WASHINGTON, March 9, 2017 /PRNewswire/ -- Evolent Health, Inc. ("Evolent"), a company providing an integrated value-based care platform to the nation's leading health systems and physician organizations, has been named one of "150 Top Places to Work in Healthcare" by Becker's Hospital Review for the second consecutive year. The list recognizes hospitals, health systems and organizations committed to fulfilling missions, creating outstanding cultures and offering competitive benefits to their employees.
"At Evolent, we strive to create a special culture in our workplace and earning this recognition for a second consecutive year is affirmation of the great work being done across the entire organization," said Dave Thornton, Chief Talent Officer of Evolent Health. "We have an ambitious mission to change the health of the nation by changing the way health care is delivered, and we can't truly do that unless we have a workplace culture that values our Evolenteers. This recognition is evidence that we're on the right path."
The "150 Top Places to Work in Healthcare" list honors healthcare provider organizations and other healthcare companies that encourage professional development among their employees and promote tomorrow's leaders through the implementation of employee recognition and mentorship programs, providing volunteering opportunities and community support. Each honoree is recognized for going above and beyond to make their organization a great place to work. Becker's Hospital Review is a monthly publication offering up-to-date business and legal news and analysis relating to hospitals and health systems. Each issue reaches more than 18,000 people, primarily acute-care hospital CEOs, CFOs and CIOs.
Evolent has also been recognized among Washingtonian Best Places to Work, Glassdoor's Best Places to Work, Forbes' America's Most Promising Companies and Modern Healthcare's Best Places to Work.
About Evolent Health
Evolent Health partners with leading health systems to drive value-based care transformation. By providing clinical, analytical and financial capabilities, Evolent helps physicians and health systems achieve superior quality and cost results. Evolent's approach breaks down barriers, aligns incentives and powers a new model of care delivery resulting in meaningful alignment between providers, payers, physicians and patients. For more information, visit evolenthealth.com.
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CONTACT: Kim Conquest, email@example.com, 571-389-6064
Web site: http://www.evolenthealth.com/
PALO ALTO, Calif., March 9, 2017 /PRNewswire/ -- Ooma, Inc. (the "Company"), a smart communications platform for small businesses and consumers, today announced that certain of its stockholders (the "Selling Stockholders"), consisting of entities affiliated with Worldview Technology Partners, intend to offer 2,861,290 shares of the Company's common stock for sale in an underwritten secondary offering (the "Offering") pursuant to the Company's shelf registration statement filed with the U.S. Securities and Exchange Commission ("SEC"). The underwriters have a 30-day option to purchase up to an additional 429,193 shares of the Company's common stock from the Selling Stockholders. The Offering is expected to close on March 15, 2017, subject to customary closing conditions.
The Company will not receive any proceeds from the sale of the shares by the Selling Stockholders.
Credit Suisse Securities (USA) LLC and JMP Securities LLC are acting as joint book-running managers for the Offering.
The Offering is made pursuant to an effective shelf registration statement filed by the Company with the SEC on December 16, 2016 and declared effective on December 27, 2016. Before you invest, you should read the prospectus, the registration statement and the documents incorporated by reference in that registration statement, as well as the prospectus supplement relating to this Offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying prospectus relating to this Offering may be obtained from: Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, by calling (800) 221-1037, or by email at firstname.lastname@example.org; or JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, CA 94111, by calling (415) 835-8985, or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Ooma, Inc.
Founded in 2004, Ooma creates new communications experiences for small businesses and consumers. Its smart platform serves as a communications hub, which offers cloud-based telephony, internet security, home monitoring and other connected services. Ooma combines PureVoice HD call quality and innovative features with mobile applications for reliable anytime, anywhere calling. The company has been ranked the No. 1 home phone service for overall satisfaction and value for five consecutive years by the leading consumer research publication. Ooma is also partnering with connected device makers to create smarter offices and homes. Ooma is available from leading retailers including Amazon, Best Buy, Costco and Walmart.
Ooma, Ooma Telo, Ooma Office, PureVoice and the Ooma logo are trademarks of Ooma, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters.
Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although we believe any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those anticipated in any forward-looking statements. Please refer to the risk factors discussed in our preliminary prospectus supplement for the Offering, our Form 10-K for the year ended January 31, 2016 filed with the SEC on April 13, 2016 and our Form 10-Q for the quarter ended October 31, 2016 filed with the SEC on December 9, 2016 and other SEC filings, which can be found at the SEC's website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ooma-inc-announces-secondary-offering-by-certain-stockholders-300421424.htmlOoma, Inc.
CONTACT: Media Contacts: Brian Jaquet / Ooma, firstname.lastname@example.org, (650)
300-2125 or Vanessa Piccinini / Access Emanate Communications,
AECTeamOoma@access-emanate.com, (415) 844- -6252
Web site: http://www.ooma.com/
AUSTIN, Texas, March 9, 2017 /PRNewswire/ -- Silicon Labs , a leading provider of silicon, software and solutions for a smarter, more connected world, today posted its 2016 Annual Report to Shareholders and the Proxy Statement filed with the Securities and Exchange Commission on the Investor Relations page of the company website. Shareholders may also request hard copies of the reports by calling 1-800-579-1639, or by emailing email@example.com. The proxy is also available at www.proxyvote.com.
About Silicon Labs
Silicon Labs is a leading provider of silicon, software and solutions for a smarter, more connected world. Our award-winning technologies are shaping the future of the Internet of Things, Internet infrastructure, industrial automation, consumer and automotive markets. Our world-class engineering team creates products focused on performance, energy savings, connectivity and simplicity. www.silabs.com
Note to editors: Silicon Laboratories, Silicon Labs, the "S" symbol, the Silicon Laboratories logo and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.
CONTACT: Silicon Labs, Jalene Hoover +512-428-1610, firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/silicon-labs-2016-annual-report-to-shareholders-and-proxy-statement-available-online-300421543.htmlPhoto: http://mma.prnewswire.com/media/457128/silicon_labs_Logo.jpg Silicon Labs
Web site: http://www.silabs.com/
LAS VEGAS, March 9, 2017 /PRNewswire/ -- Remark Media, Inc. , a global digital media technology company, is scheduled to present at the 29(th) Annual ROTH Conference at The Ritz-Carlton in Dana Point, California.
Management will present on Monday, March 13(th) at 5:00 p.m. Pacific Time, with one-on-one meetings held throughout the day.
A webcast of management's presentation will be available live and via replay for a period of 90 days at http://ir.remarkmedia.com/.
For more information about the conference or to schedule a one-on-one meeting with Remark Media management, please contact your ROTH representative at email@example.com.
About Remark Media, Inc.
Remark Media, Inc. owns, operates and acquires innovative digital media properties across multiple verticals that deliver culturally relevant, dynamic content that attracts and engages users on a global scale. The company leverages its unique digital media assets to target the Millennial demographic, which provides it with access to fast-growing, lucrative markets. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Hangzhou and Chengdu, China. For more information, please visit the company's website at www.remarkmedia.com.
Douglas M. Osrow
Remark Media, Inc.
702-701-9514 ext. 3025
Investor Relations Contact:
Becky Herrick/ Kirsten Chapman
LHA Investor Relations
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Web site: http://www.remarkmedia.com/
NEW YORK, March 9, 2017 /PRNewswire/ -- SiriusXM will offer listeners nationwide comprehensive coverage of the NCAA(R) Division I Men's Basketball Championship, airing every minute of every game on both satellite radios and the SiriusXM app, and providing the most in-depth daily coverage of the tournament on SiriusXM College Sports Nation, its exclusive 24/7 college sports talk channel.
SiriusXM listeners nationwide can hear every game in its entirety from the First Four(R) on March 14 and 15 through the Final Four(R) and national championship game in Phoenix on April 1 and 3. All Men's NCAA Tournament game broadcasts are provided to SiriusXM by Westwood One, radio rights holder for the NCAA(R) Division I Men's Basketball Championship.
Tournament match-ups and SiriusXM channel assignments will be available at www.siriusxm.com/collegesports starting Monday, March 13.
On Selection Sunday(R), March 12, SiriusXM will provide up-to-the-moment coverage as tournament teams and first round match-ups are announced. Chris "Mad Dog" Russo and Steve Torre will host live from 5:00 to 9:00 pm ET on Mad Dog Sports Radio (channel 82). Then from 9:00 pm to midnight ET, listeners can tune into continued live coverage hosted by former University of Vermont coach Tom Brennan and Mark Packer on SiriusXM College Sports Nation (channel 84). The shows will feature interviews with special guests, including team coaches and NCAA Men's Basketball Committee chair Mark Hollis, and will give fans a place to call in and share their reactions and opinions as the full field is revealed.
Throughout the tournament, SiriusXM College Sports Nation offers the most extensive and in-depth college basketball news and tournament talk available on radio. SiriusXM's 24/7 college sports channel showcases a lineup of expert analysts and hosts that includes former coaches Tom Brennan, Bobby Cremins, Fran Fraschilla, Seth Greenberg and Steve Lappas, former Arizona State star Eddie House, as well as Chris Childers, Mark Packer and Chris Spatola.
Duke head coach Mike Krzyzewski, who has led the Blue Devils to five National Championship titles, will continue to host his weekly SiriusXM show throughout the tournament. Basketball and Beyond with Coach K airs weekly on SiriusXM College Sports Nation. For upcoming show times check www.siriusxm.com/collegesports.
SiriusXM will also offer coverage of the NCAA Division I Women's Basketball Championship, providing listeners with live play-by-play of every regional final, the Women's Final Four(R) and championship game. All Women's NCAA Tournament radio broadcasts are produced by Westwood One.
NCAA, First Four, Final Four, and Selection Sunday are trademarks of the National Collegiate Athletic Association.
Sirius XM Holdings Inc. is the world's largest radio company measured by revenue and has approximately 31.3 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic(TM), SiriusXM Travel Link, NavTraffic(R), NavWeather(TM). SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation(TM) and SiriusXM Marine(TM). In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.8 million subscribers. SiriusXM is also a leading provider of connected vehicles services, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.
To download SiriusXM logos and artwork, visit http://www.siriusxm.com/LogosAndPhotos.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to attract and retain subscribers, which is uncertain; interference to our service from wireless operations; consumer protection laws and their enforcement; unfavorable outcomes of pending or future litigation; the market for music rights, which is changing and subject to uncertainties; our dependence upon the auto industry; general economic conditions; the security of the personal information about our customers; existing or future government laws and regulations could harm our business; failure of our satellites would significantly damage our business; the interruption or failure of our information technology and communications systems; our failure to realize benefits of acquisitions or other strategic initiatives; rapid technological and industry changes; failure of third parties to perform; our failure to comply with FCC requirements; modifications to our business plan; our indebtedness; our principal stockholder has significant influence over our affairs and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock; impairment of our business by third-party intellectual property rights; and changes to our dividend policies which could occur at any time. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2016, which is filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
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Web site: http://www.siriusxm.com/
FORT LEE, N.J., March 9, 2017 /PRNewswire/ -- Pioneer Power Solutions, Inc. ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced its financial results for the fourth quarter and full-year periods ended December 31, 2016.
Full-Year 2016 Results:
-- Revenue of $114.4 million, an increase of 7.4% year-over-year -- Gross margin of 21.8%, up year-over-year from 20.4% in 2015 -- Operating income of $2.1 million, inclusive of $2.4 million in non-recurring charges related to restructuring and integration charges compared to an operating loss of $(5.3) million, inclusive of $5.6 million in non-recurring charges related to restructuring and integration efforts, in 2015 -- Net loss of $(569,000) compared to $(5.9) million in the year-ago period -- Adjusted EBITDA* of $8.8 million compared to $3.8 million in the year-ago period, within the guidance range -- Backlog increased 34.5% year-over-year to $38.6 million
Fourth Quarter 2016 Results:
-- Revenue of $28.5 million, an increase of 8.6% over the prior year quarter -- Gross margin of 21.0% compared to 23.2% in Q4 2015 -- Operating loss of $(1.6) million compared to $(1.2) million in Q4 2015 -- Net loss of $(1.7) million compared to $(1.3) million in Q4 2015 -- Adjusted EBITDA* of $2.6 million compared to $1.9 million in Q4 2015
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "This was a highly successful year for Pioneer, benefitting from our continued penetration of fast-growing market segments and our ongoing initiatives to consolidate operations and enhance margins. We delivered a $7.4 million improvement in operating income, and annual adjusted EBITDA was well within our guidance range. In total, we grew our adjusted EBITDA by approximately $5 million for the year, a stable baseline from which we plan to deliver continued profitable growth. These improvements exclude any contribution from the oil and gas sector. We increased sales by 7.4% driven by our growing service business, expanded presence in emerging market segments like distributed generation/microgrid and the incremental contribution from data center equipment customers and other new customers. Looking toward 2017, we expect to see the benefit of increased infrastructure spending, such as Keystone and Dakota pipelines, high-speed electric rail projects and other mass transit projects, and seaport expansion, on top of our solid base of business, we anticipate a meaningful increase in profitability in 2017."
Total revenue for the three-month period ended December 31, 2016 increased to $28.5 million, up 8.6% compared to $26.3 million for the fourth quarter of 2015. The increase was the result of increased sales of dry type transformer products, typically utilized for commercial construction and industrial applications, data center expansions and mobile power, as well as custom switchgear products for applications for supermarket chains, waste water treatment plants and U.S. Embassy projects around the world. For the 12 months ended December 31, 2016, total consolidated revenue increased by $7.9 million, or 7.4%, to $114.4 million, up from $106.5 million for the 12 months ended December 31, 2015.
For the fourth quarter of 2016, gross margin was 21.0% of revenues, as compared to 23.2% for the fourth quarter of 2015. For the 12 months ended December 31, 2016, Pioneer's gross profit was $24.9 million, or 21.8% of revenues, up 14.4% compared to the $21.8 million, or 20.4% gross margin, for the year-ago period. The decrease in gross margin was related to operational challenges in switchgear manufacturing and lower margin switchgear sales during the period.
Operating Income (Loss)
Fourth quarter operating loss was $(1.6) million compared to $(1.2) million for the same period last year. For the 12 months ended December 31, 2016, operating income was $2.1 million compared to an operating loss of $(5.3) million for the prior year.
For the quarter ended December 31, 2016, there were approximately $2.6 million of non-recurring expenses, including $2.2 million in restructuring and integration charges. For the quarter ended December 31, 2015, there were approximately $3.2 million of non-recurring expenses, including $2.1 million in restructuring and integration charges. The fourth quarter of 2016 and 2015 included non-cash expenses consisting of depreciation, amortization of acquisition intangibles, and stock-based compensation for employee and director stock options of $800,000 and $867,000, respectively.
The Company's Adjusted EBITDA for the quarter ended December 31, 2016 was approximately $2.6 million compared to $1.9 million in the same quarter last year. For the 12 months ended December 31, 2016, the Company's Adjusted EBITDA was $8.8 million, as compared to $3.8 million last year. Please refer to the financial tables included below for a reconciliation of GAAP to non-GAAP results.
* Note: Pioneer has presented non-GAAP measures such as Adjusted EBITDA because many of our investors use these non-GAAP measures to monitor the Company's performance. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company's operating performance.
Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. Please refer to the financial tables included below for a reconciliation of GAAP to non-GAAP results.
Pioneer's effective income tax rate for the fourth quarter of 2016 was 117% of earnings before tax, as compared to 47% for the same quarter last year. For the 12 months ended December 31, 2016, the effective income tax rate was 200% of earnings before tax, as compared to 31% for the same period last year. The increase in Pioneer's effective income tax rate during 2016 resulted from recording the reconciliation of the Company's prior year income tax returns to the financial statements, an audit of the Company's previously filed income tax returns in Canada, and the permanent benefit resulting from the abatement of payroll tax penalties. Excluding these items, the Company's tax rate would have been 19% for the year ended December 31, 2016.
Net Earnings and Earnings Per Diluted Share
The Company generated a net loss of $(1.7) million and $(569,000) for the three and 12 months ended December 31, 2016, respectively, as compared to $(1.3) million and $(5.9) million during the three and 12 months ended December 31, 2015. Net loss per basic and diluted share for the three and 12 months ended December 31, 2016 were $(0.19) and $(0.07), respectively, as compared to $(0.18) and $(0.76) for the three and 12 months ended December 31, 2015, respectively.
On a non-GAAP basis, the Company reported net earnings of approximately $1.8 million in the fourth quarter of 2016, or $0.21 per diluted share, as compared to $1.3 million, or $0.15 per diluted share for the quarter ended December 31, 2015. For the 12 months ended December 31, 2016, non-GAAP earnings were $6.3 million, or $0.73 per diluted share, up from $2.8 million, or $0.36 per diluted share, for the 12 months ended December 31, 2015. Please refer to the financial tables included below for a reconciliation of GAAP to non-GAAP results.
Order backlog at December 31, 2016 was $38.6 million compared to $28.7 million at December 31, 2015. Backlog is based on orders expected to be delivered in the future, most of which is expected to occur during the next 12 months.
The Company reaffirmed its full-year 2017 guidance which is based on expected business trends and the current composition of the order backlog, excluding the impact of any potential acquisitions, as their timing and investment levels cannot be known with certainty. In addition, this outlook excludes any significant fluctuations in foreign currency exchange rates. Pioneer's 2017 full-year guidance is based on a foreign currency exchange rate of 74 cents U.S. per Canadian Dollar, an effective tax rate at 28% and a share count of approximately 8.7 million shares. In addition, the impact of any restructuring and non-cash charges arising out of Pioneer's cost-optimization plans is excluded.
For the full year 2017, the Company expects:
-- Revenue between $120 and $127 million -- Net income between $3.5 and $4.1 million -- Diluted EPS between $0.40 and $0.47 based on 8.7 million shares
This reflects non-GAAP results of:
-- Adjusted EBITDA of $10.0 million to $11.0 million -- Non-GAAP EPS between $0.83 to $0.91
Conference Call Information
Management will host a conference call at 10 a.m. Eastern Time Friday, March 10, 2017, to discuss the results with the investment community. Details are as follows:
-- Confirmation code 8951049 -- Dial-in number (toll-free): 1-888-428-9480 -- Dial-in number (toll/international): 1-719-457-2643 -- Webcast link: http://public.viavid.com/index.php?id=123068
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. manufactures, sells and services a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company's principal products and services include custom-engineered electrical transformers, low and medium voltage switchgear and engine-generator sets and controls, complemented by a national field-service organization to maintain and repair power generation assets. Pioneer is headquartered in Fort Lee, New Jersey and operates from 13 additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales, service and administration. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company's ability to expand its business through strategic acquisitions, (ii) the fact that many of the Company's competitors are better established and have significantly greater resources, and may subsidize their competitive offerings, (iii) the Company's dependence on a few large customers for a material portion of its sales, (iv) the potential loss or departure of key personnel, (v) the fact that fluctuations between the U.S. dollar and the Canadian dollar will impact the Company's results, (vi) market acceptance of existing and new products, (vii) restrictive loan covenants or the Company's ability to repay or refinance debt under its credit facilities that could limit the Company's future financing options and liquidity position and may limit the Company's ability to grow its business, (viii) general economic and market conditions, (ix) unanticipated increases in raw material prices or disruptions in supply, (x) the fact that the Company's Chairman controls a majority of the Company's combined voting power, and may have, or may develop in the future, interests that may diverge from yours, (xi) reported material weaknesses in the Company's internal control over financial reporting, and (xii) the fact that future sales of large blocks of the Company's common stock may adversely impact the Company's stock price. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Brett Maas, Managing Partner
PIONEER POWER SOLUTIONS, INC. Consolidated Balance Sheets (In thousands) December 31, December 31, 2016 2015 ---- ---- ASSETS Current assets Cash and cash equivalents $246 $648 Accounts receivable, net 17,508 14,223 Inventories, net 26,528 17,663 Income taxes receivable 72 576 Prepaid expenses and other current assets 2,216 1,924 Total current assets 46,570 35,034 Property, plant and equipment, net 6,591 7,349 Deferred income taxes 5,405 3,642 Other assets 830 827 Intangible assets, net 8,168 9,956 Goodwill 9,972 10,068 ------ Total assets $77,536 $66,876 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Bank overdrafts $1,200 $1,923 Revolving credit facilities 17,689 9,874 Short term borrowings 3,973 - Accounts payable and accrued liabilities 17,773 20,030 Current maturities of long-term debt and capital lease obligations 1,379 6,037 Income taxes payable 1,360 237 ----- --- Total current liabilities 43,374 38,101 Long-term debt, net of current maturities 4,005 165 Pension deficit 172 63 Other long-term liability 892 372 Noncurrent deferred income taxes 2,400 781 ----- --- Total liabilities 50,843 39,482 Stockholders' equity Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued - - Common stock, par value $0.001; 30,000,000 shares authorized; 8,699,712 shares issued and outstanding 9 9 Additional paid-in capital 23,215 23,153 Accumulated other comprehensive loss (5,863) (5,669) Retained earnings 9,332 9,901 ----- ----- Total stockholders' equity 26,693 27,394 ------ ------ Total liabilities and stockholders' equity $77,536 $66,876 ======= =======
PIONEER POWER SOLUTIONS, INC. Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Year Ended December 31, December 31, ------------ ------------ 2016 2015 2016 2015 ---- ---- ---- ---- Revenues $28,513 $26,251 $114,402 $106,522 Cost of goods sold 22,514 20,156 89,500 84,753 ------ ------ ------ ------ Gross profit 5,999 6,095 24,902 21,769 Operating expenses Selling, general and administrative 5,581 5,195 20,737 21,859 Restructuring, integration and impairment 2,226 2,138 2,426 5,577 Foreign exchange gain (222) (40) (364) (367) ---- --- ---- ---- Total operating expenses 7,585 7,293 22,799 27,069 ----- ----- ------ ------ Operating income (loss) (1,586) (1,198) 2,103 (5,300) Interest expense 585 242 1,736 748 Other expense (income) (759) 1,002 (205) 2,535 ---- ----- ---- ----- Income (loss) before taxes (1,412) (2,442) 572 (8,583) Income tax (benefit) expense 242 (1,154) 1,141 (2,702) --- ------ ----- ------ Net loss $(1,654) $(1,288) $(569) $(5,881) ======= ======= ===== ======= Net loss per common share: Basic $(0.19) $(0.18) $(0.07) $(0.76) Diluted $(0.19) $(0.18) $(0.07) $(0.76) Weighted average common shares outstanding: Basic 8,700 7,222 8,700 7,746 Diluted 8,700 7,222 8,700 7,746
PIONEER POWER SOLUTIONS, INC. Reconciliation of GAAP Measures to Non-GAAP Measures (In thousands, except per share data) (Unaudited) Three Months ended Year Ended December 31, December 31, ------------ ------------ 2016 2015 2016 2015 ---- ---- ---- ---- Reconciliation to Adjusted EBITDA and EPS Net earnings (loss) (GAAP measure) (1,654) (1,288) (569) (5,882) Interest expense 585 242 1,736 748 Income tax expense (benefit) 241 (1,154) 1,141 (2,702) Depreciation and amortization 772 810 3,089 3,164 Restructuring, integration and impairment 2,226 2,138 2,426 5,577 Non-recurring expenses from strategic changes (a) 1,121 - 1,121 - Stock based compensation 28 57 62 231 Other non-operating expenses (b) (760) 1,049 (206) 2,703 ---- ----- ---- ----- Adjusted EBITDA (Non-GAAP measure) 2,559 1,854 8,800 3,839 Tax effects - 28% rate (717) (519) (2,464) (1,075) ---- ---- ------ ------ Non-GAAP net earnings $1,842 $1,335 $6,336 $2,764 ====== ====== ====== ====== Non-GAAP net earnings per diluted share $0.21 $0.15 $0.73 $0.36 ===== ===== ===== ===== Weighted average diluted shares outstanding 8,700 8,692 8,700 7,746 (a) - costs incurred prior to implementing the strategic changes to concentrate on service sales in Critical Power Solutions segment and medium voltage switchgear in the Transmission & Distribution Solutions segment (b) - costs incurred from penalties and interest for non payment of payroll taxes as well as professional fees and costs incurred in connection with business acquisition activities Some costs incurred in prior 2016 quarters were reclassified during the current quarter Tax Rate assumed to be 28%
Note: Pioneer has presented non-GAAP measures such as non-GAAP net earnings and Adjusted EBITDA because many of our investors use these non-GAAP measures to monitor the Company's performance. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the Company's operating performance.
Non-GAAP net earnings is defined by the Company as net earnings before amortization of acquisition-related intangibles, stock-based compensation, non-recurring acquisition costs and reorganization expense, impairments, other unusual gains or charges and any tax effects related to these items. The Company defines Adjusted EBITDA as net earnings before interest, income tax expense, depreciation and amortization, non-cash compensation and non-recurring acquisition costs and reorganization expenses and other non-recurring or non-cash items.
Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of non-GAAP to GAAP net earnings is set forth in the table above.
Amounts may not foot due to rounding.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pioneer-reports-fourth-quarter-and-full-year-2016-financial-results-300421497.htmlPhoto: http://mma.prnewswire.com/media/95424/pioneer_power_solutions__inc__logo.jpg Pioneer Power Solutions, Inc.
Web site: http://www.pioneerpowersolutions.com/
PRINCETON, N.J., March 9, 2017 /PRNewswire/ -- Dataram Corporation has announced a Special Meeting of Shareholders to be held at the offices of Sichenzia Ross Ference Kesner LLP at 61 Broadway 32(nd) floor NY, NY 10006 on March 30, 2017 at 10:00 a.m. EDT. The notice of Special Meeting and proxy statement/prospectus and a Letter to the Shareholders from Dataram's Chairman and CEO, Dave Moylan, can be found on the Company's website at http://corporate.dataram.com/company-info/investor-relations/financial-releases-and-info. Shareholders may also obtain this information without charge through the Securities and Exchange Commission ("SEC") website (www.sec.gov) or upon your written or oral request by contacting the Chief Executive Officer of Dataram Corporation, 777 Alexander Road, Suite 100, Princeton, New Jersey 08540 or by calling (609) 799-0071.
Our shareholder letter follows in its entirety.
Dear Fellow Dataram Shareholders:
As I have done periodically, I would like to take this opportunity to provide you with an update on the business and direction of our Company, and in doing so, also ask for your support.
A little over two years ago, we re-focused Dataram to concentrate on what it does best, and has done extremely well, since incorporating in 1967 -- delivering customized memory solutions into complex technical environments for our business customers around the globe. Throughout this period, our customers have continuously reaffirmed that Dataram's efforts to deliver solutions that provide the lowest cost of ownership in a consistent and service-oriented manner are what they value most.
As we refocused, we embarked on a journey to aggressively streamline operations to establish the foundation for global growth and afford us optimum strategic flexibility, while maximizing shareholder value. On our journey, we made many difficult, but necessary decisions to ensure the Company remained viable and relevant. We reset the business strategy, improved Corporate Governance to provide transparency and accountability at all levels, transformed our go-to-market efforts and established powerful market touch points, focused on and improved talent management, and improved financial performance, while significantly reducing operational costs to deliver quantifiable bottom line improvements, establish a leaner, more flexible workforce, facilitate partnerships, and support M&A efforts.
Of all these efforts, improving financial performance has proven most challenging. The business environment for enterprise memory solutions has remained as volatile and competitive as it has ever been, and Dataram continues to operate in a market driven by technical product standardization, supplier and manufacturer consolidation, and continuous technology advancements.
While our size is an advantage, affording us an entrepreneurial nimbleness to address challenges the larger players may not possess, we remain constrained in that while we can quickly respond to changes, we do not have the deep pockets many of our much larger competitors have. We are also subject to extreme price fluctuations in our raw materials, which ranged from significant decreases in 2015 to steep increases in 2016. To address this challenge, business diversification and growth through acquisition have become increasingly attractive and viable strategic options and we have focused on and evaluated several potential acquisitions to help us grow and diversify business risks across sectors.
Diversification and Growth Through Acquisition
In May 2016, we identified U.S. Gold Corp., a U.S. based exploration company, as an acquisition candidate, intended to accelerate our existing strategy of growth and diversification. In evaluating the acquisition, we considered Dataram's financial situation combined with the market for our products and services and projected organic growth, and determined that the entry into the natural resources segment represented a market opportunity that would diversify the Company's business model and thereby potentially mitigate risk associated with focusing on one industry. It would also potentially increase the overall value of the Company given U.S. Gold's two specific projects - Copper King and Keystone - and the promising industry analysis regarding the value of gold.
The Copper King property located in southwest Wyoming has a Net Present Value (NPV) of $160 million based on measured, indicated, and inferred resources of 1.1 million oz. of gold and 285 million lbs. of copper as presented in a Preliminary Economic Assessment (PEA) by Mine Development Associates (MDA). The Keystone Project, located in North Central Nevada, on the Cortez Trend, consists of 377 unpatented lode mining claims representing approximately 7,500 acres or 11-12 square miles. In mining terms, Keystone represents a large, district scale opportunity.
While the memory business and junior mining business have different business models and risk profiles, and also operate in different markets (suppliers, customers), the combination of the two businesses potentially mitigates sector specific exposure and associated risks. Furthermore, the potentially strengthened balance sheet of the combined organization resulting from U.S. Gold having more than $9M in net assets provides the combined entity a strong financial footing from which to grow.
Upon closing of the transaction, Dataram will operate as a single entity with two reporting businesses - a junior mining business and a computer memory business. While each of these businesses will be operated and managed independent of one another, they will share common resources and functions to include, without limitation: human resources, legal, facilities, back office operations and administrative support. The sharing of common functions and resources will be of mutual operational and financial benefit. While each business will report as separate business into the parent entity (Dataram), the combined organization will be led by an experienced senior management team with representation from each of the current management teams of Dataram and U.S. Gold, and the Board of Directors will also have representation from each of the current Boards of Directors of Dataram and U.S. Gold.
Dataram's Board will also declare a special dividend for the shareholders of record as of no less than five (5) business days prior to closing. This means the Company shareholders of this record date will receive a special dividend from the net proceeds should the Board elect to divest the memory business within eighteen (18) months of the Closing Date of the U.S. Gold acquisition. While there is no current plan to divest, should this become a future consideration, the intent is to ensure the benefit is received by, and only by, the pre-close shareholders.
Both Dataram's management and Board believe this acquisition represents a tremendous diversification opportunity that is economically viable and energizing, given the overall landscape and market opportunity within natural resources, and that the combination of the companies will generate significant value for our shareholders.
The Proxy - We Are Asking for Your Support on Three Items
In this proxy, there are three items we are asking you for your support for and approval of. They are:
1. Approval of the merger and the issuance of the merger consideration; 2. Approval of the certificate of amendment to Dataram's Articles of Incorporation to increase its authorized Common Stock and Preferred Stock; and 3. Granting Dataram's Board the authority to implement a reverse split of its common stock within a range of 1 for 2 and 1 for 10.
ROTH Capital Partners LLC, a full service investment banking firm, was retained by Dataram. They reviewed the terms of the acquisition and deemed the terms as fair. The amendment to increase our capital stock gives Dataram the ability to complete the transaction and ensure we have sufficient stock available to issue the merger consideration and further support the Company's pursuit of future growth opportunities. Important to note is that the increase in capital stock is, in and of itself, not dilutive. The approval of a reverse split is necessary to ensure the Company meets the listing requirements after closing of the transaction and maintains compliance with listing requirements of the NASDAQ Stock Market LLC.
Between May 2008 and April 2015, Dataram lost an average of $4.7 million per year. This was a bleak period in the Company's otherwise respectable history. In January 2015, we took immediate, decisive, and aggressive actions to significantly improve business performance. We established a strong foundation from which to grow, while simultaneously reigniting the entrepreneurial spirit upon which the Company was founded nearly 50 years ago.
As we have transformed, we have looked at numerous opportunities to diversify our business, grow the Company, and increase the value delivered to shareholders. Dataram's proposed acquisition of U.S. Gold is intended to accomplish our diversification and growth objectives while also improving the value delivered to you, our shareholders.
In 2015, I said it was "darkest before the dawn, and the dawn has started to break. We believe our best days are ahead of us." Our best days have arrived and with your approval, begin today.
Thank you for your continued support.
David A. Moylan
Chairman and Chief Executive Officer
About Dataram Corporation
Dataram is an independent manufacturer of memory products and provider of performance solutions that increase the performance and extend the useful life of servers, workstations, desktops and laptops sold by leading manufacturers such as Dell, Cisco, Fujitsu, HP, IBM, Lenovo and Oracle. Dataram's memory products and solutions are sold worldwide to OEMs, distributors, value-added resellers and end users. Additionally, Dataram manufactures and markets a line of Intel Approved memory products for sale to manufacturers and assemblers of embedded and original equipment. 70 Fortune 100 companies are powered by Dataram. Founded in 1967, the Company is a US based manufacturer, with presence in the United States, Europe and Asia. For more information about Dataram, visit www.dataram.com.
Matters discussed herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with the price of the Company's common stock and its ability to satisfy the continued listing standards of The NASDAQ Stock Market, the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, changes in the price of memory chips, changes in the demand for memory systems, increased competition in the memory systems industry, order cancellations, delays in developing and commercializing new products, the successful acquisition of U.S. Gold Corp., risks related to U.S. Gold Corp., faced by junior exploration companies generally engaged in pre-production activities; maintenance of important business relationships; and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the Risk Factors with respect to U.S. Gold contained in the Current Report on Form 8-K filed on November 29, 2016, with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company does not assume any obligations to update any of these forward-looking statements.
For additional information, please contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dataram-announces-special-meeting-of-shareholders-and-shareholder-letter-300421442.htmlDataram Corporation
Web site: http://www.dataram.com/
CAMBRIDGE, Mass., March 9, 2017 /PRNewswire/ -- IBM Security today announced IBM QRadar, the company's security intelligence platform, has been named a "Leader" and received the highest scores in the three categories - current offering, strategy, and market presence - of all evaluated solutions in the March 2017 report, "The Forrester Wave(TM): Security Analytics Platforms, Q1 2017," by Forrester Research, Inc.(1)
For this report, Forrester evaluates companies based on a number of criteria, including deployment options, detection capabilities, risk prioritization, log management, threat intelligence, dashboards and reporting, security automation, end user experience, and customer satisfaction.
Forrester surveys indicate that 74% of global enterprise security technology decision makers rate improving security monitoring as a high or critical priority(2). According to the report, IBM Security "has an ambitious strategy for security analytics that includes cognitive security capabilities from its Watson initiative and security automation from its Resilient Systems acquisition."
Forrester also notes IBM's investments in security with its QRadar Security Intelligence Platform emerging as "one of the key pieces of its portfolio." The analyst firm also notes that "those looking for advance capabilities and a flexible deployment model should consider IBM."
"IBM Security is honored to be recognized as part of Forrester's first ever Security Analytics Wave," said Jason Corbin, VP of Strategy and Offering Management, IBM Security. "Our investments to advance the development of QRadar over the past decade from network anomaly detection and SIEM into the center of the Cognitive Security Operations Center are paying off. Bringing Watson to security analysts is going to be a major game changer in the fight against cybercrime."
A full downloadable version of the report is available here.
About IBM Security
IBM Security offers one of the most advanced and integrated portfolios of enterprise security products and services. The portfolio, supported by world-renowned IBM X-Force(R) research, enables organizations to effectively manage risk and defend against emerging threats. IBM operates one of the world's broadest security research, development and delivery organizations, monitors 35 billion security events per day in more than 130 countries, and holds more than 3,000 security patents. For more information, please visit www.ibm.com/security, follow @IBMSecurity on Twitter or visit the IBM Security Intelligence blog.
IBM Security - Media Relations
(1) Forrester Research Inc. "The Forrester Wave(TM): Security Analytics Platforms, Q1 2017," Joseph Blankenship with Stephanie Balaouras, Bill Barringham, Peter Harrison, March 6, 2017
(2) Source: Forrester Data Global Business Technographics Security Survey, 2016.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ibm-qradar-named-as-a-leader-in-security-analytics-platforms-by-independent-research-firm-300421464.htmlPhoto: http://mma.prnewswire.com/media/463704/IBM_logo_Logo.jpg IBM
Web site: http://ibm.com/
TEL AVIV, Israel, March 9, 2017 /PRNewswire/ -- HearMeOut (www.hearmeoutapp.com), the voice-based social media platform revolutionizing the way people are putting their authentic voice on their social presence, formally announced their public launch and entrance into the U.S marketplace. The platform empowers users to create and consume 42-second audio clips, providing consumers, personalities and brands the opportunity to engage in a more effective and personal way. The platform is currently available for IoS and Android powered devices.
HearMeOut fills a gap in today's social media landscape, which is driven by text and images, allowing users a hands-free, eyes-free way to round out their social media experience. Driven by companies' desire to encourage safer driving, coupled with consumer demand for social media content, in October 2015 the firm announced a collaboration with Ford to include HearMeOut in their SYNC AppLink within its vehicles, providing a social media system designed to be hands-free. Currently, HearMeOut is enabled within Ford vehicles in the UK and Ireland with plans to be rolled out in additional markets in 2017.
"We think HearMeOut is particularly interesting because it gives drivers a way to access to social media while keeping their eyes on the road and hands on the wheel," said Scott Lyons, business and partner development, Ford Connected Vehicle and Services EMEA.
The U.S. entry is spurred from recent financing momentum, as the company is coming off its IPO on the Australian Securities Exchange, which raised $5M in December 2016, bringing their total amount raised to $6.5M. HearMeOut intends to use the funds to deepen its work in the automotive industry, product development and business partnership.
"The United States represents the largest single opportunity for HearMeOut in terms of consumer and commercial opportunities," said Moran Chamsi, co-founder and CEO of HearMeOut. "Our success with the automotive industry, coupled with the consumer engagement we saw during the Beta period provides a roadmap for our success here in America."
In the coming months, HearMeOut will be announcing new features to serve the Connected Car space and enrich consumer and partnership content creation, as well as enable sharing across all social platforms.
HearMeOut is an Israeli-based global company that provides a revolutionary voice-based social media platform that transforms the way people engage with and consume social media. The platform enables users to share and listen to 42-second audio posts through the platform's native feed or on other social networks, such as Twitter or Facebook. Through this app, people can express their authentic voice and put their unique signature on social media interactions. For more information on HearMeOut, please visit hearmeoutapp.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/voice-social-media-upstart-hearmeout-formally-launches-in-us-300421352.htmlHearMeOut
CONTACT: Jack Doyle, 212.738.6115, Jack.firstname.lastname@example.org
Web site: http://www.hearmeoutapp.com/
ARMONK, N.Y., March 9, 2017 /PRNewswire/ -- IBM data indicates that companies across all industries are increasingly following the lead of media and entertainment with enterprise video last year showing a dramatic increase in mobile viewership, video resolution and global reach.
Data pooled from IBM Cloud Video's enterprise service from billions of views over the past two years illustrates the fast-changing landscape of streaming video within the enterprise. The data tracked videos streamed by organizations for internal and external communications, taking advantage of cloud technologies to produce and deliver content directly to audiences worldwide. Key findings included:
-- Mobile viewership increased five-fold to almost one-third of all views: Views coming from mobile devices (rather than desktop computers) increased from 5.85 percent in 2015 to 28.82 percent in 2016. -- Video quality increased with file size growing to 1 gigabyte: The average video file size for the enterprise increased by 29 percent from 2015 to 2016, rising from .77 gigabytes to 1 gigabyte, according to the IBM Cloud Video data. This is even more remarkable given the average video length decreased by 8 percent. -- Companies increasingly streaming to global audiences: Enterprise viewership outside of the U.S. is rising. Non-U.S. viewership grew by more than 25 percent from 2015 to 2016, as businesses integrate cloud-based video into their global strategies.
"Companies are increasingly being held to the same standards as the media and entertainment industry for the videos they stream to employees, partners and direct to consumers," said Braxton Jarratt, general manager of IBM Cloud Video. "Our enterprise clients are responding by investing in video production and distribution to create more engaging content that can reach a global audience."
IBM Cloud Video enterprise services are used by companies across a broad range of industries, including retail, automotive, technology, education, hospitality and healthcare, to stream live and recorded content through a global network. The cloud-based videos include internal content, such as employee training and town halls, as well as external events, such as new product launches.
The IBM Cloud Video unit brings together innovations from IBM's R&D labs as well as the cloud video platform capabilities made possible through its acquisitions of Clearleap and Ustream. IBM Cloud Video delivers solutions for streaming video for organizations ranging from individuals and small businesses to major media corporations.
For more about IBM Cloud, visit here.
For more about IBM Cloud Video, visit here.
Joe Guy Collier
IBM Media Relations
+1 248 990 4707
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ibm-data-shows-enterprise-video-quickly-shifting-to-mobile-devices-300421314.htmlPhoto: http://mma.prnewswire.com/media/95470/ibm_logo.jpg IBM
ALISO VIEJO, Calif., March 9, 2017 /PRNewswire/ -- Smith Micro Software, Inc. , today reported financial results for the fourth quarter and year ended December 31, 2016.
"During the fourth quarter and continuing into the current quarter, we implemented a significant restructure across our entire organization, reducing costs, creating better utilization of resources, and streamlining our processes," said William W. Smith Jr., President and CEO of Smith Micro Software. "We head into our fiscal 2017 a much leaner and better positioned company and remain confident and excited about the opportunities ahead of us this year, particularly with our SafePath and NetWise IoT Services Platforms."
Fiscal Fourth Quarter 2016 Financial Results
Smith Micro reported revenues of $7.1 million for the fourth quarter ended December 31, 2016, compared to $10.0 million reported in the fourth quarter of 2015.
Fourth quarter 2016 gross profit was $5.3 million, compared to $8.0 million reported in the fourth quarter of 2015.
Gross profit as a percentage of revenues was 75.4 percent for the fourth quarter of 2016, compared to a gross profit as a percentage of revenues of 80.0 percent for the fourth quarter of 2015.
GAAP net loss was $3.2 million, or $0.26 loss per share, for the fourth quarter of 2016, compared to a GAAP net loss of $0.6 million, or $0.05 loss per share, for the fourth quarter of 2015. The net loss in the fourth quarter of 2016 includes restructuring charges of $0.3 million and an asset impairment charge of $0.4 million pre-tax.
Non-GAAP net loss (which excludes stock-based compensation, amortization of intangible assets, impairment charges, fair value and carrying value adjustments, non-cash debt issuance and discount costs, and normalizes tax expense) for the fourth quarter of 2016 was $1.9 million, or $0.15 loss per share, compared to non-GAAP net income of $4,000, or $0.00 earnings per share, for the fourth quarter of 2015.
Fiscal 2016 Financial Results
For the fiscal year ended December 31, 2016, the Company reported revenues of $28.2 million, compared to $39.5 million for fiscal year 2015, a decrease of 28.5 percent.
Fiscal year 2016 gross profit was $20.7 million, compared to $31.4 million for the fiscal year 2015, a decrease of 34.1 percent.
Gross profit as a percentage of revenues was 73.2 percent for fiscal year 2016, compared to 79.4 percent for the fiscal year 2015.
GAAP net loss for the fiscal year ended December 31, 2016 was $14.5 million, or $1.21 loss per share, compared to a net loss of $2.6 million, or $0.23 loss per share, for fiscal year 2015.
Non-GAAP net loss (which excludes stock-based compensation, amortization of intangible assets, impairment charges, fair value and carrying value adjustments, non-cash debt issuance and discount costs, and normalizes tax expense) for the fiscal year ended December 31, 2016 was $8.6 million, or $0.72 loss per share, compared to a non-GAAP net loss of $0.2 million, or $0.02 loss per share, for fiscal year 2015. The net loss in 2016 includes restructuring charges of $0.3 million and an impairment charge of $0.4 million pre-tax.
Total cash and cash equivalents at December 31, 2016 were $2.2 million.
The Company uses a non-GAAP reconciliation of gross profit, income (loss) before taxes, net income (loss), and earnings (loss) per share in the presentation of financial results in this press release. Management believes that this presentation may be more meaningful in analyzing our income generation since stock-based compensation, amortization of intangible assets, impairment charges, fair value and carrying value adjustments, and non-cash debt issuance and discount costs are excluded from the non-GAAP earnings calculation and adjustments are made for Proforma taxes. Since we are in a cumulative loss position, the non-GAAP income tax expense (benefit) for the fiscal year 2016 was computed by using a tax rate of 38 percent using the Company's normalized combined U.S. federal, state and foreign statutory tax rates less various tax adjustments. This presentation may be considered more indicative of our ongoing operational performance. The tables below present the differences between non-GAAP earnings and net loss on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-financial measures as reported by Smith Micro Software may not be comparable to similarly titled amounts reported by other companies.
Investor Conference Call:
Smith Micro Software will hold an investor conference call today to discuss the Company's fourth quarter and total year 2016 results at 4:30 p.m. ET, March 9, 2017. To access the call, dial 888-715-1402; international participants can call 913-312-1502. When prompted, provide the participant pass code 6267642. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.
About Smith Micro Software, Inc.:
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers, device manufacturers, and enterprise businesses around the world. From optimizing wireless networks to uncovering customer experience insights, and from streamlining Wi-Fi access to ensuring family safety, our solutions enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones. Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, video streaming, and 2D/3D graphics applications. For more information, visit smithmicro.com
Safe Harbor Statement:
This release contains forward-looking statements that involve risks and uncertainties, including without limitation, forward-looking statements relating to the company's financial prospects and other projections of its performance, the existence of new sales opportunities and interest in the company's products and solutions, the company's ability to increase its revenue by capitalizing on new opportunities, and customer concentration given that the majority of our sales depend on a few large client relationships, including Sprint. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the company's ability to continue as a going concern, our ability to raise more funds to meet our capital needs, changes in demand for the company's products from its customers and their end-users, new and changing technologies, customer acceptance and timing of deployment of those technologies, and the company's ability to compete effectively with other software and technology companies. These and other factors discussed in the company's filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.
Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.
Note: Financial Schedules Attached
Smith Micro Software, Inc. Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) - unaudited Stock Intangibles Asset Change in Note Issue/ Non- GAAP Compensation Amortization Impairment Fair Value Discount Taxes GAAP ---- ------------ ------------ ---------- ---------- -------- ----- ---- Three Months Ended 12/31/16: ------------------------- Gross profit $5,344 $- $- $- $- $- $- $5,344 Loss before provision for income taxes ($3,489) $353 $84 $411 ($575) $195 $- ($3,021) Net loss ($3,212) $353 $84 $411 ($575) $195 $871 ($1,873) EPS- diluted ($0.26) $0.03 $0.01 $0.03 ($0.05) $0.02 $0.07 ($0.15) Three Months Ended 12/31/15: ------------------------- Gross profit $8,002 $2 $- $- $- $- $- $8,004 Loss before provision for income taxes ($546) $552 $- $- $- $- $- $6 Net loss ($591) $552 $- $- $- $- $43 $4 EPS- diluted ($0.05) $0.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Twelve Months Ended 12/31/16: ------------------------- Gross profit $20,671 $3 $- $- $- $- $20,674 Loss before provision for income taxes ($14,741) $1,528 $196 $411 ($1,578) $247 $- ($13,937) Net loss ($14,512) $1,528 $196 $411 ($1,578) $247 $5,067 ($8,641) EPS- diluted ($1.21) $0.13 $0.02 $0.03 ($0.13) $0.02 $0.42 ($0.72) Twelve Months Ended 12/31/15: ------------------------- Gross profit $31,355 $11 $- $- $- $- $- $31,366 Loss before provision for income taxes ($2,534) $2,249 $- $- $- $- $- ($285) Net loss ($2,602) $2,249 $- $- $- $- $176 ($177) EPS- diluted ($0.23) $0.20 $0.00 $0.00 $0.00 $0.00 $0.02 ($0.02)
Smith Micro Software, Inc. Statements of Operations and Comprehensive Loss for the Three and Twelve Months Ended December 31, 2016 and 2015 (in thousands, except per share amounts) - unaudited For the Three Months For the Twelve Months Ended December 31, Ended December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Revenues $7,084 $10,006 $28,235 $39,507 Cost of revenues 1,740 2,004 7,564 8,152 ----- ----- ----- ----- Gross profit 5,344 8,002 20,671 31,355 Operating expenses: Selling and marketing 2,226 2,263 9,615 8,902 Research and development 3,702 3,595 15,906 13,863 General and administrative 2,463 2,691 10,341 11,128 Restructuring expense 303 - 303 - Long-lived asset impairment 411 - 411 - Total operating expenses 9,105 8,549 36,576 33,893 ----- ----- ------ ------ Operating loss (3,761) (547) (15,905) (2,538) Non-operating income: Change in fair value of warrant liability 575 - 910 - Change in carrying value of contingent liability - - 668 - Interest income (expense), net (308) - (389) - Other income (expense), net 5 1 (25) 4 Loss before provision for income taxes (3,489) (546) (14,741) (2,534) ------ ---- ------- ------ Provision for income tax expense (benefit) (277) 45 (229) 68 Net loss $(3,212) $(591) $(14,512) $(2,602) ------- ----- -------- ------- Other comprehensive income, before tax: Unrealized holding gains on available- for-sale securities - (2) 2 (1) Other comprehensive income, net of tax - (2) 2 (1) --- --- --- --- Comprehensive loss $(3,212) $(593) $(14,510) $(2,603) ======= ===== ======== ======= Loss per share: Basic and diluted $(0.26) $(0.05) $(1.21) $(0.23) Weighted average shares outstanding: Basic and diluted 12,323 11,465 11,951 11,487
Smith Micro Software, Inc. Consolidated Balance Sheets (in thousands) December 31, December 31, 2016 2015 ---- ---- (unaudited) (audited) ASSETS Current Assets: Cash & cash equivalents $2,229 $8,819 Short term investments - 4,078 Accounts receivable, net 4,962 8,145 Income tax receivable 1 13 Inventory, net 12 39 Prepaid and other assets 713 692 --- --- Total current assets 7,917 21,786 Equipment & improvements, net 1,811 2,492 Other assets 149 195 Intangible assets, net 745 - Goodwill 3,686 - TOTAL ASSETS $14,308 $24,473 ======= ======= LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $1,907 $1,708 Accrued liabilities 3,503 5,064 Deferred revenue 98 440 --- --- Total current liabilities 5,508 7,212 Related party notes payable, net 967 - Notes payable, net 967 - Warrant liability 1,210 - Deferred tax liability 181 - Other long-term liabilities 2,971 3,235 ----- ----- Total non-current liabilities 6,296 3,235 Stockholders' Equity: Common stock 12 46 Additional paid in capital 227,889 224,867 Accumulated comprehensive deficit (225,397) (210,887) -------- -------- Total stockholders' equity 2,504 14,026 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $14,308 $24,473 ======= =======
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/smith-micro-reports-fourth-quarter-and-fiscal-year-2016-financial-results-300421256.htmlPhoto: http://mma.prnewswire.com/media/197501/smith_micro_software_inc_logo.jpg Smith Micro Software, Inc.
Web site: http://www.smithmicro.com/
AUSTIN, Texas, March 9, 2017 /PRNewswire/ -- Upland Software, Inc. , a leader in cloud-based Enterprise Work Management software, today announced that it will release financial results for the fourth quarter and full year 2016 and provide full year 2017 total revenue and Adjusted EBITDA guidance on Thursday, March 23, 2017 after the market closes. The Company's executive leadership will host a live conference call and webcast at 5:00 p.m. Eastern Time on that day to review the Company's financial results and outlook for the business.
The conference call may be accessed within North America by dialing 1.888.684.7501 and outside of North America by dialing 1.925.418.7884, referencing conference code 67662965. The conference call will be simultaneously webcast on the Company's investor relations website, which can be accessed at investor.uplandsoftware.com. Following the completion of the call, a telephone replay and the webcast replay will be available on the Company's investor relations website.
About Upland Software
Upland Software is a leading provider of cloud-based Enterprise Work Management software. Our family of applications enables users to manage their projects, professional workforce and IT investments, automate document-intensive business processes and effectively engage with their customers, prospects and community via the web and mobile technologies. With more than 2,500 customers and over 250,000 users around the world, Upland Software solutions help customers run their operations smoothly, adapt to change quickly, and achieve better results every day. To learn more, visit www.uplandsoftware.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/upland-software-to-release-fourth-quarter-and-full-year-2016-financial-results-on-march-23-2017-300421466.htmlPhoto: http://mma.prnewswire.com/media/156956/upland_software_logo.jpg Upland Software, Inc.
Web site: http://www.uplandsoftware.com/
ARMONK, N.Y., March 9, 2017 /PRNewswire/ -- Since pledging to hire 25,000 American workers by 2020, IBM , the country's largest technology employer, has been elevating stories of employees who have achieved success in "new collar" jobs. These positions, in some of the technology industry's fastest growing fields, do not always require a four-year college degree, but rather the right mix of in-demand skills needed to get the job done.
"IBM is making the IT industry more inclusive. With our emphasis on new collar jobs, we are focused on hiring for capability, not just credentials," stated Sam Ladah, Vice President for Talent at IBM. "In fact, over the past few years, 10 to 15 percent of our U.S. hires did not have a traditional 4 year degree. An even larger percentage of our U.S. job openings do not necessarily require a four-year degree."
He continued: "Through programs ranging from coding camps to community college courses and innovative vocational schools, our new collar colleagues have built marketable skills in fields from cybersecurity and cloud computing to digital design. Their experiences underscore that new collar jobs offer pathways to career success, and also the importance of expanding career-relevant skills training programs to help more Americans fill the more than half-a-million technology jobs currently open in the United States."
IBM has profiled a number of new collar employees on THINKPolicy, its official channel for addressing public policy priorities. These IBMers come from across the United States, and reflect impressive diversity of both backgrounds and career experiences:
-- Gabriel Rosa (New York City) - is among the first graduates of P-TECH, the innovative grade 9-14 academic program that combines the best of high-school STEM coursework with community college, mentoring and hands-on training to build sought after career skills. Gabriel's interest in technology has taken him from hacking his high school IT system, to coding online commerce experiences. -- Rey Lozano (Houston, TX) - was determined to expand his horizons beyond work in the fast food industry. Through an associate's degree and completion of various industry certifications, Rey attained sought-after skills in network management. Today, he helps oversee network infrastructure for Bluemix, IBM's cloud-based development platform. -- Savannah Worth (San Francisco, CA) - pursued an education in creative writing, but developed a fascination with programming and computer science. After completing an immersive six-month coding bootcamp, she became one of the first employees at IBM's Bluemix development garage in San Francisco. She's still creating, but at the intersection of art and code. -- Randy Tolentino (Austin, TX) - one day, while writing hip hop lyrics, Randy spontaneously decided that a technology career would afford him the best opportunity to provide for his family. From there, his new collar journey took Randy from California to Texas, and included a mix of college education and software development camps. Today, he's part of a team helping IBMers worldwide employ new technologies and methodologies to better serve clients. -- Cecelia Schartiger (Rocket Center, WV) - when she couldn't find work as a teacher, Cecelia decided it was time to reinvent her career. She joined IBM as a project staffing professional, but was soon intrigued by fast-growing opportunities in cybersecurity. Through on-the-job training and coursework at her local community college, Cecelia built the skills she needed to take on a new role - securing sensitive workloads for U.S. Government clients as an IBM cybersecurity professional. -- Joshua Kramer (Austin, TX) - built skills in graphic design through community college, and then worked on projects ranging from mailers to magazine layouts for a number of employers. Now, as part of IBM's Security division, he's bridging the gap between the unit's product and marketing teams, and helped lead a total rebranding of the department. -- Ty Tyner (Austin, TX) - started his design career illustrating comic books and animating mobile apps. After transitioning to digital design, Ty found his way to IBM. Today, he manages a team of professionals that design seamless and efficient user experiences for developers utilizing the IBM Cloud.
"America's high-tech skills gap is a very real challenge," added Christopher A. Padilla, Vice President of IBM Government and Regulatory Affairs. "But these new collar IBMers show that it absolutely can be closed. In fact, data shows that closing the skills gap could fill one million jobs by 2020. Even as IBM invests heavily in skills development and retraining for our U.S. workforce, we will continue advocating for Congressional action to open more pathways to new collar success. Updating and reauthorizing the Carl D. Perkins Career and Technical Education Act is one important step that enjoys broad bipartisan support, and that would make career-oriented skills education the rule, not the exception, in U.S. education."
Follow #NewCollarJobs or visit ibmpolicy.com for more.
Adam R. Pratt
Ph: (202) 551-9625
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ibmers-showcase-paths-to-success-in-new-collar-careers-300421316.htmlPhoto: http://mma.prnewswire.com/media/477005/IBM_Corporation_Randy_Torentino.jpg
Web site: http://www.ibm.com/
MEXICO CITY, March 9, 2017 /PRNewswire/ -- Grupo Televisa, S.A.B. informs that, as part of a biannual review of the broadcasting sector preponderance rules, the Instituto Federal de Telecomunicaciones ("IFT") has notified a ruling that amends some of the existing preponderance rules in broadcasting and includes some additional obligations on Televisa and some of its subsidiaries (the "New Preponderance Measures"). The New Preponderance Measures maintain most of the measures previously ruled by IFT on March 6, 2014, but with certain modifications and additions, which include, among others, the following:
-- Sharing of Infrastructure - In addition to the previously imposed obligations regarding the sharing of passive infrastructure, the New Preponderance Measures have included the service of signal emissions in the event that no passive infrastructure exists. In addition, The New Preponderance Measures strengthen the supervision of the services provided by Televisa and the tariffs arrangements made with its clients, and include certain rules relating to the publicity of its tariffs. A new electronic management system is also included as part of the new measures which will facilitate the access to certain information by users of Televisa's infrastructure as well as by IFT. -- Prohibition to Acquire Certain Exclusive Content for Broadcasting - This measure has been modified by enabling Televisa to acquire relevant content under certain circumstances, as long as it makes available such rights for its sublicensing to other broadcasters in Mexico in non-discriminatory terms. -- Advertising Services - IFT modified this measure mainly by including specific requirements to Televisa in its provision of over the air advertising services, particularly, to telecommunications companies. Such requirements include, among others: a) publishing and delivering to IFT specific information regarding tariffs, discount plans, contracting and sales terms and conditions, contract forms and other relevant practices; and b) terms and conditions that prohibit discrimination or refusal to deal, conditioned sales and other conditions that inhibit competition. Televisa will also have to provide very detailed information to IFT on a recurrent basis of over the air advertising services related to telecommunications companies. -- Accounting Separation - Televisa will have to implement accounting separation methodologies that will be further regulated and defined based on certain criteria to be determined by IFT.
The New Preponderance Measures are being determined at a time when the broadcasting sector experiences fierce competition not only from new technologies and other audiovisual platforms (many of them not regulated by IFT), but also when a new national broadcasting network is actively competing in the market and gaining market share, and in the middle of a new auction of broadcasting stations in several geographical markets nationwide. Such increased competition, together with the regulatory measures imposed on the Company and our industry, have resulted in a decline in the operating margins of our Content division.
The foregoing, along with the adverse effects and restrictions derived from the must offer rules upon the Company, have certainly increased the regulatory burdens we are subject to. None of the above seem to have been taken into account by the regulator when issuing the New Preponderance Measures.
Therefore, Televisa will continue to assess the extent and impact of this ruling and will analyze carefully any actions and/or remedies (legal, business or otherwise) that Televisa should take and/or implement regarding the same.
Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and an operator of a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 50 countries through 26 pay-tv brands, and television networks, cable operators and over-the-top or "OTT" services. In the United States, Televisa's audiovisual content is distributed through Univision Communications Inc. ("Univision") the leading media company serving the Hispanic market. Univision broadcasts Televisa's audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and warrants which upon their exercise would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in Univision Holdings, Inc., the controlling company of Univision. Televisa's cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers through five cable Multiple System Operators in Mexico. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature-film production and distribution, and gaming.
This press release contains forward-looking statements regarding the Company's results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in "Item 3. Key Information - Forward-Looking Statements" in the Company's Annual Report on Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Carlos Madrazo / Tel: (52 55) 5261 2445 / email@example.com
Alejandro Olmos / Tel: (52 55) 4438 1205 / firstname.lastname@example.org
Maria Eugenia Zurita / Tel: (52 55) 52 24 63 60 / email@example.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/results-of-ift-biannual-preponderance-review-of-the-broadcasting-sector-300421180.htmlGrupo Televisa, S.A.B.
Web site: http://www.televisair.com/
NEW YORK, March 9, 2017 /PRNewswire/ --
When: Thursday, March 9, 2017
11:00 AM EST
Where: Live on Facebook from the IBM Research Lab in Yorktown Heights, New York
What: Join us live to learn what quantum computing is and take a tour of the new IBM Q Lab with IBM scientists Jerry Chow, Manager, Experimental Quantum Computing and Jay Gambetta, Manager, Theory of Quantum Computing and Information who are working on IBM Q, an industry-first initiative to build commercially available universal quantum computers for business and science. Jerry and Jay will provide an inside look at the IBM Q Lab and an interactive discussion about quantum computing.
The broadcast will include live demonstrations, a tour of the IBM Q Lab, and an opportunity to ask IBM Research scientists about quantum computing. The discussion will address what quantum computing is, how it works, how it's being developed and quantum's potential to impact industries such as Artificial intelligence, drug and material discovery, supply chain and logistics and financial services.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/media-alert-quantum-computing-take-a-tour-of-the-ibm-q-lab-via-facebook-live-today-300421215.htmlPhoto: http://photos.prnewswire.com/prnh/20090416/IBMLOGO IBM Corporation
Web site: http://www.ibm.com/
WINDSOR, Conn., March 9, 2017 /PRNewswire/ -- Voya Financial, Inc. , announced today that it is introducing a suite of new financial planning and education resources to help plan sponsors make decisions that can lead to better retirement outcomes for their employees. These decisions can include such things as designing an effective plan with choice architecture and automated features, to strategies like re-enrolling plan participants who are not saving enough for retirement.
"Voya has a long history of supporting its clients and distribution partners with tools, resources and thought leadership in the retirement industry," said Marketing Vice President Kellie Desrosiers, head of Sales and Client Engagement. "This work includes extensive education and awareness campaigns; insightful consumer and plan sponsor research and, most recently, the launch of a pioneering new Institute dedicated to the field of behavioral finance. We have the expertise and experience to help people prepare more thoughtfully for their future. Voya is committed to helping Americans retire better, and we have the knowledge and resources to show them how."
To support that effort, Voya is launching a package of new materials for clients including a series of informational webcasts and a new digital communication vehicle for plan sponsors across all markets segments. These resources are designed to encourage greater retirement-planning engagement in the digital age, and will cover topics such as:
-- Improving retirement plans using behavioral science -- Myth vs. reality: The building blocks for a successful retirement plan -- How employers can support the special needs community -- Building retirement relevancy for millennials
This new stream of content will live on voyainsights.voya.com, where plan sponsors can regularly access the latest news and insights to help improve retirement plan health and outcomes for participants.
Webcast: Helping Americans Save in the "Information Age"
Voya will launch its new webcast series next week (details below) with an exploration of how the digital evolution is creating a knowledge-based society and becoming an integral part of consumers' lives. Plan sponsors, advisors and the public are invited to register.
Jillian Verspyck, Customer Experience Strategy
Tom Armstrong, Retirement Digital Solutions
Wednesday, March 15, 2017
11:00-11:30 a.m. EST
Click here to register
Wednesday March 15, 2017
2:30-3:00 p.m. EST
Click here to register
"This webcast will go beyond understanding digital consumption to take a closer look at how Voya is actively using digital to research behavioral science concepts," Verspyck said, "and how we're helping plan sponsors and their participants make decisions that lead to better retirement outcomes."
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company(TM). Our goal is to make a secure financial future possible for everyone - one person, one family, one institution at a time.
Office: (860) 580-2671
Cell: (860) 402-9494
About Voya Financial((R)
)Voya Financial, Inc. , helps Americans plan, invest and protect their savings -- to get ready to retire better. Serving the financial needs of approximately 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $484 billion in total assets under management and administration as of Dec. 31, 2016. With a clear mission to make a secure financial future possible -- one person, one family, one institution at a time -- Voya's vision is to be America's Retirement Company((R)). Certified as a "Great Place to Work" by the Great Place to Work((R)) Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible and has been recognized as one of the 2016 World's Most Ethical Companies((R)) by the Ethisphere Institute, and as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/voya-offers-new-suite-of-decision-making-resources-to-help-plan-sponsors-drive-better-retirement-outcomes-300421249.htmlPhoto: http://mma.prnewswire.com/media/476936/Voya_Financial_Logo.jpg Voya Financial, Inc.
Web site: http://www.voya.com/
PARIS, March 9, 2017 /PRNewswire/ -- SILCA, the information technology and services arm for Credit Agricole Group, has formally signed on to donate its surplus computer processing power to IBM's World Community Grid in support of humanitarian research.
In just its first month of participation, after installing the World Community Grid app on 1,100 employee workstations, it contributed the equivalent of three years of computing time to scientific research.
World Community Grid is an IBM-funded and managed program that advances scientific research by harnessing computing power "donated" by volunteers around the globe. This resource is the equivalent of a virtual supercomputer that helps enable scientists to more quickly conduct millions of virtual experiments. These experiments aim to pinpoint promising drug candidates for further study.
SILCA, which ensures the security and digital transformation of Credit Agricole Group, first proposed this project at Credit Agricole Group's "Innovation Day" event, and won the company's top award, chosen from among 60 initiatives described by the bank's subsidiaries. Thanks to this project, SILCA will contribute to significant research studies in many areas, including Zika, tuberculosis, AIDS, Ebola, cancer and clean energy.
For Philippe Mangematin, in charge of innovation development at SILCA, its participation is "a powerful message for Credit Agricole to send about its commitment to a social responsibility agenda."
To date, World Community Grid has connected researchers to half a billion U.S. dollars' worth of free supercomputing power. This resource to accelerate scientific discovery, partially hosted in IBM's cloud, has been fueled by 720,000 individuals and 440 institutions from 80 countries who have donated more than 1 million years of computing time on more than 3 million desktops, laptops, and Android mobile devices. Their participation has helped identify potential treatments for childhood cancer, more efficient solar cells, and more efficient water filtration materials.
World Community Grid is enabled by Berkeley Open Infrastructure for Network Computing (BOINC), an open source software platform developed at the University of California, Berkeley.
Join World Community Grid today to enable your computer or Android device for a humanitarian project.
IBM Media Relations
01 (914) 499-6420
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/major-french-bank-now-supporting-humanitarian-research-through-ibms-world-community-grid-300421272.htmlPhoto: http://mma.prnewswire.com/media/476957/IBM_Logo.jpg IBM Corporation
Web site: http://www.ibm.com/
ARMONK, N.Y., March 9, 2017 /PRNewswire/ -- IBM today announced new DevOps tools on Bluemix, IBM's developer platform, which allow companies and development teams to continuously and automatically ensure the quality of the code in their apps. This ability to better control code quality at all times helps businesses to reduce unpredicted app downtime and increase functionality, while simultaneously helping developers to iterate on and deploy new features quickly and confidently.
IBM Cloud DevOps Insights allows developer teams to set policies around changes and updates made to specific apps and to block the deployment of changes that do not meet these requirements. By doing so, teams can keep risky updates and code, which may not have been properly vetted or tested, from disrupting an app's performance and usability.
For example, a team may want to better guarantee the quality of code being written for a new app feature, ensuring that any code being deployed will have passed at least 80 percent of tests around security and functionality. Using DevOps Insights, the team could create such a policy, integrating these tests and their results with a built-in gate. Set by DevOps Insights, this gate would automatically evaluate and analyze the test results of each piece of code being delivered. If a piece of code is determined to not have passed the tests, it would be stopped at the gate.
To further increase usability, DevOps Insights gives developers a single and comprehensive dashboard to view which versions of an app's updates, features and tests are running and where, even when the tools and types of tests being used differ. This new service supports popular test result formats, such as xUnit, Mocha, Karma, Instanbul and Blanket.
Because Bluemix and its services are built on open standards, DevOps Insights is easily integrated with other tools, and also supports Jenkins pipelines.
Since its launch in 2014, Bluemix has rapidly grown to become one of the largest open, public cloud deployments in the world. Based in open standards, it features more than 150 tools and services spanning categories of cognitive intelligence, blockchain, security, Internet of Things, DevOps and more.
For a demonstration of IBM Cloud DevOps Insights, you can build it into a sample toolchain. To learn more, visit the DevOps Insights page in the Bluemix catalog.
IBM Media Relations
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ibm-cloud-launches-devops-service-to-improve-app-quality-and-functionality-300421181.htmlPhoto: http://mma.prnewswire.com/media/476875/IBM_Logo.jpg IBM
Web site: http://www.ibm.com/
DALLAS, March 9, 2017 /PRNewswire/ -- As millions of students get ready to leave town for spring break, ScamAwareness.Org has launched a public service campaign to warn consumers about the "person in need" imposter scam.
In this scam, a potential victim receives a phone call or message from someone claiming to be a relative or a friend in trouble who needs money to help out with an emergency such as getting out of jail, paying a hospital bill or finding a way home from their trip. The scammers emphasize a sense of urgency and the victim's fear for their friend or loved one motivates them to send money which cannot be recovered.
"At ScamAwareness.Org, we believe that knowledge is power. That is why we dedicate ourselves to educating consumers about common money transfer scams," said Juan Agualimpia, executive director, ScamAwareness.Org. "The organization's new series of public service announcements airs on television stations across the United States. We hope consumers will watch and share the information with others."
Tips for Handling a "Person in Need" Call or Message
-- Remain calm. -- Don't volunteer information. -- Ask to speak to the loved one directly or call them yourself. -- Verify the person's identity by asking questions that a stranger couldn't possibly answer.
Also, avoid posting information about an upcoming trip for yourself or a loved one on social media, as scammers will use this information to their advantage.
According to the FTC, imposter scams, like the "person in need" scam, topped the list of consumer fraud complaints in 2016 for the first time since reporting began. Consumers can learn more about common scams and how to protect themselves at scamawareness.org.
About ScamAwareness.OrgVideo: http://mma.prnewswire.com/media/476944/ScamAwarenessOrg_Person_in_Need.mp4 Photo: http://mma.prnewswire.com/media/442432/Scam_Awareness_org_Logo.jpg ScamAwareness.Org
Web site: http://scamawareness.org/
SALT LAKE CITY, March 9, 2017 /PRNewswire/ -- ClearOne plans to release its financial results for the fourth quarter and full year ended December 31, 2016 before market open on Tuesday, March 14, 2017. The company's senior management will host an investor conference call the same day at 11:30 a.m. Eastern Time to review the financial results.
The conference call will be available to interested parties by dialing +1-877-369-6586 (domestic) or +1-253-237-1165 (international). The conference ID is 73865177. The call will also be available through a live, listen-only audio Internet broadcast at http://investors.clearone.com/events.cfm and archived on the same web site for at least three months.
ClearOne is a global company that designs, develops and sells conferencing, collaboration, and network streaming & signage solutions for voice and visual communications. The performance and simplicity of its advanced, comprehensive solutions offer unprecedented levels of functionality, reliability and scalability. Visit ClearOne at www.clearone.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/clearone-to-report-2016-fourth-quarter-full-year-financial-results-and-host-conference-call-on-tuesday-march-14-2017-300421268.htmlClearOne
Web site: http://www.clearone.com/
Consulting firm is recognized for mentoring employees
MENLO PARK, Calif., March 9, 2017 /PRNewswire/ -- Global consulting firm Protiviti (www.protiviti.com) has been recognized for the third consecutive year on the Fortune 100 Best Companies to Work For((R)) list (http://beta.fortune.com/best-companies/protiviti-80). The prestigious list honors companies for their workplace culture, including the level of trust employees feel towards leaders and the pride employees take in their jobs, as well as organization programs and practices.
Research conducted by global research and consulting firm Great Place to Work(R) suggests that companies earning a place on the 100 Best list excel in numerous areas of business including retaining talent and demonstrating higher levels of productivity than their peers.
"We're proud to be a third-time honoree on the Fortune 100 Best list. Since our founding 15 years ago, creating an inclusive, respectful, high-performance culture has been one of our top strategies, and we've focused on building an organization that continually makes a positive impact on both our clients' business and on our employees and their communities," said Joseph Tarantino, Protiviti president and CEO. "We know that our people are the main factor in our success, and it's their in-depth knowledge, desire to contribute and spirit of collaboration that enables our clients to feel confident in our ability to offer creative, insightful and expert solutions."
In addition to being named to the 2017 list, Protiviti received special mention from Fortune for its Advisor Network program, where employees have three unique advisors from different levels of the company who sponsor their careers throughout their entire employment at Protiviti. A Peer Advisor acts as a source of information and insight into the firm on a day-to-day basis. The Career Advisor and Executive Advisor work with the employee from day one to set and achieve their career goals.
"At Protiviti, we understand that our work product is only as good as our people. Fortunately, our people are among the most talented in the consulting marketplace. Time and time again, we hear this sentiment from candidates, clients and colleagues around the world," said Scott Redfearn, executive vice president of global human resources at Protiviti. "Our ability to attract and retain top-talent is driven by our commitment to our people, who embody and live our values. We greatly appreciate the role our people played in earning Protiviti this recognition from Fortune and Great Place to Work."
People Living Protiviti
To "learn every day, be your best self and make an impact" is Protiviti's call to action for potential employees looking to join the company. With its firm-wide focus on diversity and inclusion, Protiviti emphasizes the importance of diverse thought, backgrounds and experiences in shaping its teams and how they work on behalf of clients across the globe.
Protiviti employees are offered a wide array of personal and professional development opportunities, including a two-day, interactive on-boarding experience; opportunities for international positions; and a generous sabbatical program, providing 12 weeks off with partial salary so that employees can pursue life-long goals and dreams.
A Track Record of Recognition
In addition to being named for the third consecutive year to the Fortune 100 Best Companies list, Protiviti has also been ranked twice as one of the Fortune Best Workplaces for Millennials((R)) and twice as one of the Fortune Best Workplaces for Consulting and Professional Services((R)).
The full list of the 2017 Fortune 100 Best Companies to Work For is available here.
"Congratulations to the 2017 100 Best," said Michael C. Bush, CEO of Great Place to Work. "These leading companies are at the vanguard of a new business frontier, where organizations know they have to develop the full human potential of all their employees. They are working to build Great Places to Work For All, which are better for business, better for people and better for the world."
About The Fortune 100 Best Companies To Work For((R)
)To identify the 100 Best Companies to Work For((R)), each year Fortune partners with Great Place to Work to conduct the most extensive employee survey, the Trust Index((C)), in corporate America. The ranking is based on feedback from more than 232,000 employees at Great Place to Work-Certified(TM) companies with more than 1,000 employees.
Winning a spot on the list indicates the company has distinguished itself from peers by creating a great place to work for employees - measured and ranked through analysis of the results of the Trust Index survey and a Culture Audit((C)) questionnaire. The Culture Audit includes detailed questions about company benefits, programs and practices.
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Through its network of more than 70 offices in over 20 countries, Protiviti and its independently owned Member Firms provide clients with consulting solutions in finance, technology, operations, data analytics, governance, risk and internal audit.
Protiviti has served more than 60 percent of Fortune 1000((R)) and 35 percent of Fortune Global 500((R)) companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half . Founded in 1948, Robert Half is a member of the S&P 500 index.
Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
Product or service names mentioned herein may be the trademarks of their respective owners.
Editor's Note: photos available upon request.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/protiviti-named-to-fortune-100-best-companies-to-work-for-list-for-third-year-300421241.htmlPhoto: http://mma.prnewswire.com/media/118099/protiviti_logo.jpg Protiviti
CONTACT: Kathy Keller, (650) 234-6252, firstname.lastname@example.org
Web site: http://www.protiviti.com/
SAN JOSE, Calif. and NUREMBERG, Germany, March 9, 2017 /PRNewswire/ -- Designing in crypto-strong authentication to protect internet of things (IoT) device hardware, plus providing authenticity and integrity of small data transactions between the device and the cloud, is now easier and quicker with the MAXREFDES155# DeepCover(R) embedded security reference design from Maxim Integrated Products, Inc. .
-- More information: http://bit.ly/MAXREFDES155 -- Video: http://bit.ly/MAXREFDES155_video -- Image: http://bit.ly/MAXREFDES155_image -- Block diagram: http://bit.ly/MAXREFDES155_diagram
As more devices are connected to the internet, security becomes a critical feature to authenticate networked equipment and sensors and ensure that sensor endpoints and controls are operated securely. Using elliptic curve digital signature algorithm (ECDSA) public-key cryptography, the MAXREFDES155# reference design makes it easy to develop devices that can authenticate and manage a sensing node with control and notification from a web server or network controller. Customers can quickly collect and display the authenticated sensor data, as well as monitor endpoints being updated via secure communications with the cloud. The reference design is ideal for IoT devices being adopted in a wide range of industrial applications, from factory automation to smart agriculture.
The MAXREFDES155# platform includes an Arduino(R) form factor ARM mbed shield module and attached sensor endpoint. The shield contains a DS2476 DeepCover ECDSA/SHA-2 coprocessor, LCD, push-button controls, status LEDs, and Wi-Fi(R) communication. The sensor endpoint contains a DS28C36 DeepCover ECDSA/SHA-2 authenticator, IR thermal sensor, and aiming laser for the IR sensor. The reference design is equipped with a standard shield connector for immediate testing using an mbed board such as the MAX32600MBED#--the combination of these two devices represents an IoT node.
-- Fast Time-to-Market: Significantly reduces development time using the provided hardware and source code to implement a public-key authenticated node solution and web server interface -- Ease-of-Use: Free evaluation web server provides an immediate out-of-the box implementation for real-time interaction with the IoT device -- Efficient Crypto: Public-key based ECDSA implementation provides strong security and effective key distribution that is scalable from single to multi-node IoT deployments
-- "Maxim is bringing decades of experience developing secure microcontrollers, coprocessors, and authenticators to our expanding portfolio of DeepCover reference designs, making it simpler for customers to implement their own security," said Scott Jones, Executive Director, Embedded Security, Maxim Integrated. "This embedded security reference design uses ECDSA asymmetric authentication, an optimal solution to protect IoT devices." -- "The ability to protect connected devices and data paths is vital, yet building in viable endpoint security features is complex and time consuming," said Michael Horne, Deputy General Manager and Vice President of Marketing and Sales, IoT Business, ARM. "The MAXREFDES155# board, combined with the ARM mbed IoT Device Platform with ARM Cortex(R)-M3 technology, provides a simplified path for designers to rapidly implement security capabilities suitable for IoT."
Availability and Pricing
-- The MAXREFDES155# IoT embedded security reference design is available for $125 at Maxim's website and select franchised distributors. Hardware and firmware design files are free and available at http://bit.ly/MAXREFDES155_DesignResources. -- Programming MAXREFDES155# requires a separate purchase of a MAX32600MBED# development platform, which is available for $49 at Maxim's website and select franchised distributors. -- For information on other reference designs, visit http://bit.ly/ReferenceDesigns.
At embedded world
The MAXREFDES155# reference design and other embedded security products will be on display at embedded world, March 14-16, in Hall 1, Booth 1-370, http://bit.ly/embedded_world_2017. At the embedded world Conference, Scott Jones will present "Secure Authenticators answer the call to solve IoT device embedded security needs" on March 14, 11:30 a.m.-12 p.m. (Session 04: Security I - TPM).
All trademarks are the property of their respective owners.
About Maxim Integrated
Maxim Integrated develops innovative analog and mixed-signal products and technologies to make systems smaller and smarter, with enhanced security and increased energy efficiency. We are empowering design innovation for our automotive, industrial, healthcare, mobile consumer, and cloud data center customers to deliver industry-leading solutions that help change the world. Learn more at http://www.maximintegrated.com.
Contact: Tara Yingst 408-601-3993 Tara.Yingst@maximintegrated.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/easily-implement-efficient-public-key-crypto-to-protect-iot-devices-and-data-paths-with-maxims-embedded-security-platform-300420068.htmlPhoto: http://mma.prnewswire.com/media/475876/Maxim_Integrated_Products_MAXREFDES155.jpg
Web site: http://www.maxim-ic.com/
SUNNYVALE, Calif., March 9, 2017 /PRNewswire/ --
-- FUJITSU Cloud Service K5(TM) supports digital transformation, empowering enterprises to reduce complexity, accelerate innovation and improve time to market for building new cloud-native business services -- Fujitsu America, Inc. strengthens U.S. digital platform and capabilities offered by FUJITSU MetaArc(R) with global rollout of Public and Virtual Private IaaS and PaaS cloud services -- FUJITSU Cloud Service K5 based on OpenStack(R) technology enables transition, transformation and integration of Robust IT systems with cloud-hosted digital applications
Fujitsu America, Inc., today announced the U.S. availability of full digital transformation solutions with new U.S. availability zones for FUJITSU Cloud Service K5 at the heart of MetaArc, its comprehensive global portfolio of solutions, services and technologies that enable customers to digitalize with confidence. U.S. customers now gain access to powerful capabilities based on artificial intelligence (AI), big data analytics, cloud computing and the Internet of Things (IoT), to simplify the digitalization process, accelerate innovation, boost time to market for new cloud-native business services and extend the value of their legacy IT infrastructures.
With FUJITSU Cloud Service K5 a key part of MetaArc, the introduction of two new K5 availability zones enables the Americas region to deliver globally connected services, with a focus on Cloud, AI and IoT, underpinned by Cybersecurity.
FUJITSU Cloud Service K5 and the MetaArc portfolio play an important role in enabling customers to connect systems and applications leveraging the IoT, which drives the accumulation of various data in enormous quantities from the frontlines of customer systems and businesses. Data analysis using AI technology links industry-specific and task-specific expertise, ultimately serving to automate and optimize business operations and knowledge-based tasks. Cybersecurity underpins digital technology and knowledge integration, with Fujitsu protecting its connected services, customers' businesses and society from the risk of cyberattack. The introduction of Cloud Service K5 underpins the company's commitment to optimize these services to meet the digital transformation requirements of customers in each region and to expand globally.
Alex Attal, Head of Digital Services and Incubation, Fujitsu America, Inc., said: "There is little doubt about the effects digital technology is having on the enterprise. It's altering the buyer's journey in retail, streamlining the production cycle in manufacturing, and upending the very industry in which I work. It's an incredibly exciting time at Fujitsu to be in a position to remove the complexity and challenges of moving to digital for our customers by offering them a truly simple, secure and cost-effective way to digitally transform their business and get more competitive, all while maximizing their existing investments without risk and disruption to their business."
FUJITSU Cloud Service K5 in detail
-- The only cloud computing platform that enables digital transformation through deploying OpenStack technology across all cloud deployment modes, guaranteeing infrastructure and application compatibility, as well as offering native cloud application development and API management tools. In fact, FUJITSU Cloud Service K5 also received the prestigious OpenStack Interoperability Challenge Award at the OpenStack Summit in Barcelona. -- Guaranteed data residency within the physical boundaries of the U.S. This means U.S. organizations using Cloud Service K5 can meet any legislative, legal or compliance requirements that restrict certain data to be held within U.S. geographic boundaries. Organizations in the U.S. may also choose any of the other K5 availability zones worldwide. -- Cloud Service K5 is available to organizations in Canada, through leverage of the U.S. availability zone. Additionally, organizations in Canada can choose other K5 availability zones, worldwide. -- Seamless interaction with existing IT infrastructures, enabling customers to easily deploy hybrid IT and cloud environments. This includes cloud services and enterprise data centers suitable for many applications, such as web shops, database services, customer relationship management (CRM) systems and payroll solutions. This feature helps to extend the service life of legacy equipment and increase return on investment. -- A full range of delivery model extensions will become available to enable customers to choose the best approach for their organization. For all K5 deployment models - Public Cloud, Virtual Private Hosted, Dedicated (Private) and On-premise - Fujitsu provides enterprise-class support, robust Service Level Agreements (SLAs) and high-availability.
"To survive in a highly competitive and rapidly evolving market, organizations must be able to make smart decisions and respond very quickly," said Shobhit Porwal, Head of Hybrid IT at Fujitsu America, Inc. "This is why companies increasingly look to cloud solutions, because it offers greater freedom to focus on the core business strategy and to redirect investments by lowering the total cost of ownership. As or more importantly, Fujitsu offers added value to organizations with legacy environments, because they benefit from secure and seamless integration between cloud and existing infrastructures, enabling the deployment of new technology in no time - be it mobile applications, online retailing solutions or internal systems. With FUJITSU Cloud Service K5, customers can exploit the full competitive advantages offered by the MetaArc portfolio, while unlocking the capabilities offered by their legacy systems."
Notes to Editors
Pricing and Availability
FUJITSU Cloud Service K5 is available worldwide and can be consumed as a Public or Virtual Private IaaS and PaaS cloud service. Already fully operational in Japan, UK and Finland, Fujitsu is continuing the global rollout into Germany and Spain in April 2017, with further K5 availability zones planned in Singapore and Australia. Additionally, further delivery model extensions will enable Fujitsu Cloud Service K5 to become available worldwide as a private cloud, in either on premise data centers or hosted by Fujitsu.
Pricing varies according to services, configuration and country.
-- About FUJITSU Cloud Service K5 -- About the FUJITSU MetaArc portfolio -- Read the Fujitsu blog: http://blog.ts.fujitsu.com -- Follow Fujitsu on Twitter: http://www.twitter.com/FujitsuAmerica -- Follow us on LinkedIn: http://www.linkedin.com/company/fujitsu-america -- Find Fujitsu on Facebook: http://www.facebook.com/Fujitsu -- Fujitsu pictures and media server: http://mediaportal.ts.fujitsu.com/pages/portal.php -- For regular news updates, bookmark the Fujitsu newsroom: http://www.fujitsu.com/us/about/resources/news/
Fujitsu America, Inc.
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 156,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited reported consolidated revenues of 4.7 trillion yen (US$41 billion) for the fiscal year ended March 31, 2016. For more information, please see http://www.fujitsu.com.
About Fujitsu Americas
Fujitsu America, Inc. is the parent and/or management company of a group of Fujitsu-owned companies operating in North, Central and South America dedicated to delivering the full range of Fujitsu products, solutions and services in ICT to our customers in the Western Hemisphere. These companies are collectively referred to as Fujitsu Americas. Fujitsu enables clients to meet their business objectives through integrated offerings and solutions, including consulting, systems integration, managed services, outsourcing and cloud services for infrastructure, platforms and applications; data center and field services; and server, storage, software and mobile/tablet technologies. For more information, please visit: http://fujitsu.com/us and http://twitter.com/fujitsuamerica.
Fujitsu, the Fujitsu logo, FUJITSU Cloud Service K5, MetaArc and "shaping tomorrow with you" are trademarks or registered trademarks of Fujitsu Limited in the United States and other countries.
The OpenStack(TM) Word Mark and OpenStack Logo are either registered trademarks/service marks or trademarks/service marks of the OpenStack Foundation, in the United States and other countries and are used with the OpenStack Foundation's permission. We are not affiliated with, endorsed or sponsored by the OpenStack Foundation, or the OpenStack community.
All other company or product names mentioned herein are trademarks or registered trademarks of their respective owners.
Information provided in this press release is accurate at time of publication and is subject to change without advance notice. All other company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fujitsu-expands-digital-transformation-offerings-in-us-with-fujitsu-cloud-service-k5-at-the-heart-of-its-metaarc-portfolio-300421039.htmlPhoto: http://mma.prnewswire.com/media/476751/Fujitsu_America_connected_services_Infographic.jpg
Web site: http://www.fujitsu.com/us/
DALLAS, March 9, 2017 /PRNewswire/ -- Every week, AT&T* sends thousands of customers to see Hollywood's biggest blockbusters through Ticket Twosdays.(1)
We want to send more. More theatres, more movies, more fun.
We're adding Cinemark theaters to the program you love. This boosts our total number of movie screens to more than 17,000 and our total locations to more than 1,280.
In addition to the millions of AT&T postpaid wireless customers now eligible to participate in Ticket Twosdays, we've extended the program to more than 38 million DIRECTV, AT&T U-verse TV and AT&T Internet customers who can now take advantage of Ticket Twosdays.
Combined with the massive footprints of both AMC and Regal Entertainment Group, we're now in the 3 largest theater groups in the U.S. And we fully expect a popcorn shortage on Tuesdays.
AT&T Ticket Twosdays is just one of the many benefits and perks of AT&T THANKS(R) - our way of showing appreciation with great entertainment experiences and services.
"We're welcoming millions of customers to our Ticket Twosdays program," said Jay Cary, vice president, customer loyalty and retention, AT&T Entertainment Group. "We know our customers want effortless entertainment experiences - that's why we're increasing our Ticket Twosdays footprint by more than 25%. Now it's easier to enjoy a movie on us."
AT&T Ticket Twosdays wants to give back any way we can.
Last year, through the generosity of our customers, AT&T Ticket Twosdays was able to donate 9,602 pairs of tickets to Boys & Girls Clubs of America - $153,632 worth of in-kind ticket donations.
AT&T postpaid wireless customers and now qualifying TV and internet customers can get a free movie ticket on AT&T when they buy one at full price for a Tuesday showing. These are available to eligible customers once a week for the duration of the program.
Customers can visit www.att.com/tickettwosdays, powered by MovieTickets.com, to learn how to bring a friend to the movies on us at participating theaters.
*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.
(1) Ticket Twosdays: Eligibility, ticket limits & add'l restr's apply. See att.com/attthanks for complete details.
AT&T Inc. helps millions around the globe connect with leading entertainment, mobile, high speed internet and voice services. We're one of the world's largest providers of pay TV. We have TV customers in the U.S. and 11 Latin American countries. We offer the best global coverage of any U.S. wireless provider.* And we help businesses worldwide serve their customers better with our mobility and highly secure cloud solutions.
Additional information about AT&T products and services is available at http://about.att.com. Follow our news on Twitter at @ATT, on Facebook at http://www.facebook.com/att and YouTube at http://www.youtube.com/att.
(C) 2017 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
*Global coverage claim based on offering discounted voice and data roaming; LTE roaming; and voice roaming in more countries than any other U.S. based carrier. International service required. Coverage not available in all areas. Coverage may vary per country and be limited/restricted in some countries.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/att-helps-bring-the-best-entertainment-to-you---on-your-mobile-in-your-living-room-and-on-the-big-screen-300420987.htmlPhoto: http://mma.prnewswire.com/media/355192/at_t_inc__logo.jpg AT&T Inc.
CONTACT: For more information, contact: Meghan Callahan, AT&T Corporate
Communications, (470) 494-8197, email@example.com
Web site: http://www.att.com/
SAN DIEGO, March 9, 2017 /PRNewswire/ --Turtle Beach Corporation , a leading gaming headset and audio accessory company, has been invited to present at the 29th Annual ROTH Capital Partners Conference. The conference is being held March 12-15, 2017 at The Ritz-Carlton in Dana Point, California.
Turtle Beach management is scheduled to present on Tuesday, March 14(th) at 7:00 a.m. PT, with one-on-one meetings held throughout the conference.
The presentation will be webcast live and available for replay at http://wsw.com/webcast/roth31/hear and via the Investor Relations section of the company's website at www.turtlebeach.com.
For more information about the conference or to schedule a one-on-one meeting with Turtle Beach management, please contact your ROTH representative or the company's investor relations team at 949-574-3860.
About Turtle Beach Corporation
Turtle Beach Corporation (http://corp.turtlebeach.com) designs innovative, market-leading audio products. Under its award-winning Turtle Beach brand (www.turtlebeach.com), the Company is the clear market share leader with its wide selection of acclaimed gaming headsets for use with Xbox One and PlayStation((R))4, as well as personal computers and mobile/tablet devices. Under the HyperSound brand (www.hypersound.com), the Company markets pioneering directed audio solutions that have applications in digital signage and kiosks, consumer electronics and hearing healthcare. The Company's shares are traded on the NASDAQ Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend" and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management's current belief, as well as assumptions made by, and information currently available to, management.
While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to the Company's liquidity, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the implementation of any businesses we acquire, our indebtedness, the outcome of our HyperSound strategic review process and other factors discussed in our public filings, including the risk factors included in the Company's most recent Annual Report on Form 10-K and the Company's other periodic reports. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.
All trademarks are the property of their respective owners.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/turtle-beach-to-present-at-the-29th-annual-roth-conference-on-march-14-2017-300421032.htmlTurtle Beach Corporation
CONTACT: Investor Information: Cody Slach, Investor Relations, Liolios,
949.574.3860, firstname.lastname@example.org; Media Information: MacLean Marshall, Sr.
Director - Brand & PR/Communications, Turtle Beach Corp., 858.914.5093,
Web site: http://www.turtlebeachcorp.com/
MOUNTAIN VIEW, Calif., March 9, 2017 /PRNewswire/ --
-- Synopsys is now shipping a commercial version of LucidShape CAA V5 Based software -- Enhancements since the beta version: -- Provides quantitative analysis of near-field illuminance -- Speeds optical model setup with Light Guide Designer and robust example model library -- Performs high-accuracy luminance calculations
Synopsys, Inc. today announced the commercial availability of its LucidShape((R)) CAA V5 Based software product, which allows designers to perform optical simulations and analyses of automotive lighting products within the CATIA V5 environment. After a successful beta release in October 2016, Synopsys is shipping a general release version of the product as of March 6, 2017. Enhancements since the beta version include new features for constructing and optimizing light pipes, analyzing near-field illuminance and generating luminance images.
LucidShape CAA V5 Based Key Features
With the LucidShape CAA V5 Based product, designers who are familiar with CATIA can perform optical analyses of automotive headlights, signal lights, tail lights and other lighting products with a minimal learning curve. Key features and benefits include:
-- Enables CATIA V5 users to leverage powerful LucidShape features to produce automotive lighting designs that meet performance, styling, visual branding and regulatory requirements -- Allows users to develop designs with CATIA-generated geometry or geometry created in LucidShape software -- Supports fast, accurate simulations of automotive lighting part-level models and product-level assemblies, providing the most comprehensive CATIA-based optical simulations available -- Includes a comprehensive suite of optical analysis tools -- Provides a hierarchical display of project components to facilitate navigation in complex models
What's New in LucidShape CAA V5 Based Version 2017.03
Since the initial beta release, the following capabilities have been added:
-- The Light Guide Designer, available as a beta feature in the 2017.03 version, helps automate the construction, analysis and optimization of light pipes and their extraction features to improve light output -- The Planar Lux Sensor provides quantitative analysis of near-field illuminance for lighting components such as light guides -- The Luminance Camera Sensor performs rapid, high-accuracy luminance calculations and generates luminance images at multiple angles and viewing directions; this feature is useful for analyzing lit images of light guides, tail lights, reverse lights, stop lights, turn signal lights and retro-reflectors -- A robust example model library, with intuitive features for browsing, searching and filtering content, helps users get a head start on their model creation and analysis tasks -- Optical simulation enhancements provide users with additional flexibility to customize settings and output -- The updated Check Model Integrity feature reports when the optical part of a model is ready for simulation -- The model transfer capability provides easier management of ancillary design files needed for optical simulations and preserves analysis results
"The LucidShape CAA V5 Based tool integrates easily into the workflow of anyone using CATIA to model automotive lighting components," said George Bayz, vice president and general manager of Synopsys' Optical Solutions Group. "Designers can prep illumination optics for manufacture and quickly verify design compliance with performance requirements and industry regulations, which helps save costs and get products to market faster. The enhancements in LucidShape CAA V5 Based version 2017.03 augment the designer's ability to perform in-depth illumination analyses, resulting in greater accuracy for performance predictions."
About Synopsys LucidShape Products
Synopsys' LucidShape products provide a complete set of design, simulation and analysis tools for automotive lighting. With dedicated algorithms tailored for automotive applications, LucidShape software facilitates the design of automotive forward, rear and signal lighting reflectors and lenses. In addition, the LucidDrive((R)) tool provides the ability to perform virtual night-driving simulations that generate realistic lighting scenes in real time, which allows designers to quickly and accurately evaluate beam patterns for exterior automotive lighting applications on the road, traffic signs and surroundings prior to expensive fabrication and testing. For more information, visit http://optics.synopsys.com/lucidshape.
Synopsys Automotive: Enabling Safe, Secure, Smarter Cars - from Silicon to Software
Customers across the automotive supply chain use Synopsys' Silicon to Software((TM)) solutions to develop ICs and software for infotainment, ADAS, V2X and autonomous driving applications. Synopsys' portfolio of automotive-specific IC design tools, automotive-grade IP and automotive software cybersecurity and quality solutions accelerate time to market and enable the next generation of safe, secure and smarter connected cars. Learn more at http://www.synopsys.com/automotive.
Synopsys, Inc. is the Silicon to Software partner for innovative companies developing the electronic products and software applications we rely on every day. As the world's 15th largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and is also growing its leadership in software security and quality solutions. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest security and quality, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at http://www.synopsys.com/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synopsys-releases-first-commercial-version-of-lucidshape-caa-v5-based-software-for-automotive-lighting-simulation-300420794.htmlSynopsys, Inc.
Web site: http://www.synopsys.com/
Company News On-Call: http://www.prnewswire.com/comp/AAB595.html
JACKSONVILLE, Fla., March 9, 2017 /PRNewswire/ -- Black Knight Financial Services, Inc. has made significant updates to LoanSphere MSP, its industry-leading loan servicing platform, to help clients meet Fannie Mae's changes to the investor reporting process that went into effect Feb. 1, 2017. The changes eliminated the Single-Family mortgage-backed security (MBS) "call-in" requirement for monthly pool balance reporting, and changed the loan-level reporting for all loans from a monthly to a daily reporting cycle. Fannie Mae's updates to its investor reporting process also included changes to loan activity report timing and delivery. The investor reporting changes affected more than 11.5 million Fannie Mae loans being serviced on the MSP system for 61 financial institution clients.
Black Knight's MSP servicing system is a complete, scalable, end-to-end system used by a majority of the nation's largest financial institutions to manage all servicing processes on a single, comprehensive platform, including loan setup and maintenance, payment processing, escrow administration, investor reporting, regulatory requirements, default management and more. Black Knight worked with its clients to test the new MSP Call-in Elimination enhancement, which went into production by the effective date of the new rule.
To support this major servicing system update, Black Knight developed a variety of educational resources and professional services offerings to help servicers prepare for MSP's new functionality, which include:
-- Documentation on the Call-in Elimination enhancement -- Information and checklists for pre-implementation, implementation and migration activities -- Educational webinars and white papers -- Computer-based training courses
Black Knight's online educational resources are supplemented by the experienced consultants on its Servicing Technologies Professional Services team, which is assisting clients with the MSP Call-in Elimination enhancement.
"Fannie Mae's elimination of the MBS call-in requirement will simplify servicer policies and procedures, and the new investor reporting changes reflect industry-standard best practices for accurate and timely security balance processing," said Joe Nackashi, president, Black Knight Servicing Technologies division. "Black Knight continues to support innovation through sizable investments in the MSP servicing system and to use our leading fintech capabilities to help our servicer clients save time and effort, while supporting their efforts to stay compliant."
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.
LoanSphere is Black Knight's premier, end-to-end platform of integrated technology, data and analytics supporting the mortgage and home equity loan lifecycle - from origination to servicing to default. The platform delivers business process automation, workflow, rules and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight's LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
For more information:
Black Knight Financial Services
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/black-knight-financial-services-enhances-loansphere-msp-servicing-system-offers-resources-to-support-clients-with-fannie-maes-investor-reporting-changes-300420641.htmlPhoto: http://mma.prnewswire.com/media/235391/Black_Knight_Financial_Services_Logo.jpg Black Knight Financial Services, Inc.
Web site: http://www.bkfs.com/
THIEF RIVER FALLS, Minn., March 9, 2017 /PRNewswire/ -- ON Semiconductor recently named Digi-Key Electronics, a global electronic components distributor, their 2016 Global High Service Distributor Award winner.
"I am pleased to announce Digi-Key as our 2016 Global High Service Distributor and recognize their valuable contributions to our ongoing growth throughout the year," said Jeff Thomson, Vice President of Global Channel Sales for ON Semiconductor. "The support of our worldwide distribution partners like Digi-Key is fundamental to the success of ON Semiconductor's ongoing plans to increase market penetration and grow revenue at a faster pace than the industry."
The Global High Service Distributor Award is based on industry performance in a number of areas including meeting revenue goals, investment in stock, level and effectiveness of joint marketing activity, effectiveness in promoting new products, and growth in the number of new customers year-on-year.
"We are honored to receive this award. It illustrates a great example of the collaborative relationships and programs we strive to have with our supplier partners," said David Stein, Vice President, Global Semiconductors at Digi-Key. "Our partnership with the ON Semiconductor team has allowed us to be on the forefront of providing the newest technologies of semiconductor products to our global customer base."
ON Semiconductor's full line of quality products is available for immediate shipment on the Digi-Key website.
About ON Semiconductor
ON Semiconductor is driving energy efficient innovations, empowering customers to reduce global energy use. The company offers a comprehensive portfolio of energy efficient power and signal management, logic, discrete and custom solutions to help design engineers solve their unique design challenges in automotive, communications, computing, consumer, industrial, LED lighting, medical, military/aerospace and power supply applications. ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe, and the Asia Pacific regions.
About Digi-Key Electronics
Digi-Key Electronics, based in Thief River Falls, Minn., is a global, full-service distributor of both prototype/design and production quantities of electronic components, offering more than five million products from over 650 quality name-brand manufacturers. With over 1.3 million products in stock and an impressive selection of online resources, Digi-Key is committed to stocking the broadest range of electronic components in the industry and providing the best service possible to its customers. Additional information and access to Digi-Key's broad product offering is available at www.digikey.com.
Editorial Contact for Digi-Key Electronics
Marketing Communications Specialist
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/on-semiconductor-honors-digi-key-with-2016-global-high-service-distributor-award-300420866.htmlPhoto: http://mma.prnewswire.com/media/476540/ON_Semiconductor_Logo.jpg
Web site: http://www.digikey.com/
SAN DIEGO, March 9, 2017 /PRNewswire/ -- InfoSonics Corporation , the provider of verykool(R) wireless handset solutions and tablets, today announced results for its fourth quarter ended December 31, 2016.
"We are pleased to report a positive quarter," said Joseph Ram, President and CEO of InfoSonics. We were successful in our efforts this quarter to manage industry-wide component cost increases and increase prices in certain of our markets. In addition, we reduced our quarterly operating expenses to the lowest point in twelve years. As a result, our gross profit margin rose to 15.9% and we had a small profit at the bottom line. Our challenge in 2017 is to find new sources of profitable revenue on a consistent basis as part of our focus on higher margin channels. In addition, we are finalizing the development of our software platform, suite of services and cloud-based solutions that we plan to launch in the second quarter of 2017."
We had net sales for the 2016 fourth quarter of $8.6 million, which represented a $1.6 million, or 15%, decrease from $10.2 million for the fourth quarter of 2015. The decrease reflects our exit from the U.S. market, as well as a lower level of sales to certain carrier customers and to U.S. based distributors selling to Latin America. These declines were partially offset by increased sales to big box retailers. For the year ended December 31, 2016, our net sales were $39.1 million, which represented an $8.7 million, or 18%, decrease from $47.8 million for the year ended December 31, 2015.
Gross profit in the 2016 fourth quarter was $1,374,000, a 9% increase compared to $1,256,000 for the fourth quarter of 2015. Our gross profit margin as a percent of sales in the 2016 fourth quarter increased to 15.9% compared to 12.3% for the 2015 fourth quarter. The margin improvement reflects a higher mix of sales to non-carrier open market customers, as well as increased selling prices to compensate for higher product costs resulting from supply constraints. For the year ended December 31, 2016, gross profit was $4.6 million, a 38% decrease from $7.4 million in the prior year.
Operating expenses in the fourth quarter of 2016 were $1,338,000, a 38% decrease compared to $2,154,000 in the 2015 fourth quarter. The decrease reflects expense reduction actions we took over the course of 2016, as well as the resolution of all outstanding patent litigation. The largest decreases were in wages and benefits, marketing and legal fees. For the year ended December 31, 2016, operating expenses were $6.9 million, a 17% reduction from $8.3 million in the prior year.
After a $96,000 tax benefit from the closure of two inactive foreign subsidiaries, we reported net income of $48,000 for the fourth quarter of 2016 compared to a net loss of $959,000, $0.07 per share, in the fourth quarter of 2015. For the year ended December 31, 2016, the net loss was $2,835,000, $0.20 per share, compared to a net loss of $1,243,000, $0.09 per share, in 2015.
At December 31, 2016, we had $2.2 million in cash, $10.1 million of net working capital and no outstanding funded debt.
About InfoSonics Corporation
InfoSonics is a San Diego-based manufacturer and provider of wireless handsets, tablets and related products to carriers, distributors and retailers in Latin America under the verykool(R) brand. The company is committed to delivering quality products with innovative designs that appeal to consumers and offer exceptional value. Additional information can be found on our corporate website at www.infosonics.com and www.verykool.net.
Past performance in any period may not be indicative of future results in the next period or the same period in a subsequent year. We also experience seasonal revenue fluctuations that can be significant from one quarter to another. Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believes," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and our actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include, without limitation: (1) the ability of the Company to restore and maintain profitability; (2) our ability to have access to adequate capital to fund operations, including the availability of vendor credit and availability under the Company's bank line of credit; (3) intense competition internationally, including competition from alternative business models, such as manufacturer-to-carrier sales, which may lead to reduced prices, lower sales, lower gross margins, extended payment terms with customers, increased capital investment and interest costs, bad debt risks and product supply shortages; (4) our ability to secure adequate supply of competitive products on a timely basis and on commercially reasonable terms; (5) our ability to successfully introduce new products into target markets, increase sales and improve our gross margins despite intense competition; (6) foreign exchange rate fluctuations, devaluation of a foreign currency, adverse governmental controls or actions including a possible protective import tariff on Chinese products or weakening of U.S. trade relations with Mexico, political or economic instability, or disruption of a foreign market, including, without limitation, the imposition, creation, increase or modification of tariffs, taxes, duties, levies and other charges and other related risks of our international operations which could significantly increase selling prices of our products to our customers and end-users and decrease profitability; (7) the ability to attract new sources of profitable business from expansion of products or services including iOT devices, applications and cloud-based solutions, or risks associated with entry into new markets, including geographies, products and services; (8) an interruption or failure of our information systems or subversion of access or other system controls may result in a significant loss of business, assets, or competitive information; (9) significant changes in supplier terms and relationships or shortages in product supply, including, but not limited to, those caused by recent and continuing industry consolidation of component suppliers; (10) loss of business from one or more significant customers; (11) customer and geographical accounts receivable concentration risk and other related risks; (12) rapid product improvement and technological change resulting in inventory obsolescence; (13) uncertain political and economic conditions internationally, including terrorist or military actions; (14) the loss of a key executive officer or other key employees and the integration of new employees; (15) changes in consumer demand for multimedia wireless handset products and features; (16) our failure to adequately adapt to industry changes and to manage potential growth and/or contractions; (17) seasonal customer buying patterns; and (18) the impact of any litigation for or against the Company, including claims for infringement of intellectual property. Reference is also made to other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
InfoSonics Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive Loss (Amounts in thousands, except per share data) For the Three Months Ended For the Twelve Months Ended December 31, December 31, ------------ ------------ 2016 2015 2016 2015 ---- ---- ---- ---- (Unaudited) (Audited) Net sales $8,615 $10,192 $39,140 $47,833 Cost of sales 7,241 8,936 34,547 40,414 ----- ----- ------ ------ Gross profit 1,374 1,256 4,593 7,419 Selling, general and administrative expenses 1,338 2,154 6,943 8,339 ----- ----- ----- ----- Operating income (loss) 36 (898) (2,350) (920) Other expense: Other expense (13) - (334) - Interest expense, net (71) (61) (244) (320) --- --- ---- ---- Loss before benefit (provision) for income taxes (48) (959) (2,928) (1,240) Benefit (provision) for income taxes 96 - 93 (3) --- --- --- --- Net income (loss) $48 $(959) $(2,835) $(1,243) === ===== ======= ======= Net income (loss) per share (basic and diluted) $0.00 $(0.07) $(0.20) $(0.09) Basic and diluted weighted-average number of common shares outstanding 14,389 14,389 14,389 14,380 Comprehensive loss: Net income (loss) $48 $(959) $(2,835) $(1,243) Foreign currency translation adjustments (252) (32) (1,103) (866) ---- --- ------ ---- Comprehensive loss $(204) $(991) $(3,938) $(2,109) ===== ===== ======= =======
InfoSonics Corporation Consolidated Balance Sheets (Amounts in thousands, except per share data) (Audited) December 31, December 31, 2016 2015 ---- ---- ASSETS Current assets: Cash and cash equivalents $2,200 $2,647 Trade accounts receivable, net of allowance for doubtful accounts of $113 and $95, respectively 7,507 9,291 Other accounts receivable 62 96 Inventory 4,071 6,637 Prepaid assets 1,670 2,025 ----- ----- Total current assets 15,510 20,696 Property and equipment, net 132 156 Other assets 384 129 --- --- Total assets $16,026 $20,981 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,839 $4,398 Accrued expenses 1,597 2,343 ----- ----- Total current liabilities 5,436 6,741 ----- ----- Commitments and Contingencies Stockholders' equity: Preferred stock, $0.001 par value, 10,000 shares authorized (no shares issued and outstanding) - - Common stock, $0.001 par value, 40,000 shares authorized; 14,389 and 14,389 shares issued and outstanding as of December 31, 2016 and 2015, respectively 14 14 Additional paid-in capital 33,147 32,859 Accumulated other comprehensive loss (2,695) (1,592) Accumulated deficit (19,876) (17,041) ------- ------- Total stockholders' equity 10,590 14,240 ------ ------ Total liabilities and stockholders' equity $16,026 $20,981 ======= =======
InfoSonics Corporation Consolidated Statements of Cash Flows (Amounts in thousands) (Audited) For the Year Ended December 31, ------------ 2016 2015 ---- ---- Cash flows from operating activities: Net loss $(2,835) $(1,243) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 86 92 Provision for obsolete inventory (192) (63) Provision for bad debts 18 - Stock-based compensation 288 218 (Increase) decrease in: Trade accounts receivable 1,766 6,353 Other accounts receivable 34 (26) Inventory 2,758 (694) Prepaid assets 355 753 Other assets (255) (98) Increase (decrease) in: Accounts payable (559) 27 Accrued expenses (746) (461) ---- ---- Net cash provided by (used in) operating activities 718 4,858 --- ----- Cash flows from investing activities: Purchase of property and equipment (62) (111) --- ---- Net cash used in investing activities (62) (111) --- ---- Cash flows from financing activities: Borrowings on line of credit 1,848 4,460 Repayments on line of credit (1,848) (7,185) Cash received from exercise of stock options - 27 --- --- Net cash provided by (used in) financing activities - (2,698) --- ------ Effect of exchange rate changes on cash (1,103) (866) ------ ---- Net increase (decrease) in cash and cash equivalents (447) 1,183 Cash and cash equivalents, beginning of period 2,647 1,464 ----- ----- Cash and cash equivalents, end of period $2,200 $2,647 ====== ====== Cash paid for interest $229 $350 Cash paid for income taxes $ - $ -
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/infosonics-reports-fourth-quarter-2016-results-300420940.htmlInfoSonics Corporation
CONTACT: Vernon A. LoForti, Chief Financial Officer,
Web site: http://www.infosonics.com/