Frequentis Standardizes on Coverity for Safety-Critical Software Code Integrity
Global Market Leader for Air Traffic Control Systems Adopts Coverity Static Analysis to Meet Stringent Safety, Quality and Integrity Standards
SAN FRANCISCO, March 2 -- Coverity, Inc., the software integrity leader, today announced that Frequentis, a leading international supplier of control center solutions, has standardized on Coverity Static Analysis to find and eliminate software defects across its product lines.
Headquartered in Vienna, Austria, Frequentis is a global market leader in communications and information solutions for safety-critical applications. Frequentis' products, services and solutions are distributed in more than 80 countries worldwide for customers in civil air traffic management, defense, public safety, public transport and maritime sectors.
Driven by rigorous safety and quality standards requiring freedom of failure, Frequentis wanted to add another layer of quality control to its already rigorous product development lifecycle--essential given that its communications and information solutions are deployed in mission-critical fields where safety cannot be compromised. The Software Quality organization took up the task of finding the answer to its development teams' needs: Coverity Static Analysis.
Since initial deployment, Frequentis has standardized on Coverity Static Analysis across its seven development teams. Because the solution continually identifies defects that are difficult to detect in testing and code reviews, while producing less than a 10 percent false positive rate, the development teams have eagerly adopted Coverity, providing Frequentis with a safety net while improving developer efficiency.
Frequentis has also built Coverity into its audit process to demonstrate compliance with internal and external safety and quality standards such as IEEE12207, IEC 61508 and ISO9000. Coverity reports detailing the number of defects identified and fixed, as well as metrics tracking defect status against the number of faults allowed, are required for submission to customers with every product release. This not only provides Frequentis' development team with objective metrics and a quantifiable goal to work towards to ensure product quality and safety, but also increases customer confidence and satisfaction.
"Due to our products being used in mission-critical fields, Frequentis must adhere to the highest standards of safety and integrity," said Andreas Gerstinger, Software Quality and Software Safety Engineer at Frequentis. "Coverity is now another critical pillar of our quality process. Coverity Static Analysis finds software defects that are difficult, if not impossible, to find during testing and manual code reviews. Coverity is a great complement to our existing processes and tools, and is a productivity enhancing solution that has been eagerly adopted by our entire development organization."
Coverity Static Analysis is the industry leading static analysis solution. It leverages the most sophisticated, patented analysis techniques for finding and eliminating hard-to-spot, crash-causing defects in software code at the earliest phase of the development lifecycle. Coverity Static Analysis automatically scans complex heterogeneous C/C++, Java and C# code bases with no changes to the code or build system, scaling to any size code base in a single analysis. Coverity Static Analysis' intuitive interface makes it easy for developers to quickly find the defects they own, zoom in instantly on the priority defects that matter and save resolution time through state of the art defect triage--increasing productivity and reducing the risk of costly product quality issues.
Coverity (http://www.coverity.com), the software integrity leader, is the trusted standard for companies that have a zero-tolerance policy for software failures, defects and security breaches. Coverity's award-winning portfolio of software integrity products discovers software defects in development before they can impact the business. More than 900 customers rely on Coverity to help them deliver high-integrity software. Coverity is a privately held company headquartered in San Francisco.
Source: Coverity, Inc.
CONTACT: Chantal Yang of Page One Public Relations, +1-415-875-7494,
coverity@pageonepr.com, for Coverity, Inc.
Starting at 25 cents, TI's new MSP430(TM) MCU Value Line gives 8-bit developers up to 10X performance and 10X battery life
Roadmap of 100 new MCUs delivers superior performance and leading ultra-low power to a broad range of applications, including safety, security and touch sense
DALLAS, March 2 -- Committed to solving the growing performance and efficiency challenges of the 8-bit market, Texas Instruments Incorporated (TI) (NYSE:TXN) today announced the MSP430 microcontroller (MCU) Value Line that offers superior 16-bit MCU performance and industry leading ultra-low power consumption at ultra-low 8-bit MCU prices. Starting at 25 cents, the Value Line ensures 8-bit developers no longer need to sacrifice performance, power efficiency or scalability because of price. The roadmap includes more than 100 MCUs to be released over the next 15 months, providing developers with a broad portfolio to best fit their memory, peripheral and packaging configuration needs. The new MSP430G2xx devices are code compatible across the MSP430 MCU platform, enabling easy code migration and upgrades to higher-end devices as application requirements evolve. The new MCUs are also supported by TI's easy-to-use MSP430 tools, free software and broad third party support network, driving faster time-to-market across a broad range of cost sensitive applications, including safety, security and touch sense. For more information, please visit http://www.ti.com/430value-pr.
Key features and benefits of the Value Line
-- Up to 10X performance, including true 16 MIPS operation, and 50
percent greater code density, driving increased headroom for
functionality over low cost 8-bit MCU solutions
-- Five power modes with ultra-low standby power of 0.4 microamps and <1
microseconds wake-up time enable 10X battery life over 8-bit solutions
-- Integrated intelligent peripherals, such as 10-bit ADCs, UART,
comparator and serial communication, offload CPU tasks for increased
power efficiency
-- First 27 MSP430G2xx devices are immediately available to order and
include up to 2KB Flash and 128B RAM and future devices will include
up to 16KB Flash and 512B RAM
-- $20 tools and integrated development environments feature full
compatibility across MSP430 platform
-- Value Line roadmap offers MCUs with integrated capacitive sense
optimized I/Os to enable very low cost touch pad implementations
Pricing and availability
The new MSP430G2xx MCUs are priced from $0.25 for 100K units. Samples can be ordered today at http://www.ti.com/430value_estore-pr. More than 100 devices will be introduced through 1H 2011.
TI's broad portfolio of MCUs and software
From general purpose, ultra-low power MSP430 MCUs, to Stellaris® Cortex(TM)-M3-based 32-bit MCUs and high performance, real-time control TMS320C2000(TM) MCUs, TI offers the broadest range of microcontroller solutions. Designers can accelerate time to market by tapping into TI's complete software and hardware tools, extensive third-party offerings and technical support.
Find out more about TI's MSP430 MCU Value Line by visiting the links below:
Texas Instruments (NYSE:TXN) helps customers solve problems and develop new electronics that make the world smarter, healthier, safer, greener and more fun. A global semiconductor company, TI innovates through design, sales and manufacturing operations in more than 30 countries. For more information, go to http://www.ti.com.
Trademarks
MSP430 is a registered trademark of Texas Instruments. All registered trademarks and other trademarks belong to their respective owners.
CONTACT: KyLea Ingram of GolinHarris, +1-972-341-2549,
kingram@golinharris.com, for Texas Instruments; or Patty Arellano of Texas
Instruments, +1-214-567-7828, parellano@ti.com (Please do not publish these
numbers or email addresses.)
Atlas Selects Duck Creek Policy Administration and Billing
Atlas will utilize Duck Creek products to react to a constantly changing marketplace
BOLIVAR, Mo., March 2 -- Duck Creek Technologies, Inc., a leading provider of software and services for the insurance industry, announced it signed an agreement with Atlas General Insurance Services for Duck Creek Policy Administration(TM), Duck Creek Templates(TM) for Workers' Compensation insurance and Duck Creek Billing(TM).
Atlas, headquartered in San Diego, California offers national workers' compensation insurance programs for select retail brokers.
According to Bill Trzos, President and CEO, "Atlas develops workers' compensation programs to meet the needs of a wide variety of market segments. Our brokers rely on us for competitive solutions but just as importantly for dynamic service and responsiveness. The Duck Creek system gives us the needed flexibility to service our customers in a timely and powerfully effective manner."
About Duck Creek Technologies, Inc.
Duck Creek Technologies is a leading provider of software and services to the insurance industry, providing next-generation policy administration, product configuration and definition, billing and rating for the Property & Casualty and Healthcare insurance markets. Duck Creek is dedicated to enabling customers to develop insurance products and to sell and service those products in their chosen markets with unprecedented speed to market, flexibility, reach and quality. Founded in 2000, Duck Creek is headquartered in Bolivar, Missouri, and has multiple offices within the United States, with its affiliate and licensing partner in Europe, the Middle East and Africa, Duck Creek Technologies Europe Ltd., headquartered in London. For more information, visit http://www.duckcreektech.com or call 866-382-5832.
About Atlas
Atlas General Insurance Services is a full service general insurance agency that offers a wide range of insurance solutions with a focus on workers' compensation. Atlas has expertise in developing and underwriting specialty programs with a wide variety of insurance carrier partners. Atlas has the primary goal to provide exceptional service and unique options for its clients. Atlas Insurance is a privately held company headquartered in San Diego, California. For more information, visit http://www.atlas.us.com or call 877-66-ATLAS.
Philips Collaborates with Microsoft to Enhance Healthcare Efficiencies and Productivity
Combined efforts will spur informatics-driven solutions to address healthcare challenges
ANDOVER, Mass., March 2 -- Royal Philips Electronics (NYSE:PHG)(NYSE:AEX:)(NYSE:PHI) today announced collaboration with Microsoft Corp. to build on Philips Healthcare's foundation of healthcare informatics and advanced clinical decision support offerings that drive efficiency and effectiveness at the point of care. Working together, the companies aim to integrate technologies that will yield faster delivery of meaningful health information, further improve healthcare efficiency and productivity, and reduce development and infrastructure costs.
"We are driving towards a significant paradigm shift from, on the one hand, simply reporting healthcare analytics to, on the other hand, creating systems which actually provide access to health information when and where it is needed," said Deborah DiSanzo, CEO, Healthcare Informatics and Patient Monitoring, for Philips Healthcare. "Philips and Microsoft are in a unique position to work together for the betterment of the healthcare system by effectively helping to close the healthcare technology loop."
The companies share a common vision for advancing healthcare transformation: simplified clinician workflow, better financial outcomes and improved patient care.
"Information is only as powerful as the ability to share it among those that play an integral role in patient care," said Tim Smokoff, general manager of Worldwide Health at Microsoft. "This collaboration is a step toward integrating different sources of information, and then providing actionable knowledge in clear, useful formats that suit the needs of the different people who are working to improve care at the point of care."
At the Healthcare Information and Management Systems Society (HIMSS) 2010 Conference & Exhibition, Philips and Microsoft are showcasing two works-in-progress born of their collaboration: integration of Philips VISICU's eICU® Program with Microsoft Windows Server 2008 R2 and SharePoint 2010 Beta; and Philips IntelliVue XDS, which is being adapted to run on Windows 7.
Philips VISICU eICU Program
The Philips VISICU eICU Program is an integrated healthcare solution for remote, 24-hour monitoring of critically ill patients. Philips, in collaboration with Microsoft, is showcasing a conceptual Critical Care Analytics Portal designed to support executive decision-making.
Being demonstrated for feedback at HIMSS10, the eICU Program/SharePoint solution seeks to aggregate critical patient information in a way that can be easily accessed, seamlessly shared and simply utilized. Combining users' familiarity with Microsoft interfaces and SharePoint's strengths, the solution aims to create a standardized front-end analytics portal to display information from the Philips VISICU eICU Program database and enables executives to view, share and analyze ICU data relating to their health system's operations.
"In today's data-intensive, fast-paced critical care environment, specialists often make critical life and death decisions for the patients under their care," said Curtis Veal, M.D., Critical Care and eICU Medical Director for Swedish Medical Center. "We continue to utilize advanced systems like the eICU Program that facilitate shared access to both clinical and operational data for optimal delivery of patient care."
Philips IntelliVue XDS
Philips and Microsoft will also demonstrate technology interoperability with a look at the first of Philips' patient monitoring connectivity products, currently being adapted to run on Windows 7.
Philips IntelliVue XDS Clinical Workstation provides fast, convenient access to patient-focused clinical information from hospital IT systems on Philips IntelliVue monitors. XDS creates a flexible, customizable clinical workspace, combining patient monitoring views and IT applications, with the ability to interact freely among them to optimize patient care. By leveraging the user-friendly capabilities of Microsoft Windows 7, IntelliVue XDS will allows users the ability to launch multiple third-party IT applications within the familiar Windows environment.
To see the demonstrations at HIMSS, please visit the Philips Healthcare booth #1933 and Philips VISICU booth #2232.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE:PHG)(NYSE:AEX:)(NYSE:PHI) is a diversified Health and Well-being company, focused on improving people's lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs more than 116,000 employees in more than 60 countries worldwide. With sales of US$32.3 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at http://www.philips.com/newscenter.
Practice Fusion Launches Certified Consultant Network to Serve 30,000 EHR Users Nationwide
Free, web-based electronic health record added 2,600 new users in February alone
SAN FRANCISCO, March 2 -- Practice Fusion, the nation's fastest growing electronic health record (EHR) community, announced today at the HIMSS Healthcare IT Conference in Atlanta partnerships with Certified Consultants across the US to foster the transition of physician practices from paper to electronic records. With over 100 new medical providers signing up for Practice Fusion's EHR each business day, Practice Fusion Certified Consultants provide local assistance vital for rapid response to this increasing demand. Doctors who adopt EHRs can qualify for $44,000 or more in economic stimulus incentives, while also increasing their data security and improving the quality of care.
Quick facts:
-- Practice Fusion added 2,600 medical providers in February; over 100
new users each business day.
-- Practice Fusion currently has 30,000 users across all 50 states and US
territories.
-- The network of Certified Consultants includes a diverse group of
health IT professionals connected to small and mid-sized local medical
practices.
-- 80 percent of US physicians practice in groups of 9 or less.
Practice Fusion is available free to any physician in the country with no installation or downtime required. But for additional "on the ground" support, the specialized intervention of a Practice Fusion Certified Consultant can further assist doctors with going digital. Physicians who choose a free, web-based EHR rather than a bulky system, requiring expensive software and hardware, have the financial flexibility to invest in their practice's technology and the assistance of a local expert.
"Our growing network of Certified Consultants is there to help local physicians who are ready to adopt an EHR, start working toward Meaningful Use and qualify for $44,000 worth of government incentives from the HITECH stimulus," said Ryan Howard, CEO of Practice Fusion. "As a small business helping other small businesses, we are committed to building a Practice Fusion army of local partners to help us revolutionize the delivery of healthcare."
Practice Fusion consultants work with medical practices to set-up technology appropriate for their particular needs; from selecting an EHR system to outfitting a practice with hardware. Consultants offer a range of expertise to help practices increase productivity and profitability as well as take advantage of the latest technology.
"Practice Fusion provides physicians with a state of the art, integrated EHR at zero cost," said Jonathan Gerber, RN, MBA, CEO of Physician Services, Inc. "It allows us to grow our business with no increase in overhead costs, which is a lifesaver in today's economy."
Practice Fusion contracts with the highest-quality consultants to serve our users in all 50 states, Puerto Rico, Guam, Northern Mariana Islands, Virgin Islands, and American Samoa. Practice Fusion Certified Consultants receive specialized training on our EHR along with listings on practicefusion.com. Learn more about Practice Fusion Certified Consultants.
About Practice Fusion
Practice Fusion provides a free, web-based Electronic Health Record (EHR) system to physicians. With charting, scheduling, e-prescribing, billing, lab integrations, unlimited support and a Personal Health Record for patients, Practice Fusion's EHR addresses the complex needs of today's healthcare providers and disrupts the health IT status quo. Practice Fusion is the fastest growing EHR community in the country with more than 30,000 users. The company is backed by salesforce.com (NYSE:CRM) and Morgenthaler Ventures. For more information on Practice Fusion, please visit practicefusion.com.
Press Contacts
Helen Phung
San Francisco: 415-992-7726
helen@practicefusion.com
Hallema Sharif Clyburn
New York: 516-395-3630
hallema@practicefusion.com
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
CONTACT: Helen Phung, San Francisco, +1-415-992-7726,
helen@practicefusion.com, or Hallema Sharif Clyburn, New York,
+1-516-395-3630, hallema@practicefusion.com, both of Practice Fusion
Tarsin's Capsa Mobile Application Platform Continues Breaking Through Barriers to Deliver Content Across All Four Major U.S. Operator Networks
Tarsin's platform enables delivery of Hallmark Mobile Greetings, Dilbert Mobile and other brands to broader base of consumers and diversity of handsets
INCLINE VILLAGE, Nev., March 2 -- Delivering on the promise to unlock the mobile mass market for brands, Tarsin, Inc. today announced its Capsa platform achieved an industry first by successfully deploying mobile applications across the networks of the four major U.S. mobile carriers - AT&T, Sprint, T-Mobile and Verizon Wireless.
Capsa is the force behind some of today's hottest applications, including Hallmark Mobile Greetings and United Media's Dilbert Mobile. This unprecedented mobile platform allows brands to develop and design applications only once and deploy across multiple operators, handsets and operating systems (OS) such as iPhone, Android, Blackberry, Java and Symbian. This is all without having to retool and customize the applications to fit the requirements of each mobile OS and device display.
"Brands need to reach consumers regardless of carrier or device, but shouldn't need to develop dozens of iterations of the same content to ensure that they are able to engage consumers at a mass market level," said John Osborne, CEO and co-founder of Tarsin. "Our collaboration with operators and device manufacturers allowed us to achieve the unthinkable for Hallmark Mobile and United Media by allowing these brands to reach and connect to the largest mobile consumer base. Capsa is at the heart of this achievement and continues to pave the way for how other brands can build value through the mobile channel while nurturing personal connections with their consumers."
Introduced in 2009, Capsa is the first universal mobile content delivery solution that manages and optimizes content for all screen resolutions and interfaces regardless of device, carrier or operating system. This end-to-end, versatile framework helps brands reach the unlocked potential of the mobile mass market with compelling, optimized content on thousands of devices in multiple languages. The platform's flexible Web standards-based framework allows companies to leverage existing content, generate new applications, increase revenue and improve overall business performance, instead of drowning in the back-end functionality and technical aspects of mobile content delivery. For more details, visit http://www.tarsin.com/platform.html.
"As mobile connectivity becomes an integrated part of the modern lifestyle and as networks become more open, securing consumers' interests and attentions by leveraging mobile opportunities is more vital to brands' success than ever before," said Jagdish Rebello, Ph.D., senior director and principal analyst of iSuppli Corp. "With the mobile industry's technical challenges and increasingly fragmented state, content delivery solutions that work seamlessly across multiple platforms and networks, such as the one offered by Tarsin, finally unlock the potential that mobile has to offer."
One of Tarsin's clients, Hallmark, previously faced a challenge that many brands encounter when entering the mobile space: the need to maximize reach to a mass audience in a compelling and interactive manner without spending extensive time in back-end development. Working with Tarsin, the Hallmark Mobile Greetings application was developed and is now available for a multitude of devices on all major carriers and is engaging consumers in a fun, familiar fashion.
About Tarsin, Inc.
Founded in 2002, Tarsin (http://www.tarsin.com) is a privately funded, international mobile software development firm with offices in the United States and United Kingdom. The company's revolutionary Capsa platform is the first universal mobile content delivery solution on the market today that is carrier, operating system and device agnostic. This mobile platform provides an end-to-end, Web standards based framework that enables brands and mobile operators to design once and deliver unprecedented mobile experiences. With a history of working with diverse businesses from retail, publishing and consumer packaged goods to entertainment, Tarsin provides professional application development and consulting services to clients, helping define and create mobile strategies so these brands can build and reenergize personal connections with consumers.
Source: Tarsin, Inc.
CONTACT: Drew Crowell of GolinHarris, +1-972-341-2581,
dcrowell@golinharris.com, for Tarsin, Inc.
SC Johnson Becomes First to Launch Spanish-Language Website as Part of Commitment to Transparency
COMPANY SOLIDIFIES LEADERSHIP POSITION IN PRODUCT INGREDIENT RESPONSIBILITY AND DISCLOSURE REACHING MORE THAN 35 MILLION SPANISH-SPEAKING U.S. CONSUMERS*
RACINE, Wis., March 2 -- Today, SC Johnson launched a Spanish-language website, recognizing the importance of providing full ingredient information to Spanish-speaking consumers in the U.S. The company has become the first to do so, once again leading the industry in product ingredient responsibility and disclosure.
According to the Centers for Disease Control (CDC), language barriers are one of the leading factors that contribute to poor health outcomes among U.S. Hispanics**. SC Johnson is bridging the language barrier gap and is going beyond its industry's right-to-know initiative by providing all ingredient information and explanations of each ingredient's purpose in Spanish.
"Families want to know what's in the products they use in their homes," said Chairman and CEO Fisk Johnson. "By making that information accessible to Spanish-speaking consumers, too, we're helping even more families understand that they can trust our products and our company."
As part of its program, SC Johnson has created a Spanish-language version of http://www.WhatsInsideSCJohnson.com, its ingredient website. The site offers easy-to-access and easy-to-understand information about the ingredients in SC Johnson products. This information is also available via the company's toll-free number (1-800-558-5252) for Spanish-language phone support. The company also now provides Spanish content on its rightathome.com website, and is working with notable Hispanic influencers and experts as guest bloggers to continue the Spanish-language dialogue online.
These efforts continue the leadership begun last year when SC Johnson moved beyond voluntary industry ingredient communication efforts and implemented an innovative program. This program makes ingredient information available for SC Johnson home cleaning and air care products such as Windex®, Shout® and Glade® via a dedicated website http://www.WhatsInsideSCJohnson.com, the company's toll-free number and on product labels by January 2012. In November 2009, SC Johnson completed the task of populating the industry-leading ingredient communications website with more than 200 products and their ingredients. To date, http://www.WhatsInsideSCJohnson.com includes 129 SC Johnson air care products and 76 home cleaning products, as well as explanations of the 169 ingredients that comprise these products.
"We applaud SC Johnson for being the first company to make their ingredient information available to the nation's Spanish-speaking consumers who want and need it," said Erin Switalski, Executive Director of Women's Voices for the Earth, a national environmental health organization. "Making this vital information available in Spanish demonstrates their commitment to ingredient disclosure."
SC Johnson's English-language ingredient website launched in March of last year with information about several SC Johnson products including Windex® Outdoor, Shout®Wipes, Glade® aerosol and others. The more than 200 products now included in the site are also now available in Spanish. The site will also include details about fragrance and preservative ingredients when fully populated by January 2012.
About SC Johnson
SC Johnson is a family-owned and managed business dedicated to innovative, high-quality products, excellence in the workplace and a long-term commitment to the environment and the communities in which it operates. Based in the USA, the company is one of the world's leading manufacturers of household cleaning products and products for home storage, air care, and insect control. It markets such well-known brands as GLADE®, OFF!®, PLEDGE®, RAID®, SCRUBBING BUBBLES®, SHOUT®, WINDEX® and ZIPLOC® in the U.S. and beyond, with brands marketed outside the U.S. including AUTAN®, BAYGON®, BRISE®, ECHO®, KABIKILLER®, KLEAR®, and MR. MUSCLE®. The 124-year old company, with more than $8 billion in sales, employs approximately 12,000 people globally and sells products in virtually every country around the world. http://www.scjohnson.com.
Agilysys Receives Certification to Become an Authorized Seller of IBM Software
CLEVELAND, March 2 -- Agilysys, Inc. (NASDAQ: AGYS), a leading provider of innovative IT solutions, today announced it has achieved certification to become an Authorized seller of IBM Information Management, Lotus, Rational, Tivoli and WebSphere software by meeting the skills requirements of the new IBM Software Value Plus initiative.
The IBM Software Value Plus initiative is designed to meet the demands of clients who are looking to drive more value from their technology investments by working with trusted partners with proven skills to quickly and effectively implement new infrastructures. IBM Software Value Plus enables IBM Business Partners to set themselves apart by gaining key technical and industry skills necessary for smarter technology implementations that help clients achieve their business goals.
"IBM is committed to supporting an ecosystem of skilled partners that can provide the most value to our shared clients," said Sandy Carter, vice president, IBM Software Group Channels. "Business Partners who invest in the proper skills and expertise are well positioned to help clients achieve a faster time-to-value with the right solutions, reduce risk in solution development and increase their return on investment over time."
"Our latest certification with IBM is yet another example of Agilysys' strong relationship with and commitment to IBM," said Tony Mellina, senior vice president and general manager of Agilysys Technology Solutions Group. "With this status, our position is strengthened further and we are even more capable of providing our customers with the IT solutions required for their organization."
IBM Software Value Plus rewards Business Partners who invest in skills and expertise and are focused on delivering greater client value. For more information about IBM Software Value Plus, please visit http://www.ibm.com/partnerworld/softwarevalueplus.
About Agilysys, Inc.
Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology -- including hardware, software and services -- to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Cleveland, Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom, Singapore and Hong Kong. For more information, visit http://www.agilysys.com.
Universal Travel Group Announces Conference Call to Discuss Fourth Quarter and Full Year 2009 Financial Results
SHENZHEN, China, March 2 -- Universal Travel Group (NYSE:UTA) ("Universal Travel Group" or the "Company"), a growing travel services provider in China offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced that it will host a conference call at 9:00 a.m. ET on Monday, March 8, 2010, to discuss the Company's financial results for the fourth quarter and full year 2009.
To participate in the call, please dial +1 (877) 779-7834 five minutes prior to the start time (to allow time for registration) and reference conference ID number 59112684. International callers should dial +1 (706) 902 - 2087.
A replay of the call will be available for 14 days beginning Monday, March 8, 2010, at 12:00 p.m. Eastern Time. To listen to the replay, dial +1 (800) 642-1687 and enter the conference ID number 59112684. International callers should dial +1 (706) 645-9291. An audio recording will also be available on the company's website at http://us.cnutg.com/ .
About Universal Travel Group
Universal Travel Group is a leading travel service provider in China offering packaged tours, air ticketing, and hotel reservation services via the Internet and customer service representatives. The Company also operates TRIPEASY Kiosks, which are placed in shopping malls, office buildings, residential apartment buildings, and tourist sites. These kiosks are designed for travel booking with credit and bank cards, and serve as an advertising platform for Universal Travel Group. The Company's headquarters and main base of operations is located in Shenzhen in the Pearl River Delta region of China. More recently, Universal Travel Group has expanded its business into Western China, opening a second home base in the Chongqing Delta region, and other attractive, under-penetrated tier-two travel markets throughout the country. For more information on the Company, please visit http://us.cnutg.com/ .
For more information, please contact:
Company Contact:
Mr. Jing Xie
Secretary of Board and Vice President
Universal Travel Group
Tel: +86-755-8366-8489
Email: 06@cnutg.cn
Web: http://us.cnutg.com/
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com/
Source: Universal Travel Group
CONTACT: Company Contact: Jing Xie, Secretary of Board and Vice President,
+86-755-8366-8489, 06@cnutg.cn or us.cnutg.com, of Universal Travel Group;
Investor Relations Contact: Athan Dounis, Account Manager, +1-646-213-1916,
athan.dounis@ccgir.com, and Crocker Coulson, President, +1-646-213-1915,
crocker.coulson@ccgir.com, both of CCG Investor Relations
China Electric Motor, Inc. Announces Exercise of Over-Allotment Option
SHENZHEN, China, March 2 -- China Electric Motor, Inc. ("China Electric" or the "Company") (NASDAQ:CELM), a Delaware corporation and China-based company that engages in the design, production, marketing and sale of micro-motor products through its subsidiary Shenzhen YuePengCheng Motor Co., Ltd. ("Shenzhen YPC"), today announces that the underwriters of its previously announced public offering of common stock have fully exercised their over-allotment option to purchase 750,000 additional shares of common stock from the Company. The option was granted in connection with the public offering of 5,000,000 shares of common stock at a public offering price of $4.50 per share. The exercise of the over-allotment option brings the expected total gross proceeds of the public offering to $25.9 million.
Net proceeds from the offering are expected to be used to increase manufacturing capacity, to purchase more industrial space, to modernize factory equipment and for other general working capital purposes.
Roth Capital Partners, LLC ("Roth") is acting as sole book-running manager and WestPark Capital, Inc. ("WestPark") is acting as co-manager for the offering. The offering is being made solely by means of prospectus and accompanying prospectus supplement, copies of which may be obtained from either Roth or WestPark. Roth headquarters is located at 24 Corporate Plaza Drive, Newport Beach, CA 92660, and can be reached by calling 800-678-9147. WestPark headquarters is located at 1900 Avenue of the Stars, Suite 310, Los Angeles, CA 90067, and can be reached by calling 310-843-9300. An electronic copy of such prospectus is also available on the web site of the Securities and Exchange Commission (the "SEC") at http://www.sec.gov/ .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About China Electric Motor, Inc.
China Electric Motor, Inc. (NASDAQ:CELM) is a China-based company that engages in the design, production, marketing and sale of micro-motor products through its subsidiary Shenzhen YPC. The Company's products are incorporated into consumer electronics, automobiles, power tools, toys and household appliances, and are sold under its "Sunna" brandname. The Company provides micro-motor products that meet the growing demand for efficient, quiet and compact motors from manufacturers of consumer electronics, automobiles, power tools, toys and household appliances. China Electric Motor, Inc. sells its products directly to original equipment manufacturers and to distributors and resellers both domestically in the People's Republic of China and internationally to customers in Korea and Hong Kong. The Company's manufacturing facilities are located in Shenzhen, Guangdong.
Forward-looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including our ability to maintain and increase revenues and sales of our products, our ability to develop and market new products, our strategic investments and acquisitions, compliances and changes in the laws of the People's Republic of China (the "PRC") that affect our operations, and vulnerability of our business to general economic downturn, especially in the PRC, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Investor Relations:
Taylor Rafferty, US
Delia Cannan, Investor Relations
Tel: +1-212-889-4350
Email: chinaelectricmotor@taylor-rafferty.com
Taylor Rafferty, Hong Kong
Ruby Yim, Investor Relations
Tel: +852-3196-3712
Email: chinaelectricmotor@taylor-rafferty.com
Source: China Electric Motor, Inc.
CONTACT: At Taylor Rafferty, US, Delia Cannan, Investor Relations, +1-
212-889-4350, or chinaelectricmotor@taylor-rafferty.com, or at Taylor Rafferty,
Hong Kong, Ruby Yim, Investor Relations, +852-3196-3712, or
chinaelectricmotor@taylor-rafferty.com, for CELM
Telcordia Identifies Key Power Requirements for Next-Generation Telecom Networks
Guidelines Ensure Safe, Efficient Power Supply to Existing and Emerging Technologies
PISCATAWAY, N.J., March 2 -- Building on its four decades of helping global communications service providers (CSPs) and regulators more effectively plan, implement and manage complex carrier-grade network infrastructures, Telcordia (http://www.telcordia.com) today announced an update to its Power Requirements in Telecommunications Plant generic requirements (GR) document, a comprehensive set of guidelines aimed at ensuring a continuous and reliable supply of power within complex and evolving telecom networks.
"The security of a nation's telecom infrastructure is only behind the security of its power supply in terms of importance for many economies across the world," said Zach Gilstein, Vice President, Service Assurance Solutions, Telcordia. "With these new guidelines, Telcordia will help service providers realize the potential of their telecom investments and bring the industry as a whole up to date with the best ways to keep highly advanced networks powered securely, efficiently and sustainably."
The update offers nearly 200 guidelines to ensure the safe, efficient power supply to existing, new and emerging network technologies. It reflects more than a decade of significant developments in the power industry, as well as dramatic innovation in telecom. Also, it expands Telcordia's coverage from electronic switched telecommunications networks in Issue 1 (Stored Program Control System or SPCS) to include toll, transport and OSP (outside plant) power equipment. The guidelines cover the following issues:
-- Power needs for FTTx (fiber to the premises) architectures, both
passive and active networks that reach deeply into the local loop and
to the home
-- US Department of Homeland Security expectations concerning the
security and robustness of a telecom network
-- Best practices on backup power and redundancy to sustain a network
-- Deployment of routers/switch equipment in central office (CO)
facilities that have high current and power demands
-- Local and distributed powering options at the aisle and rack level as
well as in the OSP nodes and customer premises locations
-- Guidance covering legacy (TL1) and new (e.g., SNMP) communications
protocols for system monitoring and control systems
-- Guidance on the overall expansion to the OSP arena.
The Table of Contents for the Power Requirements in Telecommunications Plant GR document is available for review on the Telcordia Information SuperStore along with ordering information.
Telcordia's GR documents are written with the participation and approval of CSPs in North America and internationally. Relied upon by equipment vendors and network operators, they provide a basis for sound network planning and engineering, best practice and interoperability. To find out more about Telcordia's GR documents, visit http://www.telcordia.com/services/genericreq/index.html.
About Telcordia
Telcordia, a global leader in the development of fixed, mobile and broadband communications software and services, enables Communications Service Providers (CSPs), enterprises, suppliers and government entities to successfully deploy innovative and advanced services that help our clients realize operational efficiencies, drive revenue, and maintain a competitive edge in the new era of services-dominated communications. Telcordia has globally trusted expertise in software and services to meet the needs of customers and partners, including, consulting, next-generation OSS, network and application interconnection, service delivery and charging solutions, industry research and new technology development. Telcordia is headquartered in Piscataway, N.J., with offices throughout North America, Europe, Asia, Central and Latin America. (http://www.telcordia.com).
CONTACT: Sharon Oddy, Telcordia Technologies, Inc., +1-732-699-4203,
oddys@telcordia.com; or Daniel Rhodes, or Yasmin Ezaby, both of GRC for
Telcordia, +1-949-608-0276, telcordia@globalresultspr.com
The 2010 BK(R) NEXT BEST MOVE(SM) National Tour Hits Orlando on March 11
Mobile tour searches for local "Game-Changers" on the court and in the community
MIAMI, March 2 -- Burger King Corp. (NYSE:BKC) brings its first-ever BK® NEXT BEST MOVE(SM) national mobile tour to the Orlando area on March 11, 2010, to find "game-changers" both on the basketball court and in the community. Local ballers can show off their best moves for a chance to compete for $10,000 and to be featured in a basketball lifestyle magazine and Web site. Individuals can also submit a video of their moves on http://www.thenextbestmove.com.
"NEXT BEST MOVE(SM) is the biggest tour in the history of the BURGER KING® brand," said Alexandra Galindez, director, multicultural marketing. "With this tour, we're providing consumers with broad-based access to what's happening not just on the court, but also in urban communities across the U.S. We also recognize the importance of giving back, and we will showcase 'game-changing' community service initiatives in each city we visit on the NEXT BEST MOVE(SM) Web site (http://www.thenextbestmove.com). Visitors to the site will have the chance to get a new, fresh perspective on a variety of charitable community efforts that they can adapt and implement in their hometowns."
Orlando residents can vote for their favorite moves on the Web site and one semi-finalist in each market will go on to compete against top-ranked players across the U.S. for the top $10,000 prize. Participants must be 18 or older to compete.
Headlined by reality TV star Syrus Yarborough, The NEXT BEST MOVE(SM) Crew will also be searching for great moves off the court. Visitors to http://www.thenextbestmove.com can share how they are "changing the game" through community service and encouraging others to do the same.
City residents should be on the lookout as The Crew will also visit lifestyle destinations, such as local attractions, clothing stores and community centers to identify local trends and discover what's "hot" in the Orlando area. Results will be featured on a special culture section on http://www.thenextbestmove.com.
For more information on the BK® NEXT BEST MOVE(SM) tour, including eligibility requirements and Official Rules, or to vote for Orlando's Next Best Mover, visit http://www.thenextbestmove.com.
Source: Burger King Corp.
CONTACT: Charell Charleston of UniWorld Group, +1-212-219-7106,
charell.charleston@uwgny.com
Acuo Technologies Announces Patent Granted for Asset Communication Format Within a Computer Network
Acuo Technologies is Awarded Medical Imaging Patent for Routing and Storage
BLOOMINGTON, Minn., March 2 -- Acuo Technologies, the market leading Vendor Neutral Archive supplier, was granted US patent number 7,640,171 by the USPTO which covers technology implemented in its DICOM Services Grid(TM) software suite.
The DICOM Services Grid (DSG) software is paramount for organizations that desire and require a Vendor/PACS Neutral Archiving strategy and those who manage images from other "-ologies", such as pathology and cardiology. The DICOM Services Grid system completely eliminates current and future down-stream migration issues and vendor lock-in allowing PACS to plug and unplug to meet business needs. The DSG is the only off-the-shelf, truly open standards-based solution which creates a "Google-like" environment to aggregate, federate, and virtualize medical imaging assets and related content including non-DICOM data objects. The DSG is built upon a service orchestration architecture that provides full routing, querying and Information Lifecycle Management (ILM) (including comprehensive retention/purge capabilities), an open database schema, and multiple replication models leveraging next generation storage platforms. The DSG is the key strategy offered by many infrastructure providers to support their storage and archive offerings "Powered by Acuo" within the medical imaging marketplace.
According to Shannon Werb, Chief Technology Officer of Acuo Technologies, "This patent, filed in July 2001 for our meta-data routing technology, covers point to multi point routing both to different storage locations and to other DICOM compliant PACS systems. It also covers Acuo's journalized storage system wherein changes made to metadata, after initial storage, are tracked so that a complete history of the modifications is kept with the images. The core DSG software suite leverages this technology to enable robust Clinical ILM via the routing and storage of medical imaging data based upon the context of the data at acquisition or throughout the data's lifecycle. We look forward to continuing our thought leadership and engineering excellence to bring the most comprehensive and unique innovations in the medical imaging middleware market."
About Acuo Technologies
Acuo Technologies, with headquarters in Bloomington, MN, was founded in 2000, and is a market leader in the development of high-performance software for intelligent medical image management, data migration tools and services. The Company's DICOM Services Grid(TM) is an enabling open systems software solution to house digital medical imaging content for any healthcare enterprise. Over 475 system implementations around the world have deployed AcuoMed® and AcuoStore® software solutions. For more information, visit http://www.acuotech.com.
DICOM is the registered trademark of the National Electrical Manufacturers Association for its standards publications relating to digital communications of medical information.
Source: Acuo Technologies
CONTACT: Mike Dolan, VP, Sales and Marketing of Acuo Technologies,
+1-952-905-3440, mdolan@acuotech.com
Conference in Cincinnati, OH, April 14 to feature panel of experts discussing proactive retention
CINCINNATI, March 2 -- Hobsons, an Enrollment Management Technology (EMT) software provider, is excited to announce that registration is now open for its fourth annual Retention Summit, which will take place Wednesday, April 14 on the campus of Xavier University in Cincinnati, Ohio. This year, the Summit will feature guest speakers from AACRAO Consulting, ACT, Noel-Levitz, Teresa Farnum and Associates, the University of Kentucky, and Xavier University.
One of the highlights of the conference will be a panel discussion including experts in retention representatives from ACT, AACRAO Consulting, Noel Levitz, and Teresa Farnum and Associates. These organizations will discuss the importance of proactively trying to retain students and effective retention strategies to implement on campus. This is an extremely unique opportunity to hear some of the best and brightest minds in student retention in one room discussing the issues that are affecting today's campuses.
Adrian Schiess, Xavier University's director of student success and retention, Xavier University, will present on what his office has done to develop a complete retention program and what success they've had since implementing Hobsons' EMT Retain, a flagship CRM product designed to engage at-risk students with consistent and early communication, that has helped them increase at-risk student identification by 200 percent. Randolph Hollingsworth, assistant provost, Office of Undergraduate Education, and Chela Kaplan, director of retention and student success, Office of Undergraduate Education, both from the University of Kentucky will also give their unique perspective on the ways they have been able to utilize the functionality of EMT Retain to increase student retention rates by six percent.
The Hobsons Retention Summit aims to advance national dialogue on the challenges in student retention and prepare institutions with real strategies to combat attrition. The Summit will begin Wednesday, April 14 at 8:00 a.m. with registration and continental breakfast for attendees. For more information on the Hobsons Retention Summit or to register for the event, please visit http://connectuniversity.com/retentionsummit2010/index.html or contact Kristin Kutz at 513-924-3347 or kkutz@hobsons-us.com.
About Hobsons
Headquartered in Cincinnati, Hobsons supports education professionals in the preparation, recruitment, management, and advancement of students. With secondary school solutions, integrated marketing tools, enrollment management technology, and retention solutions, Hobsons provides innovative solutions that help students make decisions throughout the education lifecycle.
-- Fourth-quarter net income attributable to CSST increased 132.3% to
$26.06 million and EPS increased 65.2% to $0.38
-- Full-year revenue increased 35.9% to $580.87 million
-- Full-year net income attributable to CSST increased 73.6% to $56.58
million and EPS increased 40.3% to $1.01
-- $52.60 million full-year net cash from operating activities versus
$39.10 million net cash used in operating activities in 2008 -- the
best-ever annual totals for CSST
-- Fourth-quarter and full-year EPS reflected the growing demand for
CSST's products and services, success of convertible notes
restructuring and effective cost control measures
-- Robust growth in revenues from government sector in the full year 2009,
driven by government's accelerated efforts to promote safe city and e-
city projects
Note: CSST's fourth-quarter and full-year 2009 earnings conference call will be broadcast live via the Internet at 8 a.m. ET on Tuesday, March 2, 2010, at http://irpage.net/csct/index.html .
China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading provider of digital surveillance technology in the P.R.C., today reported fourth-quarter and full-year 2009 results highlighted by encouraging earnings growth, full-year solid and positive cash flow, and robust growth in revenues from government sector in China. Full-year 2009 EPS grew 40.3%, driven by the growing demand for CSST's products and services, success of convertible notes restructuring, as well as solid execution of cost control initiatives.
Full-year 2009 revenues totaled $580.87 million; and net cash from operating activities totaled $52.60 million, versus $39.10 million net cash used in operating activities in 2008.
"Despite the economic environment, we had a solid 2009 and led the industry in many areas," said Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST. "Our system installation business in the government sector, particularly safe city and e-city projects, continues to ramp, improving our government revenue profile. We landed several major e-city projects in China, and we continued to see robust growth in the corporate sector."
"During the past year, we took major steps to improve CSST's financial position for 2010 and beyond. The success of our convertible notes restructuring has improved our capital structure and strengthened our balance sheet. We also delivered our cost initiatives which yielded positive results for our earnings," said Mr. Tu.
Fourth-Quarter Financial Results
To simplify its presentation, and in recognition of the completed restructuring of convertible notes, starting third quarter 2009, CSST no longer presents Non-GAAP results and instead presents reported results accompanied by details on key factors impacting results.
For the quarter ended December 31, 2009, CSST's revenues totaled $182.71 million, compared with $143.55 million in the year-earlier quarter and up 14.3% from the third quarter of 2009. This marked CSST's third consecutive quarter with double-digital revenue growth.
Gross profit totaled $51.48 million, up 43.8% from $35.81 million in the year-earlier period. Gross margin increased to 28.2% from 24.9% for the same period in 2008. Sequentially, gross margin increased 610 basis points as a result of expanded profitability of the installation segment. Correspondingly, income from operations increased to $28.20 million, up 68.4% from the year-earlier quarter. Operating margin increased to 15.4%, compared with 11.7% in the year-earlier quarter and 10.8% in the third quarter of 2009.
Net income attributable to CSST totaled $26.06 million, up 132.3% compared with $11.22 million in the year-earlier quarter, and diluted earnings per share totaled $0.38, compared with $0.23 in the year-earlier quarter.
Full-Year Financial Results
For the full year 2009, CSST's revenues totaled $580.87 million, up 35.9% versus $427.35 million in 2008. The growth reflected the strong demand for CSST's products and services, CSST's established brand awareness and extensive distribution network. Government customers accounted for 52% of total revenues, while corporate customers accounted for 48%. Organic revenues for 2009 totaled $543.89 million, or 93.6% of total revenues, compared to $361.5 million or 84.6% in 2008. Non-organic revenues totaled $36.98 million or 6.4% of total revenues.
Gross profit totaled $142.87 million, up 18.5% from $120.54 million in 2008. Gross margin was 24.6%, down 360 basis points from 28.2% last year. The slight drop was due to the decrease of selling prices and relatively lower margin for smaller-scale projects. It was also a result of CSST's efforts to maintain market share and expand customer base in China.
Operating income increased 14.8% to $65.96 million while operating margin decreased to 11.3%, as a result of lower gross margin.
Net income attributable to CSST totaled $56.58 million, up 73.6% from $32.60 million in 2008; and diluted earnings per share totaled $1.01 versus $0.72 in 2008.
CSST recognized a total of non-cash items at $36.36 million, down from $42.97 million in 2008. There were three components for the non-cash expenses, which were $12.74 million, or $0.23 per diluted share related to depreciation and amortization; $18.09 million, or $0.32 per diluted share related to non-cash employee compensation; and $14.85 million, or $0.26 per diluted share from redemption accretion on convertible notes prior to the restructuring. CSST also recorded a one-time non-cash gain on modification of convertible notes of $9.32 million, or $0.17 per diluted share. Weighted average diluted share count increased to 56.17 million compared with 45.28 million in 2008.
CSST's full-year net cash from operating activities totaled $52.60 million, versus $39.10 million net cash used in operating activities for 2008. As of December 31, 2009, CSST's cash balance was $154.48 million, compared with $100.98 million at the end of the third quarter.
Financial Outlook
For the full year 2010, CSST reaffirms its revenue projection of $800 to $820 million and diluted earnings per share of $1.15 to $1.20.
"Looking ahead, mainland demand for our products and services continues to be strong, and we are well positioned at the center of this growth," said Mr. Tu. "The announced acquisitions in 2009 will continue to provide us with a growth platform to expand our industry-leading capabilities in security and surveillance offerings. Our market leadership in China continues to set us apart as we roll out more products and services this year and expand security service capabilities in the years ahead."
"We will further accelerate our efforts to secure sizeable government contracts and capitalize on the growing opportunities in safe city and e-city projects. We will continue cost-improvement initiatives to maintain a healthy margin for our business. Our fundamental outlook for the business is positive," concluded Mr. Tu.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. CSST has built a diversified customer base through its extensive sales and service network that includes branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com/ .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for surveillance and safety products, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believes,' 'expects' or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov/ .
For more information, please contact:
Company Contact:
Terence Yap, Chief Financial Officer and Vice Chairman
China Security & Surveillance Technology, Inc.
Tel: +86-755-8351-5634
Email: ir@csst.com
Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
Three Months Ended
December 31,
2009 2008
(Unaudited) (Unaudited)
Revenues $182,719 $143,548
Cost of goods sold 131,232 107,728
Gross profit 51,487 35,820
Selling and marketing 3,646 3,547
General and administrative 16,599 13,026
Depreciation and amortization 3,041 2,499
Income from operations 28,201 16,748
Interest income 88 47
Interest expense (1,939) (6,167)
Other income, net 830 1,069
Income before income taxes 27,180 11,697
Income taxes (1,125) (476)
Net income 26,055 11,221
Add: Net loss attributable to the
noncontrolling interest 3 2
Net income attributable to the
Company 26,058 11,223
NET INCOME PER SHARE ATTRIBUTABLE TO
THE COMPANY'S COMMON SHAREHOLDERS
BASIC $0.41 $0.24
DILUTED $0.38 $0.23
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING
BASIC 62,942,000 47,514,000
DILUTED 68,939,000 48,157,000
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
2009 2008
(Unaudited)
Revenues $580,870 $427,354
Cost of goods sold (including
depreciation and amortization
for the years ended December 31,
2009 and 2008 of $1,009 and $762,
respectively) 438,005 306,813
Gross profit 142,865 120,541
Selling and marketing 12,496 12,056
General and administrative (including
non-cash employee compensation for
the years ended December 31, 2009
and 2008 of $18,087 and $13,837,
respectively) 52,677 42,295
Depreciation and amortization 11,731 8,729
Income from operations 65,961 57,461
Interest income 215 218
Gain on modification of convertible
notes 9,315 --
Interest expense (19,731) (21,765)
Other income, net 2,500 2,236
Income before income taxes 58,260 38,150
Income taxes (1,733) (5,580)
Net income 56,527 32,570
Add: Net loss (income) attributable to
the noncontrolling interest 50 33
Net income attributable to the Company 56,577 32,603
Foreign currency translation (loss)
gain (1,602) 17,294
Comprehensive income attributable to
the Company 54,975 49,897
Comprehensive (loss) income (50) (33)
attributable to the noncontrolling
interest
COMPREHENSIVE INCOME $54,925 $49,864
NET INCOME PER SHARE ATTRIBUTABLE TO THE
COMPANY'S COMMON SHAREHOLDERS
BASIC $1.10 $0.73
DILUTED $1.01 $0.72
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING
BASIC 51,317,000 44,721,000
DILUTED 56,171,000 45,284,000
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 AND 2008
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
2009 2008
(Unaudited)
ASSETS
Cash and cash equivalents $154,483 $47,779
Accounts receivable, net 251,604 148,205
Inventories, net 70,141 117,042
Prepayment and deposits 4,706 7,280
Advances to suppliers 39,399 17,120
Other receivables 26,692 14,065
Deferred tax assets - current portion 13 32
Total current assets 547,038 351,523
Deposits paid for acquisition of
subsidiaries, properties and
intangible assets 7,199 7,855
Plant and equipment, net 75,447 74,523
Land use rights, net 7,733 7,675
Intangible assets 54,677 56,913
Contingently returnable acquisition
consideration -- 1,176
Goodwill 79,511 73,216
Deferred financing cost 1,953 1,082
Deferred tax assets - non-current
portion -- 253
TOTAL ASSETS $773,558 $574,216
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Notes payable - short term $57,116 $10,242
Obligation under product financing
arrangements - short term 5,184 2,469
Guaranteed senior unsecured notes
payable - short term 35,701 --
Accounts and bills payable 68,817 50,756
Accrued expenses 26,762 10,263
Advances from customers 27,503 28,621
Taxes payable 14,835 4,115
Payable for acquisition of
businesses, properties and land use
rights 5,105 11,915
Deferred income 1,868 1,207
Total current liabilities 242,891 119,588
LONG TERM LIABILITIES
Notes payable - long term -- 2,853
Obligation under product financing
arrangements - long term 6,541 4,214
Guaranteed senior unsecured notes
payable - long term 43,988 --
Net deferred tax liabilities 773 --
Convertible notes payable - long term -- 143,342
Total liabilities 294,193 269,997
EQUITY
Preferred stock, $0.0001 par value;
10,000,000 shares authorized, 0
shares issued and outstanding
Common stock, $0.0001 par value;
290,000,000 shares authorized,
67,866,730 (2009) and
49,142,592 (2008) shares
issued and outstanding 7 5
Additional paid-in capital 285,025 164,806
Retained earnings 165,982 109,405
Statutory surplus reserve fund 804 804
Accumulated other comprehensive
income 27,565 29,167
Total equity of the Company 479,383 304,187
Noncontrolling interest (18) 32
Total equity 479,365 304,219
TOTAL LIABILITIES AND
EQUITY $773,558 $574,216
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
Expressed in thousands of U.S. dollars
(Except for share and per share amounts)
2009 2008
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $56,527 $32,570
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 12,740 9,491
Provision for doubtful accounts 2,432 401
Provision for obsolete inventories 348 14
Amortization of consultancy services 11 135
Non-cash compensation expense 18,087 13,837
Amortization of deferred financing cost 646 206
Redemption accretion on convertible notes 14,851 19,641
Gain on modification of convertible notes (9,315) --
Amortization of debt discount 1,249 --
Deferred taxes 1,045 142
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable (104,332) (73,827)
Related party receivables -- 587
Other receivables (12,324) (2,060)
Inventories 47,313 (63,306)
Prepayment and deposits 2,793 (2,381)
Advances to suppliers (22,233) (12,850)
Increase (decrease) in:
Accounts and bills payable and accrued expenses 32,736 21,312
Advances from customers (1,156) 17,077
Taxes payable 10,525 (318)
Deferred income 660 229
Net cash provided by (used in) operating
activities 52,603 (39,100)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant and equipment (4,143) (6,129)
Additions to intangible assets, other than through
business acquisitions (2,585) (2,320)
Additions to land use rights, other than through
business acquisitions (174) (5,101)
Deposits paid for acquisition of subsidiaries (3,259) (3,790)
Deposits refunded for acquisition of subsidiaries 1,904 1,943
Deposits paid for acquisition of properties and
intangible assets -- (357)
Net cash outflow on acquisition of net assets of
businesses acquired (net of cash acquired) 273 (10,997)
Payments of payable for acquisition of businesses,
properties and land use rights (11,077) --
Payments of adjustment to cost of acquisitions
related to resolved contingencies (425) --
Proceeds from disposal of land use rights and
properties -- 3,379
Net cash used in investing activities (19,486) (23,372)
CASH FLOWS FROM FINANCING ACTIVITIES:
New borrowings, net of issuance costs 65,874 17,401
Repayment of borrowings (21,865) (19,386)
New borrowings from obligation under product
financing arrangements 8,362 6,687
Repayment of obligation under product financing
arrangements (4,511) (1,143)
Repayment of convertible notes payables (52,500) --
Warrants exercised -- 277
Issue of common stock, net of issuing expenses 80,179 9,700
Net cash provided by financing activities 75,539 13,536
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 108,656 (48,936)
Effect of exchange rate changes on cash (1,952) 7,644
Cash and cash equivalents, beginning of year 47,779 89,071
CASH AND CASH EQUIVALENTS, END OF YEAR $154,483 $47,779
Source: China Security & Surveillance Technology, Inc.
CONTACT: Company Contact: Terence Yap, Chief Financial Officer and Vice
Chairman, China Security & Surveillance Technology, Inc., +86-755-8351-5634,
or ir@csst.com; Investor and Media Contact: Patrick Yu, Fleishman-Hillard Hong
Kong, +852-2530-2577, or patrick.yu@fleishman.com
Weight Control One of Many Health Benefits of Proper Sleep
WILSON, N.C., March 2 -- The best kept secret for the way to get bikini-ready in time for the beach might be hiding in your bedroom. How can forty winks help take care of extra fat? Dr. Mark Hooper, founder of My Ideal Pillow has some advice during this year's National Sleep Awareness Week, March 7-13, to focus on health benefits associated with proper rest, including, surprisingly, weight control.
Two appetite-controlling hormones are adversely affected by loss of sleep. The result? You're hungry! Not only are you hungry, in one sleep study, the participants' desire for high-calorie, carbohydrate-dense foods rose 45% after inadequate sleep. Another study indicates that those who sleep less than eight hours a night have a higher level of body fat.
How do you break a vicious cycle of sleepless nights with days fueled by caffeine? Dr. Mark Hooper, founder of My Ideal Pillow, based in Wilson, North Carolina, has the right advice.
Most common tips, such as avoiding caffeine, are familiar. But have you ever taken a sleep vacation? This can help restore a normal sleep cycle if a person has been sleep deprived for a long time. The idea is to fill up the sleep bank and also reestablish a sleep routine and rhythm to determine the right number of hours of sleep per night your body needs to feel refreshed and healthy. "The best way to do this is to leave home if possible," says Hooper. "One factor in insomnia is stress -- so you need to not only leave work stress behind but household chores and distractions."
One household basic that should travel is your pillow. "A pillow is a commonly used part of a sleep surface that plays a large role in supporting the spine and comfort for your head," says Hooper.
Chiropractor and My Ideal Pillow founder Dr. Mark Hooper tried "nearly every pillow on the market" with little success in matching the right pillow to his patients' needs during his 25 years of practice. Combining years of research with his expertise and experience, Dr. Hooper configured a system based on varying body measurements, sleeping positions and personal characteristics -- and My Ideal Pillow was born. He implemented a unique computerized fitting system that customizes the pillow for each individual to help create the right environment for a healthy, refreshing night's sleep. "A pillow that supports the neck and lumbar region and cradles the head with just the right amount of firmness provides not just optimum back health but overall health and restorative rest," says Hooper.
And once a new, healthy sleep routine is established, Hooper says stick to the schedule even on the weekends. "Everyone enjoys sleeping in occasionally," says Hooper, "but a regular pattern of waking and sleeping seven days a week is best for optimal health."
About My Ideal Pillow
My Ideal Pillow broke new ground in the sleep industry as the world's first company to create a pillow designed by a medical practitioner -- a chiropractor and the company's founder, Dr. Mark Hooper. It is also the first to use computer precision to customize density and support based on an individual's sleep position and body type. In addition, My Ideal Pillow works with the nation's premier bedding manufacturer for a product handcrafted in the United States out of the highest quality fabrics, down and down alternative fills. Find out about our money back guarantee at http://www.myidealpillow.com/ or call 1-888-676-4332.
CONTACT:
Dr. Mark Hooper
1-888-676-4332
Wilson, NC
U.S. Army Research, Development and Engineering Command Awards Contract To SAIC
Company to Provide CBRNE (Chemical, Biological, Radiological, Nuclear, and Explosive) services to the Edgewood Chemical Biological Center
MCLEAN, Va., March 2 -- Science Applications International Corporation (SAIC) (NYSE:SAI) today announced it has been awarded a contract by the U.S. Army Research, Development and Engineering Command (RDECOM) to support the Edgewood Chemical Biological Center (ECBC), and other customers, with CBRNE (chemical, biological, radiological, nuclear, and explosive) support services. The multiple award, indefinite-delivery/indefinite-quantity contract has a five year period of performance, and a total value of $485 million for all awardees. Work will be performed at ECBC facilities on Aberdeen Proving Ground (APG), Md., at SAIC offices near APG, and at other customer sites as required.
ECBC is the nation's principal research and development center for chemical and biological warfare agent defense. It develops technology in the areas of detection, protection, and decontamination, and provides support over the entire lifecycle - from basic research through technology development, engineering design, equipment evaluation, product support, sustainment, field operations and disposal. Under the contract, SAIC will provide engineering, research and technology, and program and integration support services to ECBC and other customers including the Joint Program Executive Office for Chemical and Biological Defense (JPEOCBD), the U.S. Army Chemical Materials Agency (CMA), the Assembled Chemical Weapons Assessment (ACWA) program manager, the 20th Support Command, the Departments of Homeland Security (DHS) and Health and Human Services (DHHS), and the FBI.
"SAIC has been providing chemical and biological defense solutions for 30 years to Department of Defense elements," said John Ferriter, SAIC senior vice president and business unit general manager. "We look forward to leveraging our cumulative expertise, and providing science based, technical solutions to help these important customers enhance the Nation's defense against chemical and biological warfare and terrorism."
About SAIC
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 45,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of $10.1 billion for its fiscal year ended January 31, 2009. For more information, visit http://www.saic.com. SAIC: From Science to Solutions®
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2009, and other such filings that SAIC makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
Contact: Melissa Koskovich Laura Luke
(703) 676-6762 (703) 676-6533
melissa.l.koskovich@saic.comlaura.luke@saic.com
Source: SAIC
CONTACT: Melissa Koskovich, +1-703-676-6762,
melissa.l.koskovich@saic.com or Laura Luke, +1-703-676-6533,
laura.luke@saic.com
Exar Demonstrates Intel(R) QuickAssist Technology at RSA Conference
Demonstration provides Scalability, Performance, and Power Benefits for System Designers
SAN FRANCISCO, March 2 -- RSA Conference -- Exar Corporation (NASDAQ:EXAR) will join Intel in their booth (#823) at the RSA conference this week to demonstrate the benefits of combining Intel® QuickAssist Technology with Exar's Applied Services Processors (ASPs) to offload computationally intensive security and compression algorithms from the host processor. A joint solution brief titled "Deploying a Unified API for Algorithm Acceleration", which discusses the benefits in more detail, will be published and available at the Intel booth.
The Intel® QuickAssist technology simplifies development for customers by defining a unified set of Application Programming Interfaces (APIs) called Intel® QuickAssist Technology Functional APIs. The Exar 8200 series processors utilizes the Intel® QuickAssist Technology Functional APIs to offload the encryption, compression and hash functions from the host CPU. By offloading these functions, valuable compute resources can be freed up to perform value-add application functions, such as database processing or serving web pages, resulting in significant improvements in application performance and lower power consumption.
"We have been working closely with Intel to refine and integrate the Intel® QuickAssist Technology Functional APIs with our products," said Alex Aali, director of Datacom and Storage Marketing at Exar. "The combination of Intel® QuickAssist Technology Functional API's and Exar's recently announced 8200 series processors provides customers with a highly-scalable solution for fast time to market with a range of products while preserving their development investment across the product line."
Intel® QuickAssist Technology
Intel® QuickAssist Technology is designed to optimize the use and deployment of workload acceleration on compute and communication platform. For more details on the technology ingredients, please refer to http://www.intel.com/technology/platforms/quickassist.
About Hifn Technology 8200 Series
The Hifn Technology 8200 series is comprised of four devices, all of which in a single pass, compress, encrypt and perform hash/authentication functions on the data, enabling the superior performance rate.
-- 8201 - Up to 150 Mbytes/sec; 0.6W typical power consumption
-- 8202 - Up to 300 Mbytes/sec; 0.8W typical power consumption
-- 8203 - Up to 600 Mbytes/sec; 1.2W typical power consumption
-- 8204 - Up to 750 Mbytes/sec; 1.9W typical power consumption
The 8200 series support the current and newest encryption algorithms including AES-GCM and Elliptical Curve Cryptography used in Suite B applications, industry-standard lossless compression algorithms LZS, eLZS, as well as GZIP generally used for file and http compression applications, and the key authentication/hash algorithms which are imperative for accelerating deduplication. All four devices deliver a high performance Public Key engine that supports up to 14k RSA operations per second. The 8200 series offers the popular PCIe interface and comes standard with an SDK that supports Exar's proprietary APIs, as well as the Intel® QuickAssist functional APIs. The 8200 series is packaged in a small 15mm x 15mm HSBGA package, offering the highest performance and functionality per watt and footprint in the industry. Additionally, the 8200 series supports open source applications such as OpenSSL and OpenSwan. For more information on the 8200 series go to - http://hifn.exar.com/SocMe/?id=40055.
About Exar
Exar Corporation delivers highly differentiated silicon, software and subsystem solutions for industrial, datacom and storage applications. For nearly 40 years, Exar's comprehensive knowledge of end-user markets along with the underlying analog, mixed signal and digital technology has enabled innovative solutions that meet the needs of the evolving connected world. Exar's product portfolio includes power management and interface components, communications products, storage optimization solutions, network security and applied service processors. Exar has locations worldwide providing real-time customer support to drive rapid product development. For more information about Exar, visit: http://www.exar.com/.
Intel is a registered trademark in the United States and some other countries.
Top Rated Affiliate Marketing Management Agency Announced by TopSEOs.com
SUNRISE, Fla., March 2 -- Experience Advertising, the leading outsourced affiliate program management agency or OPM, has again been rated the top affiliate marketing company by TopSEOs.com, an independent online marketing review company. Experience Advertising was established in 2007 to offer outsourced affiliate management services to companies using the major affiliate networks such as Commission Junction, LinkShare, ShareASale, and Google Affiliate Network. The company specializes in growing affiliate programs for large and small advertisers. Experience Advertising was founded by experienced online marketers with backgrounds in affiliate management, ecommerce, SEO, PPC management, email marketing, and conversion rate optimization.
Experience Advertising focuses strictly on managing large numbers of affiliates in order to increase affiliate participation and production for their clients. "We bring our personalized brand of affiliate management to companies that want to competently grow a large and productive affiliate program, but don't have experienced staff to handle their affiliates' needs properly. We also have very affordable rates, which allow for money to be spent actively growing the program and running affiliate sales contests," says Michael Conforti, Director of Business Development for Experience Advertising. He continues that hiring an in-house affiliate manager is often too costly and they lack the experience necessary to work closely with affiliates and cater to their needs.
Another aspect that sets Experience Advertising apart from their competition is the high level of design and professionalism that goes into their affiliate banners and newsletters. "We have an excellent team of graphic designers, web designers, and programmers who produce fresh, exciting banner sets regularly for our clients at no additional cost," continues Conforti. "We don't nickel and dime our clients to death. We try to stay as cost-effective as possible for our clients. We deliver real, measurable results for our advertisers in a matter of months and then continue that growth going forward year over year." This is clearly evident by the company's high client retention rate and impressive client list.
Experience Advertising has developed several free affiliate tools for their affiliates, which have been their most popular feature for affiliate marketers over the past year. "We have free site builders, free site hosting, and we also provide original content directly to affiliates free of charge," states Conforti. Having article writers standing by to produce unique merchant descriptions and niche articles directly to affiliates is another feature no other OPM offers. "Since content is one of the most important aspects of search engine rankings and generating traffic, providing as much original content for our affiliates is our goal. Our free site builder has constructed over 1000 niche sites for affiliates promoting our advertisers in the last year alone," states Conforti.
Experience Advertising is the leading affiliate management company due to their personalized, proactive, and friendly affiliate management style. They use proven techniques in order to facilitate affiliates to become better producers. Experience Advertising works with companies looking to expand their affiliate marketing channel, launch new affiliate programs, or get the most out of their existing affiliate program.
Goodway Group Launches First Custom Ad Networks Without Standard Site List
JENKINTOWN, Pa., March 2 -- Goodway Group, a third-generation, 80-year-old marketing services company that owns and operates two ad networks, Beep! Automotive and IvyPixel, recently launched the first ad networks to custom-create site lists. The change removes the standard site list limits for advertisers to not be limited to a standard site list and offers the opportunity for them to procure inventory "on demand."
Goodway Group has earned a reputation for unparalleled integrity and innovation in digital advertising and continues to provide a high-level of engagement with its clients. Ordering inventory from publishers on an as-needed basis, and working with the right behavioral data in real-time, creates the most successful environment for a client. The trifecta of no site list, impression scoring, and buy on-demand is a winning formula.
"When advertisers work with ad networks that pre-buy inventory, vulnerabilities can easily be exposed," said Goodway Group COO Jay Friedman. "By employing advanced measures such as eliminating the standard site list, Goodway Group offers advertisers all of the benefits of customized campaigns with the scale, reach and cost-efficiency of an ad network."
As client demands grow, the traditional ad network model is losing its effectiveness. Goodway Group's move to eliminate the standard site list marks new ground for a truly handpicked solution. Without compromising cost efficiency and transparency, advertisers are no longer limited to the sites within the networks.
About Goodway Group
Goodway Group is a third-generation, 80-year-old marketing services company that owns and operates two ad networks, Beep! Automotive and IvyPixel. With more than thirty years of specialized experience in retail marketing, Goodway brings and applies its wealth of experience in retail marketing to online media to deliver measurable, effective results.
The company headquarters are located in Jenkintown, PA, just 10 miles north of Philadelphia, with regional offices located in Austin, Boston, Dallas, Chicago, San Francisco, Los Angeles, New York, Atlanta, Minneapolis, and Philadelphia. For more information, visit http://www.goodwaygroup.com/.
The High-Tech Action-Packed IRON MAN: ARMORED ADVENTURES is Set for a Second Season!
HYDERABAD, India, March 2, 2010-- DQE, the animation, gaming, live action entertainment
Production and Distribution Company, in collaboration with their
co-production partners Marvel Animation and Method Animation, are pleased to
announce they will co-produce 26 all-new episodes for a second season of the
popular animated series Iron Man.
The first season of Iron Man: Armored Adventures debuted in
the United States on Nicktoons Network in April 2009 to both critical and
audience acclaim, with the hour-long premiere event becoming the highest
rated original series premiere in Nicktoons history. While the incredibly
successful first season continues to air on broadcasters throughout the
world, DQ Entertainment, Marvel Animation and Method Animation have announced
they will co-produce 26 all-new episodes for a second season of the popular
animated series at a multi million Euro production budget.
Tapaas Chakravarti, Chairman & CEO of DQE said, "This Marvel
Super Hero - Iron Man - has emerged as one of the most popular Super Heroes
of our time. Season 2 of this animated TV series will take Iron Man fans on a
very different visual trip of high action sequences produced in high end CGI.
We're extremely proud of this project, and look forward to adding further
momentum to our relationship with Marvel Animation and Method Animation."
Aton Soumache, Chairman & CEO of Method Animation stated, "We
are very proud to renew our fruitful collaboration with Marvel Animation and
DQE for Iron Man: Armored Adventures season 2. These new adventures will
provide even more stunning visual effects and entertainment for the delight
of all Iron Man fans."
Eric Rollman, President of Marvel Animation stated, "With the
premiere season cherished by fans of all ages across the globe, we are
thrilled to work with DQE and Method to bring season two of Iron Man: Armored
Adventures to our loyal fans. We have a lot more action and excitement."
About Iron Man:
The first season of Iron Man: Armored Adventures was
celebrated for its spectacular CGI animation and incredible action with
Entertainment Weekly commenting Iron Man: Armored Adventures contains "smart
writing and stellar CG butt-kickery". The second season of Iron Man: Armored
Adventures will take the action and visual effects to the next level as
Marvel Animation continues to tell the story of the exploits of Marvel's
high-octane Super Hero, Iron Man. This exciting series introduces young Tony
Stark, an heir to the billion-dollar corporation Stark International. After
tragedy strikes, the teenage Tony begins using his suit of invincible armor
and technical know-how to protect those who would also fall prey to tragedy,
corruption and conspiracy! He is a new hero for the digital age, a mechanized
knight in ever-evolving, adaptable armor. He is...IRON MAN! Following the
worldwide sensation of the Iron Man movie, which generated $585 million
worldwide, and the upcoming May release of Iron Man 2, the excitement and
awareness of the beloved character is bigger and better than ever.
About DQE
DQE is one of the leading producers of animation, visual
effects, game art and entertainment content for the Indian as well as global
media and entertainment industry. With a workforce of over 2800 permanent
employees and a global client - partner base of over 90 producers,
distributors, broadcasters and licensors including Walt Disney Television
Animation, Nickelodeon Animation Studios Inc., Electronic Arts, Marvel
Comics, American Greetings, NBC-Universal, BBC Group, M6/ France TV/ TF-1
Broadcasting groups from France, ZDF Germany and many more world-wide.
DQE has produced/co-produced and distributed iconic brands
such as Iron Man - the first 3D animated TV series, Twisted Whiskers, Mikido,
Casper, Pinky & Perky, second season of Large Family, third season of Mickey
Mouse Clubhouse and is now producing properties like Little Prince and Little
Nicolas. DQE has a library of over 350 hours of international programs for
distribution.
DQE is also developing and producing 'The Jungle Book' as a 52
episode animated series and a 60 minute TV feature, Toomai-The Elephant Boy
which is a live action TV series as well as Indian IPs which are on
production like Mysteries of Feluda, and Omkar.
DQE is currently developing, in collaboration with French
production companies Method Animation and MK2, animated 104 six-minute
episodes for worldwide distribution and exploitation inspired by the
legendary film icon Charlie Chaplin's Hollywood films.
DQE has received recognition and awards at several national
and international forums. such as the EMMY Award and several nominations at
the EMMY awards, The Pulicenella Award at Cartoons on the Bay international
festival, Red Herring top 100 Private Companies in Asia 2005, ISO 9001: 2000
certification by M/s. Det Norske Veritas, Netherlands and several others.
DQE's production facilities are based in Hyderabad, Mumbai and
Kolkata and it has international sales representatives in Los Angeles, Paris
and Tokyo.
About Marvel Entertainment
Marvel Entertainment, LLC, a wholly-owned subsidiary of The
Walt Disney Company, is one of the world's most prominent character-based
entertainment companies, built on a proven library of over 5,000 characters
featured in a variety of media over seventy years. Marvel utilizes its
character franchises in licensing, entertainment (via Marvel Studios and
Marvel Animation) and publishing (via Marvel Comics). Marvel's strategy is to
leverage its franchises in a growing array of opportunities around the world,
including feature films, consumer products, toys, video games, animated
television, direct-to-DVD and online. For more information visit http://www.marvel.com.
DISCLAIMER:
DQ Entertainment Ltd is proposing, subject to market
conditions and other considerations, a public issue of the equity shares and
has filed the Red Herring Prospectus with Registrar of Companies (ROC),
Hyderabad. The Red Herring Prospectus will be available on the website of
SEBI at http://www.sebi.gov.in, the website of the Book Running Lead Manager
at http://www.sbicaps.com, and the website of the Company at http://www.dqentertainment.com.
This press release does not constitute or form part of any
offer or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any equity shares, nor shall it or any part of it
nor the fact of its distribution form the basis of, or be relied on in
connection with, any contract or investment decision.
The Equity Shares have not been and will not be registered
under the US Securities Act ("the Securities Act") or any state securities
laws in the United States and may not be issued or sold within the United
States or to, or for the account or benefit of, "U.S. persons" (as defined in
Regulation S under the Securities Act), except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act of 1993.
Any potential investor should note that investment in equity
shares involves a high degree of risk. For details, see the section titled
"Risk Factors" of the Red Herring Prospectus, which has been filed with the
Registrar of Companies.
Media Contact
DQ Entertainment PLC
Sumedha Saraogi
+91-40-2355-3726/27 or
sumedha@dqentertainment.com
International Game Technology Management to Participate in the KeyBanc Conference
RENO, Nev., March 2 -- International Game Technology (NYSE:IGT) management will participate in the KeyBanc Capital Markets Consumer Conference on March 4, 2010 in New York City.
International Game Technology (http://www.IGT.com) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
Source: International Game Technology
CONTACT: Patrick W. Cavanaugh, Executive Vice President, Chief Financial
Officer and Treasurer of IGT, 1-866-296-4232
Model Metrics Delivers Amazon Web Services Solution to Prepare TripZipr for Rapid Growth
CHICAGO, March 2 -- Thanks to Model Metrics and Amazon Web Services (AWS), TripZipr is ready for takeoff as it positions itself for future growth.
TripZipr is a mobile marketing company that sends travel deals directly to consumers' cell phones so they can book an offer before it sells out. This differs from the typical approach where customers scan travel "alert" websites and newsletters to locate a deal, only to find that it is no longer available. Instead, TripZipr pushes news of special travel offers that fit a specific profile directly to consumers' phones so they can be acted upon immediately. TripZipr also has distribution partnerships with travel service providers to distribute their travel deals through TripZipr and TripZipr affiliated network partners.
TripZipr turned to Model Metrics to migrate its existing application from a managed services provider to Amazon Web Services. The AWS solution, which runs in the Amazon Elastic Compute (EC2) cloud, prepares TripZipr for future growth and expands its capacity.
"Amazon Web Services is an amazing solution, particularly its instant scalability and the speed that its infrastructure delivers. It's fast, it's reliable, we don't have to worry about administrative tasks, and we can easily add servers as our business grows," said Steven Yarger, co-founder of TripZipr, who previously was senior manager, online marketing for Orbitz Worldwide. "AWS is already saving us money - you pay only for what you use, and it costs less than our managed services provider."
Model Metrics CEO Adam Caplan said, "TripZipr's entire migration process from its hosted solution to AWS was completed in less than one week. The Model Metrics team coached TripZipr on how to do the cut-over themselves so they are self-sufficient going forward and can easily add new services, products or clients to their application."
Model Metrics offers customers a wide range of services and solutions utilizing Amazon Web Services to help companies move to the Cloud, including:
-- Cloud computing strategy development and architecture advisory
-- eCommerce and website hosting
-- IT infrastructure enablement
-- Custom application development on AWS
-- Mass storage solutions
Model Metrics is an inaugural member of the Amazon Web Services Solutions Providers Program and founded the Chicago Amazon Web Services user group, which meets monthly.
About Model Metrics
Model Metrics delivers solutions and services at the cutting edge of the cloud computing industry. Since its founding in 2003, Model Metrics has become one of the most diversified and respected partners of salesforce.com, Amazon Web Services, Adobe, and Google. Headquartered in Chicago with offices in San Francisco, Los Angeles, New York, Detroit, Minneapolis and Dallas, Model Metrics' customer base spans all industries and includes enterprises such as Abbott, Allstate, Aon, Cars.com, CME Group, Honeywell, InfoUSA, MasterCard, Medtronic, and Orbitz.
With a focus on mobile and call center technology, business process and change management innovation, and custom development, Model Metrics has 4,600+ customers and has completed 1,100+ salesforce.com implementations for mid-sized and Fortune 1000 companies. Its world-class application development skills using Force.com, Adobe Flex and AIR, Amazon Web Services, Google and the Apple iPhone enable the creation of custom applications featuring multimedia-rich user experiences. To learn more, visit http://www.modelmetrics.com or email info@modelmetrics.com or call 877.542.2885. Follow us on Twitter @modelmetricsinc.
About TripZipr
TripZipr is a travel industry mobile marketing company that delivers consumer travel deals direct to mobile phones. Founded in 2009, TripZipr was selected as "Early Stage Innovator" at the industry-leading PhoCusWright 2009 conference. For more information, visit http://www.TripZipr.com.
Source: Model Metrics
CONTACT: David Dahlberg, CMO, +1-312-994-8040,
ddahlberg@modelmetrics.com, or Ellen DePodesta, Public Relations,
+1-312-450-3400, edepodesta@modelmetrics.com, both of Model Metrics
Nova Measuring Instruments to Present to Investors at the Roth Capital Growth Stock Conference on Monday, March 15, 2010
REHOVOT, Israel, March 2, 2010-- Nova Measuring Instruments Ltd. (Nasdaq: NVMI), a provider of leading
edge stand alone metrology and a market leader of integrated metrology
solutions to the semiconductor process control market, announced that it will
be presenting to investors at the 22nd Annual Roth Capital Growth Stock
Conference, which will be held at the Ritz Carlton Laguna Niguel in Dana
Point, California on Monday, March 15, 2010.
Nova's Chief Executive Officer, Gabi Seligsohn, and Nova's
Chief Financial Officer, Dror David, will be presenting to investors at 12:00
pm Pacific Time on Monday, March 15, 2010.
A live video webcast of the presentation will be available
live at the "Investor Relations" section of Nova's Web site at http://www.nova.co.il. The presentation will be archived for a period of
three months.
There will also be an opportunity for investors to meet
one-on-one with management throughout the day of the presentation and the
following day at the conference. Interested investors should contact the
Investor Relations team at Nova Measuring Instruments and/or the conference
organizers at Roth.
About Nova Measuring Instruments Ltd.
Nova Measuring Instruments Ltd. develops, produces and markets advanced
integrated and stand alone metrology solutions for the semiconductor
manufacturing industry. Nova Measuring Instruments Ltd. is traded on the
NASDAQ & TASE under the symbol NVMI. Detailed information about Nova
Measuring Instruments Ltd. can be found on its website at http://www.nova.co.il. The
information contained on our website does not form a part of this press
release or the proposed offering described above.
Company Contact:
Dror David, Chief Financial Officer
Nova Measuring Instruments Ltd.
Tel: +972-8-938-7505
E-mail: info@nova.co.il http://www.nova.co.il
Investor Relations Contacts:
Ehud Helft / Kenny Green
CCG Investor Relations Israel
Tel: +1-646-201-9246
nova@ccgisrael.com
ATA to Present at the Rodman & Renshaw Conference in Beijing on March 8, 2010
BEIJING, March 2 -- ATA Inc. ("ATA", Nasdaq: ATAI), a leading provider of computer-based testing and testing-related services in China, announced that ATA will present at the Rodman & Renshaw investment conference in Beijing on March 8, 2010.
Conference: Rodman & Renshaw Annual China Investment Conference
Event: Company presentation, answers to questions, and smaller
meetings
Date: Monday, March 8, 2010
Presentation time: 9:50 a.m. - 10:15 a.m.
Location: Diamond Room 3 in The Regent Hotel,
99 Jinbao Street, Beijing, China
Participants: Mr. Kevin Ma, Chairman and CEO
Ms. Amy Tung, Acting CFO
Mr. Kevin Ma and Ms. Amy Tung will present the company's strategy, products, markets, financial results, and outlook during the presentation. They will answer questions during the presentation and in smaller meetings.
Investors interested in attending the conference should contact their Rodman & Renshaw sales representative. For more about the conference, please visit http://www.rodm.com/conferences?idI .
About ATA Inc.
ATA is the leading provider of computer-based testing services in China. The company offers comprehensive services for the creation and delivery of computer-based tests, based on its proprietary testing technologies and test delivery platform. ATA's computer-based testing services are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, securities, insurance, and accounting.
ATA's test center network comprised 1,977 authorized test centers located throughout China as of December 31, 2009. The Company believes it has the largest test center network of any commercial testing service provider in China. Combined with its test delivery technologies, this network allows ATA's clients to administer large-scale nationwide tests in a consistent, secure, and cost-effective manner.
ATA has delivered more than 33 million tests, including more than 23 million billable tests, since ATA started operating in 1999. During a single weekend in June 2008, using its test delivery platform, ATA delivered tests to approximately 470,000 test takers for the China Banking Association.
CONTACT: Amy Tung, Acting CFO of ATA Inc., +86-10-6518-1122 x5528,
ir@ata.net.cn; or Kathy Li, +1-212-618-1978, kli@christensenir.com, or
Yuanyuan Chen, +86-10-5971-2001, ychen@christensenir.com, both of Christensen
ChinaNet Online Holdings, Inc. to Present at the 2010 Rodman & Renshaw Annual China Investment Conference in Beijing
BEIJING, March 2 -- ChinaNet Online Holdings, Inc. ("ChinaNet", OTC Bulletin Board: CHNT), a leading full-service media development, advertising and communications company for small- and medium-sized enterprises (SMEs) in the People's Republic of China ("China"), today announced it will present at the Rodman & Renshaw Annual China Investment Conference being held March 7-9 in Beijing, China. Presentation details are noted below.
Date: March 9, 2010
Time: 4:05 pm Beijing Time
Location: Ballroom I, The Regent Hotel, Beijing China
Presenter: Lifeng Zhang, Investment Director
Conference participation is by invitation and registration is mandatory. For more information on the conference, contact your Rodman & Renshaw representative or visit http://www.rodm.com/ .
About Rodman & Renshaw (NasdaqGM: RODM)
Rodman & Renshaw Capital Group, Inc., (NasdaqGM: RODM) through its subsidiaries, engages in investment banking business. It offers corporate finance services focusing on various public and private equity products, which include private investment in public equity, registered direct offerings, private placements, and public offerings, as well as provides Collateralized Acquisition Pool, a product used to facilitate a targeted acquisition. The company also involves in strategic advisory services, which include identifying and/or evaluating acquisition targets or acquirers; providing valuation analyses; evaluating and proposing financial and strategic alternatives; rendering fairness opinions; advising on timing, structure, and pricing of transaction; assisting in negotiating and closing a transaction; advising on the sale process; and assisting in preparing a memorandum or other sales materials. In addition, it provides merchant banking and asset management services. Rodman & Renshaw Capital Group serves public and private biotechnology companies. The company is headquartered in New York, New York.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI ("ChinaNet" or "Zhong Wang Zai Xian"), is a leading full-service media development, advertising and communications company for SMEs in the PRC. The Company, through certain contractual arrangements with operating companies in the PRC, provides internet advertising and other services for Chinese SMEs via its portal website http://www.28.com/ , TV commercials and program production via China-Net TV, and in-house LCD advertising on banking kiosks targeting Chinese banking patrons. Website: http://www.chinanet-online.com/
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Mark Elenowitz
TriPoint Capital Advisors
Tel: +1-917-512-0822
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: http://www.hcinternational.net/
Source: ChinaNet Online Holdings, Inc.
CONTACT: Mark Elenowitz of TriPoint Capital Advisors, +1-917-512-0822; HC
International, Inc., Ted Haberfield, Executive VP, +1-760-755-2716, or
thaberfield@hcinternational.net
Isilon to Present at Morgan Stanley Technology Conference
SEATTLE, March 2 -- Isilon® Systems (NASDAQ:ISLN), today announced that Isilon President and Chief Executive Officer Sujal Patel and Chief Financial Officer Bill Richter will present at the Morgan Stanley Technology, Media and Telecom Conference at the Palace Hotel in San Francisco, CA, at 3:55 p.m. PT on Wednesday, March 3, 2010. The presentation will be available via audio webcast here and will be archived for up to 90 days.
About Isilon Systems
Isilon Systems (NASDAQ:ISLN) is the proven leader in scale-out NAS. Isilon's clustered storage and data management solutions drive unique business value for customers by maximizing the performance of their mission-critical applications, workflows, and processes. Isilon enables enterprises and research organizations worldwide to manage large and rapidly growing amounts of file-based data in a highly scalable, easy-to-manage, and cost-effective way. Information about Isilon can be found at http://www.isilon.com/.
The names of companies mentioned herein are the trademarks of their respective owners.
Source: Isilon Systems
CONTACT: Lucas Welch of Isilon Systems, +1-206-315-7621,
lucas.welch@isilon.com; or James McIntyre of McClenahan Bruer,
+1-503-546-1016, james@mcbru.com for Isilon Systems
LAS VEGAS, March 2 -- Boyd Gaming Corporation (NYSE:BYD) today reported financial results for the fourth quarter and full year ended December 31, 2009.
For the quarter, we reported a net loss of $1.0 million, or $0.01 per share, compared to a net loss of $220.8 million, or $2.51 per share, in the same period last year. Adjusted Earnings(1) for the fourth quarter 2009 were $0.2 million, or less than $0.01 per share, compared to $11.4 million, or $0.13 per share, for the same period in 2008.
Certain pre-tax items resulted in a net increase in Adjusted Earnings of $2.0 million ($1.2 million, net of tax, or $0.01 per share) during the fourth 2009, including preopening expenses related to Echelon and the write-off of deferred loan fees, offset by gains on retirement of debt. By comparison, the fourth quarter 2008 included certain pre-tax adjustments that had a net effect of increasing Adjusted Earnings by $271.8 million ($232.2 million, net of tax, or $2.64 per share), primarily related to non-cash impairment charges related to the writedown of goodwill and intangible assets of certain business units acquired in previous years.
Net revenues were $384.9 million for the fourth quarter 2009, compared to $422.6 million for the same quarter in 2008, a decrease of 8.9%. Total Adjusted EBITDA was $74.0 million for the quarter, a decrease of 21.4% from $94.1 million in the prior year.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, commented on the quarter, "The stabilizing trends we've noted previously continued during the fourth quarter, and we were especially encouraged by our Las Vegas Locals business, which showed sequential improvement from the third quarter. Visitation to the city continues to grow, reflecting the popularity of Las Vegas as a destination. As the economic recovery accelerates, consumer spending will increase, providing us the opportunity to capitalize on our more efficient business model."
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Full-Year 2009 Results
We reported net income for the year ended December 31, 2009 of $4.2 million, or $0.05 per share. By comparison, we reported a net loss of $223.0 million, or $2.54 per share, for the year ended December 31, 2008. Adjusted Earnings for the year ended December 31, 2009 were $31.6 million, or $0.37 per share, compared to $81.4 million, or $0.93 per share, for the full year 2008.
Net revenues were $1.64 billion and $1.78 billion for the years ended December 31, 2009 and 2008, respectively. Total Adjusted EBITDA was $385.9 million for the year 2009, compared to $442.6 million in the prior year.
Key Operations Review
Las Vegas Locals
In our Las Vegas Locals segment, fourth-quarter 2009 net revenues were $155.0 million versus $176.8 million for the fourth quarter 2008. Fourth-quarter 2009 Adjusted EBITDA was $34.7 million, a 20.7% decrease from the $43.8 million in the same quarter 2008. We saw stable visitation at our properties in the Las Vegas Valley, but continued to be impacted by depressed consumer discretionary spending.
Downtown
Our Downtown Las Vegas region reported net revenues of $58.0 million, compared to $60.8 million in the prior year quarter. Adjusted EBITDA for the fourth quarter was $12.2 million, a 7.7% decrease from the $13.3 million reported in the fourth quarter 2008. Stronger operating results at our three downtown properties were offset by lower pricing and higher fuel costs associated with our Hawaiian charter service.
Midwest and South
In our Midwest and South region, we recorded $171.9 million in net revenues for the fourth quarter 2009, compared to $185.1 million for the same quarter in 2008. Adjusted EBITDA for the current period was $28.1 million, a decrease of 22.7% from the $36.3 million reported in the same period of 2008. In Indiana, Blue Chip reported solid year-over-year growth, which was offset by previously anticipated weakness at our southern Louisiana properties.
Borgata
Net revenues for Borgata were $175.4 million for the fourth quarter 2009, compared to $183.5 million recorded in the same quarter in 2008. Operating income for the fourth quarter 2009 was $17.1 million, up from $16.5 million in the prior year quarter. Adjusted EBITDA was $36.4 million, essentially flat with the $36.7 million recorded in the fourth quarter 2008. Borgata was able to maintain Adjusted EBITDA at prior-year levels despite the impact of severe winter weather in December.
Key Financial Statistics
The following is additional information as of and for the three months ended December 31, 2009:
-- Debt balance: $2.58 billion
-- Cash: $93.2 million
-- Capital expenditures: $15.5 million
-- Debt balance at Borgata: $679.6 million
-- Distribution from Borgata to partners: $89 million
Conference Call Information
We will host our fourth quarter 2009 conference call today, March 2, at 12:00 p.m. Eastern. The conference call number is 888.713.4218 and the passcode is 87895430. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
Following the call's completion, a replay will be available by dialing 888.286.8010 today, March 2, beginning two hours after the completion of the call and continuing through Tuesday, March 9. The passcode for the replay will be 87359864. The replay will also be available on the Internet at http://www.boydgaming.com .
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues (In thousands)
Gaming $320,377 $351,664 $1,372,091 $1,477,476
Food and beverage 55,950 60,277 229,374 251,854
Room 29,054 32,715 122,305 140,651
Other 24,253 28,497 100,396 117,574
------ ------ ------- -------
Gross revenues 429,634 473,153 1,824,166 1,987,555
Less promotional
allowances 44,686 50,523 183,180 206,588
------ ------ ------- -------
Net revenues 384,948 422,630 1,640,986 1,780,967
------- ------- --------- ---------
Costs and expenses
Gaming 162,710 172,420 664,739 690,847
Food and beverage 31,306 33,084 125,830 144,092
Room 9,443 10,257 39,655 43,851
Other 19,110 20,221 77,840 89,222
Selling, general
and administrative 67,445 72,311 284,937 299,662
Maintenance and
utilities 22,185 23,232 92,296 95,963
Depreciation and
amortization 39,103 41,679 164,427 168,997
Corporate expense 12,540 10,009 47,617 52,332
Preopening expenses 3,025 3,501 17,798 20,265
Write-downs and
other charges, net 365 290,819 41,780 385,521
--- ------- ------ -------
Total costs and
expenses 367,232 677,533 1,556,919 1,990,752
------- ------- --------- ---------
Operating income
from Borgata 8,205 7,915 72,126 56,356
----- ----- ------ ------
Operating
income (loss) 25,921 (246,988) 156,193 (153,429)
------ -------- ------- --------
Other expense
(income)
Interest income (1) (1) (6) (1,070)
Interest
expense, net of
amounts
capitalized 33,024 25,323 146,830 110,146
Increase in
value of
derivative
instruments - - - (425)
Gain on early
retirements of debt (3,223) (26,124) (15,284) (28,553)
Other non-
operating expenses 3 - 33 -
Other non-
operating
expenses from
Borgata, net 3,073 3,120 19,303 16,009
----- ----- ------ ------
Total other
expense, net 32,876 2,318 150,876 96,107
------ ----- ------- ------
Income (loss) before
income taxes (6,955) (249,306) 5,317 (249,536)
Benefit from (provision
for) income taxes 5,931 28,532 (1,076) 26,531
----- ------ ------ ------
Net income (loss) $(1,024) $(220,774) $4,241 (223,005)
======= ========= ====== =========
Basic net income
(loss) per common share $(0.01) $(2.51) $0.05 $(2.54)
====== ====== ===== ======
Dividends declared
per common share $- $- $- $0.30
=== === === =====
The following table reconciles the net income (loss) based upon United
States generally accepted accounting principles to adjusted earnings and
adjusted earnings per share.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Net income (loss) $(1,024) $(220,774) $4,241 $(223,005)
Adjustments:
Preopening expenses 3,025 3,501 17,798 20,265
Our share of
Borgata's
preopening
expenses - (141) 349 2,785
Our share of
Borgata's other
items and write-
downs, net 5 5 (14,303) 81
Write-downs and
other charges, net 365 290,819 41,780 385,521
Increase in
value of
derivative
instruments - - - (425)
Gain on early
retirements of debt (3,223) (26,124) (15,284) (28,553)
Other non-
operating expenses 3 - 33 -
Prior period
interest expense
related to the
finalization of
our purchase price
for Dania Jai-Alai - - 8,883 -
Accelerated
interest
expense
related to our
bank credit
facility amendment 1,813 - 1,813 -
Income tax
effect for
above adjustments (758) (39,616) (13,680) (78,981)
Certain one-time
permanent tax
adjustments - 3,745 - 3,745
--- ----- --- -----
Adjusted earnings $206 $11,415 $31,630 $81,433
==== ======= ======= =======
The following table illustrates the impact of the above adjustments on
earnings per share.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
Diluted net
income (loss)
per common share $(0.01) $(2.51) $0.05 $(2.54)
Adjustments:
Preopening expenses 0.04 0.04 0.21 0.23
Our share of
Borgata's
preopening
expenses - - - 0.03
Our share of
Borgata's other
items and write-
downs, net - - (0.16) -
Write-downs and
other charges, net - 3.31 0.48 4.39
Increase in
value of
derivative
instruments - - - -
Gain on early
retirements of debt (0.04) (0.30) (0.17) (0.32)
Other non-
operating expenses - - - -
Prior period
interest expense
related to the
finalization of
our purchase price
for Dania Jai-Alai - - 0.10 -
Accelerated
interest
expense
related to our
bank credit
facility amendment 0.02 - 0.02 -
Income tax
effect for
above
adjustments (0.01) (0.45) (0.16) (0.90)
Certain one-time
permanent tax
adjustments - 0.04 - 0.04
--- ---- --- ----
Adjusted earnings
per diluted share
(Adjusted EPS) $0.00 $0.13 $0.37 $0.93
===== ===== ===== =====
The following table presents Net Revenues and Adjusted EBITDA by operating
segment and reconciles Adjusted EBITDA to net income (loss) for the three
months and year ended December 31, 2009 and 2008. Note that in the
Company's periodic reports filed with the Securities and Exchange
Commission, the results from Dania Jai-Alai and corporate expense are
classified as part of total other operating costs and expenses and are not
included in Reportable Segment Adjusted EBITDA.
Three Months Ended Year Ended
December 31, December 31,
--------------- ---------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Net Revenues
Las Vegas Locals $154,966 $176,819 $641,941 $763,002
Downtown Las Vegas (a) 58,049 60,755 229,149 240,232
Midwest and South 171,933 185,056 769,896 777,733
------- ------- ------- -------
Net Revenues $384,948 $422,630 $1,640,986 $1,780,967
======== ======== ========== ==========
Adjusted EBITDA
Las Vegas Locals $34,736 $43,828 $155,336 $218,591
Downtown Las Vegas 12,247 13,264 46,102 40,657
Midwest and South 28,081 36,327 161,892 166,366
------ ------ ------- -------
Wholly-owned
property Adjusted
EBITDA 75,064 93,419 363,330 425,614
Corporate expense (c) (9,581) (7,391) (36,934) (43,494)
------ ------ ------- -------
Wholly-owned
Adjusted EBITDA 65,483 86,028 326,396 382,120
Our share of
Borgata's
operating income
before net
amortization,
preopening and
other items (d) 8,535 8,104 59,470 60,520
----- ----- ------ ------
Adjusted EBITDA (e) 74,018 94,132 385,866 442,640
------ ------ ------- -------
Other operating
costs and expenses
Deferred rent 1,088 1,115 4,354 4,460
Depreciation and
amortization (f) 39,428 42,004 165,725 170,295
Preopening expenses 3,025 3,501 17,798 20,265
Our share of
Borgata's
preopening
expenses - (141) 349 2,785
Our share of
Borgata's other
items and write-
downs, net 5 5 (14,303) 81
Share-based
compensation expense 4,186 3,817 13,970 12,662
Write-downs and
other charges, net 365 290,819 41,780 385,521
--- ------- ------ -------
Total other operating
costs and expenses 48,097 341,120 229,673 596,069
------ ------- ------- -------
Operating income (loss) 25,921 (246,988) 156,193 (153,429)
------ -------- ------- --------
Other non-operating items
Interest
expense, net (b) 33,023 25,322 146,824 109,076
Increase in value of
derivative instruments - - - (425)
Gain on early
retirements of debt (3,223) (26,124) (15,284) (28,553)
Other non-operating expenses 3 - 33 -
Our share of Borgata's other
non-operating expenses, net 3,073 3,120 19,303 16,009
----- ----- ------ ------
Total other non-
operating costs and
expenses 32,876 2,318 150,876 96,107
------ ----- ------- ------
Income (loss) before
income taxes (6,955) (249,306) 5,317 (249,536)
Benefit from (provision
for) income taxes 5,931 28,532 (1,076) 26,531
----- ------ ------ ------
Net income (loss) $(1,024) $(220,774) $4,241 $(223,005)
======= ========= ====== =========
(a) Includes revenues related to Vacations Hawaii and other travel agency
related entities of $8.2 million and $32.3 million for the three
months and year ended December 31, 2009, respectively, and $10.5
million and $42.7 million for the three months and year ended December
31, 2008, respectively.
(b) Net of interest income and amounts capitalized. Interest expense for
the year ended December 31, 2009, includes $8.9 million of prior
period interest expense (from the March 1, 2007 date of acquisition to
December 31, 2008) related to the January 2009 amendment to the
purchase agreement resulting in the finalization of our purchase price
for Dania Jai-Alai, as well as $1.8 million in accelerated interest
expense related to our bank credit facility amendment.
(c) The following table reconciles the presentation of corporate expense
on our condensed consolidated statements of operations to the
presentation on the accompanying table.
Three Months Ended Year Ended
December 31, December 31,
--------------- ---------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Corporate expense as
reported on our consolidated
statements of operations $12,540 $10,009 $47,617 $52,332
Corporate share-based
compensation expense (2,959) (2,618) (10,683) (8,838)
------ ------ ------- ------
Corporate expense
as reported on the
accompanying table $9,581 $7,391 $36,934 $43,494
====== ====== ======= =======
(d) The following table reconciles the presentation of our share of
Borgata's operating income on our condensed consolidated statements of
operations to the presentation of our share of Borgata's results on
the accompanying table.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Operating income from Borgata as
reported on our consolidated
statements of operations $8,205 $7,915 $72,126 $56,356
Add back:
Net amortization
expense related to
our investment in
Borgata 325 325 1,298 1,298
Our share of
Borgata's
preopening
expenses - (141) 349 2,785
Our share of
Borgata's other
items and write-
downs, net 5 5 (14,303) 81
--- --- ------- ---
Our share of
Borgata's operating income
before net amortization,
preopening and other items
as reported on the
accompanying table $8,535 $8,104 $59,470 $60,520
====== ====== ======= =======
(e) The following table reconciles Adjusted EBITDA to EBITDA and net
income (loss).
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Adjusted EBITDA $74,018 $94,132 $385,866 $442,640
Deferred rent 1,088 1,115 4,354 4,460
Preopening expenses 3,025 3,501 17,798 20,265
Our share of Borgata's
preopening expenses - (141) 349 2,785
Our share of
Borgata's other
items and write-
downs, net 5 5 (14,303) 81
Share-based compensation
expense 4,186 3,817 13,970 12,662
Write-downs and
other charges, net 365 290,819 41,780 385,521
Increase in value of
derivative instruments - - - (425)
Gain on early
retirements of debt (3,223) (26,124) (15,284) (28,553)
Other non-operating expenses 3 - 33 -
Our share of Borgata's
other non-operating
expenses, net 3,073 3,120 19,303 16,009
----- ----- ------ ------
EBITDA 65,496 (181,980) 317,866 29,835
------ -------- ------- ------
Depreciation and
amortization 39,428 42,004 165,725 170,295
Interest expense, net 33,023 25,322 146,824 109,076
Benefit from (provision
for) income taxes (5,931) (28,532) 1,076 (26,531)
------ ------- ----- ------
Income (loss) from
continuing operations $(1,024) $(220,774) $4,241 $(223,005)
======= ========= ====== ========
(f) The following table reconciles the presentation of depreciation and
amortization on our condensed consolidated statements of operations to
the presentation on the accompanying table.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Depreciation and
amortization as reported on
our consolidated statements
of operations $39,103 $41,679 $164,427 $168,997
Net amortization expense
related to our investment in
Borgata 325 325 1,298 1,298
--- --- ----- -----
Depreciation and amortization
as reported on the
accompanying table $39,428 $42,004 $165,725 $170,295
======= ======= ======== ========
The following table reports Borgata's financial results.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Gaming revenue $153,387 $169,796 $691,428 $734,306
Non-gaming revenue 68,508 72,722 299,173 310,157
------ ------ ------- -------
Gross revenues 221,895 242,518 990,601 1,044,463
Less promotional allowances 46,487 59,035 213,193 213,974
------ ------ ------- -------
Net revenues 175,408 183,483 777,408 830,489
------- ------- ------- -------
Expenses 138,960 146,765 579,749 633,353
Depreciation and
amortization 19,380 20,511 78,719 76,096
Preopening expenses - (282) 699 5,570
Write-downs and other
items, net 10 9 (28,606) 162
--- --- ------- ---
Operating income 17,058 16,480 146,847 115,308
------ ------ ------- -------
Interest expense, net (5,787) (8,171) (27,668) (29,049)
State income tax
(provision) benefit (359) 1,930 (10,938) (2,970)
---- ----- ------- ------
Total non-operating
expenses (6,146) (6,241) (38,606) (32,019)
------ ------ ------- -------
Net income $10,912 $10,239 $108,241 $83,289
======= ======= ======== =======
The following table reconciles our share of Borgata's financial results to
the amounts reported on our condensed consolidated statements of
operations.
Three Months Ended Year Ended
December 31, December 31,
--------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Our share of Borgata's
operating income $8,530 $8,240 $73,424 $57,654
Net amortization
expense related to
our investment in
Borgata (325) (325) (1,298) (1,298)
---- ---- ------ ------
Operating income from
Borgata, as reported on
our consolidated
financial statements $8,205 $7,915 $72,126 $56,356
====== ====== ======= =======
Other non-operating
expenses from
Borgata, as reported on
our consolidated
financial statements $3,073 $3,120 $19,303 $16,009
====== ====== ======= =======
The following table reconciles operating income to Adjusted EBITDA for
Borgata.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Operating income $17,058 $16,480 $146,847 $115,308
Depreciation and
amortization 19,380 20,511 78,719 76,096
Preopening expenses - (282) 699 5,570
Write-downs and other
items, net 10 9 (28,606) 162
--- --- ------- ---
Adjusted EBITDA $36,448 $36,718 $197,659 $197,136
======= ======= ======== ========
The following table reconciles Adjusted EBITDA to EBITDA and net income
for Borgata.
Three Months Ended Year Ended
December 31, December 31,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
(In thousands)
Adjusted EBITDA $36,448 $36,718 $197,659 $197,136
Preopening expenses - (282) 699 5,570
Other items
and write-downs, net 10 9 (28,606) 162
--- --- ------- ---
EBITDA 36,438 36,991 225,566 191,404
------ ------ ------- -------
Depreciation and
amortization 19,380 20,511 78,719 76,096
Interest
expense, net 5,787 8,171 27,668 29,049
State income tax
(provision) benefit 359 (1,930) 10,938 2,970
--- ------ ------ -----
Net income $10,912 $10,239 $108,241 $83,289
======= ======= ======== =======
Footnotes and Safe Harbor Statements
Non-GAAP Financial Measures
Regulation G, "Conditions for Use of Non-GAAP Financial Measures," prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance.
Note that while the Company will continue to include the results of Dania Jai-Alai and corporate expense in Adjusted EBITDA for purposes of its earnings releases, in filings of the Company's periodic reports with the Securities and Exchange Commission, the results of Dania Jai-Alai and corporate expense are not included in the Company's Reportable Segment Adjusted EBITDA. Effective April 1, 2008, the Company reclassified the reporting of its Midwest and South segment to exclude the results of Dania Jai-Alai, since it does not share similar economic characteristics with our other Midwest and South operations. In the Company's periodic reports, Dania Jai-Alai's results are included as part of total other operating costs and expenses. In addition, as of the same date, we reclassified the reporting of corporate expense to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, in the Company's periodic reports, corporate expense is presented to include its portion of share-based compensation expense.
EBITDA and Adjusted EBITDA
EBITDA is a commonly used measure of performance in our industry which we believe, when considered with measures calculated in accordance with United States Generally Accepted Accounting Principles (GAAP), gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. We have chosen to provide this information to investors to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of core on-going operations. We do not reflect such items when calculating EBITDA; however, we adjust for these items and refer to this measure as Adjusted EBITDA. We have historically reported this measure to our investors and believe that the continued inclusion of Adjusted EBITDA provides consistency in our financial reporting. We use Adjusted EBITDA in this press release because we believe it is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management's internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in determining the value of acquisitions and dispositions. Adjusted EBITDA is also widely used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, preopening expenses, share-based compensation expense, write-downs and other charges, net, increase in value of derivative instruments, gain on early retirements of debt, other non-operating expenses, and our share of Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes the results of Dania Jai-Alai and corporate expense. A reconciliation of Adjusted EBITDA to EBITDA and net income (loss), based upon GAAP, is included in the financial schedules accompanying this release.
Adjusted Earnings and Adjusted EPS
Adjusted Earnings is net income (loss) before preopening expenses, increase in value of derivative instruments, write-downs and other charges, net, gain on early retirements of debt, prior period interest expense related to the finalization of our purchase price for Dania Jai-Alai, accelerated interest expense related to our bank credit facility amendment, certain one-time permanent tax readjustments, other non-operating expenses, and our share of Borgata's preopening expenses and other items and write-downs, net. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry. A reconciliation of net loss based upon GAAP to Adjusted Earnings and Adjusted EPS are included in the financial schedules accompanying this release.
Limitations on the Use of Non-GAAP Measures
The use of EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted EPS has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted EPS may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted EPS are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted EPS should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, Adjusted Earnings and Adjusted EPS reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward Looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including, but not limited to, statements that Las Vegas continues to be an extremely popular destination, the viability of the Las Vegas market, and statements regarding current economic conditions, that customer spending will increase, industry growth and related opportunities, the Company's resources and strategy, and future outlook. Forward- looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. In particular, the Company can provide no assurances when or if the economy will improve, the timing for resuming construction on Echelon, if at all, the future plans for Echelon and the site for Echelon and whether the Company will be able to remain well positioned to manage through the current economic cycle. Further risks include the timing or effects of the Company's delay of construction at Echelon and when, or if, construction will be recommenced, or the effect that such delay will have on the Company's business, operations or financial condition. Additional factors that could cause actual results to differ materially are the following: competition, litigation, financial community and rating agency perceptions of the Company, changes in laws and regulations, including increased taxes, the availability and price of energy, weather, regulation, economic, credit and capital market conditions (and the ability of the Company's joint venture participants to secure favorable financing, if at all) and the effects of war, terrorist or similar activity. In addition, the Company's development projects are subject to the many risks inherent in the construction of a new enterprise, including poor performance or non-performance by any of the joint venture partners or other third parties on whom the Company is relying, unanticipated design, construction, regulatory, environmental and operating problems and lack of demand for the Company's projects, as well as unanticipated delays and cost increases, shortages of materials, shortages of skilled labor or work stoppages, unforeseen construction scheduling, engineering, environmental, permitting, construction or geological problems, weather interference, floods, fires or other casualty losses. In addition, the Company's anticipated costs and construction periods for projects are based upon budgets, conceptual design documents and construction schedule estimates prepared by the Company in consultation with its architects and contractors. Many of these costs are estimated at inception of the project and can change over time as the project is built to completion. The cost of any project may vary significantly from initial budget expectations, and the Company may have a limited amount of capital resources to fund cost overruns. If the Company cannot finance cost overruns on a timely basis, the completion of one or more projects may be delayed until adequate funding is available. The Company cannot assure that any project will be completed, if at all, on time or within established budgets, or that any project will result in increased earnings to the Company. Significant delays, cost overruns, or failures of the Company's projects to achieve market acceptance could have a material adverse effect on the Company's business, financial condition and results of operations. Furthermore, the Company's projects may not help it compete with new or increased competition in its markets. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, filed with the SEC, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE:BYD) is a leading diversified owner and operator of 16 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana. Boyd Gaming press releases are available at http://www.prnewswire.com. Additional news and information on Boyd Gaming can be found at http://www.boydgaming.com .
CONTACT: Financial, Josh Hirsberg, +1-702-792-7234,
joshhirsberg@boydgaming.com, or Media, Rob Meyne, +1-702-792-7353,
robmeyne@boydgaming.com, both of Boyd Gaming Corporation
Stringent, Sweeping Rise in Compliance Regulations Drives Momentum at Perimeter E-Security
Financial Institutions Showing Strongest Need; Four New Community Banks Join More Than 2,000 Now Relying on Perimeter's Compliance, Security Suite Company Embraces New Branding, Web Site Approach to Reflect Move
MILFORD, Conn., March 2 -- Perimeter E-Security today revealed a substantial rise in demand from customers needing help complying with increasingly stringent and sweeping regulations, led by the financial services sector. The momentum spans existing and new customers, the company said. Separately, the company rolled out revamped branding to reflect the moves.
"There's never been a more difficult time to comply with financial, legal, privacy and other regulations, and the outlook is for more stringent demands and complexity," said Tim Harvey, CEO of Perimeter E-Security. "Add to that the alarming spike in security threats, and investing in compliance and information security is easily rising to the top of corporate priorities. For larger financial institutions, the costs of managing all of this in-house are daunting; for smaller players, the burden is crippling. And the finance sector is seeing the brunt of it."
With customers across industries, and leadership in the finance sector, Perimeter E-Security is the trusted market leader of compliance and regulatory security services that deliver enterprise-class protection to companies of all sizes. Since 2008, Perimeter has added hundreds of new financial services customers and remains the market leader in serving more than 2000 financial institutions.
Large and community financial institutions embody new imperative
From major banks to community financial institutions, the imperatives are clear: solve the regulatory and security challenges in a way that manages costs, relieves internal resources, and improves success by reducing overall complexity.
Community financial institutions, which constitute 97 percent of all banks and credit unions, lack the internal resources that larger banks and credit unions have to secure their institution. Yadkin Valley Bank, Lakeland Bank, Mid Penn Bank and Money One FCU join the likes of Lisbon Community Federal Credit Union and NuUnion Credit Union in turning to Perimeter for their security, regulatory compliance and risk mitigation needs.
"As a small financial institution, key employees at Lisbon Community Federal Credit Union have to wear many hats," said George R. Roy, Lisbon Community Federal Credit Union. "By relying on Perimeter, we're able to exceed regulatory compliance in various IT areas while continuing to do what we do best - that is, serve our Membership."
Outsourcing makes sense for NuUnion - in terms of costs and a level of protection the credit union can't put a price on. "Perimeter E-Security's Security Operations Center provides 24x7 network monitoring and reporting for NuUnion. I know we're protected no matter what time of day it is," MaryAnne MacIntosh, CISSP, IT Security Administrator, NuUnion Credit Union.
An investment in answers
"Perimeter has invested over $20 million over the past 10 years in the resources, expertise and best-in-class technologies to focus our customers on their most critical needs and highest return on investment, and we continue to invest in our expertise as a basic commitment to our clients," said Kurt Heinemann, chief marketing officer of Perimeter E-Security. "
Indeed, to make it easier for companies of all sizes to identify and evaluate their situation, Perimeter today launched a new Web site that allows companies to look for the information they need in three different formats. They can look for specific services, services that are relevant to their industry and by compliance or regulatory need.
The Web site is complemented by a customer communications plan and the launch of the Perimeter Secured Program.
About Perimeter
Perimeter is the trusted market leader of information security services that delivers enterprise-class protection and compliance. Through its cost-effective and scalable SaaS platform, Perimeter offers the most comprehensive compliance, security and messaging services that include: hosted email, encrypted email, firewall management and monitoring, vulnerability scanning, host intrusion and prevention, email antivirus and spam, remote data backup and email archiving. For more information about Perimeter visit http://www.perimeterusa.com.
For additional information contact:
Maggie Duquin / Michele Clarke
Brainerd Communicators
212-986-6667
duquin@braincomm.com / clarke@braincomm.com
- 3Q FY2010 Net Income Decreased 3.3% to $9.4 Million Year-over-year -
BEIJING, March 2 -- Funtalk China Holdings Limited (the "Company") (NASDAQ:FTLK), a leading China-based retailer and distributor of wireless communications devices, accessories and content, today announced its unaudited financial results for the third fiscal quarter 2010 ended December 31, 2009 (3Q FY2010).
"We showed solid progress in our business in our third fiscal quarter 2010 and are pleased with our overall performance," commented Mr. Fei Dongping, Chief Executive Officer of the Company. "Our momentum was driven by our retail business, which generated strong organic growth and recurring revenue. The decline in revenue in our distribution business was fully expected as we distributed approximately 880,000 units of Samsung model B108, a low-end priced handset, in our third fiscal quarter 2009 due to weaker market conditions at the time, which did not recur in our third fiscal quarter 2010. We have a very strong opportunity to further expand our position as China's leading mobile phone retailer and are capitalizing on the opportunity to further consolidate our position in the fragmented mobile phone product and services market."
Third Quarter Financial Results
The Company reported consolidated revenue of $160.9 million for 3Q FY2010, representing a 4.3% increase from 3Q FY2009. The Company currently generates revenues from two business segments, retail and distribution of mobile phones and related accessories.
Retail revenue for 3Q FY2010 was $92.4 million, representing an 86.1% increase from 3Q FY2009. The strong growth year-over-year in the retail segment was primarily due to the inclusion of sales volume from seven retail companies covering 446 locations in 3Q FY2010, compared to sales volume of six retail companies covering 193 locations in 3Q FY2009. Organic growth (excluding the business acquisition in 3Q FY2010) of the Company's retail segment accounted for an increase of revenue of 64.6% to $81.8 million in 3Q FY2010 from $49.7 million in 3Q FY2009. The Company's acquisition of Shanghai Xieheng Telecommunications Equipment Co., Ltd. in 3Q FY2010 contributed approximately $10.6 million in revenue to the Company's retail segment.
Distribution revenue for 3Q FY2010 was $68.5 million, representing a 34.6% decrease from 3Q FY2009. The decreased distribution revenue year-over-year was primarily due to a 57.5% decrease in the total volume of mobile phones sold, offset by a 33.9% increase in average selling prices of mobile phones. The decrease in wireless devices sold through distribution was caused by a decreased market demand for lower priced handsets. The increase in average selling prices were primarily due to a higher mix of mid-end priced handsets sold and better availability for these devices compared to the same period in FY2009.
Gross profit for 3Q FY2010 increased 26.3% to $28.9 million, or 18.0% of total revenue, compared to $22.9 million, or 14.9% of total revenue, in 3Q FY2009. Gross margins for the distribution segment and retail segment were 18.6% and 17.5%, respectively, for 3Q FY2010, compared to 15.6% and 13.3%, respectively, for 3Q FY2009. The increase in gross margin was primarily due to the receipt of higher pre-tax vendors rebates in the retail segment during the quarter.
Selling and distribution expenses were $7.4 million for 3Q FY2010 compared to $0.5 million in 3Q FY2009. The significant increase was primarily due to the increase in rental expenses resulting from the retail acquisition in 3Q FY2010, the expansion of the Company's direct sales force for retail segment and greater amount of pre-tax vendors rebates offset against selling and distribution expenses in 3Q FY2009. General and administrative expenses were $5.2 million for 3Q FY2010, representing a 7.8% increase from $4.8 million in 3Q FY2009. The increase was primarily due to the increased headcount and an increase in bank service charges associated with the expansion of the Company's operations.
Income from operations decreased by 9.7% to $16.3 million in 3Q FY2010 from $18.0 million in 3Q FY2009. Operating income margin, calculated based on income from operations as a percentage of net revenues, decreased to 10.1% in 3Q FY2010 from 11.7% in 3Q FY2009.
Interest expense was $2.5 million for 3Q FY2010, representing a 100.0% increase from the corresponding period of FY2009. The increase was primarily due to the Company's higher average amount of notes payable and borrowings outstanding during the period. The Company had average outstanding borrowings of $122.2 million, bearing an average interest rate of 5.46%, in 3Q FY2010, as compared to average outstanding borrowings of $76.2 million, bearing an average interest rate of 7.15%, in 3Q FY2009.
Income tax expense was $4.6 million for 3Q FY2010, compared to $7.7 million for 3Q FY2009. The effective tax rate was 30.8% for 3Q FY2010 compared to 45.3% for 3Q FY2009.
Net income attributable to non-controlling interests of the Company's partially owned consolidated subsidiaries was $0.9 million for 3Q FY2010, representing a significant increase from the corresponding period of FY2009. The increase in non-controlling interest's share in net income in 3Q FY2010 was due to the fact that the retail companies with non-controlling interest holders incurred net losses in 3Q FY2009.
Net income attributable to the Company was $9.4 million, or 5.9% of total revenue for 3Q FY2010, representing a 3.3% decrease from $9.7 million, or 6.3% of total revenue for 3Q FY2009. 3Q 2010 diluted EPS was $0.19 based on a diluted share count of 50.3 million shares compared to 3Q FY2009 diluted EPS of $0.22 based on a diluted share count of 45.0 million shares.
As of December 31, 2009, the Company's cash balance (including pledged deposits) was $41.9 million. As of December 31, 2009, the Company's accounts receivable was $58.0 million, representing a decrease of 33.9% from the balance as of September 30, 2009. The accounts receivable turnover days for 3Q FY2010 were 42.7 days compared to 56.1 days in 3Q FY2009.
2010 Third Quarter Business Development Initiatives
On December 22, 2009, the Company completed a public offering of 3,100,000 ordinary shares and received proceeds before expenses of approximately $20.6 million. On December 17, 2009, the Company listed its ordinary shares on the Nasdaq Global Market under the symbol "FTLK."
On February 8, 2010, the Company announced that it recently signed a cooperation agreement with China United Network Communications Group Co., Ltd ("China Unicom"), one of three national wireless operators in China.
Under the terms of this agreement, the Company will help China Unicom to develop its 3G customer base and sell China Unicom's mobile products and services, including the Company's WCDMA and GSM phone products and services, to customers in select retail stores. The Company will allocate a certain percentage of retail space to China Unicom's mobile phone and netbook product offerings in 143 of the Company's retail store locations and utilize its sales staff to develop 3G subscribers on China Unicom's behalf. China Unicom will pay commissions to the Company based on the number of subscribers that convert to 3G services as well as from the average revenue generated from each user.
Outlook for Fourth Quarter of FY2010
The Company expects its revenue for 4Q FY2010 to be in the range of $200 million to $240 million and its net income attributable to the Company to exceed $10 million. The Company anticipates an even revenue split between its retail and distribution business segments in 4Q FY2010 and projects gross margin to be in the range of 12% to 13% and operating income margin to be in the range of 5% to 6%. Such projections are based on the Company's current views on its operating market conditions and are subject to change.
"We are encouraged with our growth prospects and look forward to strong performance in our fourth fiscal quarter 2010, a stronger seasonal sales trend and the availability of new mid- to high-end priced handsets. With the adoption of the 3G standard in China and increased competition among the major national wireless carriers, we expect our nationwide cooperation agreement with China Unicom to be mutually beneficial and start to generate revenue for the Company in the fiscal year 2011, which starts in April 2010. We will continue to explore opportunities to further expand our presence in the China market and remain focused on providing our growing base of customers with a wide range of mobile phone brands, products, services and content. We look forward to updating you on our developments as we move forward," concluded Mr. Fei.
Interim Financial Information
The unaudited condensed consolidated statements of income and balance sheets accompanying this press release have been prepared by management using U.S. GAAP. This interim financial information is not intended to fully comply with U.S. GAAP because they do not present all of the disclosures required by U.S. GAAP. The March 31, 2009 balance sheet was derived from audited consolidated financial statements of Pypo Digital Company Limited.
Conference Call
Management will host a conference call at 9:00 am ET on Tuesday, March 2nd. Listeners may access the call by dialing #1-201-689-8470. To listen to the live webcast of the event, please go to http://www.viavid.net/ . Listeners may access the call replay, which will be available through March 16th, by dialing #1-201-612-7415. The account number is 3055 and the conference ID number is 345752.
About Funtalk China Holdings Limited
The Company is a retailer and distributor of wireless communications devices, accessories and content in 30 provinces in China. The Company has branch offices and regional distribution centers, operates a chain of mobile phone retail stores, and has an internet retailing platform.
Safe Harbor and Informational Statement
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements, and investors should not place undue reliance on the forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements made by the parties as a result of a number of factors, some of which may be beyond the Company's control. These factors include the risk factors detailed in the Company's filings with the Securities and Exchange Commission. Further, the forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, collaborations, dividends or investments made by the Company or other parties. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
(Financial Statements on Following Pages)
FUNTALK CHINA HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2009 2008 2009 2008
Net revenues $160,873 $154,243 $566,324 $373,868
Cost of revenues -131,951 -131,335 -485,025 -319,840
Gross profit 28,922 22,908 81,299 54,028
Operating expenses:
Other operating income -- 457 1,153 480
Selling and distribution
expenses -7,420 -495 -28,537 -13,912
General and
administrative expenses -5,215 -4,837 -14,061 -10,529
Impairment loss on goodwill -- -- -- -71
Total operating expenses -12,635 -4,875 -41,445 -24,032
Income from operations 16,287 18,033 39,854 29,996
Others, net 745 52 -1,259 141
Interest income 486 268 618 516
Interest expense -2,528 -1,264 -6,647 -3,991
Income before income tax,
equity in (loss) income of
affiliated companies and
non-controlling interests 14,990 17,089 32,566 26,662
Income tax expense -4,614 -7,734 -10,358 -9,158
Equity in (loss) income of
affiliated companies -11 38 -11 121
Net income 10,365 9,393 22,197 17,625
Net (income) loss
attributable to
non-controlling interests -946 352 -4,102 -64
Net income attributable to
the Company $9,419 $9,745 $18,095 $17,561
Basic net income per share $0.201 $0.217 $ 0.386 $ 0.390
Diluted net income per
share $0.187 $0.217 $ 0.370 $ 0.390
Number of shares used in
computing basic net income 46,959,171 45,000,000 46,859,232 45,000,000
Number of shares used in
computing diluted net
income 50,383,535 45,000,000 48,850,469 45,000,000
FUNTALK CHINA HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
As of Dec. As of Mar.
31, 2009 31, 2009
ASSETS
Current assets:
Cash and cash equivalents $31,057 $33,468
Restricted bank deposits 10,859 11,504
Accounts receivable (less allowance for
doubtful accounts of $632 for December
31, 2009 and $735 for March 31, 2009 57,963 72,802
Inventories 96,177 54,701
Notes receivable 1,637 2,982
Value added tax receivable 5,178 2,857
Amounts due from related parties 366 42,308
Amount due from an affiliated company -- 27,946
Receivable from a vendor 16,629 21,355
Other receivable 41,302 44,180
Prepayment and other assets 22,871 8,314
Deferred tax assets 2, 517 4,866
Total current assets 286,556 327,283
Non-current assets:
Investments in affiliated companies 347 1,479
Property and equipment, net 18,470 15,694
Intangible assets 21,077 19,188
Goodwill 70,029 1,977
Other assets 1,897 320
Total non-current assets 111,820 38,658
TOTAL ASSETS $398,376 $365,941
FUNTALK CHINA HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
As of Dec. 31, As of Mar. 31,
2009 2009
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $81,053 $28,290
Notes payable 23,976 23,513
Provision for rebates and price
protections 6,621 9,048
Advance payments from customers 3,090 4,827
Other payables and accruals 17,440 20,611
Income taxes payable 5,981 8,086
Amounts due to related parties -- 20,300
Amounts due to an affiliated company 827 790
Short term borrowings 88,887 79,457
Total current liabilities 227,875 194,922
Non current liabilities
Deferred tax liabilities 4,116 2,005
Total liabilities 231,991 196,927
Total shareholders' equity 156,695 154,561
Non-controlling interests 9,690 14,453
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $398,376 $365,941
For more information, please contact:
Francis Kwok Cheong Wan
Senior Vice President
Phone: +86-10-5852-8027
Email: franciswan@funtalk.cn
Bill Zima
ICR Inc. (US)
Phone: +1-203-682-8200
Email: bill.zima@icrinc.com
Source: Funtalk China Holdings Limited
CONTACT: Francis Kwok Cheong Wan, Senior Vice President of Funtalk China
Holdings Limited, +86-10-5852-8027, franciswan@funtalk.cn; or Bill Zima of ICR
Inc., +1-203-682-8200, bill.zima@icrinc.com, for Funtalk China Holdings
Limited