conference call at 888-286-8010 (North America) or 617-801-6888 (international), passcode 91010598. The telephone replay will be accessible from 7:00 PM ET Tuesday, May 1, 2007 through 11:59 PM ET on Tuesday, May 8, 2007. An on-demand replay of the conference call will also be available online at investor.navteq.com until June 1, 2007.
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 2,800 employees located in 167 offices in 28 countries.
NAVTEQ is a trademark in the U.S. and other countries. All rights reserved.
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. The 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, 2006, 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.
NAVTEQ CORPORATION Condensed Consolidated Statements of Income (In thousands, except per share data) Quarter Ended April 2, April 1, 2006 2007 (Unaudited) Net revenue: Digital map licensing and related revenues $118,465 150,703 Advertising -- 6,227 Other 3,860 3,021 Total net revenue 122,325 159,951 Operating costs and expenses: Database creation and delivery costs 62,851 74,255 Selling, general, and administrative expenses 38,751 47,353 Total operating costs and expenses 101,602 121,608 Operating income 20,723 38,343 Other income 2,334 3,787 Income before income taxes 23,057 42,130 Income tax expense 7,379 11,881 Net income before cumulative effect of change in accounting principle 15,678 30,249 Cumulative effect of change in accounting principle, net of tax 506 -- Net income $16,184 30,249 Earnings per share of common stock before cumulative effect of change in accounting principle - Basic $0.17 $0.32 Diluted $0.16 $0.31 Cumulative effect of change in accounting principle per share of common stock - Basic $0.01 $-- Diluted $0.01 $-- Earnings per share of common stock - Basic $0.18 $0.32 Diluted $0.17 $0.31 NAVTEQ CORPORATION Condensed Consolidated Balance Sheets (In thousands) Dec. 31, April 1, 2006 2007 (Unaudited) Assets Current assets: Cash and cash equivalents $122,335 114,632 Short-term marketable securities 137,163 188,042 Accounts receivable, net 126,081 109,304 Deferred income taxes, net 9,232 16,338 Prepaid expenses and other current assets 17,744 18,830 Total current assets 412,555 447,146 Property and equipment, net 27,462 56,439 Capitalized software development costs, net 18,844 20,877 Long-term deferred income taxes, net 187,391 231,313 Long-term marketable securities 63,033 44,795 Goodwill and acquired intangible assets, net 72,814 211,452 Deposits and other assets 12,602 3,726 Total assets $794,701 1,015,748 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $22,874 18,898 Accrued payroll and related liabilities 33,571 29,704 Other accrued expenses 40,327 45,415 Deferred revenue 43,639 52,808 Total current liabilities 140,411 146,825 Long-term deferred revenue 2,874 47,898 Other long-term liabilities 2,035 7,789 Total liabilities 145,320 202,512 Stockholders' equity 649,381 813,236 Total liabilities and stockholders' equity $794,701 1,015,748 NAVTEQ CORPORATION Condensed Consolidated Statements of Cash Flows (In thousands) Quarter Ended April 2, April 1, 2006 2007 (Unaudited) Cash flows from operating activities: Net income $16,184 30,249 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,960 9,108 Deferred income taxes 4,843 470 Stock compensation expense 4,016 4,329 Cumulative effect of change in accounting principle (506) -- Provision for doubtful receivables 1,090 575 Noncash other 377 3 Changes in operating assets and liabilities, net of effects of acquisitions (18,553) 34,323 Net cash provided by operating activities 14,411 79,057 Cash flows from investing activities: Acquisition of property and equipment (2,188) (6,602) Capitalized software development costs (3,655) (5,175) Net purchases of marketable securities (42,074) (33,687) Payments for acquisitions, net of cash acquired (4,996) (44,369) Note receivable (200) -- Net cash used in investing activities (53,113) (89,833) Cash flows from financing activities: Issuance of common stock and other equity transactions 4,060 2,233 Net cash provided by financing activities 4,060 2,233 Effect of exchange rate changes on cash 429 840 Net increase in cash and cash equivalents (34,213) (7,703) Cash and cash equivalents at beginning of period 85,070 122,335 Cash and cash equivalents at end of period $50,857 114,632 (Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO)Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO
CONTACT: Editorial, Jennifer Schuh of NAVTEQ, +1-312-894-3913,
email@example.com; or Bob Richter for NAVTEQ, +1-212-802-8588,
firstname.lastname@example.org; or Investor Relations, Thomas R. Fox of NAVTEQ,
Web site: http://www.navteq.com/
SAN JOSE, Calif., May 1 /PRNewswire-FirstCall/ -- Atmel(R) Corporation today announced unaudited selected financial results for the first quarter ended March 31, 2007. All references to revenues exclude those provided by the Company's former Grenoble subsidiary, which was sold in July 2006.
First quarter 2007 revenues totaled $391.3 million, a 2% decrease compared to the $400.8 million reported in the first quarter of 2006, excluding Grenoble, and a decrease of 4% compared to the $408.9 million reported in the fourth quarter of 2006.
The Company's cash position, net of debt, grew by $34.5 million during the first quarter of 2007. The Company's cash, cash equivalents and short-term investments increased to $478.7 million at March 31, 2007, from $466.8 million at December 31, 2006, while long term debt (current and long term portions) decreased to $146.4 million at March 31, 2007, from $169.0 million at December 31, 2006.
First Quarter 2007 and Recent Highlights -- Atmel Introduces Optimized AVR Flash Microcontrollers for USB Full-Speed Peripherals -- Atmel Introduces the World's Lowest Power 32-bit Flash MCU with Ethernet and USB -- Atmel Unveils Stand-alone LIN 2.0 Transceiver IC with Industry's Best EMC Performance -- Atmel Launches LF RF IDIC with Unique ID and Unsurpassed Read/Write Performance -- Atmel Launches RF Chipset with Industry's Highest Integration Level for 5.8 GHz Cordless Phone Applications -- Atmel Announces Low Cost RF WiMAX Transceiver
"Our revenues for the first quarter achieved the high end of our guidance as business continued to strengthen throughout the period, especially for our proprietary products. Sales of our microcontroller products grew by 9% sequentially and approximately 19% compared to the first quarter of 2006. Particularly noteworthy is that our proprietary AVR microcontroller products grew a remarkable 17% sequentially," stated Steven Laub, Atmel's President and Chief Executive Officer. "As we enter the second quarter, we are very pleased to report that we anticipate sequential revenue growth due to continued strength of our proprietary products."
Mr. Laub added, "We are on-track in the implementation of the restructuring and cost-savings initiatives that we announced in December, and we anticipate announcing and implementing additional strategic initiatives throughout 2007 as we position Atmel for sustainable and profitable growth."
The Company anticipates second quarter 2007 revenues will be up 1% to 4% on a sequential basis.
Stock Option Investigation
As previously announced, the Audit Committee of the Company's Board of Directors has substantially completed its independent investigation regarding the timing of the Company's past stock option grants and practices relating to such grants. As a result of the measurement date errors identified in the Audit Committee's investigation, the Company has determined that material stock-based compensation adjustments are required for measurement date errors in the period beginning in 1993 and continuing through January 2004. The Company estimates that aggregate non-cash stock-based compensation expenses for the period from 1993 through 2005, excluding related income tax adjustments, will be approximately $125 million. Any such compensation expenses would have the effect of decreasing net income or increasing net loss and decreasing retained earnings or increasing accumulated deficit as reported in the Company's historical financial statements.
The financial information in this release was compiled by the management of Atmel Corporation and has not been audited or reviewed by the Company's independent registered public accounting firm. The financial information is preliminary and subject to potentially material adjustment depending on the ultimate outcome upon completion of the Company's independent investigation regarding the timing of past stock option grants and other potentially related issues. Any reliance placed on this unaudited and unreviewed financial information is to be done with the full understanding and acceptance of the foregoing uncertainties. As a result of the continuing investigation, the Company does not believe it will file its Form 10-Q for the first quarter ended March 31, 2007 by the due date of May 10, 2007 and is unable to provide additional financial information for the first quarter of 2007 at this time.
Atmel will hold a teleconference at 2:00 p.m. PT today to discuss the first quarter selected financial results. The conference call will be webcast live and can also be monitored by dialing 1-800-374-0405 or 1-706-634-5185. The conference ID number is 6101654 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 2:00 p.m. PT start time to ensure a timely connection. The webcast can be accessed at http://www.atmel.com/ir/ and will be archived for 12 months.
A replay of the May 1, 2007 conference call will be available today at approximately 5:00 p.m. PT and will run for 48 hours. The replay access numbers are 1-800-642-1687 within the U.S. and 1-706-645-9291 for all other locations. The access code is 6101654.
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions. Focused on consumer, industrial, security, communications, computing and automotive markets, Atmel ICs can be found Everywhere You Are(R).
Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about Atmel's expectations for second quarter 2007 revenues, statements about Atmel's restructuring plans and other initiatives, statements regarding demand for semiconductor products, statements regarding Atmel's future growth potential and statements regarding the description, amount and timing of pre-tax, non-cash stock-based compensation charges and the effects of the charges on the Company's past financial statements. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statement. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include the discovery of additional information relevant to the independent investigation, any additional conclusions of the Audit Committee (and the timing of such conclusions) concerning matters relating to stock option grants and the impact of the independent investigation on the amount and timing of previously recorded stock-based compensation and the impact of other potentially related issues, the timing of review and conclusions of the Company's independent registered public accounting firm regarding the Company's stock option grants and related accounting, accounting adjustments to the Company's financial statements for certain periods, the application of accounting or tax principles in an unanticipated manner, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry and/or Company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets, and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K, filed on March 16, 2006 and subsequent Form 10-Q report filed on May 10, 2006.
The Audit Committee has not fully completed its work in connection with its review of past stock option grants and other potentially related issues, including with regard to the accounting and tax implications of the stock option investigation, and the determinations discussed in this press release are preliminary. In addition, the investigation and possible conclusions have had and may in the future have an impact on the amount and timing of previously awarded stock-based compensation and other additional expenses to be recorded; accounting adjustments to our financial statements for the periods in question; our ability to file required reports with the SEC on a timely basis; our ability to meet the requirements of the NASDAQ Global Select Market for continued listing of our shares; potential claims and proceedings relating to such matters, including shareholder or employee litigation and action by the SEC and/or other governmental agencies; and negative tax or other implications for the Company resulting from any accounting adjustments or other factors.
Investor Contact Media Contact Robert Pursel Jennifer Schaefer / Mike Cuneo Director of Investor Relations Joele Frank, Wilkinson Brimmer Katcher 408-487-2677 212-355-4449 Atmel Corporation Selected Financial Highlights (Dollars in millions) (Unaudited) Three Months Ended March 31, December 31, March 31, 2007 2006 2006 Net revenues (excluding Grenoble) $391.3 $408.9 $400.8 Net Grenoble revenues $0.0 $0.0 $36.0 Revenues by Business Segment ASIC (excluding Grenoble) 28.4% 31.1% 30.9% Microcontroller 27.5% 24.1% 22.7% RF and Automotive 22.1% 22.1% 22.5% Non-Volatile Memory 22.0% 22.7% 23.9% Revenues by Geography (excluding Grenoble) Asia 49.7% 52.0% 50.3% Europe 36.5% 34.8% 32.4% Americas 13.8% 13.2% 17.3% March 31, December 31, March 31, 2007 2006 2006 Assets Cash and cash equivalents $420.0 $410.5 $328.9 (Note 1) Short-term investments $58.7 $56.3 $54.8 Accounts receivable, net $215.9 $227.0 $253.0 Liabilities Current portion of long-term debt $36.4 $38.3 $104.8 Current and long-term portion of debt related to assets held for sale $58.2 $70.7 -- (Note 2) Convertible notes -- -- $144.1 Long-term debt less current portion $51.8 $60.0 $116.9 (Note 1) March 31, 2006 cash and cash equivalents exclude balances held by our former Grenoble subsidiary. (Note 2) Short-term and long-term debt related to assets held for sale at North Tyneside, UKAtmel Corporation
CONTACT: investors, Robert Pursel, Director of Investor Relations of
Atmel, +1-408-487-2677, or media, Jennifer Schaefer / Mike Cuneo, both of
Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, for Atmel
Web site: http://www.atmel.com/
HICKORY, N.C., May 1 /PRNewswire-FirstCall/ -- CommScope, Inc. , a world leader in infrastructure solutions for communication networks, today announced it has completed the acquisition of Signal Vision, Inc. (SVI), a leading supplier of broadband RF (Radio Frequency) subscriber products. Signal Vision's product lines include passives, indoor amplifiers and addressable taps. Signal Vision had revenues of less than $30 million in 2006.
"We are pleased to add the Signal Vision product line to CommScope's Broadband portfolio," said Jim Hughes, Executive Vice President, Broadband Sales and Marketing. "Signal Vision has earned industry-wide respect for quality, service and technical leadership. We look forward to building upon this legacy and expanding the reach of their products through CommScope's worldwide channels."
Neil Phillips, President of Signal Vision, Inc., commented, "After a successful 31-year history, we believe that it is advantageous for SVI to join with a strategic partner to accelerate the growth of our business. CommScope represents the ideal fit for us given their global presence, similar core values and their reputation for quality and customer service within the broadband industry."
CommScope is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions.
This press release includes forward-looking statements that are based on information currently available to management, management's beliefs, as well as on a number of assumptions concerning future events. These forward-looking statements are identified by the use of certain terms and phrases, including but not limited to "intend," "goal," "estimate," "expect," "project," "plans," "anticipate", "should," "designed to," "foreseeable future," "believe," "think," "scheduled" and similar expressions. Forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, which could cause the actual results to differ materially from those currently expected. The potential risks and uncertainties that could cause actual results to differ materially include, but are not limited to, the challenges of integration associated with the acquisition; the challenges of achieving anticipated synergies; expected demand from Signal Vision's customers and any statements of belief and any statements of assumptions underlying any of the foregoing. For a more detailed description of the factors that could cause such a difference, please see CommScope's filings with the Securities and Exchange Commission. In providing forward- looking statements, the company does not intend, and is not undertaking any obligation or duty, to update these statements as a result of new information, future events or otherwise.
Visit CommScope at our Website -- http://www.commscope.com/CommScope, Inc.
CONTACT: Phil Armstrong, Investor Relations & Corporate Communications
of CommScope, Inc., +1-828-323-4848
Web site: http://www.commscope.com/
TORONTO, May 1 /PRNewswire-FirstCall/ -- Cinram International Income Fund (TSX: CRW.UN) today announced that Cinram International Inc., its indirect, wholly-owned subsidiary ("Cinram") has completed the acquisition of substantially all of the assets of Ditan Corporation, the leading third-party interactive software and games distribution company in the United States.
"We anticipate that significant synergies in manufacturing, distribution, and new business opportunities will be generated and bear fruit in the near term," said Cinram chief executive officer Dave Rubenstein. "We look forward to working closely with the Ditan team to mutually benefit from this unique business combination."
As previously disclosed, Cinram paid $50 million in cash for Ditan Corporation, subject to working capital adjustments, and will pay additional cash consideration upon the achievement of certain future performance metrics. Ditan will retain its trade name but will operate as Ditan Distribution LLC, an indirect wholly-owned subsidiary of Cinram. Ditan's senior management team and its employees remain with the company.
"We are all very excited about joining the Cinram team," said Ron Novotny, president of Ditan Distribution LLC. "The combination of our businesses will increase Ditan's bandwidth and create new opportunities for our organization."
Prior to being acquired by Cinram, Ditan was a privately held company. Ditan specializes in direct-to-store and third-party logistics and its customers include leading video game publishers, major retailers and home video studios. Ditan has established itself as a long-standing market leading position in providing innovative distribution solutions for all facets of the video game industry. In addition, Ditan is an authorized value-added service provider for the major video game platforms. The company has strategically located facilities in Atlanta, Indianapolis, Louisville and Seattle, and 180 employees.
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN and are included in the S&P/TSX Composite Index. For more information, visit our website at http://www.cinram.com/.
Certain statements included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund, or results of the multimedia duplication/replication industry, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact the demand for the Fund's products and services; multimedia duplication/replication industry conditions and capacity; the ability of the Fund to implement its business strategy; the Fund's ability to retain major customers; the Fund's ability to invest successfully in new technologies and other factors which are described in the Fund's filings with applicable securities commissions. Due to the potential impact of these factors, the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.Cinram International Income Fund
CONTACT: Lyne Beauregard Fisher, Tel: (416) 321-7930,
PITTSBURGH, May 1 /PRNewswire-FirstCall/ -- MSA , the global leader in the development, manufacture and supply of sophisticated products that protect people's health and safety, announced today that it will broadcast a first quarter 2007 earnings conference call live via the Internet on Wednesday, May 9, 2007 at 10:00 a.m. EDT. The call will last approximately 45 minutes.
Investors and interested parties will have the opportunity to listen to the conference call live at http://www.msanet.com/. Please log onto MSA's Web site 15 minutes prior to the start of the call to register. It may be necessary to download audio software to hear the conference call. To do so, investors should click on the Earnings Conference Call link on MSA's Web site and follow directions from there. A replay of the conference will be available on MSA's Web site for 30 days.
A press release outlining first quarter financial results for 2007 will be distributed on May 9, 2007 before the market opens.
Established in 1914, MSA is a global leader in the development, manufacture and supply of sophisticated safety products that protect people's health and safety. Sophisticated safety products typically integrate any combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive line of products is used by workers around the world in the fire service, homeland security, construction and other industries, as well as the military. Principal products include self-contained breathing apparatus, gas masks, gas detection instruments, head protection, respirators and thermal imaging cameras. The company also provides a broad range of consumer and contractor safety products through retail channels. These products are marketed and sold under the MSA Safety Works brand. MSA has annual sales of approximately $914 million, manufacturing operations throughout the United States and Europe, and more than 40 international locations. Additional information is available on the company's Web site at http://www.msanet.com/.MSA
CONTACT: Mark Deasy of MSA, +1-412-967-3357
Web site: http://www.msanet.com/
In the news release, SunPower Executives to Speak at Key Investor Events in May 2007, issued earlier today by SunPower Corporation over PR Newswire, we are advised by the company that the first bullet point should read "the UBS Alternative Energy Conference" rather than "USB" as originally issued inadvertently.SunPower Corporation
Web site: http://www.sunpowercorp.com/
DUNSTABLE, Mass., May 1 /PRNewswire/ -- Residents of Dunstable are a major step closer to having a real choice for their cable television services, thanks to a newly approved agreement authorizing Verizon to offer its FiOS TV service via the most advanced all-digital, fiber-optic network straight to customers' homes.
The Board of Selectmen in Dunstable granted a cable franchise to Verizon Monday (April 30), paving the way for video choice for approximately 1,000 more Massachusetts households.
The board's unanimous vote brings to 47 the total number of Massachusetts communities where Verizon's FiOS TV is or will soon be available.
"We are thrilled to be able to bring FiOS TV to residents in Dunstable," said Donna Cupelo, Verizon region president for Massachusetts and Rhode Island. "Since the launch of FiOS TV in Massachusetts last year, we are continuing our efforts to meet the consumer demand for cable TV choice."
FiOS TV is the company's new fiber-optic television service, which offers a better-quality picture, more high-definition and on-demand programs, and more reliable service at competitive prices.
Verizon currently offers FiOS TV to more than 270,000 households in 41 Massachusetts communities [see list below] as well as other locations in New York, New Jersey, California, Delaware, Texas, Florida, Maryland, Pennsylvania and Virginia.
"As a result of this new franchise, consumers in Dunstable will be able to choose their cable provider as easily as they choose their phone company," said Cupelo. "Competition drives innovation, value and service quality, and it puts the consumer in control."
Verizon is currently in negotiations with some 20 other communities in Massachusetts to obtain additional franchises. For more information on the Verizon franchise process in the state, log onto http://www.verizon.com/ma.
Verizon research indicates 87 percent of Massachusetts residents favor more competition and choice for video services. Independent studies have shown that competition in the video market brings enormous benefits to consumers in the form of reduced prices, better packages and improved service.
The Dunstable franchise agreement contains provisions for the network's future growth; financial support and capacity for educational and government access channels; cable service to government buildings; and other important benefits to the town, including insurance, indemnification and enforcement protections.
"Verizon will compete aggressively for subscribers in Dunstable with our FiOS services, which are fueled by our lightning-fast fiber-optic network," Cupelo said. Verizon soon will begin its door-to-door sales campaign in Dunstable, explaining the many advantages of FiOS TV to local consumers.
Verizon is the first company to offer a fiber-to-the premises (FTTP) network, connecting homes and businesses directly to fiber optics on a widespread scale.
FiOS TV offers a broad collection of all-digital programming, two dozen high-definition channels, video on demand and more. Fiber delivers amazingly sharp pictures and sound, and has the capacity to transmit a wide array of high-definition programming that is so clear and intense it seems to leap from the TV screen.
In addition to FiOS TV, Verizon's fiber network also allows the company to offer consumers and businesses high-speed FiOS Internet service at download speeds up to 50 Mbps (megabits per second) and upload speeds up to 10 Mbps.*
* NOTE: actual (throughput) speeds will vary.
[FiOS TV is available in Acton, Andover, Arlington, Belmont, Boxborough, Boxford, Burlington, Canton, Dedham, Franklin, Georgetown, Hamilton, Hopkinton, Ipswich, Lincoln, Littleton, Lexington, Lynn, Lynnfield, Marlborough, Medfield, Nahant, Natick, Needham, Newton, North Reading, Reading, Stoneham, Sudbury, Swampscott, Tewksbury, Topsfield, Tyngsborough, Wakefield, Wellesley, Wenham, West Newbury, Westwood, Wilmington, Winchester and Woburn. Verizon also has TV franchises in the Massachusetts communities of Marion, Mattapoisett, Middleborough, Rochester and Wareham.]
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving 60.7 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon has a diverse workforce of more than 238,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.Verizon
CONTACT: Carol Baribeau, +1-413-731-8606, email@example.com,
or Phil Santoro, +1-617-743-4760, firstname.lastname@example.org, both of
Web site: http://www.verizon.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
LIAONING PROVINCE, China, May 1 /PRNewswire-FirstCall/ -- Capital Resource Funding Corp. (BULLETIN BOARD: CRFU) , one of China's largest producers of anode materials for use in lithium ion batteries, announced today that OTC Financial Network, a division of National Financial Communications Corp. ("NFC"), has issued a corporate profile on the Company. To learn more about Capital Resource Funding's business, market opportunities and growth potential, download the report for free at http://otcfn.com/crfu/crfu- report.pdf.
Geoffrey Eiten, publisher of OTCFN Corporate Facts, stated in the report, "A booming economy, the continued privatization of industry, and entrance into the World Trade Organization is turning China into an economic superpower, and Sino-American investments into a hotbed of opportunity. Operating exclusively in China's high-tech manufacturing sector, Capital Resource Funding, through its wholly owned subsidiary Da Lian Xin Yang High-Tech Development Co. Ltd., is one of the fastest growing manufacturers of power-supply components to China's $2.1 Billion lithium ion battery market."
About OTC Financial Network
OTC Financial Network is a leading provider of investor relations and financial consulting services and customized, proactive investor relations campaigns for more than 500 small/micro-cap public companies since 1992. A partnership with OTC Financial Network can improve a company's shareholder communications channel, facilitate capital formation opportunities, create an expanding and diversified base of institutional and retail shareholders, and garner financial media coverage. OTC Financial Network is a division of National Financial Communications Corp. based in Needham, MA. For more information, visit http://www.otcfn.com/ or http://www.nationalfc.com/.
About Capital Resource Funding, Inc.
Capital Resource Funding, Inc. produces anode materials used in lithium ion batteries. Lithium ion batteries continue to gain in popularity due to their versatility, high energy density and capacity, high voltage, compact size, light weight, and excellent energy retention characteristics. They are used in mobile phones, PDAs, laptops, and digital cameras, as well as electric automobiles and solar and wind energy storage units. Capital Resources conducts its operations through Da Lian Xin Yang High-Tech Development Co. Ltd. ("DLX"), a wholly owned subsidiary located in China. DLX primarily produces cobaltosic oxide and lithium cobalt oxide and also engages in the research and development of new technologies to be used in the lithium ion battery market. According to the China Battery Industry Association, DLX has the second largest cobalt series production capacity in China.
Disclaimer: OTC Financial Network, a division of National Financial Communications Corp., serves as special advisor to Capital Resource Funding Corp. and has received fees for services, including a monthly retainer in the amount of five-thousand dollars paid in cash and/or free-trading shares, plus the option to purchase an aggregate of three-hundred thousand shares of common stock at an exercise price of $1.50 per share, plus expenses, for the creation and distribution of materials. This is not an offer to buy or sell securities. Information or opinions in this release are presented solely for informative purposes, and are not intended nor should they be construed as investment advice. A full disclaimer can be found online by visiting http://www.otcfn.com/crfu and selecting the "Disclaimer" link.
Safe Harbor Statement
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the securities and exchange commission.Capital Resource Funding Corp.
CONTACT: Company, Thomas Yang, Assistant to the President,
+1-917-432-9350 (U.S.), or 86 411 8289-7752 (China), or Fax, 86 411 8289-2739,
or email@example.com; or Investor Relations, Peter Clark of OTC
Financial Network, +1-781-444-6100 ext.629, or firstname.lastname@example.org
Web site: http://www.china-sun.cn/
FRESNO, Calif., May 1 /PRNewswire/ -- Comcast announced today the launch of Comcast Digital Voice in several Central California communities, including Fresno, Lodi, Merced, Modesto, Stockton, Tracy and Visalia.* Comcast's IP-enabled voice service offers customers digital-quality phone service with unlimited direct-dial local and domestic long-distance calling (including Canada, Alaska, Hawaii and Puerto Rico), Web access to voicemail, E911 service, and 12 of the most popular calling features.**
"Comcast is excited to offer the residents of these Central California communities the reliable and innovative voice services they want, with Comcast Digital Voice," said Joseph A. Gamble, Senior Vice President for Comcast Central California. "Our privately managed network serves as a strong foundation for the voice, television and high-speed Internet products of today and tomorrow, and will completely coordinate the home entertainment and communication experience, all on one integrated bill."
Comcast is launching Comcast Digital Voice throughout Central California using a phased approach. The service launched in Sacramento, Davis, Placerville, Grass Valley, Nevada City, Marysville and Yuba City on March 30th, and Comcast anticipates launching Comcast Digital Voice to its remaining Central California communities, including Elk Grove, Galt, Manteca, Lathrop and Chico during the next two months.
Comcast Digital Voice answers the call for a reliable phone service. Comcast Digital Voice is a less-expensive, fully featured alternative for traditional phone service with online call management, Web access to voicemail, and only one bill for all Comcast services. That is why Comcast guarantees that Comcast Digital Voice customers will be satisfied, or receive a refund for the first 30 days of service.
Comcast Digital Voice is designed to be easy for the consumer. Comcast technicians will professionally install Comcast Digital Voice in the home - converting the jacks and existing wiring in the home. Customers can keep their current phone numbers and make and receive an unlimited amount of direct-dial local and domestic long-distance calls for an introductory rate of $33 per month. Comcast also offers very competitive international rates, including unlimited calling to Canada.
Comcast stresses quality and reliability. Unlike traditional Voice over Internet Protocol (VoIP) offerings that run on the public Internet, Comcast Digital Voice calls originate and travel over Comcast's advanced, proprietary managed network. Furthermore, if power goes out in the home, Comcast customers can rest assured knowing Comcast Digital Voice is equipped with up to five hours of battery back-up.
Comcast Digital Voice has Enhanced 911. Comcast has access to the network, systems and capabilities to handle 911/E911 calls the way that traditional phone companies do, ensuring that calls, location information and telephone numbers are transmitted to the correct local emergency responders.
Comcast Digital Voice customers will also receive innovative features including:
-- Web access to voicemail -- Compatibility with a majority of home alarm systems -- Ability to manage their account online -- Customers who have Comcast Digital Voice and Comcast High-Speed Internet have the ability to use the Digital Voice Center (Web portal) to manage their voice and email messages from one central location.
Comcast Digital Voice is currently available in more than 60 markets nationwide(including San Francisco/Bay Area, Chicago, Boston, Philadelphia, Atlanta, Pittsburgh, Seattle, Denver, Washington, D.C., Baltimore, Detroit, Portland, Salt Lake City and Indianapolis), reaching more than 32.4 million homes. Comcast is one of the largest cable telephone providers in the United States, with more than 3.0 million phone customers and nearly nine years of experience in the phone business.
About Comcast Corporation
Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million cable customers, 12.1 million high-speed Internet customers, and 3.0 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One, four regional Comcast SportsNets and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
*Editor's Note: The list of cities where Comcast Digital Voice will be available on May 1 is attached.
**Editor's Note: 12 most popular calling features include 3-way calling, anonymous call rejection, call forwarding, call return, call screening, call waiting, caller ID, caller ID blocking, caller ID with call waiting, repeat dialing, speed dial and enhanced voicemail.
Central California Comcast Digital Voice May 1st Launch Cities & Communities Atwater Chowchilla Clovis Dinuba Exeter Farmersville Firebaugh Fresno Hanford Kingsburg Lemoore Lodi Los Banos Madera Mendota Merced Modesto Newman Oakdale Parlier Porterville Selma Stockton Tracy Tulare Visalia Fact Sheet Comcast Digital Voice(TM) Top Ten Things You Should Know About Comcast Digital Voice
1. Comcast Digital Voice uses Internet Protocol and not the Internet. Comcast Digital Voice calls travel on our private, managed network - not over the public Internet. That makes it superior to other 'Best Effort' services delivering phone traffic over the public Internet.
2. Comcast Digital Voice offers digital quality phone service with all of the features that customers expect from their phone service, plus enhancements like the ability to check voice mail online.
3. Comcast Digital Voice gives customers 12 of the top calling features, including: Caller ID; Call Waiting; Call Forwarding; Repeat Dialing and Speed Dialing.
4. Comcast Digital Voice offers E911 capability. Customers' 911 calls are routed to public safety answering points ("PSAPs") along with Automatic Location Information ("ALI") identifying the caller's location.
5. Comcast Digital Voice currently provides battery backup in the Multimedia Terminal Adapters (MTAs). The MTA will provide several hours of backup power to keep Comcast Digital Voice working when a customer loses power in their home.
6. Trained, professional Comcast technicians perform the whole standard installation for customers, and once set up, all of the telephone jacks in the home will work with Comcast Digital Voice - not just one phone next to the modem as with some voice over the Net providers.
7. Comcast Digital Voice provides customers with the ability to listen to and manage their home voice mail messages from anywhere. All they need is access to a computer connected to the Internet. They will also be able to view their Comcast Digital Voice billing information online.*
8. Comcast Digital Voice works with most home alarm systems using tone dialing and standard data communications protocols.
9. Comcast Digital Voice customers receive a single bill for all of their services, including Comcast Cable and Comcast High-Speed Internet services.
10. Customers can switch to Comcast Digital Voice and keep the same phone number and use their existing touchtone phone. If customers intend on keeping their current phone number, Comcast will handle the transition from their current service provider for them.Comcast Corporation
CONTACT: Bryan Byrd, +1-916-515-2821, or cell, +1-916-826-7983, or
Web site: http://www.comcast.com/
NEW YORK, and SAN DIEGO, May 1 /PRNewswire/ -- Neo@Ogilvy, The Ogilvy Group's global digital and direct media company, and SEMDirector, Inc., the leader in search marketing automation solutions, today announced a global alliance to provide clients with proprietary technology solutions to manage and measure fully integrated search marketing campaigns around the world.
The partnership helps Neo@Ogilvy leverage SEMDirector's technologies for managing paid and organic search in one holistic view. This alliance bolsters Neo@Ogilvy's ability to manage client search programs across multiple departments and multiple geographic markets. Neo@Ogilvy already has a strong global search marketing offering with a networked search team on the ground in fourteen countries. The partnership with SEMDirector ensures clients and global coordinators have a centralized view of in-market activity.
"We have been working with SEMDirector on behalf of several large global clients," said Nasreen Madhany, Worldwide CEO of Neo@Ogilvy. "Combining SEMDirector's breakthrough software for managing large-scale, complicated global multimedia campaigns, GSI's advanced expertise in search engine optimization and Neo's strategic global marketing expertise, creates a best in class end-to-end search marketing solution for clients. The joining of these capabilities delivers the most effective and efficient solution to manage global campaigns."
The two companies have already partnered in work for IBM and other clients. With more and more money being allocated to search advertising, given its proven ROI, technologies that allow organizations to track performance and maintain budget accountability are essential.
"Through this partnership with Neo@Ogilvy, our two companies will deliver a comprehensive solution for managing global search engine marketing campaigns to large advertisers," said Russ Mann, CEO of SEMDirector. "The growth in search marketing by large companies requires businesses to leverage solutions like the one we are offering with Neo@Ogilvy -- a scalable technology to automate the data collection around paid and organic search performance with world class execution capabilities."
For many large advertisers, aggregating performance information on numerous advertising platforms in many countries and multiple languages is very difficult. The process can engage 50-60 percent of the company's resources just to compile such reports manually. With the search marketing automation technology from SEMDirector, advertisers will direct these resources on campaign strategy and performance improvements.
"SEMDirector's focus on building technologies to enable large advertisers to gain visibility into the performance of their paid and organic search programs, combined with a focus on providing actions on how to improve performance, compliments Neo@Ogilvy's ability to build strategy and execute global campaigns," said Greg Smith, COO of Neo@Ogilvy. "As we incorporate SEMDirector's sophisticated technology with our network of offices for interactive marketing professionals, Neo@Ogilvy will fully address the issues around maximizing search performance for complex campaigns."
The partnership follows Neo@Ogilvy's acquisition of Global Strategies International (GSI) and underscores its commitment and focus in delivering best-in-class search marketing solutions to clients.
Neo@Ogilvy is a full-service digital and direct media company that manages digital media investment for top global clients covering digital advertising and direct marketing, digital and direct TV, direct response print and email, email marketing, search marketing, and new forms of digital media such as blogs and vlogs. It is part of The Ogilvy Group.
The Ogilvy Group (http://www.ogilvy.com/), a subsidiary of WPP , is one of the largest marketing communications networks in the world, with 497 offices in 125 countries, specializing in advertising, relationship and interactive marketing, public relations, sales promotion, and related services. The agency services Fortune Global 500 companies including American Express, BP, DuPont, Ford, GSK, Gillette, IBM, Kodak, Kraft, Mattel, Morgan Stanley, Nestle, Unilever, and YUM.
About SEMDirector, Inc.
SEMDirector, Inc. is the leader in search marketing automation software. The SEMDirector portfolio provides global organizations with robust search marketing automation solutions for paid search advertising and organic search engine optimization across the enterprise and throughout the channel. With SEMDirector, complex, distributed organizations can control brand integrity, ensure budget transparency and deliver quantifiable results across business units, distribution channels and local languages. Headquartered in San Diego, SEMDirector's growing customer list includes some of the world's best known brands in high tech manufacturing, electronics, media & publishing and consumer packaged goods. For more information on the SEMDirector portfolio of search marketing automation solutions, call 619.325.0960.Ogilvy North America
CONTACT: Toni Lee of Ogilvy, +1-203-761-1292, Toni.Lee@Ogilvy.com; or
Liya Sharif, or Natasha Grach, both of Townsend Inc. for SEMDirector,
Web site: http://www.ogilvy.com/
SUWANEE, Ga., May 1 /PRNewswire-FirstCall/ -- ARRIS today announced that it will display ultra fast wideband data service with speeds in excess of 100 Megabits per second in Booth C-13 at the ANGA Exhibition and Conference, May 22-24 in Cologne, Germany. The demo will incorporate the ARRIS C4(TM) CMTS and the Touchstone(R) Wideband Modem WBM650. Additionally, the company will demonstrate:
Its Video MPEG EdgeQAM and Modular CMTS (M-CMTS)-based ARRIS D5(TM) Universal Edge QAM solution
The ARRIS C3(TM) CMTS, configured for Session Initiated Protocol (SIP) based voice service and the accompanying new Touchstone wireless modem WTM552
The complete line of ARRIS CXM(TM) broadband modems and gateways for the hospitality industry and Multiple Dwelling Unit markets
ARRIS wireless over DOCSIS(R) solutions The ARRIS T1-E1 Business Services solution The ARRIS Fixed Mobile Convergence solution
The regional, EC-sponsored Core Subsystem for Delivery of Multiband Data in CATV Networks (CODMUCA) project, which ARRIS coordinates.
These solutions demonstrate the choice of technology options that ARRIS offers customers to support existing modes of operation and the emerging Modular (M-CMTS) and Integrated (I-CMTS) architectures with today's platforms. For more information about the ARRIS demos at ANGA, please visit http://www.arrisi.com/anga.
ARRIS provides broadband local access networks with best-in-class video, high-speed data, mobile and fixed-line telephony systems for the delivery of voice, video and data to their residential and small-to-medium sized business customers. The Company also provides a complete set of tools and cable system infrastructure maintenance and upgrade products. ARRIS is headquartered in Atlanta, Georgia, USA, with R&D centers in Atlanta, Chicago, Cork, Ireland and Shenzhen, China, and operates support and sales offices throughout the world. Information about ARRIS products and services can be found at http://www.arrisi.com/.ARRIS
CONTACT: Alex Swan of ARRIS Media Relations, +1-678-473-8327,
Web site: http://www.arrisi.com/
SCHAUMBURG, Ill., May 1 /PRNewswire-FirstCall/ -- Motorola, Inc. today mailed the following letter to all stockholders in connection with the Company's upcoming Annual Meeting of Stockholders. Motorola's Board of Directors urges all stockholders to vote FOR the election of its directors on the WHITE proxy today.
May 1, 2007 Dear Fellow Stockholder: RE-ELECT YOUR BOARD OF DIRECTORS VOTE THE WHITE PROXY CARD TODAY
Motorola's 2007 Annual Meeting of Stockholders is less than one week away. Your Board of Directors strongly opposes Carl Icahn's nomination for election to the Board. Carl Icahn's principal argument in support of his effort to gain a seat on your Board is that your Board is in need of a "fresh perspective" and that he is the person to provide it. Your Board disagrees, having added five new independent directors over the past three years. As you make this important voting decision, we ask all stockholders to consider the following:
Some have asked "What's the harm in putting Carl Icahn on the Board?"
Board decisions should be based on what is in the BEST interests of all stockholders. If a Board were to decide to make an acquisition, sell a division, repurchase stock or increase capital spending based on a standard of "What's the harm?" -- that Board would be derelict in its duties. The decision of whether to support a nominee for election is no different. Your Board takes seriously its obligation to nominate the very best candidates available. We will not, in Carl Icahn's words, "simply add" him to the Board just to avoid a proxy fight.
Your Board is comprised of proven business and academic leaders -- serious, dedicated individuals who are committed to doing what is in the best interests of Motorola and its stockholders. We are not convinced that Carl Icahn would commit the time and energy necessary to serve you well as a Board member.
In a Reuters interview, Carl Icahn admitted that he might have dropped his demand for a Board seat had Motorola pursued his ill-advised leveraged stock repurchase program. Remember, first and foremost, Carl Icahn is a professional investor whose business is running funds which buy and sell public company securities. He has responsibilities to his investors which may conflict with his ability to represent all stockholders.
Your Board is, and always has been, open to "fresh perspectives."
Your Board regularly considers adding independent directors with the right qualifications and commitment. In fact, your Board has added five new independent directors since January 2004, each of whom brings a fresh perspective that adds to the strength of your Board.
Since he became a Motorola stockholder three months ago, your Board has been listening to Carl Icahn. We even offered to work with Carl Icahn to identify a mutually acceptable candidate, but he declined.
Your Board has a proven track record of taking proactive steps and creating significant stockholder value.
Each of your directors has extensive knowledge of, and a commitment to, Motorola and its businesses. Furthermore, your Board has actively guided the Company's strategic direction and has taken decisive actions to improve stockholder value based on its deep experience and interest in Motorola's technology, customers and products.
Since April 2003, Motorola has achieved nearly 30% annualized returns. Said another way, $100 invested in Motorola common stock on April 25, 2003 would be worth over $280 today.(1)
During the past four years, your Board and management have taken significant steps to achieve this return, including:
-- Returning over $7 billion to stockholders through share repurchases since May 2005 and generating over $35 billion of stockholder value in the last four years by enhancing Motorola's balance sheet to provide competitive flexibility. -- Significantly transforming Motorola and improving the Company's cost structure, including reducing the number of operating divisions from 6 (in 2003) to 3 today while doubling revenues and almost quadrupling operating profits over the same four year period. -- Replacing the Company's prior Chief Executive Officer with a new Chief Executive Officer while significantly bolstering management strength with new senior hires and 5 new independent board members. -- Divesting Motorola's semiconductor business -- a 23,000-person organization representing a 50 year legacy business for Motorola -- in a tax-free distribution to stockholders (in December 2004, Motorola stockholders received approximately $5.0 billion in the form of Freescale Semiconductor common stock. Freescale was taken private in December 1, 2006 for approximately $17 billion) and divesting Motorola's legacy automotive electronics business, as well as several other non-core businesses. -- Guiding and supporting multiple acquisitions and investments including the recent acquisitions of Symbol Technologies, Good Technology and dozens of other acquisitions that have delivered over 1,500 patents to the Company supplementing Motorola's already prolific patent portfolio.
As a result of these steps your Board has taken, Motorola is today #1 or #2 in nearly every key segment in which it operates.
After carefully considering Carl Icahn's nomination, your Board unanimously determined that he is NOT the right person to serve as a Motorola director.
-- Carl Icahn offers no plan to deliver value to all Motorola stockholders or to improve the performance of our Mobile Devices business. In fact, his only suggestion thus far was a leveraged $15 billion to $20 billion share repurchase program, which even he now admits was inadvisable. -- Carl Icahn is unfamiliar with Motorola, our industry, technologies, customers and markets. -- Carl Icahn's multiple other commitments as a director and investor would not, in our view, permit him to devote sufficient time or attention as a Motorola director. -- Carl Icahn's success as an investor does not, in and of itself, qualify him to serve on your Board -- investor experience does not ensure director effectiveness.
Ask yourself: if Carl Icahn wants to serve on your Board, shouldn't he understand the Company and its needs? Shouldn't he have engaged in a dialogue with the Company before buying stock and demanding an ill-advised stock buyback?
Ask yourself: if elected, how would Carl Icahn balance his responsibilities to investors in his funds, and his duties to you in his role as a Motorola director?
As you consider this important voting decision, ask yourself the following questions about the potential conflicts if Carl Icahn was elected to your Board:
-- As an active trader in securities, how would Carl Icahn manage the trading restrictions applicable to all directors and balance them with his obligations to his own investors? If there were an opportunity for Carl Icahn's funds to sell Motorola shares at a favorable price, would he simply resign from your Board to take advantage of it? -- Do you believe Carl Icahn views serving as a director of a public company as a serious commitment or merely as an adjunct to his investing activities -- to be discarded when no longer needed to support a particular agenda? Carl Icahn currently serves on as many as eight boards and is chairman of at least four. He is also seeking election to the Board of WCI Communities, Inc., a publicly-traded company that he is attempting to take over. Your Board takes little comfort in Carl Icahn's "offer" to reduce his other board positions to less than six if he is elected to your Board. -- Institutional Shareholder Services (ISS), a proxy advisory firm, has stated that, if elected, Carl Icahn would be well informed because "he will be supported by the full research and analytical team of his multi-billion dollar hedge fund." How will Carl Icahn ensure that confidential information about Motorola is used only in the interest of Motorola stockholders?
Glass Lewis recommends Motorola stockholders vote FOR the election of Motorola's directors, rejecting Carl Icahn's nomination to your Board.
In recommending that Motorola stockholders vote FOR Motorola's incumbent directors and AGAINST Carl Icahn's nomination, Glass Lewis, another leading proxy advisory firm, noted in its report*:
"[Mr. Icahn's] plan for improving Motorola's current position is short on details. Furthermore, while we acknowledge Mr. Icahn's lengthy record in generating shareholder value in turnaround situations, without a definitive plan put forth, shareholders are left to rely solely on Mr. Icahn's record and generic calls for a more engaged board ... [W]e do not feel Mr. Icahn's proposal meets the requirements necessary to take the significant step of electing a dissident board member." "[N]either the size nor length of [Carl Icahn's] holdings in Motorola should automatically qualify him as a director. ... we believe he could be a positive influence on the board and management as an active, large investor in Motorola even without serving as a director on the board."
Your Board has listened and will continue to listen to the views of all Motorola stockholders, including Carl Icahn, and we welcome Carl Icahn as an investor. However, we strongly believe that Carl Icahn is not the right person to serve on your Board and we do not believe he would add value as a director.
RE-ELECT YOUR BOARD. VOTE THE WHITE PROXY CARD TODAY
We urge all stockholders to vote for the election of all nominees proposed by Motorola's Board, on the WHITE proxy card. Your Board is unanimous in its opposition to Carl Icahn's nomination and requests that you discard Carl Icahn's gold proxy card.
Motorola's 2007 Annual Meeting of Stockholders is less than one week away. Your vote is extremely important. No matter how many shares of Motorola stock you own, it is important that your shares be represented and voted at the Annual Meeting. Please sign, date and return your WHITE proxy card today. We also encourage you to vote by Internet and phone by following the instructions on the WHITE proxy card.
On behalf of Motorola's Board of Directors, Sincerely, /s/ Edward J. Zander Edward J. Zander Chairman of the Board and Chief Executive Officer Motorola, Inc. /s/ Samuel C. Scott III Samuel C. Scott III Lead Director Motorola, Inc. * Permission to use quotations was neither sought nor obtained. Vote the WHITE Proxy Card.
Instructions for voting your shares by telephone, Internet or mail are enclosed, along with your WHITE proxy card and postage-paid return envelope.
If you've already signed and returned Carl Icahn's gold proxy card, you can revoke that vote and cast a new vote by completing, signing, dating and returning the enclosed WHITE proxy card today.
If your shares of Motorola Common Stock are held for you by a broker or bank, only your broker or banker can vote your shares and only after receiving your specific instructions. In that case, you are asked to complete, sign, date and return the enclosed WHITE voting instruction form today.
If you need assistance in voting your shares by telephone, Internet or mail, please call D. F. King & Co., Inc., which is assisting Motorola, toll-free at 1-800-488-8095.
In connection with the solicitation of proxies, Motorola has filed with the Securities and Exchange Commission (the "SEC") and mailed to stockholders a definitive proxy statement (the "Proxy Statement"). The Proxy Statement contains important information about Motorola and the 2007 annual stockholders meeting. Motorola's stockholders are urged to read the Proxy Statement carefully. Stockholders may obtain additional free copies of the Proxy Statement and other relevant documents filed with the SEC by Motorola through the website maintained by the SEC at http://www.sec.gov/. The Proxy Statement and other relevant documents may also be obtained free of charge from Motorola by contacting Investor Relations in writing at Motorola, Inc., 1303 E. Algonquin Road, Schaumburg, IL 60196; or by phone at 1-800-262-8509; or by email at email@example.com. The Proxy Statement is also available on Motorola's website at http://www.motorola.com/investor. The contents of the websites referenced above are not deemed to be incorporated by reference into the Proxy Statement. In addition, copies of the Proxy Statement may be requested by contacting our proxy solicitor, D.F. King & Co., Inc. by phone toll-free at 1-800-488-8095.
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.9 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, Motorola's outlook for sales and earnings in the second quarter of 2007 and anticipated profitability and operating cash flow for 2007. Motorola cautions the reader that the risk factors below, as well as those on pages 16 through 24 in Item 1A of Motorola's 2006 Annual Report on Form 10-K and in its other SEC filings, could cause Motorola's actual results to differ materially from those estimated or predicted in the forward-looking statements. Factors that may impact forward-looking statements include, but are not limited to: (1) the company's ability to return to profitability and increase market share in its wireless handset business; (2) the level of demand for the company's products, including products related to new technologies; (3) the company's ability to introduce new products and technologies in a timely manner; (4) the company's ability to continue generating meaningful savings from supply-chain improvements, manufacturing consolidation and other cost-reduction initiatives; (5) the uncertainty of current economic and political conditions, as well as the economic outlook for the telecommunications and broadband industries; (6) the company's ability to purchase sufficient materials, parts and components to meet customer demand; (7) unexpected negative consequences from the company's ongoing restructuring and cost-reduction activities; (8) risks related to dependence on certain key suppliers; (9) the impact on the company's performance and financial results from strategic acquisitions or divestitures, including those that may occur in the future; (10) risks related to the company's high volume of manufacturing and sales in Asia; (11) the creditworthiness of the company's customers, particularly purchasers of large infrastructure systems; (12) variability in income generated from licensing the company's intellectual property; (13) unexpected liabilities or expenses, including unfavorable outcomes to any pending or future litigation or regulatory or similar proceedings, including without limitation any relating to the Iridium project; (14) the timing and levels at which design wins become actual orders and sales; (15) the impact of foreign currency fluctuations; (16) the impact on the company from continuing hostilities in Iraq and conflict in other countries; (17) the impact on the company from ongoing consolidation in the telecommunications and broadband industries; (18) the impact of changes in governmental policies, laws or regulations; (19) the outcome of currently ongoing and future tax matters; and (20) unforeseen negative consequences from the company's outsourcing of various activities, including certain manufacturing, information technology and administrative functions. Motorola undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
Important Additional Information
While Motorola does not believe that this communication constitutes solicitation material in respect of Motorola's solicitation of proxies in connection with its 2007 Annual Stockholders Meeting, this communication may be deemed to be solicitation material. In connection with the solicitation of proxies, Motorola has filed with the Securities and Exchange Commission (the "SEC") a definitive proxy statement on March 15, 2007 (the "Proxy Statement"). THE PROXY STATEMENT CONTAINS IMPORTANT INFORMATION ABOUT MOTOROLA AND THE 2007 ANNUAL STOCKHOLDERS MEETING. MOTOROLA'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY.
On March 19, 2007, Motorola began the process of mailing the Proxy Statement, together with a WHITE proxy card. Stockholders may obtain additional free copies of the Proxy Statement and other documents filed with the SEC by Motorola through the website maintained by the SEC at http://www.sec.gov/. The Proxy Statement and other relevant documents may also be obtained free of charge from Motorola by contacting Investor Relations in writing at Motorola, Inc., 1303 E. Algonquin Road, Schaumburg, IL 60196; or by phone at 1-800-262-8509; or by email at firstname.lastname@example.org. The Proxy Statement is also available on Motorola's website at http://www.motorola.com/investor. The contents of the websites referenced above are not deemed to be incorporated by reference into the Proxy Statement. In addition, copies of the Proxy Statement may be requested by contacting the company's proxy solicitor, D.F. King & Co. Inc. by phone toll-free at 1-800-488-8095.
Motorola and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the 2007 Annual Stockholders Meeting. You can find information about Motorola's executive officers and directors in the Proxy Statement.
(1) Current value takes into account dividends and value of Freescale Semiconductor shares distributed to shareholders; assumes all dividends reinvested at the market closing price on day of payment; value of FSL represents 0.110415 FSL shares per MOT share owned at December 2004 multiplied by shares held at that time multiplied by take private cash consideration of $40.00 per FSL share.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO
CONTACT: Media, Paul Alfieri, +1-847-435-5320,
email@example.com, or Jennifer Erickson, +1-847-772-1217,
Jennifer.firstname.lastname@example.org, or Investors, Dean Lindroth, +1-847-576-6899,
email@example.com, all of Motorola, Inc.
Web site: http://www.motorola.com/
CHICAGO, May 1 /PRNewswire-FirstCall/ -- Just in time for Mother's Day, Motorola, Inc. debuts the deep, jewel-tone finish of the new MOTORAZR V3i in purple. Unlocked for GSM, the purple MOTORAZR is available exclusively online at http://www.store.motorola.com/.
"The MOTORAZR V3i in purple is the first of many exclusive products that will be available at MotoStore," said Jeff Miller, vice president, Motorola. "The bright purple color makes this handheld the perfect gift for women who appreciate style, design and the latest technology."
The MOTORAZR V3i delivers the ultimate combination of design and technology. Beneath the stunning exterior lies a large internal color display as well as quad-band and Bluetooth wireless technology(1). With enhanced visual features, the integrated 1.23 megapixel digital camera and full screen view-finder features a zoom and video capture.
Pricing and Availability
MotoStore is exclusively offering the vibrant MOTORAZR V3i in purple at the perfect price of $239.99, or a family pack that's twice as stylish at only $383.99 for two. The device will be sold unlocked and is compatible with any existing GSM service. Editors Note: For high-resolution images, visit: http://www.motorola.com/motoinfo.
About MotoStore Online
MotoStore, http://www.store.motorola.com/, is the source for authentic Motorola products, including the widest selection available of Motorola phones, accessories, bundles and exclusive offers. Shoppers can choose from phones that are unlocked, unactivated or come with carrier service plans.
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.9 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
Certain mobile phone features may not be activated by your service provider, and/or their network settings may limit the feature's functionality. Contact your service provider for details. All features, functionality and other product specifications are subject to change without notice or obligation.
(1) This device supports a Bluetooth profile. In order for Bluetooth devices to communicate with one another, they must utilize the same Bluetooth profile. To determine the profiles supported by other Motorola devices, visit http://www.hellomoto.com/bluetooth. For other devices, contact their respective manufacturer.
Certain Bluetooth features including those listed may not be supported by all compatible Bluetooth-enabled devices, and/or the functionality of such features may be limited in certain devices, or by certain wireless carriers. Contact your wireless carrier about feature availability and functionality.
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. The Bluetooth trademarks are owned by their proprietor and used by Motorola, Inc. under license. All other product or service names are the property of their respective owners. (C) Motorola, Inc. 2007. All rights reserved.Motorola, Inc.
CONTACT: Tracey Thiele of Motorola, Inc., +1-773-793-2325,
Tracey.Thiele@motorola.com; or Kate Brennan of Fleishman-Hillard, Inc.,
Web site: http://www.motorola.com/
DETROIT, May 1 /PRNewswire-FirstCall/ -- Compuware Corporation today announced that Laura Fournier, Compuware Senior Vice President and Chief Financial Officer, earned Public Company CFO of the Year recognition in the first-annual Crain's Detroit Business CFO of the Year Awards. An independent panel of academic and finance-industry luminaries selected Fournier for this honor. In bestowing this award, the panel considered Fournier's total contribution to company success, her leadership role across the company, her innovation and her community service.
"This award represents a mark of achievement for Laura, for her entire Finance team and for Compuware," said Compuware Chairman and Chief Executive Officer Peter Karmanos, Jr. "Laura continues to provide strategic leadership for Compuware in building one of the strongest balance sheets in the technology industry while maintaining the company's proud tradition of ethical, straightforward and transparent financial reporting."
Fournier joined Compuware in 1990 as Director of Internal Audit. Her current responsibilities include Compuware's worldwide financial reporting, accounting, internal audit and taxation. Laura also serves the company as Treasurer and guides strategic planning and all business practices and policies related to finance.
"I'm honored to be named CFO of the Year, and I thank the committee for this award," said Fournier. "I'm grateful to Compuware Chairman and CEO Peter Karmanos, Jr. for his ongoing support, as well as to the entire Compuware Finance organization for being the best in the business."
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/.
Press Contact Doug Kuiper, Compuware Communications and Investor Relations firstname.lastname@example.org 313-227-2764 For Sales and Marketing Information Compuware Corporation One Campus Martius, Detroit, MI 48226 800-521-9353 http://www.compuware.com/Compuware Corporation
CONTACT: Press, Doug Kuiper, Compuware Communications and Investor
Relations, +1-313-227-2764, email@example.com; or Sales and Marketing,
Web site: http://www.compuware.com/
Company News On-Call: http://www.prnewswire.com/comp/112310.html
JEFFERSON CITY, Mo., May 1 /PRNewswire-FirstCall/ -- In response to state legislation that increases video competition, Gov. Matt Blunt and AT&T Missouri officials announced today that AT&T plans to invest approximately $335 million over the next three years in fiber network upgrades and other new technology to bring cutting-edge video and Internet services to Missouri.
The new technology upgrades will support high speed Internet access, Internet Protocol (IP)-based video and, in the future, Voice over Internet Protocol (VoIP) services. They are a direct result of Senate Bill 284, passed by the Missouri Legislature and signed into law by Gov. Blunt March 22.
Under the landmark investment, AT&T will also add broadband technology to its remaining 42 central offices in Missouri -- mainly in rural areas -- that are currently without DSL capability. When that process is completed, all 213 switching offices statewide will be DSL-ready, bringing access to high speed Internet service to communities such as Paynesville, Missouri with a population 91.
"We look forward to bringing residents the most advanced technology available in video, voice and Internet services. Consumers will see a new world of communications and entertainment. We commend Gov. Blunt and the General Assembly for making it possible," said Cindy Brinkley, president-AT&T Missouri.
SB 284 allows companies that want to provide competitive video services to get a state-issued franchise rather than negotiate with individual municipalities, a process that could take years to complete.
Gov. Blunt, who earlier called for video legislation in his State of the State address, thanked legislators for setting the right environment for competitive choices, new investments in advanced broadband services and new benefits for consumers across the state.
"This pro-consumer legislation will provide Missourians with greater choice and all the benefits of that competition. I commend Sen. Griesheimer for his leadership on this issue," said Blunt. "It will expand Internet access for Missourians while changing the way people watch television, surf the Internet and use the phone."
"For many rural communities, this legislation was long overdue, and I was pleased to sign it into law. I believe our people will see real benefits with this legislation, and Missouri will be viewed as a leader in setting forward- thinking telecommunications policy," said Blunt.
State Sen. John Griesheimer, sponsor of SB 284, added that the legislation was the culmination of months of discussions with various parties, including the telecommunications and cable industries, municipalities and consumer groups. "But consumers are the big winners in all of this. Good public policy results in new investment, community growth and economic development opportunities," he said.
Many of the towns on the list to get DSL have few options for broadband service today.
"High speed Internet access is more than a convenience. It is a driving force for business and can be a real boost to our economy. The introduction of DSL will be great for our town," said Max Clark, Mayor of Holcomb, Missouri, one of the 42 communities scheduled to receive DSL capability.
Note: This AT&T release and other news announcements are available as part of an RSS feed at http://www.att.com/rss.
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2007 AT&T Knowledge Ventures. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Knowledge Ventures. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.AT&T Inc.
CONTACT: Kerry Hibbs of AT&T Inc., +1-512-870-2005, cell,
Web site: http://www.att.com/
BRANSON, Mo., May 1 /PRNewswire/ -- The League of Branson Theatre Owners and Show Producers has named Ticketmaster its official ticketing provider. Ten of the League's venues have moved their ticketing operations to Ticketmaster, with additional venues to be announced shortly. Through a multi-year agreement, Ticketmaster will work closely with the League and its members to introduce new ticketing technologies and services to drive ticket sales while marketing Branson events to a global audience. Ticketmaster will also establish an office in Branson to serve the League and its members along with other venues and event organizers throughout the region.
Tickets for the following venues are now available for sale online at http://www.ticketmaster.com/, or by calling Ticketmaster at 1-800-283-1339 or by visiting Ticketmaster retail ticket center locations throughout the Midwest, or Branson venue box offices including:
* Baldknobbers Jamboree Show * Circle B Chuckwagon Theatre * Jim Stafford Theatre * RFD-TV The Theatre * The Mansion Theatre * The New Shanghai Theatre * The Roy Rogers Dale Evans Happy Trails Theater & Attraction
Tickets for the Hughes Brothers Celebrity Theatre, White House Theatre and other venues will go on sale through Ticketmaster shortly.
As part of the agreement, the League has tapped Ticketmaster's new media design studio, Cottonblend, to develop a cutting-edge website focused on Branson theatres. Scheduled to launch later this year, the site will serve as a destination for consumers planning a Branson trip and will feature show information and links to purchase tickets online.
By selecting Ticketmaster as its official ticketing partner, Branson's League theatres will now have access to unparalleled technologies and marketing programs that only Ticketmaster provides. Branson guests will have the ability to plan their trips as never before and will have access to use various industry leading technologies including Ticketmaster's TicketFast print-at-home online ticket delivery service.
"Ticketmaster offers the technology and expertise necessary to realize the needs of the Branson theatre community," said Ann Stafford, Vice President of the League of Branson Theatre Owners and Show Producers. "Our goal is to effectively market Branson in the 21st century while providing our guests with the most convenient ticket buying experience anywhere. As the live music capitol of the world, we are thrilled to be working side by side with the global leader in event ticketing to achieve these goals."
"Branson, Missouri is an entertainment destination for all ages, drawing visitors from far and wide," said Connie Lee, General Manager of Ticketmaster, St. Louis. Lee's St. Louis office is overseeing the ticketing company's League agreement and expansion into Branson. "The League of Branson Theatre Owners and Show Producers shares our commitment to providing the best possible entertainment experience to Branson guests. We are excited to welcome the League and its many members to the Ticketmaster family and are ecstatic to be opening Ticketmaster Branson to serve the greater Branson area."
Ticketmaster is the world's leading ticketing company, operating in 20 global markets, providing ticket sales, ticket resale services, marketing and distribution through http://www.ticketmaster.com/, one of the largest e-commerce sites on the Internet; approximately 6,500 retail outlets; and 20 worldwide call centers. Ticketmaster celebrated its 30th anniversary in 2006 and currently serves more than 9,000 clients worldwide across multiple event categories, providing exclusive ticketing services for hundreds of leading arenas, stadiums, performing arts venues, museums, and theaters. In 2006, the company sold more than 128 million tickets valued at over $7 billion on behalf of its clients. Ticketmaster is headquartered in West Hollywood, California and is an operating business of IAC .
About The League of Branson Theatre Owners and Show Producers:
The League of Branson Theatre Owners and Show Producers is an entertainment trade association located in Branson, Missouri. Formed in 2004, The League is dedicated to increasing interest in area theatres and promoting communication and the common interests of its members. The League's mission is to achieve betterment and growth within the Branson entertainment community through unity.Ticketmaster
CONTACT: Branson League, Ann Stafford, +1-417-338-9169; or Ticketmaster,
Bonnie Poindexter, +1-310-360-2321
Web site: http://www.ticketmaster.com/
COLUMBUS, Ohio, May 1 /PRNewswire/ -- New media intelligence provider WANTED Technologies Corporation (TSX: WAN) announces today that The Columbus Dispatch has selected WANTED as a provider of recruitment advertising sales solutions.
"This is a strategic move for us as we look to increase our market penetration and offer advertising solutions that best meet the needs of our local employers," says Jenny Willis, online classified manager at The Dispatch. "We are excited to bring WANTED Technologies' tools on board to help our sales teams sell more effectively."
Servicing central Ohio, The Columbus Dispatch will integrate WANTED's full suite of employment advertising solutions in its classified sales department. Utilizing business leads to determine which employers are hiring, live dashboards of online competitive advertising activity and market intelligence reports, the newspaper intends to increase its recruitment advertising revenue.
About The Columbus Dispatch
The Columbus Dispatch is part of The Dispatch Printing Company, a privately held, family-owned, media organization in central Ohio whose affiliates include WBNS-10TV, the Ohio News Network, Mix 97.1, Sports Radio 1460 The Fan, Dispatch Digital, ThisWeek Community Newspapers, alive!, Fronteras, Radio Sound Network, On Target Marketing/TheBAG and Columbus Parent in Columbus, Ohio; WTHR-TV and WALV-CA in Indianapolis, Indiana; and Dispatch Interactive Television in Columbus, Ohio, and Indianapolis, Indiana.
About WANTED Technologies Corporation
WANTED is a leading supplier of real-time sales and business intelligence solutions for the media classified and recruitment industries. Using its proprietary On-Demand data mining, lead generation and CRM (Customer Relationship Management) integrated technologies, WANTED aggregates real-time data from thousands of online job boards, real estate and newspaper sites, as well as corporate Web sites on a daily basis.
WANTED's data is used to optimize sales and to implement marketing strategies within the classified ad departments of major media organizations, as well as by staffing firms, advertising agencies and human resources specialists.
WANTED is also the exclusive data provider for the United States Conference Board's Help-Wanted Online Data Series(TM), a monthly economic indicator of job availability in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Any statement that appears prospective shall not be interpreted as such.
- 30 -WANTED Technologies Corporation
CONTACT: Mr. David Tanguay, President and CEO, +1-418-523-6663, ext.
222, or Mr. Philippe Freniere, CA, Vice President Finance & CFO,
+1-800-530-0818, ext. 232, both of WANTED Technologies Corporation
HOPKINTON, Mass., May 1 /PRNewswire/ -- EMC Corporation, the world leader in information infrastructure solutions, today announced that The Depository Trust & Clearing Corporation (DTCC) has deployed EMC's industry-leading SRDF(R)/Star business continuance software to ensure a rapid business recovery for its quadrillion-dollar global financial services business in the event of a disaster. This new technology allows DTCC to reduce the lag time to replicate huge volumes of data over long distances from 30 minutes to less than two minutes.
The technology further strengthens DTCC's already resilient infrastructure. "While it may not seem like a lot of time, a half-hour's worth of lost data could potentially mean billions of dollars to our customers, so cutting the recovery gap to less than two minutes is an important breakthrough," said Vincent Hilly, DTCC Managing Director and Chief Technology Officer. "Last year, DTCC settled more than $1.5 quadrillion in securities transactions. It is essential that we have the highest level of information protection and the most accurate and up-to-date customer financial data at all times."
DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. The SRDF/Star software, developed by EMC, is the next generation of technology DTCC initially implemented in 2004 to strengthen its infrastructure. At that time, DTCC bolstered business continuity by adding remote data centers and deploying new hardware-based technology to replicate its production data to all its sites, within timeframes and over distances previously thought impossible.
By expanding its SRDF/Star implementation, in the event of a disruption that results in the loss of DTCC's regional data centers, DTCC staff can now achieve full rapid recovery at a remote site with the window for potential lost transactions narrowed to less than two minutes. If one of DTCC's regional data centers survives, there would be no data loss.
"In 2003, the Federal Reserve, the Office of the Comptroller of the Currency, and the SEC issued a paper highlighting business continuity objectives and practices to reduce the recovery time gap to ensure the resilience of the U.S. financial system," said Hilly. "We were among the first adopters of EMC SRDF technology. EMC SRDF/Star provides the confidence that our 100-terabyte mainframe infrastructure is protected and that we can rapidly resume critical operations if there is a wide-scale disruption or an inaccessibility of staff."
SRDF/Star software synchronously replicates tremendous volumes of mainframe production information among DTCC's regional datacenters, while asynchronously replicating the same information to remote disaster recovery sites located more than a thousand miles away.
DTCC is now in the process of deploying SRDF/Star to support its distributed computing environment. Additionally, DTCC uses the EMC TimeFinder(R) family of high performance local replication software in conjunction with SRDF/Star to regularly create multiple point-in-time copies of all their production data.
DTCC, an EMC customer for more than 15 years, uses a wide range of EMC information storage hardware, software and services to manage and secure its comprehensive information infrastructure.
"As one of our key business continuance and disaster recovery partners, EMC continues to provide the technology and expertise we need," said Hilly.
EMC Corporation is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at http://www.emc.com/ .
EMC, SRDF, TimeFinder and Symmetrix are registered trademarks of EMC Corporation. Other trademarks are the property of their respective owners.
Contact: Patrick Cooley 508-293-6583 firstname.lastname@example.orgEMC Corporation
CONTACT: Patrick Cooley of EMC Corporation, +1-508-293-6583,
Web site: http://www.emc.com/
NEW YORK, May 1 /PRNewswire-FirstCall/ -- Atari, Inc. , one of the world's most recognized brands and a third-party video game publisher, today announced that the realistic combat simulation, ArmA: Combat Operations(TM) has now shipped to stores nationwide. Developed by Bohemia Interactive, ArmA: Combat Operations is available for the Windows platform for the suggested retail price of $39.95. The game is currently available in Europe under the name ArmA: Armed Assault.
In ArmA: Combat Operations, players will be able to engage in the story- driven single-player campaign or take part in huge multiplayer battles with more than 50 players on one battlefield at once. Featuring a vast environment with more than 150 square miles to explore, ArmA: Combat Operations will allow players to pilot or drive more than 30 vehicles including APCs, tanks, self- propelled anti-aircraft guns, helicopters and fighter planes. The game features an extremely powerful built-in editor which allows players to create and share complex missions as well as import user-created units and maps.
"ArmA: Combat Operations is an engaging and realistic PC combat title," said Jeremiah Cohn, Product Manager, Atari, Inc. "Atari is thrilled to publish and distribute, both online and in stores, Bohemia Interactive's next game since Operation Flashpoint(TM)."
ArmA: Combat Operations will offer the ultimate realistic combat simulation experience in a modern day setting. With unique freedom of movement, actions and tactics, the game takes immersive strategic battles to a whole new level.
For more information on Atari and its entire product line-up please visit http://www.atari.com/.
About Atari, Inc.
New York-based Atari, Inc. develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. The Company's 1,000+ titles include hard-core, genre- defining franchises such as Test Drive(R); and mass-market and children's franchises such Dragon Ball Z(R). Atari, Inc. is a majority-owned subsidiary of France-based Infogrames Entertainment SA (Euronext - ISIN: FR-0000052573), an interactive games publisher in Europe. For more information, visit http://www.atari.com/.
Safe Harbor Statement
With the exception of the historical information contained in this release, the matters described herein contain certain "forward-looking statements" that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may vary materially from those expressed or implied by the statements herein. Some of the factors which could cause our results to differ materially include the following: the loss of key customers, such as Wal-Mart, Best Buy, Target, and GameStop; delays in product development and related product release schedules; inability to secure capital; adapting to the rapidly changing industry technology, including new console technology; maintaining relationships with leading independent video game software developers; maintaining or acquiring licenses to intellectual property; fluctuations in the Company's quarterly net revenues and results of operations based on the seasonality of our industry; the termination or modification of our agreements with hardware manufacturers; and other factors described in our SEC filings.
The Company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the Company's expectations.
(C) 2007, Atari, Inc. All rights reserved. ATARI, the ATARI logo, and classic Atari game titles and logos are trademarks or registered trademarks of Atari Interactive, Inc. or its affiliates.
ArmA: Combat Operations Copyright (C) 2007 Bohemia Interactive a.s. All rights reserved. Developed by Bohemia Interactive a.s. Published and marketed by Atari, Inc., New York, NY.
Operation Flashpoint is the trademark of the Codemasters Software Company Limited ("Codemasters"). The game "Operation Flashpoint" was developed by Bohemia Interactive Studio and published by Codemasters. ARMA: Combat Operations was developed by Bohemia and is published by Atari. Neither Bohemia nor Atari are affiliated with, authorized by or related to Codemasters.
All other trademarks are the property of their respective owners.Atari, Inc.
CONTACT: Alissa Bell of Atari, Inc., +1-212-726-4217,
email@example.com; or Laura Weir of fortyseven communications,
Web site: http://www.atari.com/
PEORIA, Ill., May 1 /PRNewswire-FirstCall/ -- AT&T Inc. today announced a three-year hosting services contract with Clifton Gunderson LLP, one of the leading CPA and consulting firms in the nation.
Under terms of the contract, AT&T will provide additional space for Clifton Gunderson's servers at one of its Chicago-area Internet Data Centers (IDCs). AT&T provides hosting services at 36 IDCs around the world. AT&T's IDCs are highly-secure, fortified buildings and are designed to house mission- critical data for business customers. Customers at these centers are protected from power failure, physical intrusion and network outages by extensive back- up power and cooling systems, multi-layered security and fire protection.
Clifton Gunderson, like many companies, requires additional hosting capacity to securely house a growing and increasingly important set of business applications and systems and to provide enough capacity to accommodate future communications needs.
In addition to expanded hosting services, AT&T also provides Clifton Gunderson with Virtual Private Network (VPN) services, integrating some 42 offices in 14 states and Washington, D.C. The network services, which support Clifton Gunderson's day-to-day operations, are based on AT&T's Multiprotocol Label Switching (MPLS) platform.
AT&T's MPLS technology enables Clifton Gunderson to prioritize its applications to ensure that all offices have the necessary bandwidth to access the information they need when they need it.
"As our network services and applications such as Voice over Internet Protocol (VoIP), messaging services and document management capabilities continue to converge, the tight integration of our data center and VPN services provides us with tremendous cost efficiencies and peak performance," said Jeff Hapeman, chief technology officer for Clifton Gunderson. "AT&T's solution met all of our requirements for availability, cost containment and high-speed, peak network performance."
AT&T's portfolio of hosting services delivers a range of data management capabilities that provide organizations with secure networking solutions. These hosting services ensure continuous availability of data, optimal routing and secure delivery of mission-critical information. AT&T's expansive suite of services includes security, storage, intelligent content distribution, load balancing, virtual services offerings, data networking integration and other services.
In addition, through the AT&T BusinessDirect(R) Web portal, Clifton Gunderson has around-the-clock access to real-time information about the performance of its network services and a direct connection to electronic billing and ordering systems.
Note: This AT&T release and other news announcements are available as part of an RSS feed at http://www.att.com/rss.
About Clifton Gunderson
Clifton Gunderson LLP is the 12th largest CPA and consulting firm in the nation. Since 1960, Clifton Gunderson has been providing clients with a variety of services ranging from traditional auditing and accounting services to governmental services, tax and financial planning, technology consulting, business valuation, forensic services and employee benefit services, as well as specialized services for specific business sectors. Clifton Gunderson Financial Services, a subsidiary of Clifton Gunderson LLP, provides clients with financial planning, insurance and employee benefit services. Technology consulting services are provided by Clifton Gunderson Technology Solutions. Clifton Gunderson and its affiliates have offices in 14 states and Washington, DC.
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2007 AT&T Knowledge Ventures. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Knowledge Ventures. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.AT&T Inc.
CONTACT: Tom Hopkins of AT&T Inc., +1-312-230-4889,
Web site: http://www.att.com/
SAN JOSE, Calif., May 1 /PRNewswire-FirstCall/ -- Endwave Corporation , a leading provider of high-frequency RF modules for telecommunications networks, defense electronics and homeland security systems, today announced that Endwave executive management will present at the AeA Micro Cap Financial Conference in Monterey, CA on May 7 and at the Piper Jaffray Semiconductor & Communications Conference in New York on May 9.
Presenting on behalf of Endwave at both events will be Ed Keible, Chief Executive Officer and President of Endwave, and Brett Wallace, Chief Financial Officer and Executive Vice President. Endwave's presentation at the Piper Jaffray Conference will be webcast on May 9th at 8:30 a.m. Eastern time and will be archived for 90 days. The webcast can be accessed from the Investor page of Endwave's Web site.
Endwave Corporation designs, manufactures and markets RF modules that enable the transmission, reception and processing of high-frequency signals in telecommunications networks, defense electronics and homeland security systems. Our RF modules are typically used in high-frequency applications and include integrated transceivers, amplifiers, synthesizers, oscillators, up and down converters, frequency multipliers and microwave switch arrays. Endwave has 42 issued patents covering its core technologies including semiconductor and proprietary circuit designs. Endwave Corporation is headquartered in San Jose, CA, with operations in Diamond Springs, CA; El Dorado Hills, CA Andover, MA; and Chiang Mai, Thailand. Additional information about the company can be accessed from the company's web site at http://www.endwave.com/.
Contact: Mary McGowan Summit IR Group Inc. 408-404-5401 firstname.lastname@example.orgEndwave Corporation
CONTACT: Mary McGowan of Summit IR Group Inc., +1-408-404-5401,
email@example.com, for Endwave Corporation
Web site: http://www.endwave.com/
CHICAGO, May 1 /PRNewswire/ -- Velocity Financial Group, Inc., a newly formed specialty finance company, announced today that it has secured approximately $400 million of funding commitments to provide financing to middle-market and venture-backed companies. American Capital Strategies Ltd. , the second largest U.S. publicly traded alternative asset manager with approximately $11 billion in assets under management, is Velocity's lead sponsor and investor.
Velocity will focus on financing core technology assets for companies through leases and loans. The new company also will supply venture-backed companies with expansion capital that is complementary to traditional bank and equity financing.
"Our mission is to develop strategic relationships with every customer we serve," says Frank Cirone, chief executive officer. "By offering a range of complementary capabilities on top of a flexible financing package, we aim to distinguish ourselves as a true partner to our customers and as a value added resource. We fund transactions off our own substantial balance sheet and thus have the ability to respond quickly and serve companies from their inception to when they achieve 'middle market' status ... and beyond."
Velocity was founded and is being led by veterans of technology finance, Frank Cirone and Jan Haas. Prior to starting Velocity, Cirone and Haas were executives of Comdisco, Inc., the largest independent IT leasing and venture debt firm during the 1990s, a period in which it achieved Fortune 500 status.
"Frank's and Jan's experience in building and managing substantial leasing and venture debt finance businesses and their focus on creating customized financing solutions for their customers were key reasons we developed such confidence in their capabilities and their plan," says Bob Grunewald, head of financial services at American Capital. "With an $800 million concentration limit on any single investment, we have plenty of dry powder to support the growth of the company over the coming years, and we are excited to help establish Velocity as a leading independent force in the leasing and venture debt markets globally."
"We set out to build a permanent balance sheet, with strong financial partners that had wide reach, were experts in our business and shared our perspective of building an enterprise for long term sustainability and success," says Jan Haas, president, "and we found that in American Capital."
Velocity is headquartered in Chicago and will serve the venture community out of offices in the Boston area and Silicon Valley. Velocity is actively funding new transactions with a rapidly growing base of customers.
About Velocity Financial Group
Velocity Financial Group is a non-regulated specialty finance company providing capital equipment financing and working capital to middle-market and venture-backed companies. Formed by veterans of technology finance, Velocity provides equipment leasing to middle-market companies with revenue of between $20 million and $1 billion through its Middle Markets Group and venture leasing and lending to venture-backed companies through its Ventures Group. Velocity is focused on building long term relationships with its customers and providing flexible, customized, asset-focused financing solutions throughout a company's life-cycle. For more information, please visit http://www.velocityfg.com/.
About American Capital Strategies
American Capital is the second largest U.S. publicly traded alternative asset manager with approximately $11 billion in assets under management (second to Fortress). American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and euro 5 million to euro 400 million per company in Europe. For more information, please visit http://www.americancapital.com/.Velocity Financial Group, Inc.
CONTACT: corporate, Jan Haas of Velocity Financial Group, Inc.,
+1-773-243-1255; or media, Mary Moster or Ben Arens, both of L.C. Williams &
Associates, +1-312-565-3900, for Velocity Financial Group, Inc.
Web site: http://www.americancapital.com/
SANTA CLARA, Calif., May 1 /PRNewswire-FirstCall/ -- FileMaker Technical Network, a new service for FileMaker database software enthusiasts and developers, was launched today by FileMaker. Included are exclusive access to technical information, software and other developers, geared to help members increase their technical expertise, build better database solutions, share new ideas and solve technical challenges.
FileMaker Technical Network membership is now available at for an annual fee of $99 (sign up at http://www.filemaker.com/tnpr).
"The new FileMaker Technical Network is for FileMaker database beginners all the way to seasoned developers who want to enhance their FileMaker skills and learn the latest in FileMaker solution development," said Ryan Rosenberg, vice president of marketing and services, FileMaker, Inc. "If you create FileMaker Pro solutions for yourself, build them for your organization, or even develop and distribute FileMaker solutions commercially, FileMaker Technical Network is for you."
FileMaker Technical Network provides members with a host of products, services and benefits, including:
* Members-only online library -- Offers in-depth information on a wide array of development topics such as web integration, linking to external data sources and increasing database performance. * FileMaker Tech Talk provides a live 24/7 online discussion forum dedicated to helping FileMaker Pro users network together to share tips and expertise in developing FileMaker database solutions. * FileMaker Server Advanced Development License delivers a cost- effective way to build and test FileMaker Pro-based solutions over the web. * Five free FileMaker Applications -- Recruiter, Tasks, Meetings, Donations and Work Requests -- designed to manage specific key business tasks. * Pre-release FileMaker software -- May be sent to members for limited testing up to 30 days in advance of the commercial release. * FileMaker Pro Design Packs include ready-to-use graphics and pre- designed data templates to help members create better looking solutions faster.
The company also announced the FileMaker Business Alliance (for more information, go to http://www.filemaker.com/tnpr) for organizations whose primary line of business is developing and selling FileMaker products or services. The FileMaker Business Alliance provides marketing and sales support directly from FileMaker.
New FileMaker Technical Network Replaces FileMaker Solutions Alliance
The FileMaker Technical Network and the FileMaker Business Alliance programs together replace and enhance the existing FileMaker Solutions Alliance (FSA) program. Current FSA members will be automatically enrolled in the new programs. Subscriber level FSA members will be enrolled in the FileMaker Technical Network, while Associate level FSA members will be added to the FileMaker Technical Network and the FileMaker Business Alliance. Partner level FSA members will be assigned to a new, exclusive, "Platinum" level of the FileMaker Business Alliance level.
About FileMaker, Inc.
FileMaker Pro is used by millions of individuals and workgroups around the world to be more productive and efficient. Business, education and government customers rely on FileMaker to manage people, projects, images, assets and other information. In addition to being the number one-selling easy-to-use database software, the award-winning FileMaker product line also includes low- cost Applications that automate basic business tasks, ready-to-use Starter Solutions, and tools to create and share solutions from the desktop to the web. FileMaker, Inc. is a subsidiary of Apple, Inc.
Customer contact: 800-325-2747 http://www.filemaker.com/
(C)2007 FileMaker, Inc. All rights reserved. FileMaker is a trademark of FileMaker, Inc., registered in the U.S. and other countries. All other trademarks are the property of their respective owners.FileMaker, Inc.
CONTACT: Kevin Mallon of FileMaker, Inc., +1-408-987-7227,
Web site: http://www.filemaker.com/