HAVANT, England, Aug. 1, 2012 /PRNewswire/ -- Xyratex Ltd , a leading provider of data storage technology, today announced that it has expanded its executive team with the appointment of Todd Gresham, Doug Inamine, Luciano Marinaccio, Ed Prager and Ahmed Shihab as executive officers with immediate effect.
"We are extremely pleased to announce these appointments, which will broaden the expertise on the executive team," said Steve Barber, chief executive officer of Xyratex. "I believe the addition of these executive officers will enable the company to be more effective and efficient in executing our corporate strategy and meeting the increasing requirements of our customers. I am confident that these appointments will help to drive the future success of the company."
Safe Harbor Statement
This press release contains forward-looking statements. These statements relate to future events or our future financial or business performance. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Factors that might cause such a difference include our inability to retain major customers, the cyclical nature of the markets in which we operate, changes in our customers' volume requirements, our inability to compete successfully in the competitive and rapidly changing marketplace in which we operate, deterioration in global economic conditions, diminished growth in the volume of digital information and the impact of natural disasters. These risks and other factors include those listed under "Risk Factors" and elsewhere in our Annual Report on Form 20-F as filed with the Securities and Exchange Commission (File No. 000-50799). In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Xyratex is a leading provider of data storage technology, including modular solutions for the enterprise data storage industry and hard disk drive (HDD) capital equipment for the HDD industry. Xyratex enterprise data storage platforms provide a range of advanced, scalable data storage solutions for the Original Equipment Manufacturer and High Performance Computing communities. As the largest capital equipment supplier to the industry, Xyratex HDD capital equipment enables disk drive manufacturers and their component suppliers to meet today's technology and productivity requirements. Xyratex has over 25 years of experience in research and development relating to disk drives, storage systems and manufacturing process technology.
Founded in 1994 in an MBO from IBM, and with headquarters in the UK, Xyratex has an established global base with R&D and operational facilities in North America, Asia and Europe.Xyratex Ltd
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Web site: http://www.xyratex.com/
SAN DIEGO, Aug. 1, 2012 /PRNewswire/ -- SAP AG today introduced a new solution to help organizations gain real-time insights into market trends and customer sentiment. Companies can adopt the rapid-deployment solution in less than six weeks to use up-to-the-minute customer data for more effective business strategies and decision-making. The SAP rapid-deployment solution for sentiment intelligence with SAP HANA, now generally available, was announced at the TDWI San Diego World Conference - Big Data Tipping Point, being held in San Diego, California, July 29-Aug. 3, 2012.
According to Gartner Inc., more than 80 percent of the data in the world today exists in unstructured form and is expected to double every three months. To remain competitive, companies must rapidly extract insights from this data by equipping business analysts and decision-makers with instant access to analysis of blogs, social media sources, emails and other communications.
The SAP rapid-deployment solution for sentiment intelligence with SAP HANA lets users analyze customer sentiment from social networking sites, communities, wikis, blogs and other sources, and combines the information with customer relationship management (CRM) text data. Users can evaluate customers' insights through easy-to-read views on their mobile devices, tablets or desktops, enabling them to take immediate action. This is the latest offering from SAP to help customers quickly adopt effective "big data" analytics solutions.
"Mining unstructured data can provide a direct path to understanding how customers are responding to products, brands and overall company values," said Shawn Rogers, vice president of research, Enterprise Management Associates. "As the amount of unstructured data - especially from social media sources - continues to grow, companies have the opportunity to really understand their customers if the information is captured and analyzed effectively. SAP's integrated approach helps users gain deeper insights from company and external information to more quickly and easily make sense of the ever-growing amount of data and act on it."
The SAP rapid-deployment solution for sentiment intelligence with SAP HANA loads text data from Twitter, Facebook, the SAP(R) StreamWork(R) application( )and any other Web channel with a publicly available API. It then applies semantic analysis using text data processing capabilities from SAP Data Services software. Decision-makers can visualize customers' sentiments toward their products and brands in real time using SAP BusinessObjects Explorer(R) software and the SAP HANA(R) platform, including:
-- Closely aligning market sentiment with sales campaigns, promotions and service activities. -- Proactively improving customer satisfaction by listening, monitoring and responding in a timely manner. -- Projecting sales and marketing trends to drive increased revenue. -- Analyzing all types of unstructured data (e.g. HTML, XML and TXT files) residing in internal (intranet) or external (Internet) forums, blogs, wikis and company websites to derive insights for better business value.
With the solution, sales and marketing departments can analyze large volumes of text data to identify relevant nuggets of information. That information can then be integrated with structured data such as sales and marketing campaigns residing in the SAP Customer Relationship Management (SAP CRM) application to gain new insights. Organizations can evaluate the impact of these campaigns and events on consumer awareness, sentiment, behavior and intention to better understand the local demand for products and services, or to receive early warning of defects and shortcomings.
"The SAP rapid-deployment solution for sentiment intelligence with SAP HANA allows chief marketing officers to dip their toes into 'big data' with a project that rapidly results in business value," said Steve Lucas, global executive vice president and general manager, Database & Technology, SAP. "To truly harness the potential of 'big data,' enterprises need to build a culture of insight discovery and data-driven decision-making. SAP solutions enable enterprises to rapidly scale analysis across their lines of business, turning 'big data' into 'intelligent data.'"
The SAP rapid-deployment solution for sentiment intelligence with SAP HANA combines pre-configured content, best practices and pre-defined services to quickly deploy the solution with immediate cost-savings.
"By using the SAP rapid-deployment solution for sentiment intelligence with SAP HANA, companies can have a comprehensive view of business-relevant data of all types across employees, customers, partners and suppliers to support business decisions and strategy," said Steven Birdsall, senior vice president and general manager, SAP Rapid Deployment solutions. "The rapid-deployment solution approach delivers this through pre-defined exploration views and dashboards, while tapping into popular social networking environments with pre-configured interfaces, allowing deployment in as little as four weeks. It is ideal for companies that are unaccustomed to rolling out the latest in analytics or social media technology. SAP Rapid Deployment solutions help organizations gain full visibility into their deployments, reducing any risk factors with a defined scope and predictable costs."
Other SAP solutions that help enterprises build cultures of insight discovery include SAP Predictive Analysis software. It gives business analysts and data scientists a user-friendly, graphically rich tool for predictive modeling and advanced visualization of "big data" in real time when coupled with the power and speed of SAP HANA. Additionally, SAP Visual Intelligence software gives decision-makers and managers self-service tools to explore data across multiple information sources and visualize it in real time with SAP HANA.
For more information, visit the SAP Newsroom.
As market leader in enterprise application software, SAP helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device - SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 195,000 customers (includes customers from the acquisition of SuccessFactors) to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
(C) 2012 by SAP AG. All rights reserved.
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WASHINGTON, Aug. 1, 2012 /PRNewswire-USNewswire/ -- Jossey-Bass, an imprint of John Wiley & Sons, Inc. , announced today a publishing partnership with ASAE (American Society of Association Executives) to publish a series of 3-5 co-branded books annually, the first of which will publish in early 2013.
The primary focus will be on professional handbooks designed to help a wide spectrum of association and nonprofit professionals work more effectively and advance their organizations. The handbooks will also be available as an e-book on all major e-readers. Both organizations will continue to publish other offerings under their own imprints. Jossey-Bass will also distribute some titles published by ASAE's Association Management Press.
"This collaboration is a win-win for nonprofit professionals. ASAE's expertise in the field of association management and relationship with a thriving community of association executives, combined with Wiley's global marketing and distribution infrastructure and multi-platform delivery, will provide a wonderful service to professionals in this space," said spokesperson Debra Hunter, President, Jossey-Bass and VP, John Wiley and Sons.
"We are looking forward to partnering with Jossey-Bass because not only do we have similar missions, but the collaboration will help to extend recognition of ASAE as a leading source of association management content. Jossey-Bass has the capabilities and expertise for cross-platform development and worldwide distribution. By working together, we will continue to enhance the nonprofit profession," said ASAE President & CEO John H. Graham IV, CAE.
Jossey-Bass provides tools, services and publications that inform and inspire those committed to developing themselves, their organizations and their communities. Jossey-Bass' publications feature the work of some of the world's most respected authors in leadership, management, business, nonprofit, K-12 and Higher Education, and public health. For more information, visit josseybass.com. Jossey-Bass is an imprint of Wiley.
About ASAE: The Center for Association Leadership
ASAE is a membership organization of more than 21,000 association executives and industry partners representing 10,000 organizations. Its members manage leading trade associations, individual membership societies and voluntary organizations across the United States and in nearly 50 countries around the world. With support of the ASAE Foundation, a separate nonprofit entity, ASAE is the premier source of learning, knowledge and future-oriented research for the association and nonprofit profession, and provides resources, education, ideas and advocacy to enhance the power and performance of the association and nonprofit community. For more information about ASAE, visit www.asaecenter.org.
CONTACT: Amy Packard, Publicity Manager, Wiley, +1-415-782-3177, Sabrina
Kidwai, Senior Manager, Public Relations, ASAE, +1-202-326-9505
Web site: http://www.asaecenter.org/
HUBBARD, Ohio, Aug. 1, 2012 /PRNewswire/ -- NanoLogix , a biotechnology innovator in the rapid detection and identification of live-threat bacteria, is featured today in the USA Today Group B Strep (GBS) Awareness Campaign titled Your guide to Group B Strep. The campaign featured in the USA Today News Section promotes public education on the dangers of GBS in newborns and highlights the latest testing methods to help prevent the disease. Research using NanoLogix BNF technology, from the University of Texas Health Science Center in Houston (UTHSC), is featured in the campaign. While GBS culturing methods typically take 48 hours of incubation to obtain results, this research from UTHSC documents that NanoLogix technology can detect, identify and provide antibiotic sensitivity results for GBS in as little as four hours, four times faster than conventional methods.
"It's an honor to be included in this GBS awareness campaign," said NanoLogix CEO Bret Barnhizer. "The strong readership of USA Today is a tremendous opportunity to help pregnant women understand the dangers of Group B Strep and the critical importance early testing plays in the health of their newborns. We look forward to our rapid tests supporting the protection of many newborns and mothers from this life-threatening disease, both in the US and abroad."
According to Dr. James A. McGregor, M.D.C.M of Group B Strep International, "Untreated, Group B Streptococcus (GBS) infection is the most common germ-related killer of newborn babies. More accurate, rapid result tests for GBS can target use of antibiotic at birth with possible reduction of resistance to antibiotics and help avoid unnecessary disturbance of the healthy, protective bacteria inside mother and baby. Parents appreciate doctors keeping Group B Strep in mind to reduce possible infections before, during, and after pregnancy. Accurate rapid testing when labor starts or water breaks can help maximize protection from GBS infection for babies at birth."
Marti Perhach, CEO/Cofounder of Group B Strep International stated, "I first contacted NanoLogix about a year ago when I heard they were developing a new rapid test to detect Group B Strep. Having an accurate rapid test available is extremely important, especially as women may test negative during routine screening, but be positive during labor and delivery. Group B Strep International's mission is to promote awareness and prevention of Group B Strep disease in all babies throughout pregnancy and early infancy. As sponsors of July as International Group B Strep Awareness Month, we invited Nanologix to participate in our awareness campaign. We are so appreciative of their efforts in GBS awareness and the excellent information they have made available to the general public through USAToday.com." For further information on Group B Strep awareness and prevention, please visit www.groupbstrepinternational.org.
If Group B Strep-colonized mothers give birth before antibiotics can be administered, the bacteria can be passed to the newborn, causing life-threatening infections, such as meningitis and sepsis. According to the CDC, about 25 percent of women test positive for Group B Strep and on average 1,200 American newborns less than a week old contract the disease.
The 7-day campaign featured on USA Today.com will run until Monday August 6th. Also included in the GBS Awareness campaign are the Centers for Disease Control and Prevention (CDC), the Keck School of Medicine at the University of Southern California, the Center for Vaccine Awareness & Research, and the Group B Strep Association.
About NanoLogix, Inc.
NanoLogix is a biotechnology company focused primarily on rapid diagnostics. Its products offer accelerated detection and identification of microorganisms. In addition to medical and homeland security applications, NanoLogix technology is applicable in pharmaceutical, industrial, veterinary and environmental testing. Patents granted to NanoLogix can be used in the areas of applied microbiology, soil microbiology and bioremediation, microbial physiology, molecular biology, pharmacology, pharmaco-kinetics, and antibiotic sensitivity. For more information visit www.nanologix.com.
Lisa Ann Pinkerton
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Web site: http://www.nanologix.com/
HOLLYWOOD, Calif., Aug. 1, 2012 /PRNewswire/ -- Fans of "PARANORMAL ACTIVITY" are being empowered to bring the movie to their city first. Paramount Pictures, a division of Viacom, Inc., will debut the fourth installment in the popular horror franchise exclusively in 25 cities around the world by encouraging fans to vote to see it first with a new "Want It" application on Facebook.
Facebook's 955 million global fans can vote for an advance screening in their city by clicking on the "Want It" button on the film's fan page at www.Facebook.com/ParanormalActivity.
"Want It" is a dynamic application utilizing Facebook's open graph technology that gives fans the opportunity to vote to bring the franchise to their city and leverage their social networks to ensure they are one of the top 25 winning locations. The application recognizes a fan's geo-location according to their Facebook profile and automatically registers a vote to bring the film to their city first. Votes will be shared on a fan's page and automatically posted to the Facebook newsfeed to rally their peers to bring the film to their city first too.
The application feeds individual votes into a dynamic leader board that shows the ranking of every city in real time. Audiences can track the top cities as well as the ranking of their own city as well as push out reminders encouraging friends to vote. "Want It" brings an unprecedented level of interactivity for fans in determining screenings of the movie.
"There's a very special connection between 'PARANORMAL ACTIVITY' and Facebook," said Matt Jacobson, head of market development at Facebook. "Four years after the initial success of the franchise and the establishment of a passionate fan community, we're excited to see continued iteration on a franchise that was born on Facebook. Paramount is using both the Facebook platform and media to drive awareness of the film, three months out, and we will continue to drive awareness and intent at scale as we approach opening weekend in October."
"The success of 'PARANORMAL ACTIVITY' began with the fans who have championed the movie franchise from the very beginning through social media," said Amy Powell, Executive Vice President of Interactive Marketing. "Now we're creating an even more dynamic experience among the film's community of fans and for the first time, we're giving them an opportunity to go head-to-head on Facebook with fans around the world to determine the 25 cities who get to see 'PARANORMAL ACTIVITY 4' before it opens."
Fans can also vote at the film's website, www.ParanormalMovie.com.
The 25 cities that receive the most votes will win a free screening of the eagerly awaited film before it hits theaters October 19, 2012.
"PARANORMAL ACTIVITY 4" is directed by Henry Joost and Ariel Schulman.
Like "PARANORMAL ACTIVITY 4" on Facebook at www.Facebook.com/ParanormalActivity and follow on Twitter at www.Twitter.com/TweetYourScream.
ABOUT PARAMOUNT PICTURES CORPORATION
Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom , a leading content company with prominent and respected film, television and digital entertainment brands. Paramount controls a collection of some of the most powerful brands in filmed entertainment, including Paramount Pictures, Paramount Animation, Paramount Vantage, Paramount Classics, Insurge Pictures, MTV Films, and Nickelodeon Movies. PPC operations also include Paramount Famous Productions, Paramount Home Media Distribution, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group.Photo: http://photos.prnewswire.com/prnh/19991206/PARLOGO
CONTACT: Katie Martin Kelley, Paramount Pictures, +1-323-956-2821,
TORONTO, Aug. 1, 2012 /CNW/ - Asian Television Network International Limited (ATN) (TSX-SAT), Canada's largest South Asian Broadcaster, has launched Movies OK, a 24 hour Bollywood Movie Channel from News Corp's STAR Network.
ATN is boosting its Hindi cinema-entertainment offerings in Canada with" ATN MOVIES OK", ATNs newest channel that will make movie viewing at home a rewarding experience for families." ATN MOVIES OK" compliments the philosophy of Life OK and caters to the entire South Asian family. While Life OK urges viewers to cherish what they have, Movies OK with its content inspires families to bond over movies. Movies are a perfect setting for the family to share moments of togetherness and cherish the relationships they have. ATN Movies OK, the second OK branded channel from STAR Network, builds on a strong foundation based on sharing and enjoying with the family. The new channel aims to draw the family together at show-time by catering to the tastes of each family member with a diverse range of titles comprising blockbusters, modern classics and contemporary cinema.
ATN Movies OK enjoy's access to the largest movie catalogue in the industry available with STAR and through the movie library acquired from Viacom.
"We are again extremely delighted to partner with STAR, one of the largest multinational media companies in the world", said Dr. Shan Chandrasekar President & CEO of ATN. "We expect the Compelling Programming from Movies OK will enhance our strong subscriber base in Canada" he added. "ATN MOVIES OK" is currently available on Rogers, Bell & Telus.
"The pace of innovation at Star Network has been phenomenal and with the launch of Movies OK in Canada, we are able to delight our viewers with an unmatched and exciting viewing experience. This continuing partnership with ATN is in keeping with our philosophy of providing the best in family entertainment to the largest possible viewership base." said Mr. Rajan Singh, International Business STAR TV.
About Asian Television Network International Limited.
ATN (TSX-SAT) serves Canada's Asian community with 34 premium specialty television channels. ATN offers its flagship general interest service, several Bollywood movie channels with 800 movies a month, sports channels, news channels, music channels, a lifestyle channel, spiritual channel and several Regional Language channels. ATN is Canada's largest distributor of World Class Cricket. ATN operates the only South Asian Radio Service 24 hours a day on XM across The United States and Canada. ATN is also the first and only broadcaster in Canada to deliver South Asian Content on Bell Mobility. ATN along with CTV is a Broadcast Partner for the London 2012 Summer Olympic Games and will telecast more than 100 hours of LIVE coverage in five languages on six channels across Canada. ATN has programming alliances with leading international broadcasters. To subscribe to ATN and for more details about our services and programming schedules please visit www.asiantelevision.com.
We seek safe harbourAsian Television Network International Limited
CONTACT: B. Fulton CA
Asian Television Network International Limited
330 Cochrane Drive, Markham, Ontario
ATLANTA, Aug. 1, 2012 /PRNewswire/ -- Concurrent , a global leader in video and media data solutions, announced that they have implemented support for the ATIS IPTV Interoperability Forum (IIF) interface specifications for content delivery networks on their MediaHawk Unified CDN products.
(Logo: http://photos.prnewswire.com/prnh/20110317/CL67141LOGO )
Concurrent's MediaHawk((TM)) VX unified content delivery solution consists of software modules that can support origin, intermediate caching, and edge streaming functions for traditional and Internet-based video services. Modules may be used together to form a complete end-to-end CDN or individually as part of a best-of-breed content delivery ecosystem. The ATIS IIF specifications provide an open standards framework for integrating CDN solution components from multiple vendors, enabling operators to select the technologies that best suit their respective applications.
"Concurrent's philosophy is to build open solutions that work in any environment," said Erik Weston, Director of Product Line Management for Concurrent. "Implementing the ATIS interface standards enables new customers to take advantage of our CDN technology by integrating our products with other third-party systems that are already in place. The ATIS specifications provide a well-defined structure for communicating between CDN system components, making it ideal for large multi-vendor implementations."
Concurrent has implemented the ATIS C2 and common trick file specifications in its latest Unified CDN software release. Interoperability has been confirmed with a variety of third party CDN technologies in customer lab environments.
Concurrent is a global leader in multi-screen video delivery, media data management, and monetization. Built on a solid foundation of Emmy Award-winning technology, Concurrent's solutions provide consumers with ubiquitous access to content on any screen and provide media stakeholders with a holistic view of the consumer video experience. Concurrent supplies customers across the entire media ecosystem (cable, telecommunications, wireless, web, advertising, and content supplier industries) with enterprise-level CDN technology, multi-screen video delivery, monetization, media data collection and logistics solutions. Concurrent's video solutions are built upon a rich heritage of high-performance real-time technology, which also powers solutions for the defense, aerospace, automotive and financial industries. Concurrent has offices in North America, Europe and Asia. Visit www.ccur.com for further information and follow us on Twitter: www.twitter.com/Concurrent_CCUR.
Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and development and our future performance, as well as our expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward looking statements include, among others, statements regarding our products and product development. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Such risks and uncertainties include our ability to meet customer schedules and demands and deployment and integration goals.
Important risk factors are discussed in our Form 10-K filed with the Securities and Exchange Commission on August 30, 2011, and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. Our forward-looking statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.
Concurrent, Concurrent Computer Corporation and its logo are registered trademarks of Concurrent. All other Concurrent product names are trademarks of Concurrent, while all other product names are trademarks or registered trademarks of their respective owners.Photo: http://photos.prnewswire.com/prnh/20110317/CL67141LOGO
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Investor Relations: Concurrent, Kirk Somers, Exec. VP, Corporate Affairs,
BROOKLYN, N.Y., Aug. 1, 2012 /PRNewswire/ -- Eyes on the Go, Inc. (AXCG) will be streaming Openhouse Gallery's "Best of the Wurst" event live at their new Broome Street location in Manhattan. The Openhouse concept is hosting pop up events as well as renting their spaces to major consumer brands that will be offered the option to stream their own events live on GANDER.tv.
According to Greg Spielberg of Openhouse Gallery, "What's not to love? GANDER.tv allows us to broadcast lively pop ups and events across the world. The livestreaming also gives event managers the opportunity to watch from afar or review their productions after the pop up is over. GANDER.tv's service gives us significant marketing advantage in selling against our competitors."
Chris Carey, the CEO for Eyes on the Go, adds, "Openhouse Gallery events are the type of unique, interesting, quintessential NYC events that everyone loves to watch streaming live on GANDER.tv. We're finding amazing ways to leverage GANDER.tv and our streaming video with social marketing."
GANDER.tv will be embedding video to 13,000 Facebook friends to promote the event. GANDER.tv will provide Openhouse with a banner and a link to the venue page on the GANDER.tv site while streaming live. They have installed multiple cameras inside and also in the outside garden. The event will be recorded for future Free-per-View from the Openhouse Events section of the GANDER.tv web site.
Openhouse will celebrate the best of the "Best of the Wurst" with six of the most well-known chefs and butchers in the city, including Kurt Gutenbrunner's Blaue Gans, der Kommissar, Esposito's, Katz's Delicatessen, Pete Zaaz & Open Kitchen and Schaller & Weber grilling up their own special creations.
About Eyes on the Go, Inc. and GANDER.tv
Eyes on the Go provides streaming live video and audio for the Hospitality and Entertainment industries through its GANDER.tv web site. Web browsers can view their favorite bars, clubs and performance spaces, or look at venues they are thinking about visiting. The venue can utilize this service to leverage social media and increase traffic to promote their locations.
Statements not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.
For a description of some factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our Annual Report Form 10-K and other Company reports. We caution readers that we do not undertake to update any forward-looking statements.
Chris Carey, Chief Executive Officer
Tel: (888) 666-3548 extension 504
Eyes on the Go, Inc.
Web site: http://www.gander.tv/
PITTSBURGH, Aug. 1, 2012 /PRNewswire/ -- Carnegie Learning is leading the K-12 mathematics transition to the Common Core State Standards (CCSS) by unveiling a transition plan featuring new core and intervention curricula written and created specifically for alignment to the more rigorous academic requirements now adopted by 45 states and the District of Columbia. These curricula meet the Standards for Mathematical Content, the Standards for Mathematical Practice, and 100% of the established CCSS defining what students should know and be able to do at each grade level.
The new Carnegie Learning((R)) Math Series: Courses 1-3 is a middle school program developed as an entirely new product specifically aligned to the CCSS for Mathematics. Like Carnegie Learning's high school math courses, the new middle school Math Series is a blended program integrating textbooks; adaptive, personalized software; and, collaborative classroom instruction. Carnegie Learning((R)) Math Series: Courses 1-3 are available for implementation this fall.
Carnegie Learning's CCSS-aligned Algebra I is also revised to meet the new CCSS requirements and is available for immediate implementation. Also this year, Carnegie Learning offers a newly aligned Integrated Math I course weaving together numeric, algebraic, geometric, and statistical curricula for students in states committed to an integrated approach to math.
Currently, 146 school districts in 34 states are set to implement the CCSS-aligned Carnegie Learning middle school Math Series, Algebra I, and Integrated Math I programs this coming 2012-2013 academic year.
Geometry, Algebra II, and Integrated Math II and III courses aligned to the Common Core State Standards are in development for release in Spring 2013 and 2014. Carnegie Learning will continue to revise and redefine all curricula each year as districts learn more about the standards and best practices, and as new assessment plans from the Partnership for Assessment of Readiness for College and Careers (PARCC) and the Smarter Balanced Assessment Consortium are released in 2014-2015.
"Carnegie Learning has a deep, substantial history of developing programs based upon cognitive research and ongoing data gathering and improvement, and we are continuing this commitment with our new CCSS-aligned math programs," said Dr. Steve Ritter, co-founder and chief scientist at Carnegie Learning, Inc. "These are not repurposed or re-sequenced programs with a few new units, but new content reflecting higher expectations that students will graduate from high school, succeed in entry-level, credit-bearing academic college courses or in workforce training programs."
The National Governors Association and the Council of Chief State School Officers announced the new CCSS standards in 2010 to provide a consistent understanding of what K-12 students are expected to learn in English/Language Arts and Mathematics, with the goal of addressing disparate standards across states, student mobility, global competition, and the changing skills required in the 21st century workplace.
About Carnegie Learning, Inc. (www.carnegielearning.com)
Carnegie Learning is a publisher of innovative, research-based mathematics software and textbooks for middle school, high school, and post-secondary students, aligned to the Common Core State Standards. Providing differentiated instruction in schools across the United States, Carnegie Learning is helping students to succeed in math as a gateway to graduation, college, and the 21st century workforce. Carnegie Learning, a wholly owned subsidiary of Apollo Group, Inc. , is located in Pittsburgh.
CONTACT: Mary Murrin, +1-888-851-7094 X176
Web site: http://www.carnegielearning.com/
RYE, N.Y., Aug. 1, 2012 /PRNewswire/ -- Serendipity Labs, Inc. (www.serendipitylabs.com) announced today the launch of the first location of its premium members-only workplace network. The insightful Serendipity Labs workplace design allows members to easily traverse from collaborative spaces to quiet personal workspaces to social gathering spaces throughout the day. Each walk-in workplace location offers members and their guests leading technology and an exceptional experience.
Serendipity Labs plans a rapid expansion of the network through company-owned and franchised locations as well as locations managed on behalf of corporate clients and real estate partners, starting with locations in Rye, NY and midtown Manhattan. Each location will be staffed by a team trained in world class hospitality standards and served by the proprietary cloud-based technology platform, OASIS(TM), that delivers internet access, phone service, secure wi-fi and access control at enterprise service level standards.
"30% of US knowledge workers are now un-tethered from the corporate workplace, a figure projected to reach 60% by 2020. These knowledge workers are now choosing where they work and how they collaborate, the same way they choose their own mobile devices," said John Arenas, Serendipity Labs, CEO. "Meanwhile, working from home hasn't met their need for human interaction, collaboration, productivity or work-life balance. The result is a massive shift toward the 'consumerization' of real estate and away from traditional office space. We believe in creating environments that not only facilitate productivity, but also inspire success, and we are proud to deliver a transformational workplace experience to our members and their guests. Whether it's for individual focus, team interaction, or virtual collaboration, Serendipity Labs provides the engaging and inspirational alternative that workers are looking for, while enabling companies to reduce real estate costs and attract the most talented workers."
Serendipity Labs recently completed an equity funding round, attracting a minority investment by strategic partner Steelcase, Inc. . The partnership with Steelcase allows Serendipity Labs to benefit from Steelcase's highly respected workplace design guidance, research insights and vision. "We are always exploring new ways to create value through our insights, workplace designs and integrated technology products. We believe we can help power exceptional experiences in this next generation of workplace-as-a-service solutions. Our involvement with Serendipity Labs is consistent with that goal," said John Malnor, VP Growth Initiatives at Steelcase.
About Serendipity Labs, Inc.
Serendipity Labs, Inc. (www.serendipitylabs.com) and its wholly owned subsidiaries, Serendipity Labs Franchise International, LLC and Serendipity Labs Management, LLC are leading the way in delivering high performance workplace-as-a-service experiences supported by a cloud-based enterprise-wide service delivery platform. The Serendipity Labs executive team is comprised of professionals with deep domain expertise in alternative workplace services, enterprise collaboration technology, commercial real estate and franchising.
About Steelcase, Inc. For 100 years, Steelcase Inc. has helped create great experiences for the world's leading organizations -- wherever work happens. Steelcase and our family of brands -- including Steelcase(R), Coalesse(R), Designtex(R), Details(R), Nurture(R), PolyVision(R) and Turnstone(R) -- offer a comprehensive portfolio of furnishings, products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including approximately 650 dealers. Steelcase is a global, industry-leading and publicly traded company with fiscal 2012 revenue of $2.75 billion. More information can be found at www.steelcase.comSerendipity Labs, Inc.
CONTACT: Amanda Hass, +1-917-916-0668, email@example.com
Web site: https://www.serendipitylabs.com/
BEIJING, Aug. 1, 2012 /PRNewswire-Asia/ -- NetEase, Inc. today announced that it will report its financial results for the second quarter 2012 on Wednesday, August 15, 2012, after the close of the U.S. markets.
The earnings teleconference call with simultaneous webcast will take place at 9:00 p.m. Eastern Time on Wednesday, August 15, 2012 (Beijing/Hong Kong Time: 9:00 a.m., Thursday, August 16, 2012). NetEase's management will be on the call to discuss the quarterly results and answer questions.
Interested parties may participate in the conference call by dialing 1-877-941-2068 (international: 1-480-629-9712), 10-15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-800-406-7325 (international: 1-303-590-3030), and entering passcode 4556534#. The replay will be available through August 30, 2012.
This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://corp.netease.com.
About NetEase, Inc.
NetEase, Inc. is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. NetEase's online communities and personalized premium services have established a large and stable user base for the NetEase websites, which are operated by its affiliates. In particular, NetEase provides online game services to Internet users through the in-house development or licensing of massively multi-player online role-playing games, including Fantasy Westward Journey, Westward Journey Online II, Westward Journey Online III, Tianxia III, Heroes of Tang Dynasty, Datang and Ghost, as well as the licensed games, Blizzard Entertainment's World of Warcraft(R) and StarCraft II(R).
NetEase also offers online advertising on its websites, which enables advertisers to reach its substantial user base. In addition, NetEase has paid listings on its search engine and web directory and classified advertising services, as well as an online mall, which provides opportunities for e-commerce and traditional businesses to establish their own storefront on the Internet. NetEase also offers wireless value-added services such as news and information content, matchmaking services, music and photos from the web that are sent over SMS, MMS, WAP, IVR and Color Ring-back Tone technologies.
Other community services that the NetEase websites offer include instant messaging, online personal advertisements, matchmaking, alumni clubs and community forums. The Company believes that it is also the largest provider of free e-mail services in China. Furthermore, the NetEase websites as well as its micro-blogging services provide various channels of content. NetEase aggregates news content on world events, sports, science and technology, and financial markets, as well as entertainment content such as cartoons, games, astrology and jokes, from over one hundred international and domestic content providers.
Contact for Media and Investors:
Tel: (+1) 212-481-2050
Tel: (+86) 571-8985-2076
Web site: http://corp.netease.com/
MOUNTAIN VIEW, Calif., Aug. 1, 2012 /PRNewswire/ --
-- Collaboration covers development of system-level models and Synopsys(R) Virtualizer(TM) Development Kits (VDKs) optimized for Renesas microcontrollers, including the new RH850 family -- Solutions will enable automotive OEMs and electronics suppliers to quickly implement virtual Hardware-in-the-Loop (HIL) testing to accelerate full system integration, test and validation -- Fast simulation with full system visibility and control extends code coverage and fault testing to improve reliability of Renesas' RH850-based electronic control units (ECUs)
Synopsys, Inc. , a world leader in software and IP used in the design, verification and manufacture of electronic components and systems, today announced a collaboration with Renesas Electronics Corporation, a premier provider of advanced semiconductor solutions, to develop and deploy advanced software development solutions optimized for designs based on Renesas microcontrollers (MCUs), including the recently announced RH850 family. The collaboration includes establishment of a Virtual MCU Center of Excellence with a dedicated team of engineers from both companies that will develop, among other commercial products, system-level models and Virtualizer Development Kits (VDKs) to accelerate software development and system testing for Renesas RH850-based designs. VDKs are software development tools integrating functional models of digital hardware, providing full visibility and controllability of single and multicore systems for unparalleled software debug and analysis capabilities.
"Our collaboration with Synopsys represents a long-term investment to improve the way software is developed and integrated into automotive subsystems," said Hisashi Takahashi, general manager of the MCU Software Division, MCU Business Unit, Renesas Electronics Corporation. "The Virtual MCU Center of Excellence brings together the unique expertise of both companies to extend and optimize proven virtual prototyping technology for users of Renesas microcontrollers. The availability of VDKs for Renesas' RH850 MCUs will enable software developers and teams performing system integration and test throughout the automotive supply chain to shorten development cycles and improve product testability and reliability."
Renesas' recently announced 32-bit RH850 MCU family is architected to support single- and multicore configurations that meet the processing requirements of a wide variety of automotive applications such as safety, body and engine control, driver interfaces and infotainment. These applications require designers to debug and validate an increasing amount of software code, often at multiple stages in the system development process. VDKs supporting the Renesas RH850 will allow software developers to start writing and testing code months before hardware availability. In addition, Synopsys' VDKs will enable rapid deployment of virtual Hardware-in-the-Loop test benches to increase code coverage and enhance fault testing, resulting in shorter development cycles, reduced development costs and higher product reliability.
"Modern automobiles contain a diverse and growing collection of electronic control units whose software content and complexity continue to rise," said John Koeter, vice president of marketing for IP and systems at Synopsys. "Through our expanded collaboration with Renesas, automotive engineers will have access to virtual prototyping models and tools that accelerate software development and system testing for leading MCUs like the RH850, both now and in the future."
Availability & Resources
The VDKs for Renesas' RH850 MCUs are scheduled to be available from Synopsys in the fourth quarter of 2012. For more information about Virtualizer Development Kits visit www.synopsys.com/VDK.
Synopsys, Inc. is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. Synopsys' comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, system-to-silicon verification and time-to-results. These technology-leading solutions help give Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has approximately 70 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at http://www.synopsys.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected availability and performance of Synopsys VDKs for Renesas' RH850 MCUs. These statements are based on current expectations and beliefs. Actual results could differ materially from those described by these statements due to risks and uncertainties including, but not limited to, unforeseen production or delivery delays, failure to perform as expected, product errors or defects and other risks detailed in Synopsys' filings with the U.S. Securities and Exchange Commission, including those described in the "Risk Factors" section of Synopsys' Annual Report on Form 10-K for the fiscal year ended October 31, 2011.
Web site: http://www.synopsys.com/
Company News On-Call: http://www.prnewswire.com/comp/AAB595.html
DALLAS, Aug. 1, 2012 /PRNewswire/ -- LIG Assets, Inc. (LIGA.PK) announces it has added more properties to its growing portfolio of income producing real estate assets. Yesterday, the Company closed on the acquisition of a 5000 square foot single story office building that is 100% leased and seven residential properties that have all been recently refurbished, leased, and now occupied.
LIG Assets is currently negotiating the purchase of income producing properties to expand its overall portfolio many times. If successful, the large size of the portfolio would warrant the Company to establish a real estate investment trust (REIT), spin it off to LIGA shareholders, and establish payments of cash dividends quarterly from the REIT.
LIG Assets CEO Jeff Love stated, "The Company's real estate division will continue to focus on properties that are producing income now as opposed to construction projects. We now see many fantastic opportunities in the Texas real estate market and plan to take advantage of low relative prices with strong returns." He continued, "We maintain very good banking and lending relationships that have afforded us the chance to capitalize on these opportunities."
The office building purchased yesterday is located in Garland, Texas on Northwest Hwy and is currently leased to a title company. The total purchase price for these transactions was $1,025,000 and the cap rate for the residential properties is over 10%. All the properties are located in Dallas County.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a multi-faceted worldwide investment company that focuses on real estate, oil and gas, technology, and entertainment. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA".
For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the U.S. Securities and Exchange Commission (SEC).
LIG Assets, Inc.
Web site: http://www.ligassetsinc.net/
QUEBEC CITY, Aug. 1, 2012 /PRNewswire/ - EXFO Inc. announced today that Germain Lamonde, Chairman of the Board, President and CEO, will make a presentation on behalf of the company at Canaccord Genuity's 32(nd) Annual Growth Conference on August 15, 2012, 4:00 p.m., Eastern time, in Boston.
Mr. Lamonde will outline EXFO's market opportunities, competitive advantages and value proposition to institutional investors on-site.
An audio Webcast of the presentation will be available live at www.EXFO.com, under the Investors section. It will also be archived for a limited period.
-- Canaccord Genuity Annual Growth Conference, August 15, 2012, 4:00 p.m., Eastern time, Boston (Audio Webcast: www.EXFO.com/investors).
Listed on the NASDAQ and TSX stock exchanges, EXFO is among the leading providers of next-generation test and service assurance solutions for wireless and wireline network operators and equipment manufacturers in the global telecommunications industry. The company offers innovative solutions for the development, installation, management and maintenance of converged, IP fixed and mobile networks -- from the core to the edge. Key technologies supported include 3G, 4G/LTE, IMS, Ethernet, OTN, FTTx, VDSL2, ADSL2+ and various optical technologies (accounting for an estimated 35% of the portable fiber-optic test market). EXFO has a staff of approximately 1800 people in 25 countries, supporting more than 2000 telecom customers worldwide. For more information, visit www.EXFO.com.
CONTACT: Vance Oliver
Manager, Investor Relations
(418) 683-0913, Ext. 23733
VANCOUVER, B.C. and CHELMSFORD, Mass., Aug. 1, 2012 /PRNewswire/ -- ACL Services, Ltd., the leading provider of technology for audit and compliance professionals, and Datawatch Corporation (NASDAQ-CM: DWCH), the leading global provider of information optimization software and services, today announced a strategic alliance that will provide audit, risk and compliance professionals with enhanced ability to analyze data trapped in static reports such as PDFs, HTML files, print files and other content-rich data sources.
"Audit, risk and compliance professionals continually seek technologies that help them deliver more responsive, accurate guidance for their businesses," said Laurie Schultz, president and COO of ACL. "This agreement furthers our mission to provide this technology in a convenient, easy-to-use solution. The efficiencies and capabilities of the combined ACL and Datawatch offering will allow our mutual customers to cost-effectively reduce effort and improve success."
The combination of ACL and Datawatch technologies will offer organizations the ability to more efficiently capture data from semi-structured and loosely-structured data sources - such as PDF documents - and pull it into their ACL data analysis solution. This will provide immediate visibility into critical corporate data, increasing personal productivity, enhancing data quality and integrity, and strengthening their business assurance activities. ACL will sell the solution, branded
ACL(TM) Importer, through both its direct sales and global channel partners. ACL and Datawatch are supporting this strategic alliance with joint marketing, services, sales and certification activities to accelerate adoption of the enhanced analytics solution.
According to Dave Dauksas, partner, PricewaterhouseCoopers, "Important compliance and audit-related information often lives in documents that are not organized into easily-accessed rows and columns. The ability to easily access this data and diligently examine it with a proven analytics platform is a compelling value proposition for audit and compliance professionals."
"For our current customers that use Monarch to access information for audit, risk management and compliance purposes, this alliance with ACL provides significant added value with the seamless integration to ACL's award-winning analytics solutions," said Michael A. Morrison, president and CEO of Datawatch. "For prospects, the combined ACL and Datawatch offering represents a new standard in the industry with no competitive peer."
ABOUT ACL SERVICES LTD.
ACL Services Ltd. is the leading provider of end-to-end technology for audit and compliance professionals. With a history of helping organizations gain insight into business risk with world-class analytic solutions, ACL's expanded product portfolio now includes technology to help automate business assurance processes across the enterprise. This includes seamless analytic, audit management and dashboard capabilities. Together, ACL's integrated suite of products provides the simplicity, productivity, and increased transparency that result in better audits and corporate risk management. Since 1987, ACL technology has helped organizations reduce risk, detect fraud, enhance profitability, and improve business performance. ACL delivers its solutions to 14,700 organizations in over 150 countries through a global network of ACL offices and channel partners. Our customers include 98 percent of Fortune 100 companies, 89 percent of the Fortune 500 and over two-thirds of the Global 500, as well as hundreds of national, state and local governments, and the Big Four public accounting firms. Visit us online at www.acl.com.
ABOUT DATAWATCH CORPORATION
Datawatch Corporation (NASDAQ-CM: DWCH) is a leading global provider of report analytics technology to deliver information optimization solutions. Business leaders use Datawatch products and services to access, manage, analyze and act upon 100% of their enterprise information - regardless of data type, format, source or environment. With Datawatch's information optimization platform, organizations can access structured data, semi-structured data and unstructured data, to deliver complete analytic systems that improve decision-making and accelerate action - at a fraction of the cost and time of traditional approaches. The company's market-leading technology is used by more than 40,000 organizations worldwide, including 99 of the Fortune 100. Datawatch is headquartered in Chelmsford, Massachusetts with offices in London, Munich, Sydney, Singapore and Manila, with partners and customers in more than 100 countries worldwide. For more information, visit www.datawatch.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements, including but not limited to those relating to results of operations, contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: risks associated with the continuing weak global economy; risks associated with fluctuations in quarterly operating results due, among other factors, to the size and timing of large customer orders; the volatility of Datawatch's stock price; limitations on the effectiveness of internal controls; rapid technological change; Datawatch's dependence on the introduction of new products and possible delays in those introductions; competition in the software industry; Datawatch's dependence on its principal products; proprietary software technology and software license agreements; risks associated with international sales; risks associated with indirect distribution channels; the adequacy of Datawatch's sales returns reserve; risks associated with a subscription sales model; risks associated with acquisitions , including the recent acquisition of intellectual property from Math Strategies; Datawatch's dependence on its ability to hire and retain skilled personnel; disruption or failure of Datawatch's technology systems that may result from a natural disaster, cyber-attack or other catastrophic event; and uncertainty and additional costs that may result from evolving regulation of corporate governance and public disclosure. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company's Annual Report on Form 10-K for the year ended September 30, 2011 and Form 10-Q for the quarters ended December 31, 2011 and March 31, 2012. Any forward-looking statements should be considered in light of those factors.
Datawatch Investor Relations
Phone: (978) 441-2200 ext. 8323
Phone: (978) 441-2200 ext. 8238
ACL Services, Ltd.
Phone: (604) 974 1430
Web site: http://www.datawatch.com/
CHICAGO, Aug. 1, 2012 /PRNewswire-Asia/ -- Acquity Group Limited ("Acquity" or the "Company") , a leading global Brand eCommerce(TM) and digital marketing company, will report its unaudited financial results for the second quarter of 2012 before the markets open on Wednesday, August 8, 2012. The Company has scheduled a conference call and webcast for investors at 8:30 a.m. EDT on the same day to discuss the results.
To access the call, please refer to the following conference call details:
Date: Wednesday, August 8, 2012 Time: 8:30 a.m. EDT (please dial in by 8:15 a.m.) Dial-In #: (877)299-4454 U.S. & Canada +1(617)597-5447 International Confirmation code: 80244067
Alternatively, the conference call will be webcast at www.acquitygroup.com by clicking the "Investors" tab. For those unable to participate, an audio replay will be available from 10:30 a.m. EDT on Wednesday, August 8, 2012 through midnight Wednesday, August 15, 2012. To access the replay, please call (888)286-8010 (U.S. & Canada) or +1(617)801-6888 (International) and enter confirmation code 12104395. A web-based archive of the conference call will also be available at the above website.
About Acquity Group Limited
Acquity Group Limited is a leading Brand eCommerce(TM) and digital marketing company that leverages the internet, mobile devices and social media to enhance its clients' brands and e-commerce performance. It is the digital agency of record for a number of well-known global brands in multiple industries. Acquity Group Limited has served more than 500 companies and their global brands through eleven offices in North America and three offices in Asia. For more information about Acquity Group Limited, visit www.acquitygroup.com.
Investor Relations Contacts:
Jessica Barist Cohen
Ogilvy Financial, New York
Web site: http://www.acquitygroup.com/
MOUNTAIN VIEW, Calif., Aug. 1, 2012 /PRNewswire/ -- Omnicell, Inc. , a leading provider of medication and supply management solutions to healthcare systems, today announced results for its quarter ended June 30, 2012, which includes the results of Omnicell's acquisition of MTS Medication Technologies, Inc. ("MTS") in May 2012.
GAAP results: Revenue for the second quarter of 2012 was $75.4 million, up $11.2 million or 17.5% from the first quarter of 2012, and up $14.4 million or 23.6% from the second quarter of 2011. Revenue for the six months ended June 30, 2012 was $139.5 million, up $21.4 million or 18.1% from the six months ended June 30, 2011.
Second quarter 2012 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.4 million, or $0.04 per diluted share. This compares to net income of $2.4 million, or $0.07 per diluted share, in the first quarter of 2012 and net income of $2.6 million, or $0.08 per diluted share, in the second quarter of 2011. For the six months ended June 30, 2012, net income was $3.7 million, or $0.11 per diluted share. This compares to net income of $3.3 million, or $0.10 per diluted share, for the six months ended June 30, 2011.
Non-GAAP results: Non-GAAP net income was $6.7 million for the second quarter of 2012, or $0.20 per diluted share. Non-GAAP net income for the second quarter excludes $2.2 million in stock-based compensation expense. It also excludes the $3.2 million after-tax effect of MTS acquisition costs and the amortization expense for all intangible assets acquired in connection with the acquisition. This compares to non-GAAP net income of $4.6 million, or $0.13 per diluted share, for the first quarter of 2012, which excluded $2.2 million in stock-based compensation expense. Second quarter 2012 results compare to non-GAAP net income of $5.0 million, or $0.15 per diluted share, for the second quarter of 2011, which excluded $2.5 million of stock-based compensation expense.
For the six months ended June 30, 2012, non-GAAP net income was $11.3 million, or $0.33 per diluted share. This excluded $4.4 million in stock-based compensation expense. It also excludes the $3.2 million after-tax effect of MTS acquisition costs and the amortization expense for all intangible assets acquired in connection with the acquisition. For the six months ended June 30, 2011, non-GAAP net income was $8.7 million, or $0.26 per diluted share, excluding $4.8 million in stock-based compensation expense and a $1.0 million pre-tax settlement expense for litigation claims.
"I'm happy to report that in this milestone period, which included the closing of the MTS acquisition and achieving our seventh consecutive annual top KLAS ranking for our automated medication dispensing system, Omnicell second quarter financial results exceeded our expectations," said Randall Lipps, Omnicell president, chairman and CEO. "The MTS contributions to our business are ahead of projections, the integration is right on track, and our customers have reacted positively as they recognize Omnicell is uniquely positioned to provide the tools to manage medications for their patients wherever they are being treated."
Omnicell Conference Call Information
Omnicell will hold a conference call today at 5:30 a.m. PT to discuss first quarter financial results. The conference call can be monitored by dialing 1-800-696-5518 within the U.S. or 1-706-758-4883 for all other locations. The Conference ID # is 13771768. Internet users can access the conference call at http://ir.omnicell.com/events.cfm. A replay of the call will be available today at approximately 6:30 a.m. PT and will be available until 8:59 p.m. PT on August 8. The replay access numbers are 1-855-859-2056 within the U.S. and 1-404-537-3406 for all other locations, conference code # 13771768.
Omnicell, Inc. is a leading provider of automation and business information solutions enabling hospitals and other healthcare organizations to streamline the medication administration process and manage costly medical supplies for increased operational efficiency and enhanced patient safety. Through seamless integration with a customer's existing IT infrastructure, Omnicell solutions empower healthcare facilities to achieve comprehensive automation of medication and supply management from the arrival at the loading dock to the patient's bedside. Omnicell also provides healthcare facilities with business analytics software designed to improve medication diversion detection and regulatory compliance.
Since 1992, more than 2,600 hospital customers worldwide have utilized Omnicell's medication automation, supply chain, and analytics solutions to enable them to increase patient safety, improve efficiency and address changing healthcare regulations while providing effective control of costs, charge capture for payer reimbursement and inventory management of medications and supplies.
MTS Medication Technologies, Inc., a wholly-owned Omnicell subsidiary, is a leader in medication adherence packaging systems designed to improve medication dispensing and administration. MTS enables approximately 6,000 institutional and retail pharmacies worldwide to maintain high accuracy and quality standards while optimizing productivity and controlling costs. The MTS product line includes more than 20 packaging machines and 50 types of consumable products.
For more information about Omnicell, please visit www.omnicell.com. Visit www.mts-mt.com for more information about MTS.
To the extent any statements contained in this release deal with information that is not historical, these statements are necessarily forward-looking. As such, they are subject to the occurrence of many events outside Omnicell's control and are subject to various risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statement. The risk factors are described in the Company's Securities and Exchange Commission (SEC) filings and include, without limitation, the our ability to successfully integrate MTS and avoid disruptions in our business, the potential failure to realize the anticipated benefits of the MTS acquisition, unfavorable general economic and market conditions, risks to growth and acceptance of our products and services and to growth of the clinical automation and workflow automation market generally, the potential of increasing competition, potential regulatory changes, and the ability of the company to improve sales productivity to grow product backlog, retain key personnel, to cut expenses, to manage future changes in revenue levels, to develop new products and integrate acquired companies, products or intellectual property in a timely and cost-effective manner. Prospective investors are cautioned not to place undue reliance on forward-looking statements.
Use of Non-GAAP Financial Information
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates and makes operating decisions using various performance measures. In addition to Omnicell's GAAP results, we also consider non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income, and non-GAAP net income per diluted share. Additionally, we calculate Adjusted EBITDA (another non-GAAP measure) by means of adjustments to GAAP Net Income. These non-GAAP results should not be considered as an alternative to gross profit, operating expenses, net income, net income per diluted share, or any other performance measure derived in accordance with GAAP. We present these non-GAAP results because we consider them to be important supplemental measures of Omnicell's performance.
Our non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income, and non-GAAP net income per diluted share are exclusive of certain items to facilitate management's review of the comparability of Omnicell's core operating results on a period to period basis because such items are not related to Omnicell's ongoing core operating results as viewed by management. We define our "core operating results" as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:
a) Stock-based compensation expense impact of Accounting Standards Codification (ASC) 718. We recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options, as required under ASC 718, "Stock Compensation" as non-GAAP adjustments in each period.
b) Litigation settlement (net of tax). We recorded an accrual in the first quarter of 2011 for settlement of litigation claims for $1.0 million ($0.6 million net of the $0.4 million income tax effect). This charge is not expected to be recurring and, as such, the financial impact is excluded from our non-GAAP results.
c) Acquisition-related transaction and integration expenses. In connection with our acquisition of MTS, in the second quarter of 2012, we recorded $4.9 million of acquisition transaction and integration costs ($2.9 million net of the $2.0 million tax effect). This charge is not expected to be recurring and, as such, the financial impact is excluded from our non-GAAP results.
d) Intangible assets amortization from business acquisitions. Beginning in the second quarter of 2012 (without revising prior periods), we are also excluding from our non-GAAP results the amortization expense resulting from the MTS acquisition as well as earlier Omnicell acquisitions. This impacts the second quarter and year-to-date non-GAAP results by $0.5 million ($0.3 million net of the $0.2 million tax effect). These non-cash charges, as considered by management, are not reflecting the core cash-generating performance of the business and therefore are excluded from our non-GAAP results.
Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Omnicell's control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock option grants.
We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:
1) Such non-GAAP financial measures provide an additional analytical tool for understanding Omnicell's financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;
2) Since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency and enhances investors' ability to compare our performance across financial reporting periods;
3) These non-GAAP financial measures are employed by Omnicell's management in its own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting; and
4) These non-GAAP financial measures facilitate comparisons to the operating results of other companies in our industry, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance.
Set forth below are additional reasons why share-based compensation expense related to ASC 718 is excluded from our non-GAAP financial measures:
i) While share-based compensation calculated in accordance with ASC 718 constitutes an ongoing and recurring expense of Omnicell, it is not an expense that requires cash settlement by Omnicell. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.
ii) We present ASC 718 share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation, under ASC 718 are dependent upon the trading price of Omnicell's common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.
Our Adjusted EBITDA calculation is defined as earnings before interest income and expense, taxes, depreciation and amortization, and non-cash expenses, including ASC 718 stock compensation expense. In addition, we are excluding the transaction and integration costs from the May 2012 MTS acquisition from the results for the three months and six months ended June 30, 2012.
As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for Omnicell's GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:
-- Omnicell's stock option and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in Omnicell's GAAP results for the foreseeable future under ASC 718. -- Other companies, including companies in Omnicell's industry, may calculate non-GAAP financial measures differently than Omnicell, limiting their usefulness as a comparative measure.
Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between Omnicell's non-GAAP and GAAP financial results is set forth in the financial tables at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release and in Omnicell's SEC filings.
Omnicell, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) Three Months Ended Six Months Ended ------------------ ---------------- June 30, March 31, June 30, June 30, June 30, 2012 2012 2011 2012 2011 ---- ---- ---- ---- ---- Revenues: Product $59,269 $48,524 $46,218 $107,793 $88,793 Services and other revenues 16,115 15,619 14,787 31,734 29,372 ------ ------ ------ ------ ------ Total revenue 75,384 64,143 61,005 139,527 118,165 ------ ------ ------ ------- ------- Cost of revenues: Cost of product revenues 28,600 20,296 19,730 48,896 37,566 Cost of services and other revenues 7,408 8,098 7,468 15,506 15,142 ----- ----- ----- ------ ------ Total cost of revenues 36,008 28,394 27,198 64,402 52,708 ------ ------ ------ ------ ------ Gross profit 39,376 35,749 33,807 75,125 65,457 Operating expenses: Research and development 5,499 6,494 5,280 11,993 10,120 Selling, general, and administrative 31,446 25,620 24,297 57,066 50,078 ------ ------ ------ ------ ------ Total operating expenses 36,945 32,114 29,577 69,059 60,198 ------ ------ ------ ------ ------ Income from operations 2,431 3,635 4,230 6,066 5,259 Other income and (expense), net (73) 96 71 23 125 --- --- --- --- --- Income before provision for income taxes 2,358 3,731 4,301 6,089 5,384 Provision for income taxes 983 1,380 1,714 2,363 2,127 --- ----- ----- ----- ----- Net income $1,375 $2,351 $2,587 $3,726 $3,257 ====== ====== ====== ====== ====== Net income per share: Basic $0.04 $0.07 $0.08 $0.11 $0.10 Diluted $0.04 $0.07 $0.08 $0.11 $0.10 Weighted average shares outstanding: Basic 33,390 33,365 33,003 33,377 33,093 Diluted 34,316 34,341 33,981 34,329 34,039
Omnicell, Inc. Condensed Consolidated Balance Sheets (In thousands) June 30, December 31, 2012 2011 ---- ---- (unaudited) (1) ASSETS Current assets: Cash and cash equivalents $54,071 $191,762 Short-term investments - 8,107 Accounts receivable, net 46,390 38,661 Inventories 25,170 18,107 Prepaid expenses 11,609 10,495 Deferred tax assets 11,197 10,352 Other current assets 7,164 6,107 ----- ----- Total current assets 155,601 283,591 Property and equipment, net 28,965 17,306 Non-current net investment in sales-type leases 9,826 8,785 Goodwill 112,083 28,543 Other intangible assets 87,242 4,231 Non-current deferred tax assets 12,574 11,677 Other assets 9,959 9,716 ----- ----- Total assets $416,250 $363,849 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $15,687 $11,000 Accrued compensation 13,323 7,328 Accrued liabilities 9,956 8,901 Deferred service revenue 19,791 19,191 Deferred gross profit 14,478 14,210 ------ ------ Total current liabilities 73,235 60,630 Non-current deferred service revenue 18,471 18,966 Non-current deferred tax liabilities 33,747 - Other long-term liabilities 3,277 1,339 ----- ----- Total liabilities 128,730 80,935 Stockholders' equity: Total stockholders' equity 287,520 282,914 ------- ------- Total liabilities and stockholders' equity $416,250 $363,849 ======== ======== (1) Information derived from our December 31, 2011 audited Consolidated Financial Statements.
Omnicell, Inc. Reconciliation of GAAP to Non-GAAP (In thousands, except per share data, unaudited) Three months ended ------------------ June 30, 2012 March 31, 2012 June 30, 2011 ------------- -------------- ------------- Net Net income Net Net income Net Net income income per share- income per share- income per share- diluted diluted diluted ------- ------- ------- GAAP $1,375 $0.04 $2,351 $0.07 $2,587 $0.08 Non-GAAP adjustments: Business acquisition costs Transaction and integration costs for acquisitions (a) 4,855 Amortization of intangible assets acquired by acquisition (b) 558 --- Subtotal pretax adjustments 5,413 - - Income tax effect of non- GAAP adjustments (c) (2,256) ------ Subtotal after-tax adjustments 3,157 - - ASC 718 share-based compensation adjustment (d) Gross profit 233 268 383 Operating expenses 1,980 1,939 2,068 Total after-tax adjustments 5,370 0.16 2,207 0.06 2,451 0.07 Non-GAAP $6,745 $0.20 $4,558 $0.13 $5,038 $0.15 ====== ===== ====== ===== ====== ===== (a) This adjustment is for the incurrence of transaction and integration costs related to our acquisition of MTS in May 2012 (b) Beginning with the second quarter of 2012, we are recognizing the amortization expense resulting from all intangible assets recorded from business acquisitions as a non-GAAP adjustment, including MTS and prior acquisitions. (c) Tax effects are calculated using the second quarter 2012 effective tax rate. (d) This adjustment reflects the accounting impact of non-cash stock-based compensation expense related to the impact of ASC 718 for the periods shown.
Omnicell, Inc. Reconciliation of GAAP to Non-GAAP (In thousands, except per share data, unaudited) Six months ended ---------------- June 30, 2012 June 30, 2011 ------------- ------------- Net Net income Net Net income income per share- income per share- diluted diluted ------- ------- GAAP $3,726 $0.11 $3,257 $0.10 Non-GAAP adjustments: Business acquisition costs Transaction and integration costs for acquisitions (a) 4,855 Amortization of intangible assets acquired by acquisition (b) 558 Litigation settlement (c) - 1,000 --- ----- Subtotal pretax adjustments 5,413 1,000 Income tax effect of non- GAAP adjustments (d) (2,256) (380) ------ ---- Subtotal after-tax adjustments 3,157 620 ASC 718 share-based compensation adjustment (e) Gross profit 501 750 Operating expenses 3,919 4,093 Total after tax adjustments 7,577 0.22 5,463 0.16 Non-GAAP $11,303 $0.33 $8,720 $0.26 ======= ===== ====== ===== (a) This adjustment is for the incurrence of transaction and integration costs related to our acquisition of MTS in May 2012 (b) Beginning with the second quarter of 2012, we are recognizing the amortization expense resulting from all intangible assets recorded from business acquisitions as a non-GAAP adjustment, including MTS and prior acquisitions. (c) This adjustment is for the accrual of a $1.0 million pre-tax settlement in operating expenses ($0.6 million, net of tax effect of $0.4 million) in the first quarter of 2011. (d) Tax effects are calculated using the second quarter 2012 effective tax rate. (e) This adjustment reflects the accounting impact of non-cash stock-based compensation expense related to the impact of ASC 718 for the periods shown.
Omnicell, Inc. Calculation of Adjusted EBITDA (1) (In thousands, unaudited) Three Months Ended Six months ended ------------------ ---------------- June 30, March 31, June 30, June 30, June 30, 2012 2012 2011 2012 2011 ---- ---- ---- ---- ---- GAAP net income $1,375 $2,351 $2,587 $3,726 $3,257 Add back: ASC 718 stock compensation expense 2,213 2,207 2,451 4,420 4,843 Transaction and integration costs for acquisitions, pre-tax 4,855 - - 4,885 - Litigation settlement, pre-tax - - - - 1,000 Interest (24) (31) (75) (55) (150) Depreciation and amortization expense 2,998 2,335 1,942 5,333 3,794 Income tax expense 983 1,380 1,714 2,363 2,127 --- ----- ----- ----- ----- Non-GAAP adjusted EBITDA (1) $12,400 $8,242 $8,619 $20,672 $14,871 ======= ====== ====== ======= ======= (1) Defined as earnings before interest income and expense, taxes, depreciation and amortization, and non-cash expenses, including stock compensation expense, per ASC 71, as well excluding certain non-GAAP adjustments. The non-GAAP adjustments for the three months and six months ended June 30, 2012 also exclude transaction and integration costs for MTS, acquired in May 2012. The non-GAAP adjustments for the six months ended June 30, 2011 also exclude first quarter 2011 expense for a pre-tax litigation settlement.Photo: http://photos.prnewswire.com/prnh/20120731/SF48971LOGO-a
CONTACT: Rob Seim, Chief Financial Officer, 1-800-850-6664, ext. 6478,
Web site: http://www.omnicell.com/
Sandvine's Peak Period Analysis Dashboard provides broadband analysis, predicts future trends
WATERLOO, ON, Aug. 1, 2012 /CNW/ - Sandvine, a leading provider of intelligent broadband network solutions for fixed and mobile operators, today announced the launch of its Peak Period Analysis Dashboard, the latest dashboard in its Network Analytics library. Sandvine's Peak Period Analysis Dashboard provides valuable statistics and predictions using actual network data captured within the periods of peak bandwidth usage to enable more accurate capacity planning.
"Bandwidth usage statistics are a key ingredient for accurate capacity planning," said Tom Donnelly, COO, Sales and Global Services, Sandvine. "Sandvine's Peak Period Analysis Dashboard is the industry's first true capacity planning tool that goes beyond traditional measurements of prime time bytes and projects the applications, service tiers and geographic locations impacting peak bandwidth usage today."
Sandvine's Peak Period Analysis Dashboard is one of the dashboards included in Sandvine's Network Analytics. Sandvine's interactive dashboards provide aggregate, network-wide key performance indicators that can be granularly measured and categorized by location, device and subscriber tier, and allow trending across peaks—by time and actual peak usage.
"Communications service providers have massive amounts of network and usage information at their fingertips," said Jeff Cotrupe, Global Program Director, ACEM and OSSCS, Stratecast | Frost & Sullivan. "CSP-focused business intelligence solutions like Sandvine's offer engineers and executives access to data in a unified visual form, so they can develop innovative solutions to everyday problems."
To learn more about Sandvine and its products visit us at CableLabs Summer Conference, August 5-7 in Keystone, Colorado or at www.sandvine.com
Sandvine's network policy control solutions focus on protecting and improving the quality of experience on the Internet. Our award-winning network policy control equipment and software helps fixed and wireless and mobile operators better understand network traffic, manage network congestion, create new services and revenues, mitigate traffic that is malicious or undesirable to subscribers, deliver QoS-prioritized multimedia services and increase subscriber satisfaction. With over 200 service provider customers in over 85 countries, serving hundreds of millions of broadband and mobile data subscribers, Sandvine is enhancing the Internet experience worldwide. For more information, please visit: www.sandvine.com.
Certain statements in this release which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements") and are made pursuant to the "safe harbour" provisions of such laws. Statements related to potential benefits of, and demand for, Sandvine's products are forward looking statements which are subject to certain assumptions, risks and uncertainties that may cause the actual results, performance or achievements of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such statements.
SOURCE Sandvine Incorporated
Image with caption: "Sandvine's Peak Period Analysis Dashboard provides valuable statistics and predictions using actual network data captured within the periods of peak bandwidth usage to enable more accurate capacity planning. (CNW Group/Sandvine Incorporated)". Image available at: http://photos.newswire.ca/images/download/20120801_C3893_PHOTO_EN_16539.jpgSandvine Incorporated
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CHARLOTTE, N.C., Aug. 1, 2012 /PRNewswire/ -- SPX Corporation today reported results for the second quarter ended June 30, 2012:
Second Quarter Highlights:
-- Revenues increased 10.9% to $1.26 billion from $1.14 billion in the year-ago quarter. Organic revenues* increased 3.1%, completed acquisitions increased revenues by 13.0%, and currency fluctuations negatively impacted revenues by 5.2%. -- Segment income and margins were $116.0 million and 9.2%, compared to $116.5 million and 10.2% in the year-ago quarter. Second quarter of 2012 segment margins were impacted by 100 basis points of dilution from the 2011 acquisition of ClydeUnion, including $2.7 million of purchase accounting charges related to the step-up in value of inventory and backlog. -- Diluted net income per share from continuing operations was $0.74, compared with $0.47 in the year-ago quarter. The current year quarter included $2.7 million, or $0.04 per share, of non-cash, purchase accounting charges related to ClydeUnion. The prior year quarter included a non-cash charge of $24.7 million, or $0.29 per share, related to an impairment of goodwill and indefinite-lived intangible assets. -- Adjusted net income per share from continuing operations*, which excludes the impact of the current year purchase accounting charges and the prior year impairment charge noted above, was $0.78 in the current quarter and $0.76 in the year-ago quarter. -- Net cash flow from continuing operations was $1.9 million, compared to $39.7 million in the year-ago quarter. The decrease was attributable primarily to higher pension contributions in the current quarter and current quarter tax payments of $10.1 million compared to a tax refund of $20.1 million in the year-ago quarter. -- Free cash flow used in continuing operations* was $13.6 million during the current quarter, compared to free cash flow from continuing operations in the year-ago quarter of $10.5 million. The decline was due to the items noted above, partially offset by lower capital expenditures as spending on the expansion of our power transformer facility was essentially completed in the fourth quarter of 2011.
"On a consolidated basis, organic revenues grew three percent year-over-year in the second quarter, driven largely by 23 percent growth in Asia Pacific and modest growth in the Americas. In Europe, for both the second quarter and the first half of 2012, our organic revenues were down five percent versus last year. This reflects weaker overall demand in Europe than we anticipated at the outset of the quarter.
"In addition, currency rate changes, particularly the weakening of the Euro, were a notable headwind against our second quarter financial results and have also reduced our expectations for the balance of the year. For the full year, we now expect revenue growth in the range of 11 to 15 percent, versus our previous target of 13 to 19 percent.
"We are encouraged by the progress we made on our strategic actions during the second quarter. A key focus for us this year is the integration of ClydeUnion, which showed improvement in its financial and operational performance quarter to quarter. The sale of Service Solutions is progressing; we have received European regulatory approval and are working through the final stages of the U.S. approval process. When completed, the after-tax proceeds of this sale are expected to be approximately $1 billion, the majority of which we intend to use on debt reduction and share repurchases as previously indicated. After these actions, we are projecting to have about $1.4 billion of liquidity that will provide us significant financial flexibility moving into 2013," Kearney said.
FINANCIAL HIGHLIGHTS - CONTINUING OPERATIONS
Revenues for the second quarter of 2012 were $677.3 million compared to $492.8 million in the second quarter of 2011, an increase of $184.5 million, or 37.4%. Organic revenues increased 11.9%, reflecting growth in all three of our end markets. Sales of large-scale food and beverage systems in Asia Pacific experienced the most growth. Geographically, we experienced organic growth in the Americas and Asia Pacific, which was partially offset by a decline in Europe. Acquisitions increased reported revenues by 31.5%, driven primarily by ClydeUnion where revenue increased 15.1% sequentially. The impact of currency fluctuations, primarily the Euro, decreased reported revenues by 6.0% from the year-ago quarter.
Segment income was $69.8 million, or 10.3% of revenues, in the second quarter of 2012, compared to $56.6 million, or 11.5% of revenues, in the second quarter of 2011. The increase in segment income was due primarily to the impact of the organic revenue growth noted above. The decline in segment margin was due primarily to 240 basis points of dilution from the operating performance of ClydeUnion and to purchase accounting charges, partially offset by the leverage from the organic revenue growth and increased year-over-year pricing.
Thermal Equipment and Services
Revenues for the second quarter of 2012 were $350.2 million compared to $431.9 million in the second quarter of 2011, a decrease of $81.7 million, or 18.9%. Organic revenues decreased 11.0% in the quarter, driven primarily by lower cooling system and services sales in the United States and Europe, partially offset by increased backlog execution in South Africa. Additionally, organic revenues continued to be negatively impacted by the timing of sales of heating products compared to the year-ago quarter, stemming from unusually warm weather experienced in the United States during the first half of 2012. The impact of currency fluctuations decreased reported revenues by 6.3% from the year-ago quarter, driven primarily by the Euro and the South African Rand.
Segment income was $16.0 million, or 4.6% of revenues, in the second quarter of 2012, compared to $35.8 million, or 8.3% of revenues, in the second quarter of 2011. The decline in segment income and margins was due primarily to the impact of the decline in high-margin cooling projects noted above.
Industrial Products and Services
Revenues for the second quarter of 2012 were $232.8 million compared to $212.1 million in the second quarter of 2011, an increase of $20.7 million, or 9.8%. Organic revenues increased 10.6% in the quarter, which is attributable primarily to 19.5% growth in our power transformer business and increased sales of precision machine components to the aerospace industry, partially offset by declines in sales of fare-collection systems. The impact of currency fluctuations decreased reported revenues by 0.8% from the year-ago quarter.
Segment income was $30.2 million, or 13.0% of revenues, in the second quarter of 2012, compared to $24.1 million, or 11.4% of revenues, in the second quarter of 2011. The increase in income and margins was due primarily to the impact of the organic revenue volumes noted above as well as modestly increased pricing of power transformers.
Dividend: On May 25, 2012, the company announced that its Board of Directors had declared a quarterly dividend of $0.25 per common share to shareholders of record on June 14, 2012, which was paid on July 3, 2012.
Form 10-Q: The company expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 with the Securities and Exchange Commission by August 3, 2012. This press release should be read in conjunction with that filing, which will be available on the company's website at www.spx.com, in the Investor Relations section.
Discontinued Operations: During the first quarter of 2012, the company entered into an agreement to sell its Service Solutions business unit. The financial condition, results of operations, and cash flows of Service Solutions have been reported as discontinued operations in the attached condensed consolidated financial statements.
Segment Reporting: With the pending sale of Service Solutions, the company is no longer reporting the Test & Measurement segment. We are continuing to report Flow Technology and Thermal Equipment and Services, our two reportable segments. The other two businesses that had been reported within Test & Measurement, along with our remaining operating segments, are included in an "All Other" category, which we refer to as Industrial Products and Services.
About SPX: Based in Charlotte, North Carolina, SPX Corporation is a global Fortune 500 multi-industry manufacturing leader with over $5 billion in annual revenue, operations in more than 35 countries and over 18,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in three areas: flow technology, infrastructure, and vehicle service solutions. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity, processed foods and beverages and vehicle services, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, power transformers for utility companies, cooling systems for power plants; and diagnostic tools and equipment for the automotive industry. This description of SPX does not reflect the pending sale of the Service Solutions business. For more information, please visit www.spx.com.
* Non-GAAP number. See attached financial schedules for reconciliation to most comparable GAAP number.
Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "believe," "expect," "anticipate," "project" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
SPX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts) Three months ended Six months ended ------------------ ---------------- June 30, 2012 July 2, 2011 June 30, 2012 July 2, 2011 ------------- ------------ ------------- ------------ Revenues $1,260.3 $1,136.8 $2,425.5 $2,121.7 Costs and expenses: Cost of products sold 923.0 822.4 1,786.8 1,514.5 Selling, general and administrative 249.5 231.9 523.0 474.3 Intangible amortization 9.4 5.7 18.1 11.3 Impairment of goodwill and other intangible assets - 24.7 - 24.7 Special charges, net 8.4 4.2 10.8 6.6 --- --- ---- --- Operating income 70.0 47.9 86.8 90.3 Other income (expense), net (2.8) (0.9) 19.0 2.1 Interest expense (27.9) (23.7) (56.4) (47.7) Interest income 1.6 1.4 2.9 2.7 Equity earnings in joint ventures 6.9 5.0 16.4 13.8 --- --- ---- ---- Income from continuing operations before income taxes 47.8 29.7 68.7 61.2 Income tax provision (9.3) (4.7) (22.3) (15.5) ---- ---- ----- ----- Income from continuing operations 38.5 25.0 46.4 45.7 Income from discontinued operations, net of tax 10.3 7.3 15.5 13.3 Gain (loss) on disposition of discontinued operations, net of tax (0.6) 2.7 (0.9) 0.8 ---- --- ---- --- Income from discontinued operations, net of tax 9.7 10.0 14.6 14.1 --- ---- ---- ---- Net income 48.2 35.0 61.0 59.8 Net income attributable to noncontrolling interests 0.8 0.7 0.1 2.4 Net income attributable to SPX Corporation common shareholders $47.4 $34.3 $60.9 $57.4 ===== ===== ===== ===== Amounts attributable to SPX Corporation common shareholders: Income from continuing operations, net of tax $37.7 $24.3 $46.3 $43.3 Income from discontinued operations, net of tax 9.7 10.0 14.6 14.1 --- ---- ---- ---- Net income $47.4 $34.3 $60.9 $57.4 ===== ===== ===== ===== Basic income per share of common stock: Income from continuing operations attributable to SPX Corporation common shareholders $0.75 $0.48 $0.92 $0.86 Income from discontinued operations attributable to SPX Corporation common shareholders 0.20 0.20 0.29 0.28 Net income per share attributable to SPX Corporation common shareholders $0.95 $0.68 $1.21 $1.14 ===== ===== ===== ===== Weighted average number of common shares outstanding - basic 49.954 50.554 50.283 50.410 Diluted income per share of common stock: Income from continuing operations attributable to SPX Corporation common shareholders $0.74 $0.47 $0.90 $0.85 Income from discontinued operations attributable to SPX Corporation common shareholders 0.19 0.20 0.29 0.27 Net income per share attributable to SPX Corporation common shareholders $0.93 $0.67 $1.19 $1.12 ===== ===== ===== ===== Weighted average number of common shares outstanding - diluted 50.909 51.365 51.184 51.158 Comprehensive income (loss) $(82.7) $69.5 $(4.7) $183.8 ====== ===== ===== ======
SPX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions) June 30, December 31, 2012 2011 ---- ---- ASSETS Current assets: Cash and equivalents $327.5 $551.0 Accounts receivable, net 1,305.1 1,224.5 Inventories 613.1 591.9 Other current assets 161.5 132.7 Deferred income taxes 91.7 66.4 Assets of discontinued operations 734.4 720.1 ----- ----- Total current assets 3,233.3 3,286.6 Property, plant and equipment: Land 44.6 48.4 Buildings and leasehold improvements 316.3 302.9 Machinery and equipment 785.9 775.0 ----- ----- 1,146.8 1,126.3 Accumulated depreciation (502.5) (476.3) ------ ------ Property, plant and equipment, net 644.3 650.0 Goodwill 1,776.4 1,773.7 Intangibles, net 950.8 972.4 Other assets 739.1 709.1 ----- ----- TOTAL ASSETS $7,343.9 $7,391.8 ======== ======== LIABILITIES AND EQUITY Current liabilities: Accounts payable $535.1 $643.4 Accrued expenses 1,005.8 982.0 Income taxes payable 29.2 26.7 Short-term debt 237.4 71.3 Current maturities of long-term debt 331.6 4.2 Liabilities of discontinued operations 205.0 234.4 ----- ----- Total current liabilities 2,344.1 1,962.0 Long-term debt 1,594.5 1,925.6 Deferred and other income taxes 144.7 131.1 Other long-term liabilities 1,085.3 1,135.8 ------- ------- Total long-term liabilities 2,824.5 3,192.5 Equity: SPX Corporation shareholders' equity: Common stock 997.2 993.6 Paid-in capital 1,539.7 1,502.2 Retained earnings 2,523.7 2,488.3 Accumulated other comprehensive loss (312.2) (246.5) Common stock in treasury (2,583.2) (2,510.3) -------- -------- Total SPX Corporation shareholders' equity 2,165.2 2,227.3 Noncontrolling interests 10.1 10.0 ---- ---- Total equity 2,175.3 2,237.3 TOTAL LIABILITIES AND EQUITY $7,343.9 $7,391.8 ======== ========
SPX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) Three months ended Six months ended ------------------ ---------------- June 30, 2012 July 2, 2011 June 30, 2012 July 2, 2011 ------------- ------------ ------------- ------------ Cash flows from (used in) operating activities: Net income $48.2 $35.0 $61.0 $59.8 Less: Income from discontinued operations, net of tax 9.7 10.0 14.6 14.1 --- ---- Income from continuing operations 38.5 25.0 46.4 45.7 Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities: Special charges, net 8.4 4.2 10.8 6.6 Impairment of goodwill and other intangible assets - 24.7 - 24.7 Gain on sale of a business - - (20.5) - Deferred and other income taxes (1.6) (9.0) 0.1 (5.0) Depreciation and amortization 29.6 21.1 57.1 42.2 Pension and other employee benefits 14.4 14.5 28.7 29.5 Stock-based compensation 6.5 6.5 28.3 25.7 Other, net 5.1 4.1 6.0 3.2 Changes in operating assets and liabilities, net of effects from acquisitions and divestitures: Accounts receivable and other assets (93.3) (51.3) (174.9) (45.1) Inventories 22.8 (52.8) (7.8) (65.0) Accounts payable, accrued expenses and other (23.2) 57.2 (154.1) (28.7) Cash spending on restructuring actions (5.3) (4.5) (11.7) (13.2) ---- ---- ----- Net cash from (used in) continuing operations 1.9 39.7 (191.6) 20.6 Net cash from (used in) discontinued operations 14.1 7.0 (29.5) (10.1) ---- --- ----- Net cash from (used in) operating activities 16.0 46.7 (221.1) 10.5 Cash flows used in investing activities: Proceeds from asset sales and other 0.6 0.2 8.7 0.2 (Increase) decrease in restricted cash 1.8 (1.3) 1.8 (2.8) Business acquisitions and other investments, net of cash acquired - - (30.5) (7.4) Capital expenditures (15.5) (29.2) (37.1) (44.4) ----- ----- Net cash used in continuing operations (13.1) (30.3) (57.1) (54.4) Net cash used in discontinued operations (0.3) (7.5) (2.0) (48.1) ---- ---- ---- ----- Net cash used in investing activities (13.4) (37.8) (59.1) (102.5) Cash flows from financing activities: Borrowings under senior credit facilities 250.0 280.0 586.0 375.0 Repayments under senior credit facilities (200.0) (245.0) (467.9) (340.0) Repayments under senior notes - (21.3) - (49.5) Borrowings under trade receivables agreement 25.0 14.0 98.0 86.0 Repayments under trade receivables agreement (32.3) (8.0) (59.3) (29.0) Net borrowings under other financing arrangements 2.1 5.2 3.9 5.8 Purchases of common stock (31.8) - (75.0) - Proceeds from the exercise of employee stock options and other, net of minimum tax withholdings paid on behalf of employees for net share settlements 0.5 2.6 4.6 (0.9) Financing fees paid - (11.2) (0.2) (11.2) Dividends paid (12.6) (12.6) (25.3) (28.1) ----- ----- Net cash from continuing operations 0.9 3.7 64.8 8.1 Net cash from discontinued operations - - - - --- --- --- --- Net cash from financing activities 0.9 3.7 64.8 8.1 Change in cash and equivalents due to changes in foreign currency exchange rates (13.1) 10.5 (8.1) 23.6 Net change in cash and equivalents (9.6) 23.1 (223.5) (60.3) Consolidated cash and equivalents, beginning of period 337.1 372.0 551.0 455.4 Consolidated cash and equivalents, end of period $327.5 $395.1 $327.5 $395.1 ====== ====== ====== ======
SPX CORPORATION AND SUBSIDIARIES RESULTS OF REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Unaudited; in millions) Three months ended Six months ended ------------------ ---------------- June 30, 2012 July 2, 2011 % June 30, 2012 July 2, 2011 % ------------- ------------ --- ------------- ------------ --- Flow Technology reportable segment Revenues $677.3 $492.8 37.4% $1,305.4 $948.7 37.6% Gross profit 204.3 162.6 383.9 319.3 Selling, general and administrative expense 126.9 102.1 253.2 198.5 Intangible amortization expense 7.6 3.9 14.5 7.8 Income $69.8 $56.6 23.3% $116.2 $113.0 2.8% ===== ===== ====== ====== as a percent of revenues 10.3% 11.5% 8.9% 11.9% Thermal Equipment and Services reportable segment Revenues $350.2 $431.9 -18.9% $670.7 $757.2 -11.4% Gross profit 67.5 91.5 130.0 164.4 Selling, general and administrative expense 50.2 54.3 101.0 104.5 Intangible amortization expense 1.3 1.4 2.7 2.8 Income $16.0 $35.8 -55.3% $26.3 $57.1 -53.9% ===== ===== ===== ===== as a percent of revenues 4.6% 8.3% 3.9% 7.5% Industrial Products and Services Revenues $232.8 $212.1 9.8% $449.4 $415.8 8.1% Gross profit 68.1 62.6 130.1 128.4 Selling, general and administrative expense 37.4 38.1 73.2 76.2 Intangible amortization expense 0.5 0.4 0.9 0.7 Income $30.2 $24.1 25.3% $56.0 $51.5 8.7% ===== ===== ===== ===== as a percent of revenues 13.0% 11.4% 12.5% 12.4% Total income for reportable and other operating segments $116.0 $116.5 $198.5 $221.6 Corporate expenses 22.0 24.2 54.4 56.2 Pension and postretirement expense 9.1 9.0 18.2 18.1 Stock-based compensation expense 6.5 6.5 28.3 25.7 Impairment of goodwill and other intangible assets - 24.7 - 24.7 Special charges, net 8.4 4.2 10.8 6.6 Consolidated Operating Income $70.0 $47.9 46.1% $86.8 $90.3 -3.9% ===== ===== ===== =====
SPX CORPORATION AND SUBSIDIARIES ORGANIC REVENUE RECONCILIATION (Unaudited) Three months ended June 30, 2012 -------------------------------- Net Revenue Foreign Organic Revenue Growth (Decline) Acquisitions (Divestitures) Currency Growth (Decline) --------------- -------------------------- -------- --------------- Flow Technology reportable segment 37.4% 31.5% (6.0)% 11.9% Thermal Equipment and Services reportable segment (18.9)% (1.6)% (6.3)% (11.0)% Industrial Products and Services 9.8% - % (0.8)% 10.6% Consolidated 10.9% 13.0% (5.2)% 3.1% Three months ended June 30, 2012 -------------------------------- Net Revenue Foreign Organic Revenue Growth (Decline) Acquisitions (Divestitures) Currency Growth (Decline) --------------- -------------------------- -------- --------------- Americas 9.4% 9.6% (1.1)% 0.9% Europe (3.2)% 12.3% (11.0)% (4.5)% Asia Pacific 48.1% 28.1% (2.9)% 22.9% Africa and Middle East (5.8)% 8.2% (14.0)% 0.0% Consolidated 10.9% 13.0% (5.2)% 3.1% Six months ended June 30, 2012 ------------------------------ Net Revenue Foreign Organic Revenue Growth (Decline) Acquisitions (Divestitures) Currency Growth (Decline) --------------- -------------------------- -------- --------------- Americas 12.1% 8.8% (0.7)% 4.0% Europe (1.0)% 11.7% (7.9)% (4.8)% Asia Pacific 50.9% 32.1% (1.4)% 20.2% Africa and Middle East 4.5% 8.3% (10.0)% 6.2% Consolidated 14.3% 13.1% (3.5)% 4.7%
SPX CORPORATION AND SUBSIDIARIES FREE CASH FLOW RECONCILIATION (Unaudited; in millions) Three months ended ------------------ June 30, 2012 July 2, 2011 ------------- ------------ Net cash from continuing operations $1.9 $39.7 Capital expenditures - continuing operations (15.5) (29.2) ----- ----- Free cash flow from (used in) continuing operations $(13.6) $10.5 ====== =====
SPX CORPORATION AND SUBSIDIARIES CASH AND DEBT RECONCILIATION (Unaudited; in millions) Six months ended June 30, 2012 ------------- Beginning cash and equivalents $551.0 Operational cash flow (191.6) Business acquisitions, net of cash acquired (30.5) Capital expenditures (37.1) Decrease in restricted cash 1.8 Proceeds from asset sales and other 8.7 Borrowings under senior credit facilities 586.0 Repayments under senior credit facilities (467.9) Net borrowings under trade receivable agreement 38.7 Net borrowings under other financing arrangements 3.9 Financing fees paid (0.2) Proceeds from the exercise of employee stock options and other, net of minimum withholdings paid on behalf of employees for net share settlements 4.6 Purchases of common stock (75.0) Dividends paid (25.3) Cash used in discontinued operations (31.5) Change in cash due to changes in foreign currency exchange rates (8.1) ---- Ending cash and equivalents $327.5 ====== Debt at Debt at December 31, 2011 Borrowings Repayments Other June 30, 2012 ----------------- ---------- ---------- ----- ------------- Domestic revolving loan facility $ - $586.0 $(436.0) $ - $150.0 Foreign revolving loan facility 30.9 - (31.9) 1.0 - Term Loan 1 300.0 - - - 300.0 Term Loan 2 500.0 - - - 500.0 6.875% senior notes 600.0 - - - 600.0 7.625% senior notes 500.0 - - - 500.0 Trade receivables financing arrangement - 98.0 (59.3) - 38.7 Other indebtedness 70.2 14.5 (10.6) 0.7 74.8 ---- ---- ----- --- ---- Totals $2,001.1 $698.5 $(537.8) $1.7 $2,163.5 ======== ====== ======= ==== ========
SPX CORPORATION AND SUBSIDIARIES ADJUSTED EARNINGS PER SHARE RECONCILIATION (Unaudited) Three months ended Three months ended June 30, 2012 July 2, 2011 ------------- ------------ Diluted income per share of common stock from continuing operations attributable to $0.74 $0.47 SPX Corporation common shareholders Impairment of goodwill and other intangible assets - 0.29 Inventory and backlog step-up purchase accounting adjustments for ClydeUnion 0.04 - Adjusted diluted income per share of common stock from continuing operations $0.78 $0.76 attributable to SPX Corporation common shareholdersSPX Corporation
CONTACT: Ryan Taylor (Investors), +1-704-752-4486, firstname.lastname@example.org; or
Jennifer H. Epstein (Media), +1-704-752-7403, +1-704-576-5441,
Web site: http://www.spx.com/
Bell Mobility brings next-generation mobile to large urban centres and small communities alike
MONTREAL, Aug. 1, 2012 /CNW Telbec/ - Bell today announced the completion of the first phase of its 4G broadband mobile network expansion in Manitoba. Supported by more than 50 retail locations across the province, including 4 new Bell stores, The Source and a range of other retail partners, Bell Mobility's industry-leading lineup of mobile devices and next-generation wireless services are now available to approximately 70% of Manitobans.
"Bell Mobility is proud to bring our 4G mobile service to Manitobans, who benefit from Bell's multi-billion investments in broadband network technology, industry-leading R&D spending, and global access to the leading superphones and other mobile devices," said Wade Oosterman, President of Bell Mobility and Bell Residential Services, and Bell's Chief Brand Officer. "With Bell 4G, mobile service just got better in Manitoba."
Bell Mobility now offers Manitobans:
-- Access to 4G wireless data speeds up to 42 Megabits per second (Mbps) with expected average download speeds of 7 to 14 Mbps -- The industry's best superphones, smartphones and other mobile products -- Leading mobile services such as Bell Mobile TV offering 26 channels including live coverage from the London 2012 Games -- Coast-to-coast 4G wireless coverage covering more than 97% of the Canadian population -- Roaming in more than 200 countries
The next phase of Bell's 4G network build in Manitoba, extending from Portage La Prairie to Brandon, will be completed later in 2012.
Bell Mobility products and services are now available to Manitobans online at Bell.ca or at more than 50 retail locations including 4 new Bell stores at Portage Place, Kildonan Place, Polo Park and St. Vital in Winnipeg; more than 10 The Source stores in Winnipeg, Selkirk and Steinbach; and many other retail partners across the province. For more information, please visit Bell.ca/Mobility.
Bell is Canada's largest communications company, providing consumers and business with solutions to all their communications needs: Bell Mobility wireless, high-speed Bell Internet, Bell Satellite TV and Bell Fibe TV, Bell Home Phone local and long distance, and Bell Business Markets IP-broadband and information and communications technology (ICT) services. Bell Media is Canada's premier multimedia company with leading assets in television, radio and digital media, including CTV, Canada's #1 television network, and the country's most-watched specialty channels.
The Bell Mental Health Initiative is a multi-year charitable program that promotes mental health across Canada via the Bell Let's Talk anti-stigma campaign and support for community care, research and workplace best practices. To learn more, please visit Bell.ca/LetsTalk.
Bell is wholly owned by BCE Inc. . For Bell product and service information, please visit Bell.ca. For Bell Media, please visit BellMedia.ca. For BCE corporate information, please visit BCE.ca.BELL CANADA
CONTACT: Jason Laszlo
Bell Media Relations
ATLANTA, Aug. 1, 2012 /PRNewswire/ -- PGi , a global leader in virtual meetings for over 20 years, today announced the launch of iMeet 2.0, the second generation of its innovative, cloud-based video meetings solution. The award-winning iMeet experience helps businesses of all sizes have simple, personal and mobile online meetings wherever and whenever they like - with plans starting as low as $39 per month.
iMeet 2.0 release highlights include:
-- Auto-Connect: iMeet hosts can instantly join the conversation with this new feature that automatically calls their computer or mobile device when they enter an iMeet meeting. -- Screen Share: iMeet hosts can share their screen in high resolution, with no downloads for meeting guests. Mobile guests can view screen share from an iPad((R))( )with the iMeet HD app. -- Advanced Mobile Meeting Apps: The iMeet HD app for the iPad now includes two-way video streaming, full host controls, faster connect times and cloud file sharing. The iMeet Mobile app for the iPhone((R)) now includes larger profile images, full host controls and cloud file sharing. -- HD Quality Video: iMeet now leverages the most technically advanced H.264 video encoding for HD quality video without consuming huge amounts of network bandwidth. -- Spotlight Cube: iMeet users can click on anyone's cube to enlarge it up to four-times bigger, creating a video conferencing room experience right on the desktop. -- Cloud Controls: iMeet's new, easy-to-use admin console lets businesses centrally manage, provision and customize large groups of iMeet accounts across the enterprise.
"In our increasingly mobile and socially connected world, iMeet 2.0 strikes the perfect balance between user-centric design and robust, built-for-business infrastructure," said Boland T. Jones, PGi founder, chairman and CEO. "PGi created iMeet to reinvent the way people do meetings, with an experience that is refreshingly simple, enjoyable and unlike any other product on the market. We plan to continue to enhance the iMeet platform to accommodate more of our users' everyday business communications -- from sales presentations, remote candidate interviews and video chats to board of directors meetings."
"We have seen tremendous uptake of desktop and mobile video conferencing applications, resulting in significant market growth," said Roopam Jain of Frost & Sullivan. "PGi's release of iMeet 2.0 demonstrates the company's commitment to both the end user experience and the enterprise buyer, and it positions them to capture increased demand within the market."
iMeet lets up to 15 people meet face-to-face online from anywhere in the world using their desktop, tablet or smartphone. iMeet is one tool for all your audio, web and video meetings, and it has received several leading industry awards, including the Silver award for New Product Innovation by the internationally renowned 2012 Edison Awards.
"iMeet has revolutionized the way we do business," said Laura LaBine of Vaco, a recruiting and consulting firm that specializes in placing senior level financial and accounting professionals. "The new Spotlight Cube feature really assists me in reading the body language and facial responses in meetings. Because the screen share is remarkably crisp and shown in real-time, our online interviews can be more collaborative. We chose iMeet because it's simple to use and is a better way to form more personal connections through video. We can have higher quality interactions thanks to iMeet."
To sign up for your own iMeet room free for 30 days, visit imeet.com.
iPad and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries.
About Premiere Global Services, Inc. ? PGi
PGi has been a global leader in virtual meetings for 20 years. Our cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice and file sharing technologies. PGi solutions are available via desktops, tablets or mobile devices, helping businesses worldwide be more productive, mobile and green. PGi has a global presence in 25 countries and an established base of more than 35,000 enterprise customers, including 75% of the Fortune 100((TM)). In the last five years, we have hosted more than 725 million people from 137 countries in over 165 million meetings. For more information, visit us at http://www.pgi.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Premiere Global Services, Inc.'s forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of new cloud-based, virtual meeting services, including our iMeet((R) )and GlobalMeet((R) )services; our ability to attract new customers and to retain and further penetrate our existing customers; risks associated with challenging global economic conditions; price increases from our telecommunications service providers; service interruptions and network downtime; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security of transactions; future write-downs of goodwill or other intangible assets; greater than anticipated tax liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated with acquisitions and divestitures; the impact of the sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings with the Securities and Exchange Commission, including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.
Web site: http://www.pgi.com/
KANSAS CITY, Mo., Aug. 1, 2012 /PRNewswire/ -- DST Systems, Inc. reported consolidated net income attributable to DST ("DST Earnings") of $144.9 million ($3.17 per diluted share) for the second quarter 2012 compared to $55.2 million ($1.17 per diluted share) for the second quarter 2011. DST Earnings for the six months ended June 30, 2012 were $200.2 million ($4.40 per diluted share) compared to $108.6 million ($2.31 per diluted share) for the six months ended June 30, 2011. Taking into account certain non-GAAP adjustments explained herein, consolidated DST Earnings were $35.4 million ($0.77 per diluted share) for second quarter 2012 compared to $49.4 million ($1.05 per diluted share) for second quarter 2011, and $82.9 million ($1.82 per diluted share) for the six months ended June 30, 2012 compared to $100.1 million ($2.13 per diluted share) for the six months ended June 30, 2011.
The diluted EPS impact of non-GAAP adjustments for second quarter 2012 is summarized as follows:
Reported GAAP diluted EPS -second quarter 2012 $3.17 Dividend and gain on sale of a private company investment (2.56) Net gains on securities and other investments (0.10) Asset impairment, employee termination and other expenses from discontinuance of insurance solution development 0.11 Real estate impairments and leased facility abandonment costs 0.05 Other employee termination expenses 0.05 Impairment of unconsolidated affiliates 0.04 Business advisory expenses 0.01 Adjusted Non-GAAP diluted EPS - second quarter 2012 $0.77 =====
Asset monetization update
During the quarter, DST recorded $158.2 million of cash proceeds from sales of investments, including $138.7 million from the sale of a portion of its investment in a privately held company in a transaction arranged by that company. Since the November 2, 2011 announcement of the DST Board's commitment regarding the Company's business plan and strategy, DST has realized $250.0 million of cash, consisting of $202.7 million of proceeds from the sales of investments and a $47.3 million dividend from the same privately held company during the second quarter. Cash from these transactions were primarily used to reduce debt. DST will continue to evaluate investment assets for potential monetization on an ongoing basis.
Discontinuing development of insurance processing solution for insurance market
After a thorough evaluation, DST has ceased the development of a processing solution for the North America insurance market, which was being built around the Percana software licensed from IFDS Ireland, the Company's joint venture with State Street Corporation. DST is discontinuing its role in the development of the solution due to the Company's current outlook for market demand and estimated costs to complete development. This decision does not impact IFDS Ireland or the Company's European solution being provided through IFDS.
As a result of this decision, DST recorded during the second quarter 2012 asset impairment charges of $5.8 million (principally software costs, both internal and third party, associated with the development of the solution), employee termination expenses of $1.9 million and other operating costs of $1.4 million. DST does not anticipate significant additional charges during the remainder of 2012 as a result of this decision.
DST noted that it currently maintains relationships with more than 20 of the top 25 insurance companies in the United States, and that the insurance market continues to be a key vertical market for the Company. DST will continue to provide mutual fund, retirement, AWD and output solutions to this market.
The above referenced dividends, asset monetization gains and discontinuance charges have been reflected as non-GAAP adjustments. A description of the other non-GAAP adjustments is included at the end of the release.
Comparison of second quarter 2012 non-GAAP diluted EPS to first quarter 2012 non-GAAP diluted EPS and second quarter 2011 non-GAAP diluted EPS
DST historically has not provided comparative analyses against prior quarter financial results. However, DST believes it is appropriate to set forth significant variances from first quarter 2012 financial results.
Comparison to first quarter 2012
Non-GAAP diluted EPS decreased $0.28 from first quarter 2012 to second quarter 2012, primarily from the following items:
Adjusted Non-GAAP diluted EPS - first quarter 2012 $1.05 Lower AWD software and hosting revenues (0.08) Higher contributions from DST Healthcare 0.06 Lower contributions from DST Output Solutions U.K. (0.03) Higher employee compensation costs (0.05) Computershare dividend received in first quarter 2012 (0.03) Lower equity in earnings of unconsolidated affiliates (0.02) Higher income tax rate (0.13) ----- Adjusted Non-GAAP diluted EPS - second quarter 2012 $0.77 =====
-- DST recorded higher AWD software and hosting revenues in the first quarter 2012, a portion of which was anticipated for later in the year. Although software and software related revenues are not a significant portion of DST's revenues, they can have a significant impact on earnings when recorded. -- Output Solutions results during second quarter 2012 were lower than first quarter 2012 principally from the effect of increased losses recorded at DST Output U.K. caused by lower revenues. -- DST Healthcare results during second quarter 2012 were higher than first quarter 2012. DST Healthcare benefitted from the finalization of incentive fees related to claims processing activities and professional service fees related to a conversion that has been cancelled due to the client being acquired by another processor. Lower operating costs also contributed to the higher results. -- As a result of the dividend and gain from the private company investment, increased accruals have been recorded in accordance with the Company's employee compensation plans. It is also expected that equity compensation expense will be increased for the remainder of 2012 by $0.06 per diluted share as a result of the gains recorded. -- Computershare Ltd. pays semi-annual dividends, which are in the first quarter and the third quarter. Accordingly, no dividend was received in second quarter 2012. -- Increased costs were incurred at both IFDS UK and IFDS Canada in connection with new client conversions and new product initiatives. As previously reported, IFDS Canada is converting a shareowner processing client which will add approximately 1.2 million accounts, and IFDS UK is converting new unit trust clients with approximately 900,000 accounts and converting life and pensions clients with approximately 250,000 policies to their proprietary processing systems. IFDS projects that these four new clients will produce approximately $44.0 million of annualized revenue when fully converted. -- The full year 2012 estimated tax rate has increased from 34.5% to 37% as a result of lower foreign tax credits and increased losses in international subsidiaries for which no current tax benefit exists. The first quarter 2012 tax rate was 32.5%. A 41.8% tax rate was needed in the second quarter 2012 to bring the year to date tax provision in line with current expectations.
Comparison to second quarter 2011
Non-GAAP diluted EPS in second quarter 2012 decreased $0.28 from the second quarter 2011 primarily due to the following:
-- Consolidated operating revenues (excluding out-of-pocket reimbursements) increased $41.4 million or 9.8% to $465.5 million as compared to second quarter 2011. Financial Services operating revenues increased $26.5 million or 9.4% primarily from $23.6 million of operating revenues from ALPS. Output Solutions operating revenues increased $14.4 million or 10.0% reflecting the acquisition of Lateral Group Limited ("Lateral") in August 2011 and a full quarter of Newkirk Products, Inc. ("Newkirk") acquired in May 2011. -- Income from operations decreased $6.4 million or 8.6% compared to second quarter 2011. Financial Services income from operations decreased $3.8 million or 5.8% during the quarter to $61.2 million and Output Solutions income from operations decreased $3.3 million or 36.3% during the quarter to $5.8 million. Significant items contributing to the net change in operating income are the following: -- Lower contributions from mutual fund shareowner account processing from lower transfer agency and distribution support operating revenues associated with decreased accounts. -- Increased earnings from the DST Healthcare businesses from higher pharmacy claim processing revenues attributable to new clients and from increased medical claim business process outsourcing and professional services revenues. -- Contributions from the inclusion of ALPS Holdings, Inc. ("ALPS"), which was acquired on October 31, 2011. -- Business development and start-up costs for the insurance, brokerage and retirement businesses during the quarter were $12.0 million, an increase of $5.4 million as compared to second quarter 2011. The Company anticipates that it will recognize $0.26 of after tax expense per diluted share of business development and start-up expenses for the brokerage and retirement businesses for the remainder of 2012. -- Increased Financial Services depreciation and amortization and amortization expense of $3.1 million, primarily from $2.3 million of higher intangible asset amortization expense related to the 2011 acquisitions. -- Higher employee compensation plan costs associated with higher earnings in 2012 from gains previously described and more unvested equity awards outstanding in 2012. -- Lower operating margins on increased Output Solutions operating revenues attributable to higher operating costs to support new clients and conversion activities, higher intangible asset amortization related to the Lateral ($500,000) and Newkirk ($100,000) acquisitions and higher costs in Canada for plant expansion. -- Lower equity in earnings of unconsolidated affiliates during second quarter 2012 of $3.5 million from decreased earnings at IFDS and BFDS. The decline in IFDS earnings was attributable to costs to develop its insurance and pension recordkeeping services in the United Kingdom and costs associated with new client conversion activities in both the United Kingdom and Canada. The decline in BFDS earnings is from decreased revenues associated with decreased accounts. -- Higher income tax rate in second quarter 2012 of 41.8% as compared to second quarter 2011 of 34.0%. The increased rate is attributable to lower foreign tax credits and increased losses in international subsidiaries for which no current tax benefit exists. The increase in income tax rate reduced second quarter 2012 DST earnings by approximately $0.10 per diluted share.
Share-related and debt activity during the second quarter 2012 were as follows:
-- The Company had 45.1 million shares of common stock outstanding at June 30, 2012, an increase of approximately 200,000 shares from March 31, 2012 primarily from shares issued under equity compensation plans. Shares outstanding decreased by 1.4 million shares from June 30, 2011 attributable to share repurchases made during the second half of 2011. -- Average diluted shares outstanding for second quarter 2012 were 45.7 million, an increase of 500,000 shares or 1.1%, from first quarter 2012 and a decrease of 1.5 million shares or 3.2% from second quarter 2011. The changes in average diluted shares outstanding from first quarter 2012 and second quarter 2011 resulted from a higher average stock price and share repurchases made in the second half of 2011. -- Total stock options, restricted stock and restricted stock units ("equity units") outstanding at June 30, 2012 were 3.5 million, of which 2.5 million were stock options, 100,000 were restricted stock and 900,000 were restricted stock units. Equity units decreased 100,000 units or 2.8% from March 31, 2012 from fewer stock options outstanding. Equity units decreased 1.0 million units or 22.2% from June 30, 2011 primarily from fewer stock options outstanding associated with the exercise and expiration of these awards. -- At June 30, 2012, the Company's total debt outstanding was $1.214 billion, $146 million less than March 31, 2012, mostly attributable to the use of proceeds from previously mentioned asset monetizations and dividends received.
Detailed Review of Financial Results
The following discussion of financial results takes into account the non-GAAP adjustments described in the section entitled "Use of Non-GAAP Financial Information" and detailed in the attached schedule titled "Description of Non-GAAP Adjustments."
Financial Services Segment
Operating revenues for the Financial Services Segment (excluding out-of-pocket reimbursements) for second quarter 2012 increased $26.5 million or 9.4% to $307.5 million as compared to second quarter 2011. ALPS contributed approximately $23.6 million of operating revenues for the quarter. Healthcare and brokerage operating revenues increased as compared to second quarter 2011. These operating revenue increases were partially offset by lower operating revenues for mutual fund registered shareowner account servicing.
Total mutual fund accounts serviced decreased 2.3 million and 2.5 million, respectively, for the three and six months ended June 30, 2012. The following table summarizes changes in U.S. mutual fund registered accounts and subaccounts:
Three Months Six Months (in millions) Ended Ended June 30, 2012 June 30, 2012 ------------- ------------- Registered Accounts Beginning balance 82.8 85.1 New client conversions 0.5 Subaccounting conversions to DST platforms (0.1) (1.8) Subaccounting conversions to non-DST platforms (2.0) (3.4) Conversions to non-DST platforms (0.9) (0.9) Organic growth 0.4 0.7 Ending balance 80.2 80.2 ---- ---- Subaccounts Beginning balance 16.7 14.6 New client conversions Conversions from non-DST registered platforms 0.1 0.2 Conversions from DST's registered accounts 0.1 1.8 Organic growth 0.1 0.4 Ending balance 17.0 17.0 ---- ---- Total accounts 97.2 97.2 ==== ====
Tax-advantaged accounts were 42.3 million at June 30, 2012, a decrease of 400,000 accounts from March 31, 2012. Tax-advantaged accounts represent 52.7% of total registered accounts serviced at June 30, 2012, as compared to 50.2% at December 31, 2011.
As previously announced, two clients affiliated with Bank of New York Mellon Corporation ("BNYM"), a competitor of DST, are converting to BNYM's in-house platform. In the second quarter 2012, approximately 800,000 registered accounts were converted to BNYM's platform, and 5.8 million subaccounts are scheduled to convert during third quarter 2012.
Projections of registered accounts converting to subaccounts are based on information obtained from DST's clients and are subject to change. Based on results through June 30, 2012 and information provided by its clients regarding the remainder of the year, the Company currently expects total conversions of registered accounts to subaccounts in 2012 to be between 8-10 million, of which approximately 30% of these accounts should convert to DST's subaccounting platform. These estimates are consistent with prior guidance. The actual number of accounts estimated to convert to and from various DST platforms, as well as the timing of those events, is dependent upon a number of factors. Actual results could differ from the Company's estimates.
Assets under active distribution by ALPS and assets under administration by ALPS at June 30, 2012 were $57.4 billion and $94.3 billion, respectively, both essentially unchanged as compared to March 31, 2012.
Brokerage operating revenues increased from higher levels of subaccounts serviced and revenues from acquired businesses. Subaccounts serviced increased 2.4 million accounts or 16.4% from December 31, 2011.
Retirement operating revenues for the second quarter 2012 were lower than second quarter 2011 resulting from lower levels of defined contribution participants serviced due to the annual removal of prior year terminated participants. The following table summarizes changes in defined contribution participants serviced during the three and six months ended June 30, 2012 (in millions):
Three months Six Months Ended Ended June 30, 2012 June 30, 2012 ------------- ------------- Defined Contribution Participants Beginning balance 4.7 4.6 Organic decline (0.3) (0.2) Ending balance 4.4 4.4 === ===
Defined contribution ("DC") participants were 4.4 million at June 30, 2012, a decrease of 300,000 participants or 6.4% from March 31, 2012 and a decrease of 200,000 participants or 4.3% from December 31, 2011. Previously announced participant conversions totaling approximately 1.3 million are expected to occur in 2012 and 2013, with approximately 600,000 participant conversions expected to occur in fourth quarter 2012.
DST HealthCare operating revenues during the second quarter 2012 increased from the finalization of incentive fees related to claims processing activities, professional service fees related to a conversion that has been cancelled due to the client being acquired by another processor and higher volumes of claim processing. Pharmacy claims paid during second quarter 2012 were 98.7 million, an increase of 8.9 million claims or 9.9% from the prior year quarter. The increase in pharmacy claims paid in second quarter 2012 is associated with new clients and higher volumes processed from existing clients. Covered lives using DST's medical claim processing platforms were 22.6 million at June 30, 2012, unchanged from March 31, 2012 and an increase of 100,000 from June 30, 2011.
AWD operating revenues during the second quarter 2012 decreased slightly as compared to second quarter 2011 due to lower professional services. Active AWD users at June 30, 2012 were 201,000, essentially unchanged from March 31, 2012 and June 30, 2011.
DST Global Solutions (investment management) operating revenues during second quarter 2012 decreased slightly from the same period in 2011 due to lower license sales.
Financial Services Segment software license fee revenues are derived principally from DST Global Solutions, DST Health Solutions and AWD. Operating revenues include approximately $8.2 million of software license fee revenues for second quarter 2012, a decrease of $1.2 million or 12.8% from the same period in 2011 reflecting lower medical claims and investment management license fee revenues, partially offset by higher AWD software license fee revenues. While license fee revenues are not a significant percentage of DST's operating revenues, they can significantly impact earnings in the period in which they are recognized. Revenues and operating results from individual license sales depend heavily on the timing, size and nature of the contract.
Financial Services costs and expenses for second quarter 2012, excluding reimbursable operating costs, increased $27.2 million or 13.8% to $224.9 million. Deferred compensation expenses declined $3.9 million as compared to second quarter 2011. Excluding deferred compensation, operating costs and expenses increased $31.1 million in second quarter 2012, primarily from the inclusion of ALPS and other 2011 acquisitions, higher retirement and brokerage business development expenses and increased equity compensation expense as previously described.
The Company maintains a limited number of deferred compensation plans, including a mandatory deferral of a portion of the annual incentive compensation award. Under these arrangements, participants are allowed to hypothetically invest their deferred compensation awards in certain investments and are credited with deemed gains or losses of their underlying hypothetical investments. The Company generally purchases matching investments, designated as trading securities, to fund the deferred compensation liability and to eliminate the income statement effect of changes in the liability. The change in the liability, whether an increase or decrease, is recorded in operating expense; the change in the corresponding related investment assets is recorded in other income. However, in the determination of pre-tax income, the two offset each other.
Financial Services depreciation and amortization increased $3.1 million in second quarter 2012 to $21.4 million. Increased intangible asset amortization of $2.3 million from 2011 Financial Services Segment acquisitions (of which ALPS was $1.6 million) and increased depreciation from recent capital expenditures were partially offset by lower intangible asset amortization from DST Health Solutions as certain assets became fully amortized at September 30, 2011.
Financial Services Segment income from operations for second quarter 2012 totaled $61.2 million as compared to $65.0 million in second quarter 2011, a decrease of $3.8 million or 5.8%. Excluding the effects of deferred compensation, income from operations decreased $7.7 million to $57.8 million. Operating margin for second quarter 2012 was 19.9% as compared to 23.1% for second quarter 2011. Excluding the effects of deferred compensation, operating margin for second quarter 2012 was 18.8% as compared to 23.3% in 2011.
Output Solutions Segment
The following table presents the financial results of the Output Solutions Segment for second quarter 2012 and 2011 (in millions):
Three Months Ended June 30, --------------------------- 2012 2011 ---- ---- Operating Operating Operating Operating Operating Operating Revenue Income (Loss) EBITDA Revenue Income (Loss) EBITDA ------- ------------ ------ ------- ------------ ------ North America $110.8 $9.1 $16.6 $106.4 $11.7 $19.7 United Kingdom 47.9 (3.3) 0.3 37.9 (2.6) 0.4 Output Solutions Segment $158.7 $5.8 $16.9 $144.3 $9.1 $20.1 ====== ==== ===== ====== ==== =====
The increase in Output Solutions Segment operating revenues (excluding out-of-pocket reimbursements) for second quarter 2012 is $14.4 million or 10.0%, mostly attributable to operating revenues from the acquisitions of Lateral and Newkirk. Out-of-pocket reimbursement revenues increased $7.5 million or 5.0% in second quarter 2012 to $156.1 million, attributable to higher volumes from new clients and volumes from the Lateral and Newkirk acquisitions.
Three Months Ended June 30, -------- 2012 2011 ---- ---- Images Produced North America 2,216.2 2,213.9 United Kingdom 544.1 476.1 Output Solutions Segment 2,760.3 2,690.0 ======== Packages Mailed North America 527.4 472.1 United Kingdom 183.3 173.0 Output Solutions Segment 710.7 645.1 ========
Output's North America operating revenues increased $4.4 million or 4.1% in second quarter 2012 to $110.8 million principally from the acquisition of Newkirk in May 2011 and from new client revenues, which were partially offset by lower volumes from existing clients. North America images produced during second quarter 2012 were 2.2 billion, a 0.1% increase over second quarter 2011. North America packages mailed during second quarter 2012 were 527.4 million, an increase of 55.3 million packages mailed or 11.7% as compared to the same period in 2011. The increase in images produced was from the acquisition of Newkirk and new client volumes, which were partially offset by lower volumes from existing clients. The increase in packages mailed was from the acquisition of Newkirk, new client volumes and the mix of work from existing clients, partially offset by lower volumes from existing clients.
North America income from operations was $9.1 million during second quarter 2012, a decrease of $2.6 from second quarter 2011, reflecting higher operating costs associated with an increased workforce to support new clients and conversion activities, higher intangible asset amortization related to the Newkirk acquisition and higher costs in Canada for plant expansion. North America operating margin was 8.2% for second quarter 2012 as compared to 11.0% in second quarter 2011. North America Operating EBITDA was $16.6 million, a decrease of $3.1 million or 15.7% from second quarter 2011.
During second quarter 2012, Output Solutions received new client commitments in North America representing, when fully transitioned, approximately 19 million of aggregate packages annually, based on current volume levels. Full conversion activities for these new clients are expected to be completed in the first quarter 2013.
DST Output U.K. operating revenues increased $10.0 million or 26.4% in second quarter 2012 to $47.9 million. Increases in revenues associated with the acquisition of the Lateral Group were partially offset by lower volumes from existing clients. United Kingdom images produced during second quarter 2012 were 544.1 million, an increase of 68.0 million or 14.3% as compared to the same period in 2011. United Kingdom items mailed during second quarter 2012 were 183.3 million, an increase of 10.3 million or 6.0% as compared to the same period in 2011. The increase in images produced and packages mailed was primarily the result of the inclusion of the Lateral Group.
DST Output U.K. recorded a loss from operations of $3.3 million during second quarter 2012, which was $700,000 more than the loss recorded in second quarter 2011. Included in the quarter's loss was approximately $1.1 million of intangible asset amortization expense associated with acquisitions, an increase of $500,000 as compared to second quarter 2011. Output U.K. also recorded higher equity compensation costs in second quarter 2012 attributable to new awards granted. Lower than expected revenues contributed to the quarter's loss. Output's U.K. Operating EBITDA was $300,000, a decrease of $100,000 from second quarter 2011.
DST Output U.K. continues to review its current cost structure in order to identify additional cost savings opportunities from the acquisition of Lateral. As previously announced, the Company has determined that it will close two U.K. operating locations before the end of 2012. The Company incurred employee related restructuring charges and leased facility abandonment costs in second quarter 2012, which were treated as non-GAAP adjustments, associated with actions resulting from this review. The Company expects to incur facility related restructuring charges later in 2012 as certain leased facilities become vacated.
Investments and Other Segment
Investments and Other Segment operating revenues for second quarter 2012 increased $1.4 million or 10.2% as compared to second quarter 2011, primarily due to higher third party rental activities. Income from operations increased $700,000 to $3.1 million primarily from higher real estate revenues.
Review of DST's U.S. Real Estate Holdings
The following table summarizes the square footage of real estate facilities wholly-owned by DST or owned through unconsolidated affiliates of DST as of June 30, 2012 (in millions):
DST Joint Wholly Venture Owned* Owned* ----- ----- Occupied by DST and related affiliates 1.9 0.5 Occupied by third parties 0.9 2.4 --- --- Total 2.8 2.9 === ===
Amounts exclude square footage of wholly- owned data centers and surrounding property and a joint venture- owned 1,000 room convention * hotel.
DST's U.S. real estate holdings recorded a $0.03 of diluted EPS during second quarter 2012, a decrease of $0.03 per diluted share as compared to second quarter 2011, primarily from tax benefits recorded in 2011. Operating EBITDA (defined as operating income plus depreciation and amortization) for second quarter 2012 was $5.7 million, an increase of $700,000 as compared to 2011.
DST also evaluates its real estate holdings on a "funds from operations" ("FFO") basis, which is defined as net income plus depreciation and amortization, including a pro-rata portion of depreciation and amortization of unconsolidated affiliates. Using this methodology, for second quarter 2012, DST's real estate holdings had FFO of $5.9 million, a decrease of $1.2 million as compared to second quarter 2011. FFO diluted EPS was $0.13 for second quarter 2012, a decrease of $0.02 per diluted share as compared to second quarter 2011.
At June 30, 2012, consolidated U.S. real estate related debt was $109.5 million, a decrease of $4.7 million as compared to June 30, 2011. DST's pro-rata share of debt associated with joint venture real estate at June 30, 2012 was $188.4 million, a decrease of $10.9 million as compared to June 30, 2011, substantially all of which is non-recourse debt.
Other Financial Results
Equity in earnings (losses) of unconsolidated affiliates
The following table summarizes the Company's equity in earnings (losses) of unconsolidated affiliates (in millions):
Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- BFDS $2.3 $3.1 $5.5 $6.3 IFDS 0.6 3.8 2.1 9.6 Other 0.8 0.3 1.4 (0.3) $3.7 $7.2 $9.0 $15.6 ==== ==== ==== =====
DST's equity in BFDS earnings for second quarter 2012 was $2.3 million, a decrease of $800,000 as compared to second quarter 2011. Lower revenues in second quarter 2012 associated with reduced levels of accounts serviced resulting from subaccounting conversions were partially offset by lower operating expenses. Average daily client cash balances invested by BFDS were $952 million during second quarter 2012 compared to $1.0 billion during second quarter 2011 from lower levels of transaction activity. Average interest rates earned on the balances increased from 0.09% in second quarter 2011 to 0.15% in second quarter 2012. The net earnings from client cash balances were not sufficient to cover banking and transaction fees.
DST's equity in IFDS earnings for second quarter 2012 decreased $3.2 million as compared to second quarter 2011, primarily from lower earnings at IFDS U.K and IFDS Canada. The decline in IFDS U.K. earnings was attributable to costs for new product development initiatives and costs associated with client conversion activities. The decline in IFDS Canada earnings was attributable to costs associated with client conversion activities and lower revenues associated with reduced levels of accounts serviced. New product development and client conversion costs will continue to negatively impact IFDS earnings in 2012.
Shareowner accounts serviced by IFDS U.K. were 8.3 million at June 30, 2012, an increase of 100,000 accounts from March 31, 2012 and an increase of 700,000 accounts from June 30, 2011. Shareowner accounts serviced by IFDS Canada were 10.3 million at June 30, 2012, a decrease of 100,000 accounts from March 31, 2012 and a decrease of 400,000 accounts from June 30, 2011.
As previously announced, IFDS U.K. is in the process of converting new shareowner processing clients with approximately 900,000 accounts, of which 700,000 accounts are expected to convert by December 31, 2012 with the remainder by March 31, 2013. IFDS U.K. is also in the process of converting new life and pensions clients with 250,000 policies to their new policy system in late 2012 and 2013. As previously announced, IFDS Canada is in the process of converting a new client which is expected to increase shareowner accounts serviced by approximately 1.2 million accounts in fourth quarter 2012. IFDS projects that these four new clients will produce approximately $44.0 million of annualized revenue when fully converted.
DST's equity in earnings of other unconsolidated affiliates for second quarter 2012 increased $500,000 to $800,000 as compared to second quarter 2011, mostly from improved performance by certain real estate affiliates.
Other income, net
Other income, net during second quarter 2012 decreased $3.2 million from second quarter 2011 to $700,000. The decrease in other income is attributable to unrealized depreciation on trading securities (the effect of which is offset as a decrease in costs and expenses in the Financial Services Segment), partially offset by higher dividend income. State Street Corporation increased its quarterly dividend per share to $0.24, an increase of $0.06 per share or $600,000 as compared to second quarter 2011.
Interest expense for second quarter 2012 decreased $300,000 to $11.7 million compared to second quarter 2011. Lower weighted average interest rates were partially offset by higher weighted average debt amounts outstanding.
The Company's tax rate was 41.8% for second quarter 2012 as compared to 34.0% in second quarter 2011, principally from decreased foreign tax credits and from lower international earnings. Excluding the effect of discrete period items, the Company expects its tax rate to be approximately 37.0% for 2012, but this rate may vary depending on the timing of estimated 2012 sources of taxable income (e.g. domestic consolidated, international, and/or joint venture).
Use of Non-GAAP Financial Information
In addition to reporting operating income, pretax income, net income, net income attributable to DST Systems, Inc. and earnings per share on a GAAP basis, DST has also made certain non-GAAP adjustments which are described in the attached schedule titled "Description of Non-GAAP Adjustments" and are reconciled to the corresponding GAAP measures in the attached financial schedules titled "Reconciliation of Reported Results to Income Adjusted for Certain Non-GAAP Items" that accompany this earnings release. In making these non?GAAP adjustments, the Company takes into account the impact of items that are not necessarily ongoing in nature, that do not have a high level of predictability associated with them or that are non?operational in nature. Generally, these items include net gains on dispositions of business units, net gains (losses) associated with securities and other investments, restructuring and impairment costs and other similar items. Management believes the exclusion of these items provides a useful basis for evaluating underlying business unit performance, but should not be considered in isolation and is not in accordance with, or a substitute for, evaluating business unit performance utilizing GAAP financial information.
Management uses non-GAAP measures in its budgeting and forecasting processes and to further analyze its financial trends and "operational run-rate," as well as making financial comparisons to prior periods presented on a similar basis. The Company believes that providing such adjusted results allows investors and other users of DST's financial statements to better understand DST's comparative operating performance for the periods presented.
The Company has also presented certain information about its real estate holdings and related financial results on a "funds from operations" ("FFO") basis, which is defined as net income plus depreciation and amortization, including a pro-rata portion of depreciation and amortization of unconsolidated affiliates. The National Association of Real Estate Investment Trusts developed FFO as a non-GAAP financial measure of performance of an equity REIT. FFO is a widely used measure of the operating performance of real-estate companies and is typically provided by REIT's as a supplemental measure to U.S. generally accepted accounting principles net income available to common stockholders and earnings per share. FFO does not represent cash flows from operations as defined by GAAP, is not indicative that cash flows are adequate to fund all cash needs for the Company's real estate operations and should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that the Company is not a REIT, and that not all REIT's calculate FFO the way the Company has, so comparisons with REIT's should be made with care. Management has provided this non-GAAP measure because it believes it will allow investors and other users of DST's financial statements to better understand the operating performance of DST's real estate holdings.
DST defines Operating EBITDA as income from operations before depreciation and amortization. This supplemental non-GAAP liquidity measure is provided in addition to, but not as a substitute for, cash flow from operations. As a measure of liquidity, the Company believes Operating EBITDA is useful as an indicator of its ability to generate cash flow. Operating EBITDA, as calculated by the Company, may not be consistent with computation of Operating EBITDA by other companies. The Company believes a useful measure of the Output Solutions and Investments and Other Segments contribution to DST's results is to focus on cash flow and DST's management believes Operating EBITDA is useful for this purpose. A reconciliation of Output Solutions Segment and Investments and Other Segment income from operations to Operating EBITDA is included in schedules that accompany this earnings release. The non-GAAP adjustments to these reconciliations are described in the attached schedule titled "Description of Non-GAAP Adjustments".
DST's management uses each of these non-GAAP financial measures in its own evaluation of the Company's performance, particularly when comparing performance to past periods. DST's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although DST's management believes non-GAAP measures are useful in evaluating the performance of its business, DST acknowledges that items excluded from such measures may have a material impact on the Company's income from operations, pretax income, net income and earnings per share calculated in accordance with GAAP. Therefore, management typically uses non?GAAP measures in conjunction with GAAP results. Investors and users of our financial information should also consider the above factors when evaluating DST's results.
* * * * *
Safe Harbor Statement
Certain material presented in the press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, (i) all statements, other than statements of historical fact, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future or that depend on future events, or (ii) statements about our future business plans and strategy and other statements that describe the Company's outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "may," "will," "would," "should," "potential," "strategy," "anticipates," "estimates," "expects," "project," "predict," "intends," "plans," "believes," "targets" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include, but are not limited to, the risk factors and cautionary statements included in the Company's periodic and current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this press release to reflect new information, future events or otherwise.
DST SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENT OF INCOME (In millions, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Operating revenues $465.5 $424.1 $941.4 $853.6 Out-of-pocket reimbursements 167.3 158.1 344.6 320.3 ----- ----- ----- ----- Total revenues 632.8 582.2 1,286.0 1,173.9 Costs and expenses 539.6 477.6 1,098.7 969.9 Depreciation and amortization 42.3 31.3 76.3 61.4 ---- ---- ---- ---- Income from operations 50.9 73.3 111.0 142.6 Interest expense (11.7) (12.0) (23.4) (23.7) Other income, net 194.2 14.6 223.9 31.8 Equity in earnings of unconsolidated affiliates 1.4 7.2 6.7 15.6 --- --- --- ---- Income before income taxes and non-controlling interest 234.8 83.1 318.2 166.3 Income taxes 89.9 28.7 118.0 58.8 ---- ---- ----- ---- Net income 144.9 54.4 200.2 107.5 Net loss attributable to non-controlling interest 0.8 1.1 --- --- Net income attributable to DST Systems, Inc. $144.9 $55.2 $200.2 $108.6 ====== ===== ====== ====== Average common shares outstanding 45.0 46.5 44.7 46.4 Average diluted shares outstanding 45.7 47.2 45.5 47.1 Basic earnings per share $3.22 $1.19 $4.48 $2.34 Diluted earnings per share $3.17 $1.17 $4.40 $2.31
DST SYSTEMS, INC. STATEMENT OF REVENUES BY SEGMENT (In millions) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Revenues Financial Services Operating $307.5 $281.0 $618.6 $565.3 OOP reimbursements 13.1 10.2 27.6 20.8 $320.6 $291.2 $646.2 $586.1 ====== ====== ====== ====== Output Solutions Operating $158.7 $144.3 $324.1 $290.6 OOP reimbursements 156.1 148.6 320.8 301.1 $314.8 $292.9 $644.9 $591.7 ====== ====== ====== ====== Investments and Other Operating $15.1 $13.7 $29.5 $27.8 OOP reimbursements 0.8 0.1 1.4 $15.1 $14.5 $29.6 $29.2 ===== ===== ===== ===== Eliminations Operating $(15.8) $(14.9) $(30.8) $(30.1) OOP reimbursements (1.9) (1.5) (3.9) (3.0) $(17.7) $(16.4) $(34.7) $(33.1) ====== ====== ====== ====== Total Revenues Operating $465.5 $424.1 $941.4 $853.6 OOP reimbursements 167.3 158.1 344.6 320.3 $632.8 $582.2 $1,286.0 $1,173.9 ====== ====== ======== ========
DST SYSTEMS, INC. STATEMENT OF INCOME FROM OPERATIONS BY SEGMENT (In millions) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Income (loss) from operations Financial Services $48.8 $64.0 $100.9 $127.1 Output Solutions 4.6 8.9 11.8 14.4 Investments and Other (0.5) 2.4 2.3 5.0 Elimination Adjustments (2.0) (2.0) (4.0) (3.9) $50.9 $73.3 $111.0 $142.6 ===== ===== ====== ======
DST SYSTEMS, INC. OTHER SELECTED FINANCIAL INFORMATION (In millions) (Unaudited) June 30, December 31, Selected Balance Sheet Information 2012 2011 ---- ---- Cash and cash equivalents $93 $41 Debt 1,214 1,380
Six Months Ended June 30, -------- Capital Expenditures, by Segment 2012 2011 ---- ---- Financial Services $38 $30 Output Solutions 18 7 Investments and Other 2 3
DST Systems, Inc.
Description of Non-GAAP Adjustments
In addition to reporting operating income, pretax income, net income, net income attributable to DST Systems, Inc. and earnings per share on a GAAP basis, DST has also made certain non-GAAP adjustments that are described below and are reconciled to the corresponding GAAP measures in the attached financial schedules titled "Reconciliation of Reported Results to Income Adjusted for Certain Non-GAAP Items" that accompany this earnings release. DST's use of non-GAAP adjustments is further described in the section entitled "Use of Non?GAAP Financial Information."
The following items, which occurred during the quarter ended June 30, 2012, have been treated as non-GAAP adjustments:
-- Business advisory expenses associated with an action by the DST Board of Directors to retain independent advisors to assist the Board with its ongoing review of DST's business plan, assets and investment portfolio, included in costs and expenses, in the amount of $500,000. The income tax benefit associated with these expenses was approximately $200,000. -- Employee termination expenses of $3.6 million associated with reductions in workforce in the Financial Services Segment ($2.8 million) and the Output Solutions Segment ($800,000), which were included in costs and expenses. The aggregate income tax benefit associated with these costs was approximately $1.3 million. -- Leased facility abandonment costs of $400,000, included in costs and expenses in the Output Solutions Segment, associated with properties not used in the U.K. operations. The aggregate income tax benefit associated with these costs was approximately $100,000. -- Impairment charges on certain real estate assets not currently used in operations of $1.8 million, included in depreciation and amortization expense in the Investments & Other Segment. The charge was comprised of impairments in the U.S. of $1.2 million and internationally of $600,000. The aggregate income tax benefit associated with these costs was approximately $700,000. -- Leased facility abandonment costs of $1.8 million, included in costs and expenses in the Investments & Other Segment, associated with exiting a leased office building. The aggregate income tax benefit associated with these costs was approximately $700,000. -- Pretax costs associated with ceasing the development of a processing solution for the insurance market, in the amount of $8.3 million. The costs were comprised of asset impairment charges of $5.8 million, which were included in depreciation and amortization expense, employee termination expenses of $1.9 million and other operating costs of $1.4 million, which were both included in costs and expenses. These costs were partially offset by the recognition of previously deferred IFDS L.P. software license revenues of $800,000 (DST's share), included in equity in earnings of unconsolidated affiliates, related to the 2011 sale of its Percana software license to DST. The aggregate income tax benefit associated with these net costs is $3.2 million. -- Cash dividend and gain on sale of a private company investment of $186.0 million, which was included in other income, net. In May 2012, the Company received a cash dividend of $47.3 million and realized a gain of $138.7 million on the sale of a portion of its shares in a privately held company investment. A portion of the dividend is estimated to qualify for the dividends received deduction. The aggregate income tax expense associated with this dividend and gain was approximately $68.9 million. -- Other net gain, in the amount of $7.5 million, associated with gains (losses) related to securities and other investments, which were included in other income, net. The income tax expense associated with this net gain was approximately $3.0 million. The $7.5 million of net gains on securities and other investments for second quarter 2012 was comprised of net realized gains from sales of available-for-sale securities of $7.3 million and net gains on private equity funds and other investments of $1.8 million, partially offset by other than temporary impairments on available-for-sale securities of $1.6. -- Impairment of unconsolidated affiliates, in the amount of $3.1 million, included in equity in earnings of unconsolidated affiliates. The aggregate income tax benefit associate with this expense was approximately $1.2 million.
In addition to the items that occurred in the quarter ended June 30, 2012 as described above, the following items, which occurred during the quarter ended March 31, 2012, have been treated as non-GAAP adjustments:
-- Business advisory expenses associated with an action by the DST Board of Directors to retain independent advisors to assist the Board with its ongoing review of DST's business plan, assets and investment portfolio, included in costs and expenses, in the amount of $500,000. The income tax benefit associated with these expenses was approximately $200,000. -- Employee termination expenses of $4.0 million associated with reductions in workforce in the Financial Services Segment ($2.6 million) and the Output Solutions Segment ($1.4 million), which were included in costs and expenses. The aggregate income tax benefit associated with these costs was approximately $1.3 million. -- Other net gain, in the amount of $17.5 million, associated with gains (losses) related to securities and other investments, which were included in other income, net. The income tax expense associated with this net gain was approximately $6.7 million. The $17.5 million of net gains on securities and other investments for first quarter 2012 was comprised of net realized gains from sales of available-for-sale securities of $15.4 million and net gains on private equity funds and other investments of $2.4 million, partially offset by other than temporary impairments on available-for-sale securities of $300,000. The Company sold 2.5 million shares of Computershare Ltd. in first quarter 2012, received cash proceeds of approximately $22.5 million and recorded a gain of $10.1 million.
The following items, which occurred during the quarter ended June 30, 2011, have been treated as non-GAAP adjustments:
-- Business development expenses (legal, accounting and other professional fees) associated with 2011 business acquisitions, included in costs and expenses, in the amount of $1.2 million ($1.0 million in Financial Services and $200,000 in Output Solutions). The income tax benefit associated with these expenses was approximately $500,000. -- Other net gain, in the amount of $11.6 million, associated with gains (losses) related to securities and other investments, which were included in other income, net. The income tax expense associated with this net gain was approximately $4.5 million. The $11.6 million of net gain on securities and other investments for second quarter 2011 was comprised of net realized gains from sales of available-for-sale securities of $10.3 million and net gains on private equity funds and other investments of $1.4 million, partially offset by other than temporary impairments on available-for-sale securities of $100,000. -- Net loss, in the amount of $900,000, associated with the repurchase of senior convertible debentures, which was included in other income, net. The income tax benefit associated with this net loss was approximately $300,000.
In addition to the items that occurred in the quarter ended June 30, 2011 as described above, the following items, which occurred during the quarter ended March 31, 2011, have been previously reported as non-GAAP adjustments:
-- Contract termination payment, net of certain costs, resulting from the termination of a Financial Services subaccounting client, in the amount of $2.0 million. The net contract termination gain was comprised of operating revenues of $3.5 million, partially offset by certain costs of $1.5 million that were included in cost and expenses. The aggregate income tax expense associated with this net contract termination gain was approximately $800,000. -- Employee termination benefit expenses of $5.4 million associated with reductions in workforce in the Financial Services Segment ($1.3 million) and the Output Solutions Segment ($4.1 million), which were included in costs and expenses. The aggregate income tax benefit associated with these costs was approximately $2.1 million. -- Other net gain, in the amount of $7.8 million, associated with gains (losses) related to securities and other investments, which were included in other income, net. The income tax expense associated with this net gain was approximately $3.0 million. The $7.8 million of net gains on securities and other investments for first quarter 2011 was comprised of net realized gains from sales of available-for-sale securities of $8.1 million and net losses on private equity funds and other investments of $300,000.
DST SYSTEMS, INC. RECONCILIATION OF REPORTED RESULTS TO INCOME ADJUSTED FOR CERTAIN NON-GAAP ITEMS Three Months Ended June 30, (Unaudited - in millions, except per share amounts) 2012 ---- Operating Pretax Net DST Diluted Income Income Income Earnings* EPS ------ ------ ------ -------- --- Reported GAAP income $50.9 $234.8 $144.9 $144.9 $3.17 Adjusted to remove: Included in operating income: Business advisory expenses -Financial Services 0.5 0.5 0.3 0.3 0.01 Employee termination expenses -Financial Services 2.8 2.8 1.7 1.7 0.04 Employee termination expenses -Output Solutions 0.8 0.8 0.6 0.6 0.01 Leased facility abandonment costs - Output Solutions 0.4 0.4 0.3 0.3 0.01 Impairment of real estate assets - Investments & Other 1.8 1.8 1.1 1.1 0.02 Leased facility abandonment costs - Investments & Other 1.8 1.8 1.1 1.1 0.02 Included in operating income and non-operating income: Asset impairment, employee termination and other expenses from insurance processing business - Financial Services 9.1 8.3 5.1 5.1 0.11 Included in non-operating income: Net gain on securities and other investments (7.5) (4.5) (4.5) (0.10) Dividend and gain on sale of a private company investment (186.0) (117.1) (117.1) (2.56) Impairment of unconsolidated affiliates 3.1 1.9 1.9 0.04 Adjusted Non-GAAP income $68.1 $60.8 $35.4 $35.4 $0.77 ===== ===== ===== ===== ===== 2011 ---- Operating Pretax Net DST Diluted Income Income Income Earnings* EPS ------ ------ ------ -------- --- Reported GAAP income $73.3 $83.1 $54.4 $55.2 $1.17 Adjusted to remove: Included in operating income: Business development expenses -Financial Services 1.0 1.0 0.6 0.6 0.01 Business development expenses -Output Solutions 0.2 0.2 0.1 0.1 Included in non-operating income: Net gain on securities and other investments (11.6) (7.1) (7.1) (0.14) Net loss on repurchase of convertible debentures 0.9 0.6 0.6 0.01 Adjusted Non-GAAP income $74.5 $73.6 $48.6 $49.4 $1.05 ===== ===== ===== ===== =====
Note: See the "Description of Non-GAAP Adjustments" section for a description of each of the above adjustments and see the Use of Non-GAAP Financial Information section for management's reasons for providing non-GAAP financial information. DST Earnings has been defined as "Net income attributable to DST Systems, Inc." (taking into account the net loss attributable to non-controlling interest). *
DST SYSTEMS, INC. RECONCILIATION OF REPORTED RESULTS TO INCOME ADJUSTED FOR CERTAIN NON-GAAP ITEMS Six Months Ended June 30, (Unaudited - in millions, except per share amounts) 2012 ---- Operating Pretax Net DST Diluted Income Income Income Earnings* EPS ------ ------ ------ -------- --- Reported GAAP income $111.0 $318.2 $200.2 $200.2 $4.40 Adjusted to remove: Included in operating income: Business advisory expenses -Financial Services 1.0 1.0 0.6 0.6 0.02 Employee termination expenses -Financial Services 5.4 5.4 3.3 3.3 0.07 Employee termination expenses -Output Solutions 2.2 2.2 1.7 1.7 0.04 Leased facility abandonment costs - Output Solutions 0.4 0.4 0.3 0.3 0.01 Impairment of real estate assets - Investments & Other 1.8 1.8 1.1 1.1 0.02 Leased facility abandonment costs - Investments & Other 1.8 1.8 1.1 1.1 0.02 Included in operating income and non-operating income: Asset impairment, employee termination and other expenses from insurance processing business - Financial Services 9.1 8.3 5.1 5.1 0.11 Included in non-operating income: Net gain on securities and other investments (25.0) (15.3) (15.3) (0.34) Dividend and gain on sale of a private company investment (186.0) (117.1) (117.1) (2.57) Impairment of unconsolidated affiliates 3.1 1.9 1.9 0.04 Adjusted Non-GAAP income $132.7 $131.2 $82.9 $82.9 $1.82 ====== ====== ===== ===== ===== 2011 ---- Operating Pretax Net DST Diluted Income Income Income Earnings* EPS ------ ------ ------ -------- --- Reported GAAP income $142.6 $166.3 $107.5 $108.6 $2.31 Adjusted to remove: Included in operating income: Contract termination payment, net - Financial Svcs. (2.0) (2.0) (1.2) (1.2) (0.03) Employee termination benefit expenses - Financial Services 1.3 1.3 0.8 0.8 0.02 Employee termination benefit expenses - Output Solutions 4.1 4.1 2.5 2.5 0.05 Business development expenses -Financial Services 1.0 1.0 0.6 0.6 0.01 Business development expenses -Output Solutions 0.2 0.2 0.1 0.1 Included in non-operating income: Net gain on securities and other investments (19.4) (11.9) (11.9) (0.24) Net loss on repurchase of convertible debentures 0.9 0.6 0.6 0.01 Adjusted Non-GAAP income $147.2 $152.4 $99.0 $100.1 $2.13 ====== ====== ===== ====== =====
Note: See the "Description of Non-GAAP Adjustments" section for a description of each of the above adjustments and see the Use of Non-GAAP Financial Information section for management's reasons for providing non-GAAP financial information. * DST Earnings has been defined as "Net income attributable to DST Systems, Inc." (taking into account the net loss attributable to non-controlling interest).
DST SYSTEMS, INC. RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO EBITDA OUTPUT SOLUTIONS SEGMENT (Unaudited - in millions) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Reported GAAP income (loss) from operations $4.6 $8.9 $11.8 $14.4 Adjusted to remove: Depreciation and amortization 11.1 11.0 22.1 21.6 ---- ---- ---- ---- Operating EBITDA, before non-GAAP items 15.7 19.9 33.9 36.0 Adjusted to remove: Leased facility abandonment costs 0.4 0.4 Employee termination expenses 0.8 2.2 4.1 Business development expenses 0.2 0.2 Adjusted operating EBITDA, after non-GAAP items $16.9 $20.1 $36.5 $40.3 ===== ===== ===== =====
Note: See the "Description of Non-GAAP Adjustments" section for a description of each of the above adjustments and see the "Use of Non-GAAP Financial Information" section for management's reasons for providing non-GAAP financial information.
DST SYSTEMS, INC. RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO EBITDA INVESTMENTS AND OTHER SEGMENT - U.S. REAL ESTATE OPERATIONS (Unaudited - in millions) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Reported GAAP income (loss) from operations $(0.5) $2.4 $2.3 $5.0 Adjusted to remove: GAAP income (loss) from non U.S. real estate operations (0.9) (0.4) (1.0) (0.5) ---- ---- ---- ---- U.S. Real Estate Operations GAAP income from operations 0.4 2.8 3.3 5.5 Adjusted to remove: Depreciation and amortization 3.5 2.2 5.9 4.3 Operating EBITDA, before non-GAAP items 3.9 5.0 9.2 9.8 Adjusted to remove: Leased facility abandonment costs 1.8 1.8 Adjusted operating EBITDA, after non-GAAP items $5.7 $5.0 $11.0 $9.8 ==== ==== ===== ====
Note: See the "Description of Non-GAAP Adjustments" section for a description of each of the above adjustments and see the "Use of Non-GAAP Financial Information" section for management's reasons for providing non-GAAP financial information.
DST SYSTEMS, INC. RECONCILIATION OF EARNINGS BEFORE INTEREST AND INCOME TAXES TO FUNDS FROM OPERATIONS ("FFO") AND DILUTED EPS INVESTMENTS AND OTHER SEGMENT - U.S. REAL ESTATE OPERATIONS (Unaudited - in millions, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2011 2012 2011 ---- ---- ---- ---- Reported GAAP earnings before interest and income taxes $193.7 $16.3 $221.7 $33.1 Adjusted to remove: GAAP earnings from non U.S. real estate operations 192.7 12.7 217.0 27.5 ----- ---- ----- ---- Reported U.S. Real Estate Operations GAAP earnings before interest and income taxes 1.0 3.6 4.7 5.6 Less: interest expense (1.5) (1.5) (3.0) (3.0) Less: income tax (expense) benefit on earnings above 0.2 0.7 (0.7) 0.5 --- --- ---- --- Reported U.S. Real Estate Operations GAAP net income (loss) $(0.3) $2.8 $1.0 $3.1 ===== ==== ==== ==== Reported U.S. Real Estate Operations GAAP diluted EPS $(0.01) $0.06 $0.02 $0.07 ====== ===== ===== ===== Reported U.S. Real Estate Operations GAAP net income (loss) $(0.3) $2.8 $1.0 $3.1 Adjusted to remove net income effect of non-GAAP items: Impairment of real estate assets -U.S. 0.7 0.7 Leased facility abandonment costs -U.S. 1.1 1.1 Adjusted U.S. Real Estate Operations non-GAAP net income $1.5 $2.8 $2.8 $3.1 ==== ==== ==== ==== Adjusted U.S. Real Estate Operations non-GAAP diluted EPS $0.03 $0.06 $0.06 $0.07 ===== ===== ===== ===== Adjusted U.S. Real Estate Operations non-GAAP net income $1.5 $2.8 $2.8 $3.1 Adjusted to remove: Depreciation and amortization 2.3* 2.2 4.7* 4.3 Pro-rata portion of depreciation and amortization of unconsolidated affiliates 2.1 2.1 4.2 4.4 U.S. Real Estate Funds from operations, non-GAAP $5.9 $7.1 $11.7 $11.8 ==== ==== ===== ===== U.S. Real Estate Funds from operations non-GAAP diluted EPS $0.13 $0.15 $0.26 $0.25 ===== ===== ===== =====
Note: See the "Description of Non-GAAP Adjustments" section for a description of each of the above adjustments and see the "Use of Non-GAAP Financial Information" section for management's reasons for providing non-GAAP financial information. * Adjusted for applicable Non-GAAP itemsDST Systems, Inc.
CONTACT: DST, Kenneth V. Hager +1-816-435-8603, Vice President and Chief
Financial Officer, or Media, Matthew Sherman, Nicholas Lamplough or Joele
Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, or Investors, Art
Crozier, Jennifer Shotwell or Larry Miller, Innisfree M&A Incorporated,
Web site: http://www.dstsystems.com/
DALLAS, Aug. 1, 2012 /PRNewswire/ -- AT&T* has been named by CIO magazine as a recipient of a 2012 CIO 100 Award. CIO selected AT&T for its innovative use of technology to deliver a best-in-class experience for customers in AT&T's more than 2,300 retail stores.
"We're honored to be recognized by CIO for the use of technology to assist in delivering an effortless customer experience in our retail stores," said Thaddeus Arroyo, AT&T chief information officer. "We're even more delighted to be receiving positive feedback from customers. But we are not done yet -- We will continue to leverage technology to deliver consistent and seamless experiences across all touch points, whether customers are visiting one of our stores, shopping online, using one of our mobile apps, or calling us."
AT&T retail stores use interactive technology and intelligent IT systems to give customers personal and fast service from the moment they enter the store:
-- When customers enter the store, they're greeted by a retail representative who uses a tablet or Welcome Center kiosk to register their visit. The Welcome Center software pulls account information for existing customers and relays the reasons for their visit to help the next available retail employee provide fast service. If there is a wait, integrated digital signage keeps customers informed of their position in line while they browse. -- Background systems empower store associates with access to the customer's account information and simple displays of personalized recommendations on services available, packages and discounts, and upgrade eligibility. Employees can complete certain sales and account changes from a tablet, from anywhere in the store, for fast checkouts. -- Solution Centers provide product and coverage information, demos and comparisons on interactive digital touch screens that customers can browse on their own or that store employees can use when assisting customers. Customers can also start transactions and "save" them to be completed with the assistance of a store associate. -- Touch screen kiosks help on-the-go customers quickly do everything from paying a bill to managing their account. -- AT&T retail systems are integrated with att.com so customers can begin their shopping experience online at home and finish in the store where retail employees can retrieve the customer's online cart. Customers can also build their cart in store and finish their purchase online at home. -- Text message surveys are sent to customers after their store visit for feedback on their experience and satisfaction with AT&T. AT&T uses customer feedback on all aspects of the store to ensure it can continue to deliver great customer service.
"For 25 years now, the CIO 100 awards have honored the innovative use of technology to deliver genuine business value," said Maryfran Johnson, Editor in Chief of CIO magazine and events. "Our 2012 winners are an outstanding example of the transformative power of IT to drive everything from revenue growth to competitive advantage."
Complete coverage of the 2012 CIO 100 awards will be online at www.cio.com on Aug. 1, 2012, and in the Aug. 1 issue of CIO magazine. The 2012 CIO 100 awards will be presented on Aug. 21, 2012, at the CIO 100 Symposium & Awards Ceremony in Rancho Palos Verdes, Calif.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
AT&T Inc. is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates - AT&T operating companies - are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's largest 4G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile Internet, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse((R)) and AT&T ?DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world.
Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com. This AT&T news release and other announcements are available at http://www.att.com/newsroom and as part of an RSS feed at www.att.com/rss. Or follow our news on Twitter at @ATT.
(C) 2012 AT&T Intellectual Property. All rights reserved. 4G not available everywhere. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
About CIO Magazine
CIO produces award-winning content and community resources for information technology executives and leaders thriving and prospering in this fast-paced era of business, as well as creates opportunities for information technology and consumer marketers to reach them. The CIO portfolio includes CIO.com, CIO magazine (launched in 1987), CIO Executive Programs and the CIO Executive Council. CIO properties provide business technology leaders with analysis and insight on information technology trends and a keen understanding of IT's role in achieving business goals. The U.S. edition of the magazine and website are recipients of more than 200 awards to date, including the American Society of Business Publication Editor's Top B-to-B Magazine since 2000 and two Grand Neals from the Jesse H. Neal National Business Journalism Awards. CIO websites and printed publications appear in more than 25 countries, including Australia, Canada, Finland, India and Sweden. CIO Executive Programs--a series of face-to-face conferences including the CIO 100 Awards & Symposium(TM)--provide educational and networking opportunities for pre-qualified corporate and government leaders. The CIO Executive Council is a professional organization of CIOs created to serve as an unbiased and trusted peer advisory group. CIO is published by IDG Enterprise, a subsidiary of International Data Group (IDG), the world's leading media, events, and research company. Company information is available at www.idgenterprise.com.
About the CIO 100 Awards
The recipients of this year's CIO 100 award were selected through a three-step process. First, companies filled out an online application form detailing their innovative IT and business initiatives. Next, a team of judges reviewed the applications in depth, looking for unique practices and substantial results. Finally, CIO editors reviewed the judges' recommendations and voted on the final 100. Complete coverage of the 2012 CIO 100 awards will be online at www.cio.com on August 1, 2012, and in the August 1st issue of CIO magazine.AT&T Inc.
CONTACT: Harvey Henao, AT&T, Inc., +1-312-228-8829, email@example.com
Web site: http://www.att.com/
AUBURN HILLS, Mich., and NEW YORK, Aug. 1, 2012 /PRNewswire/ --
-- International recording artist Pitbull customizes 'iHeart Dodge Dart'; one lucky participant to win one-of-a-kind vehicle -- 'Road to Las Vegas' events in 11 cities across America combine music, Clear Channel radio personalities, Dodge Dart test-drives and Dodge blogger street teams -- Twelve lucky test-drive participants to win tickets to the iHeartRadio Music Festival in Las Vegas -- Fans can visit Dodge dealers across America to test-drive the all-new Dodge Dart for a chance to win
The Dodge brand and Clear Channel Media and Entertainment today announced the two companies are teaming up for a nationwide tour centered around music and the all-new 2013 Dodge Dart compact car.
"The Road to Las Vegas" event will ultimately send 12 fans and their guests to the iHeartRadio Music Festival 2012 at MGM Grand in Las Vegas on Sept. 21 and 22. In addition, one lucky participant will win a special "iHeart Dodge Dart" customized by international recording artist Pitbull.
There will be 11 major market events across the country leading up to the festival, which will bring together music, on-air Clear Channel radio personalities and test-drives of the all-new 2013 Dodge Dart, the brand's groundbreaking new compact car. Each test-drive participant will automatically be entered into the sweepstakes to win one of 12 VIP experience packages to the iHeartRadio Music Festival 2012, including two tickets to the Festival, a backstage meet-and-greet with Pitbull and a chance to win his one-of-a-kind customized Dodge Dart.
Consumers taking Dodge Dart test-drives at Dodge dealerships across America also will be entered into the sweepstakes.
"The all-new Dodge Dart is a groundbreaking vehicle delivering features and benefits never before offered in a compact car," said Reid Bigland, President and CEO - Dodge Brand. "This promotion featuring test-drive events in 11 cities across the United States and an 'iHeart Dodge Dart' customized by Pitbull will allow consumers to personally experience the class-leading driving dynamics, style, roominess, and technology of the all-new Dart."
"Our goal in working with Dodge on this unique campaign is to help make the 2013 Dodge Dart the automotive conversation of the summer," said Tim Castelli, President of Sales, Marketing and Partnerships for Clear Channel Media and Entertainment. "This campaign showcases Clear Channel's strengths: our ability to execute creative, integrated and multiplatform campaigns that connect major brands with consumers and today's top artists."
Throughout the tour, Dodge "road-tripper" street-team bloggers and Clear Channel radio station on-air personalities will direct listeners to additional events taking place across the country - with each test-drive providing a chance to win a VIP trip to the iHeartRadio Music Festival.
The Dodge brand will promote the summer music events online through iHeartRadio, a free, all-in-one digital service that lets listeners find more than 1,000 live stations or create their own commercial-free custom stations inspired by favorite artists and songs. The summer tour also will be promoted across Clear Channel Hot Adult Contemporary (AC), Rhythmic AC, Contemporary Hit Radio (CHR), Rhythmic CHR, Urban stations and Spanish Contemporary stations in the top 50 markets through on-air spots and radio personality interaction and engagement with listeners across the country.
The first event began in Dallas on July 29. Additional stops take place in Phoenix (Aug. 4-5), Los Angeles (Aug. 10-12), San Antonio (Aug. 18), Orlando, Fla. (Aug. 25), Atlanta (Aug. 31), Baltimore (Sept. 7), Brooklyn, N.Y. (Sept. 8) and Denver (Sept. 16). Dates will be announced soon for additional tour stops in Detroit and Chicago.
For more details on "The Road to Las Vegas" summer tour and sweepstakes, and to follow the adventures of the Dodge bloggers as they journey across America, fans can visit the Dodge brand Facebook page, www.facebook.com/Dodge.
About 2013 Dodge Dart
The all-new 2013 Dodge Dart leverages the world-class architecture and DNA of Alfa Romeo and then infuses it with Dodge passion and design, creating an agile, fun-to-drive compact car with mid-size levels of interior roominess and unmatched style, technology, safety and customization. The Dodge Dart brings features and content never before seen in the compact car segment. With a U.S. manufacturer's suggested retail price (MSRP) of just $15,995 (excluding destination), the new Dodge Dart is a thoroughly modern vehicle that's beautifully designed and crafted with high-quality materials, attention to detail and precision craftsmanship.
With an available fun-to-drive 1.4-liter MultiAir Turbo engine offering up to 41 mpg highway, great ride and handling characteristics compliments of the Alfa Romeo-based chassis, innovative interior style featuring high-quality materials, splashes of color -- like Ruby Red and Citrus Peel -- and cool technology not found in the segment, like the available class-exclusive 8.4-inch Uconnect Touch Screen and 7-inch thin film transistor (TFT) customizable gauge cluster, as well as class-leading safety features, such as 10 standard air bags, and innovative style including available class-exclusive LED "racetrack" taillamps and integrated dual exhaust, the 2013 Dodge Dart sets a new standard in the compact car segment.
Learn more about the all-new Dart at www.Dodge.com or www.facebook.com/Dodge.
About Clear Channel Media and Entertainment
With 237 million monthly listeners in the U.S., Clear Channel Media and Entertainment has the largest reach of any radio or television outlet in America. Clear Channel Media and Entertainment serves 150 cities through 850 owned radio stations. The company's radio stations and content can be heard on AM/FM stations, HD digital radio channels, Sirius/XM satellite, on the Internet at iHeartRadio.com and on the company's radio station websites, on the iHeartRadio mobile application on iPads and smartphones, and used via navigation systems from TomTom, Garmin and others.
The company's operations include radio broadcasting, online and mobile services and products, live concerts and events, syndication, music research services and independent media representation. Clear Channel Media and Entertainment is a division of CC Media Holdings, Inc. , a leading global media and entertainment company. More information on the company can be found at clearchannel.com, clearchanneloutdoor.com and ccmediaholdings.com.
Like us on Facebook at facebook.com/iHeartRadio
Follow us on Twitter at twitter.com/iHeartRadio
CONTACT: Eileen Wunderlich, Chrysler Group LLC, +1-248-512-0332 (office),
+1-248-705-7962 (cell), firstname.lastname@example.org; or Angel Aristone,
Clear Channel, +1-212-377-7802 (office), AngelAristone@clearchannel.com
Web site: http://www.chryslergroupllc.com/
Company News On-Call: http://www.prnewswire.com/comp/107608.html
TUCSON, Ariz., Aug. 1, 2012 /PRNewswire/ -- The U.S. Navy has awarded Raytheon Company a $51.7 million contract for low rate initial production of the Rolling Airframe Missile Block 2. The contract includes options, which, if exercised, would bring the cumulative value of this contract to more than $105 million. RAM Block 2 features enhanced kinematics, an evolved radio frequency receiver, a new rocket motor, and an upgraded control and autopilot system.
"This next-generation RAM will enable U.S. and allied naval warfighters to defeat the more sophisticated threats emerging around the world today," said Rick Nelson, Raytheon Missile Systems' vice president of Naval Weapon Systems. "Through Raytheon's collaborative relationship with our German partner RAMSYS, we continue to improve and expand the capabilities of RAM."
The contract award follows a series of key milestones, including successful guided flight tests for RAM Block 2. The program is preparing for another intercept test later this year, as well as initiation of government developmental testing in support of fleet deployment.
"RAM has been fired in more than 300 flight tests with a 95 percent success rate," said Nelson. "We intend to bring the same or even greater reliability to RAM Block 2."
RAM is a supersonic, lightweight, quick reaction, fire-and-forget missile providing defense against anti-ship cruise missiles, helicopter and airborne threats, and hostile surface craft. For more than 35 years, the U.S. and Germany have worked together developing and maintaining RAM. Development, production work and funding are shared between Raytheon and RAMSYS.
Raytheon Company, with 2011 sales of $25 billion and 71,000 employees worldwide, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 90 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter at @raytheon.
Web site: http://www.raytheon.com/
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AURORA, Colo., Aug. 1, 2012 /PRNewswire/ -- Raytheon Company has successfully completed software iteration 1.4 Critical Design Review (iCDR) for the Global Positioning System (GPS) Next Generation Operational Control System (OCX). Successful completion of the iCDR demonstrates that the OCX design is at a high level of maturity and is ready to support GPS III launch readiness.
Software iteration 1.4 provides the initial GPS III command and control capability needed to support the first three launch exercises, leading to the launch and checkout of the first GPS III satellite vehicle.
"This is a major step forward for OCX that demonstrates we are on track to support GPS III launch. OCX will usher in a new era in precision space-based navigation and timing, consolidating GPS satellite operations in a single, efficient, and evolvable control system that is protected against current and future cyber threats," said Ray Kolibaba, GPS OCX program manager for Raytheon's Intelligence and Information Systems business.
GPS OCX development is using a commercial best practice iterative software development process that offers improved efficiency and flexibility in military satellite ground system development. The iterative approach allows the ground system development process to be modified to meet the changing needs of the program, including capability and schedule modifications, independent from the GPS III space vehicle development.
Following OCX Preliminary Design Review in June 2011, the traditional "waterfall" approach to CDR was revised to recognize the iterative software development process. Iteration 1.4 iCDR is the first test of the new iterative CDR process and demonstrates that both Raytheon and the U.S. Air Force Space and Missile Systems Center have fully integrated this commercial best practice in the acquisition process.
About GPS OCX
GPS OCX provides command, control and mission management for the GPS constellation, including IIR-M, IIF and the new GPS III satellites, in a system that is protected against current and future cyber threats. OCX enables full navigation messaging on the new L2 and L5 civil signals as well as the new, jam-resistant military signal (M-Code), providing essential new capabilities to military, civil and commercial users worldwide. OCX supports the new L1C civil signal on GPS III satellites to provide interoperability with international global navigation satellite systems, such as Europe's Galileo. With its built-in automation and compact, efficient, service-oriented architecture, OCX increases operator efficiency, reduces operator requirements, is less expensive to maintain than current GPS control systems, and provides the ability to evolve as the GPS system evolves.
Raytheon Company, with 2011 sales of $25 billion and 71,000 employees worldwide, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 90 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter at @raytheon.
Web site: http://www.raytheon.com/
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ANNAPOLIS, Md., Aug. 1, 2012 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) , a world leader in highly reliable and secure mobile communication technology, today announced that it has received a new $19 million delivery order from the U.S. Army for equipment, field services support and maintenance of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point (SNAP) Very Small Aperture Terminal (VSAT) satellite systems. The funding is the result of a successful bid on a task order for satellite communications equipment and support from the U.S. Army Communications-Electronics Command.
The order is initially funded at $700 thousand and will be funded up to a total of $19 million if the options are fully exercised. This new order will provide the U.S. Army with equipment and support for TCS' SNAP deployable communications products. The U.S. Army Project Manager for the Warfighter Information Network - Tactical (PM WIN-T) Commercial Satellite Terminal Program is funding these procurements through the Army's $5 billion World-Wide Satellite Systems (WWSS) contract vehicle.
"The U.S. armed forces need satellite communications systems that are easily deployed, secure and reliable," said Michael Bristol, senior vice president and general manager of government solutions for TCS. "TCS' SNAP VSAT satellite systems equipment meets these criteria and can help our military succeed."
The TCS SNAP VSAT systems provide multimedia communications capabilities which convey encrypted voice, video and data. TCS SNAP products are highly transportable and ruggedized, and have a graphical user interface that facilitates easy set-up and operation. The modularity and plug-and-play interfaces between all radio frequency (RF) and baseband configurations inherent in the SNAP product line result in communication solutions tailored to the end-user's specific needs.
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS' cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that the contract options will not be exercised, or that the total value of the order will not be fully funded, and those detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2011, and on Form 10-Q for the quarter ended March 31, 2012.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
(Logo: http://photos.prnewswire.com/prnh/20120503/PH99996LOGO )
Company Contact: Media Contact: Investor Relations: TeleCommunication Systems, Inc. Nadel Phelan Liolios Group, Inc. Meredith Allen Graham Sorkin Scott Liolios 410-295-1865 831-440-2406 949-574-3860 MAllen@telecomsys.com email@example.com firstname.lastname@example.orgPhoto: http://photos.prnewswire.com/prnh/20120503/PH99996LOGO
Web site: http://www.telecomsys.com/
LAS VEGAS, Aug. 1, 2012 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today has announced its first ever television show - "Adam Curry's Big App Show," is now available and prominently featured on the Roku IPTV platform. This daily video features reviews of new and interesting apps for iPhone, iPad and Android devices narrated by Adam Curry, who became an overnight media sensation as a VJ on MTV in the late 1980s.
"Always ahead of the curve, former MTV VJ Adam Curry scores a home run once again," claimed Jesse Sposato of 'Appolicious Advisor.' "As Curry explains how the Look-A-Like, Hello Vino, Gwiggle-Digital Baby Book, and countless other apps work on what he calls 'appisodes,' you feel as though you're old friends and he's in your living room chatting with you about apps. Plus, his information is to the point, thorough, and easy to understand," adds Sposato. "With more than 225,000 iPhone apps out there, consumers need all the help they can get navigating them," says Curry. On "The Big App Show," Curry delivers breezy two to four minute features on "really cool" apps. The show is available on the iPhone, Android Phone & Tablet and now on Roku. "I let the app I'm highlighting be the star, much like old music videos," Curry says.
NanoTech CEO Jeffrey A. Foley noted, "Our expansion into television is a momentous highlight for the company and me personally. By partnering with an internet-savvy TV veteran like Adam (Curry), we gain years of media expertise to help our expansion. Roku is the fastest growing IPTV device on the market. "Roku HD would be our top pick for those seeking an ultra-affordable Internet media box," stated The San Francisco Chronicle. Jeff Foley concurs, "This milestone combined with our proprietary technologies positions us to release a limitless flood of content. This is why we truly believe that NanoTech is 'The Future of Television.(sm)'"
Roku users can add "The Big App Show," by going to the Roku Channel store, or simply connecting to the free channel at https://owner.roku.com/add/BIGAPPSHOW
About NanoTech Entertainment
Headquartered in Las Vegas, NV, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
NanoTech Entertainment (PINKSHEETS: NTEK) trades on OTC Pink, the open marketplace for a wide spectrum of equity securities. Investors can find real-time quotes and market information at www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. All rights reserved. All other marks are the property of their respective owners. "The Future of Television" is a service mark of NanoTech Entertainment, Inc., All Rights Reserved
Contact: Denise Clifford Phone: (702) 518-7410 Email: email@example.comNanoTech Entertainment
Web site: http://www.NanoTechEnt.com/
MONETT, Mo., Aug. 1, 2012 /PRNewswire/ -- Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar((R)) division today announced that $2.2 billion Northwest Federal Credit Union will convert to its Episys((R)) core system in-house.
The northern Virginia-based credit union, which has more than 120,000 members and was originally chartered to serve the CIA, had been on the same legacy core system since 1976. The system maintenance and programming requirements hindered Northwest FCU from optimizing its strategic plan and providing an exceptional member experience. The credit union identified five primary areas - efficiency, maintenance, compliance, strategy, and service - where its core was limiting its progress and performance. Northwest FCU ultimately selected Symitar's Episys for its market share among credit unions, record of successful conversions, and alignment of corporate culture with its own.
Gerrianne "Winky" Burks, chief executive officer at Northwest FCU, said, "The complexity of our existing core combined with the number of ancillary systems made critical updates nearly impossible in this regulatory environment. It was requiring an ever increasing allocation of resources just to maintain the system and keep it in compliance, and development of new products had to take a back seat. Even more important, our standards for system infrastructure and security are of the greatest consideration with the nature of our membership, and Symitar was able to deliver on all of our requirements in this area. We know that this solution will provide a better member experience, enable us to be quicker to market with new offerings, and provide us with new efficiencies."
With the open infrastructure and flexibility of Symitar's Episys, Northwest FCU will reduce reporting time from days to minutes in no longer needing to have IT assistance. The credit union will also gain a comprehensive view of the member's entire relationship on a single screen, much more than just the balance snapshot it had before.
According to Ted Bilke, president of Symitar, "We are uniquely qualified to perform Northwest FCU's first conversion to a new core system based on our extensive experience successfully converting diverse credit unions from virtually every competitive platform. Our goal is to make every conversion virtually transparent to a credit union's members and seamless for its employees. With Episys, Northwest FCU will immediately improve staff productivity and deliver a more insightful member experience with the system's deep functionality, nimbleness, and full integration with complementary solutions."
In addition to Episys, Northwest FCU will initially install an array of complementary Symitar solutions, including ARCU data warehousing, iTalk(TM) IVR, DataLink CU automated call reporting, and components of the Synergy Enterprise Content Management(TM) (ECM) platform among others.
Symitar, a division of Jack Henry & Associates, Inc. , is the leading provider of integrated computer systems for credit unions of all sized. Symitar currently serves more than 750 credit unions as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for financial services organizations. Its technology solutions serve more than 11,900 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking(TM) supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars((R)) provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies(TM) operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.Jack Henry & Associates, Inc.
CONTACT: Analyst Contact: Kevin D. Williams, Chief Financial Officer,
+1-417-235-6652, Press Contact:John San Filippo, Symitar Marketing Manager,
Web site: http://www.jackhenry.com/