CLEVELAND, Aug. 1 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. , a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced that it will host a conference call to discuss second quarter and first-half operating results at 4:30 p.m. ET on Wednesday, August 8, 2007.
To participate via phone, participants are asked to dial 412-858-4600 a few minutes before 4:30 p.m. ET. The conference call will also be available via live web cast on DATATRAK International, Inc.'s web site by clicking the button labeled "Click here for Live Web Cast, 2nd Quarter Earnings Call" on the Company's homepage at http://www.datatrak.net/ a few minutes before 4:30 p.m. ET.
A replay of the phone call and web cast will each be available at approximately 6:30 p.m. ET on August 8, 2007 and will run until 9:00 a.m. ET on August 17, 2007. The phone replay can be accessed by dialing 412-317-0088 (access code 408856). To access the web cast replay go to the Company's homepage at http://www.datatrak.net/ and click the button labeled "Click here for Replay of Web Cast, 2nd Quarter Earnings Call."
DATATRAK International, Inc. is a worldwide technology company focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. The Company delivers a complete portfolio of software products that were created in order to accelerate clinical research data from investigative sites to clinical trial sponsors and ultimately the FDA, faster and more efficiently than manual methods or loosely integrated technologies. DATATRAK's eClinical software suite can be deployed worldwide through an ASP offering or in a licensed Enterprise Transfer model that fully empowers its clients. The DATATRAK software suite and its earlier versions have successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 59 countries. DATATRAK International, Inc.'s product suite has been utilized in some aspect of the clinical development of 17 drugs and devices that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in Cleveland, Ohio, Bonn, Germany, and Bryan, Texas. Its common stock is listed on the NASDAQ Stock Market under the ticker symbol "DATA". Visit the DATATRAK International, Inc. web site at http://www.datatrak.net/.
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. Factors that may cause actual results to differ materially from those in the forward-looking statements include the limited operating history on which the Company's performance can be evaluated; the ability of the Company to continue to enhance its software products to meet customer and market needs; fluctuations in the Company's quarterly results; the viability of the Company's business strategy and its early stage of development; the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; the Company's dependence on major customers; government regulation associated with clinical trials and the approval of new drugs; the ability of the Company to compete in the emerging EDC market; losses that potentially could be incurred from breaches of contracts or loss of customer data; the inability to protect intellectual property rights or the infringement upon other's intellectual property rights; the Company's success in integrating its recent acquisition's operations into its own operations and the costs associated with maintaining and/or developing two product suites; and general economic conditions such as the rate of employment, inflation, interest rates and the condition of capital markets. This list of factors is not all inclusive. In addition, the Company's success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry. The Company undertakes no obligation to update publicly or revise any forward-looking statement.DATATRAK International, Inc.
CONTACT: Jeffrey A. Green, Pharm.D., FCP, President and Chief Executive
Officer, +1-440-443-0082 x112, or Terry C. Black, Chief Financial Officer,
+1-440-443-0082 x110, both of DATATRAK International, Inc.; or Neal Feagans,
Investor Relations of Feagans Consulting, Inc., +1-303-449-1184
Web site: http://www.datatrak.net/
PLANO, Texas, Aug. 1 /PRNewswire-FirstCall/ -- EDS today reported second quarter 2007 adjusted net income of $143 million, or 27 cents per diluted share, versus second quarter 2006 adjusted net income of $107 million, or 20 cents per diluted share. See "GAAP Reconciliation" below for reported net income and earnings per share for second quarter 2007 and 2006.
Second quarter revenue increased 5 percent to $5.45 billion from $5.19 billion in the year-ago quarter(1). Second quarter revenue increased 1 percent on an organic basis, which excludes the impact of currency fluctuations, acquisitions and divestitures.
"EDS continued to make significant operational progress in the second quarter," said Mike Jordan, chairman and chief executive officer. "Earnings and revenues were solid and keep us on pace to achieve our full-year guidance. We improved our competitiveness by building on our capabilities in applications services, deploying our Global Services Network and continuing to drive leverage, standardization and quality in our global delivery system."
Jordan indicated that, as a result of the capital requirements of new business transitions and intensified investment in upgrading and automating facilities, EDS' full-year 2007 free cash flow will now most likely be in the range of $900 million to $1 billion.
EDS signed $4.3 billion in contracts in the second quarter of 2007 versus $5.4 billion in the year-ago quarter. EDS signed six deals in the second quarter of 2007 with contract values greater than $100 million with clients in the communications, government, financial services and consumer goods industries - including an eight-year, approximately $1 billion applications and IT services contract with Germany-based KarstadtQuelle AG, Europe's leading retail and tourism group.
"EDS is increasingly well positioned in the marketplace. Our sales pipeline is strong, especially in applications services, a priority growth area for the company, and we are winning an increasing percentage of new logos," said President and Chief Operating Officer Ron Rittenmeyer, who will become president and chief executive officer, effective September 1.
"At the same time, we are intensifying our current change management programs to further build out our applications business and capabilities, while achieving incremental, productivity-related savings," said Rittenmeyer.
"In applications, we will continue to expand our presence - both organically and through targeted acquisitions - in areas such as SAP and industry-related applications. To drive increased productivity and competitiveness, we will also continue to aggressively deploy offshore programming and delivery resources," said Rittenmeyer.
"The company's accelerated cost-reduction program should result in additional long-term margin expansion," said Rittenmeyer. "However, even with these investments and productivity-related initiatives, we expect to produce 2008 free cash flow in line with 2006 and 2007 full-year totals."
Second quarter 2007 operating margin was 4.3 percent on an adjusted basis versus 2.9 percent in the year-ago quarter (see GAAP Reconciliation below).
Free cash flow was $156 million in the second quarter of 2007 versus $362 million for the year-ago period, when EDS benefited from two large one-time client payments (See discussion of free cash flow under "Non-GAAP Financial Measures" below).
Reported second quarter 2007 net income was $138 million, or 26 cents per diluted share, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), versus net income of $104 million, or 20 cents per diluted share, in the prior year's second quarter. Second quarter 2007 adjusted net income excludes net after-tax losses associated with discontinued operations of $6 million and pre-tax reversal of $1 million of previously recognized restructuring expenses. Second quarter 2006 adjusted net income excluded net after-tax losses associated with discontinued operations of $5 million and pre-tax reversal of $4 million of previously recognized restructuring expenses (net 0 cents per share). A statement reconciling GAAP and adjusted results follows this release.
Second Quarter Results by Segment -- Americas: Second quarter revenue was $2.57 billion, down 2 percent compared to the prior-year period. Operating profit was $374 million, down 8 percent from $408 million in the prior-year period. Adjusting for a large contract termination that was previously disclosed, segment revenue would have increased by 2 percent, and operating profit would have increased by 5 percent. -- EMEA: Second quarter revenue was $1.63 billion, up 1 percent compared to the prior-year period, and up 6 percent on an organic basis. Operating profit was $243 million, up 10 percent from $221 million in the prior-year period. -- Asia-Pacific: Second quarter revenue was $445 million, up 26 percent compared to the prior-year period, primarily due to MphasiS revenues. Operating profit was $31 million, down 16 percent from $37 million in the prior-year period. -- U.S. Government: Second quarter revenue was $620 million, up 10 percent compared to the prior-year period. Operating profit was $127 million, up 110 percent from $61 million in the prior-year period.
All segment comparisons are at constant currency and exclude corporate expenses.
2007 Updated Guidance -- Reaffirm prior revenue guidance of $22.0 billion to $22.5 billion. -- Reaffirm adjusted EPS of $1.55 to $1.60 (see discussion of adjusted EPS under Non-GAAP Financial Measures below). -- Adjust free cash flow guidance to a range of $900 million to $1 billion. -- Adjust total contract value guidance from $23 billion-plus to approximately $23 billion. For the third quarter of 2007, EDS currently expects: -- Revenue of $5.6 billion to $5.8 billion. -- Adjusted EPS of $0.37 to $0.43 (see discussion of adjusted EPS under -- Non-GAAP Financial Measures below). Conference Call
EDS' earnings conference call will be broadcast live on the Internet today at 4:00 p.m. Central time (5:00 p.m. Eastern). To access the call and view related financial information, go to http://www.eds.com/call. The call and financial information will be archived for 30 days at http://www.eds.com/call.
EDS is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. Learn more at eds.com.
(1) Excludes discontinued operations for all periods presented.
Statements in this press release that are not historical statements, including statements regarding forecasted revenue, EPS, free cash flow, and total contract value (TCV) of new contract signings, are forward-looking statements within the meaning of the Federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These include, but are not limited to, the performance of current and future client contracts in accordance with our cost, revenue and cash flow estimates, including our ability to achieve any operational efficiencies in our estimates; for contracts with U.S. Federal government clients, including our NMCI contract, the government's ability to cancel the contract or impose additional terms and conditions due to changes in government funding, deployment schedules, military action or otherwise; our ability to access the capital markets, including our ability to obtain capital leases, surety bonds and letters of credit; the impact of rating agency actions on our ability to access capital and our cost of capital; the impact of third-party benchmarking provisions in certain client contracts; the impact on a historical and prospective basis of accounting rules and pronouncements; the impact of claims, litigation and governmental investigations; the success of our cost-cutting initiatives and the timing and amount of any resulting benefits; the impact of acquisitions and divestitures; a reduction in the carrying value of our assets; the impact of a bankruptcy or financial difficulty of a significant client on the financial and other terms of our agreements with that client; with respect to the funding of pension plan obligations, the performance of our investments relative to our assumed rate of return; changes in tax laws and interpretations and failure to obtain treaty relief from double taxation; failure to obtain or protect intellectual property rights; fluctuations in foreign currency, exchange rates and interest rates; the impact of competition on pricing, revenues and margins; and the degree to which third parties continue to outsource IT and business processes. We disclaim 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 may be required by law.
Non-GAAP Financial Measures
In addition to GAAP results, EDS discloses the non-GAAP measures of adjusted net income, adjusted earnings per share (EPS) and free cash flow.
Adjusted net income and adjusted earnings per share exclude the impact of certain amounts, specifically earnings/losses from discontinued operations net of taxes, gains and losses from divestitures, reversals of previously recognized restructuring expense, and other identified items that management believes are not reflective of EDS' core operating business. Such amounts may have a material impact on EDS' net income and earnings per share. Refer to the Reconciliation of GAAP Results to Adjusted Results below for a reconciliation of GAAP results to adjusted results for the three and six months ended June 30, 2007 and 2006.
EDS defines free cash flow as net cash provided by operating activities, less capital expenditures. Capital expenditures is the sum of (i) net cash used in investing activities, excluding proceeds from sales of marketable securities, proceeds related to divested assets and non-marketable equity investments, payments for acquisitions, net of cash acquired, and non- marketable equity investments, and payments for purchases of marketable securities, and (ii) payments on capital leases. Free cash flow excludes items that are actual expenses that impact cash available to EDS for other uses and should not be considered a measure of liquidity or an alternative to the cash flow measurements required by GAAP, such as net cash provided by operating activities or net increase/decrease in cash and cash equivalents. Refer to the Reconciliation of Free Cash Flow to Net Change in Cash and Cash Equivalents below for a reconciliation of free cash flow to the net decrease in cash and cash equivalents for the six months ended June 30, 2007 and 2006.
EDS may not define adjusted net income, adjusted earnings per share or free cash flow in the same manner as other companies and, accordingly, the amounts reported by EDS for such measures may not be comparable to similarly titled measures reported by other companies.
Non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. To gain a complete picture of EDS' performance, management does (and investors should) rely on EDS' GAAP financial statements.
Contact: Travis Jacobsen, Media Relations, +1-972-797-8751, or firstname.lastname@example.org, or Roxane Barry, Investor Relations, +1-972-605-6420, or email@example.com.
ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES SUMMARY OF RESULTS OF OPERATIONS (in millions, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Revenues(1)(2) $5,449 $5,194 $10,673 $10,272 Costs and expenses Cost of revenues 4,730 4,567 9,253 9,118 Selling, general and administrative 486 476 922 926 Other operating (income) expense (1) (4) (1) (5) Total costs and expenses, net 5,215 5,039 10,174 10,039 Operating income 234 155 499 233 Interest expense (56) (63) (113) (123) Interest income and other, net 24 37 74 75 Other income (expense), net (32) (26) (39) (48) Income from continuing operations before income taxes 202 129 460 185 Provision for income taxes 58 20 151 43 Income from continuing operations 144 109 309 142 Loss from discontinued operations, net of income taxes(3) (6) (5) (7) (14) Net income(4) $138 $104 $302 $128 Basic earnings per share Income from continuing operations $0.28 $0.21 $0.60 $0.28 Loss from discontinued operations (0.01) (0.01) (0.01) (0.03) Net income $0.27 $0.20 $0.59 $0.25 Diluted earnings per share Income from continuing operations $0.27 $0.21 $0.58 $0.27 Loss from discontinued operations (0.01) (0.01) (0.01) (0.03) Net income(4) $0.26 $0.20 $0.57 $0.24 Weighted-average shares outstanding Basic earnings per share 510 518 512 520 Diluted earnings per share 541 528 543 531 Cash dividends per share $0.05 $0.05 $0.10 $0.10
Refer to the following page for accompanying notes to the summary of results of operations.
ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES NOTES TO THE SUMMARY OF RESULTS OF OPERATIONS
(1) Revenues for the six months ended June 30, 2007 includes approximately $100 million of a $225 million payment received from Verizon in the first quarter of 2007 related to the termination of the Company's IT services contract with Verizon. The residual $125 million of the $225 million payment was deferred and is expected to be recognized in the third quarter of 2007 when certain contingencies associated with the payment are expected to be resolved.
(2) Revenues for the six months ended June 30, 2006 include product revenue for dedicated equipment of approximately $116 million related to a modification of the Company's contract with the Department of Navy, which includes the U.S. Navy and Marine Corps.
(3) Discontinued operations is comprised primarily of the net results of A.T. Kearney which was sold in January 2006 and the maintenance, repair and operations (MRO) management services business which was sold in March 2007. Discontinued operations also includes gains and losses related to the settlement of contingencies associated with sales of certain businesses classified as discontinued operations in prior years.
(4) Adjusted net income was $143 million, or $0.27 per diluted share, for the three months ended June 30, 2007, compared with $107 million, or $0.20 per diluted share, for the three months ended June 30, 2006. Refer to "Non-GAAP Financial Measures" for a definition of adjusted net income and adjusted earnings per share, and "Reconciliation of GAAP Earnings to Adjusted Earnings" for a reconciliation of net income and diluted earnings per share to adjusted net income and diluted earnings per share.
ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS (in millions) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Net income $138 $104 $302 $128 Adjusting items, pre-tax: Restructuring reversal (1) (4) (1) (4) Net gain on divestitures - - - (1) Tax effect of adjusting items - 2 - 3 Adjusting items, net of income taxes (1) (2) (1) (2) Loss from discontinued operations 6 5 7 14 Adjusted net income $143 $107 $308 $140 Diluted earnings per share Net income $0.26 $0.20 $0.57 $0.24 Adjusting items - (0.01) - (0.01) Loss from discontinued operations 0.01 0.01 0.01 0.03 Adjusted net income $0.27 $0.20 $0.58 $0.26 ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED BALANCE SHEETS (in millions) June December 30, 31, 2007 2006 ASSETS Current Assets Cash and cash equivalents $2,881 $2,972 Marketable securities 45 45 Accounts receivable, net 3,874 3,647 Prepaids and other 859 866 Deferred income taxes 630 727 Total current assets 8,289 8,257 Property and equipment, net 2,338 2,179 Deferred contract costs, net 930 807 Investments and other assets 694 636 Goodwill 4,531 4,365 Other intangible assets, net 791 749 Deferred income taxes 891 961 Total assets $18,464 $17,954 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $874 $677 Accrued liabilities 2,510 2,689 Deferred revenue 1,716 1,669 Income taxes 42 72 Current portion of long-term debt 136 127 Total current liabilities 5,278 5,234 Pension benefit liability 1,549 1,404 Long-term debt, less current portion 2,966 2,965 Minority interests and other long-term liabilities 456 455 Shareholders' equity 8,215 7,896 Total liabilities and shareholders' equity $18,464 $17,954 ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES SUMMARY OF CONSOLIDATED CASH FLOWS (in millions) Six Months Ended June 30, 2007 2006 Net cash provided by operating activities(1) $753 $840 Cash Flows from Investing Activities Proceeds from sales of marketable securities - 1,431 Proceeds from investments and other assets 61 171 Net proceeds (payments) from divested assets and non-marketable equity securities 53 (11) Payments for purchases of property and equipment (367) (327) Payments for investments and other assets - (35) Payments for acquisitions, net of cash acquired, and non-marketable equity securities (43) (349) Payments for purchases of software and other intangibles (230) (267) Payments for purchases of marketable securities (2) (1,193) Other 8 12 Net cash used in investing activities (520) (568) Cash Flows from Financing Activities Proceeds from long-term debt 5 - Payments on long-term debt (10) (10) Capital lease payments (77) (70) Purchase of treasury stock (334) (455) Employee stock transactions 129 175 Dividends paid (51) (52) Other 7 14 Net cash used in financing activities (331) (398) Effect of exchange rate changes on cash and cash equivalents 7 1 Net decrease in cash and cash equivalents (91) (125) Cash and cash equivalents at beginning of period 2,972 1,899 Cash and cash equivalents at end of period $2,881 $1,774
(1) Depreciation and amortization and deferred cost charges were $685 million and $647 million for the six months ended June 30, 2007 and 2006, respectively.
ELECTRONIC DATA SYSTEMS CORPORATION AND SUBSIDIARIES RECONCILIATION OF FREE CASH FLOW TO NET CHANGE IN CASH AND CASH EQUIVALENTS (in millions) Six Months Ended June 30, 2007 2006 Net cash provided by operating activities $753 $840 Capital expenditures: Proceeds from investments and other assets 61 171 Payments for purchases of property and equipment (367) (327) Payments for investments and other assets - (35) Payments for purchases of software and other intangibles (230) (267) Other investing activities 8 12 Capital lease payments (77) (70) Total net capital expenditures (605) (516) Free cash flow 148 324 Other investing and financing activities: Proceeds from sales of marketable securities - 1,431 Net proceeds (payments) from divested assets and non-marketable equity securities 53 (11) Payments for acquisitions, net of cash acquired, and non-marketable equity securities (43) (349) Payments for purchases of marketable securities (2) (1,193) Proceeds from long-term debt 5 - Payments on long-term debt (10) (10) Purchase of treasury stock (334) (455) Employee stock transactions 129 175 Dividends paid (51) (52) Other financing activities 7 14 Effect of exchange rate changes on cash and cash equivalents 7 1 Net decrease in cash and cash equivalents $(91) $(125)Electronic Data Systems Corporation
CONTACT: Travis Jacobsen, Media Relations, +1-972-797-8751, or
firstname.lastname@example.org, or Roxane Barry, Investor Relations, +1-972-605-6420,
Web site: http://www.eds.com/
CHERRY HILL, N.J., Aug. 1 /PRNewswire-FirstCall/ -- inTEST Corporation , an independent designer, manufacturer and marketer of semiconductor automatic test equipment (ATE) interface solutions and temperature management products, today announced results for the quarter ended June 30, 2007.
Net revenues for the quarter ended June 30, 2007 were $12.1 million, compared to $12.1 million in the first quarter of 2007. The net loss for the second quarter of 2007 was $(1.1) million or $(0.12) per diluted share, compared to a net loss of $(1.2) million or $(0.13) per diluted share for the first quarter of 2007.
Robert E. Matthiessen, President and Chief Executive Officer of inTEST commented, "Second quarter revenues were sequentially flat, resulting in our operating loss which declined compared with the first quarter of 2007 due to an improved gross margin. Our bookings increased in the second quarter of 2007 to $13.8 million, compared to $12.6 million in the first quarter of 2007. Although we cannot be certain when the present business downturn will end and growth will resume, we have now experienced two consecutive quarters of increased bookings. We continue to explore methods to reduce our operating expense structure while we work on development of new products and concentrate on our long-term growth strategy."
Hugh T. Regan, Jr., Treasurer and Chief Financial Officer of inTEST said, "We are disappointed to post a loss in the quarter given the significant costs we previously took out of the business. Based upon customer forecasts, we believe our business will start to resume sequential growth as we move through the second half of the year. The actions we have taken early in the third quarter of 2007 to reduce our operating expense structure include reductions in several areas such as travel spending, the use of third-party consultants and certain patent development costs. We expect that the benefits of these targeted expense reductions will be reflected in future periods."
Investor Conference Call / Webcast Details
inTEST will review second quarter 2007 results today, Wednesday, August 1, 2007 at 5:00 p.m. EDT. The conference call will be available at http://www.intest.com/ and by telephone at (201) 689-8560 or toll free at (877) 407-0784. A replay of the call will be available 2 hours following the call through 11:59 p.m. EDT on Wednesday, August 8, 2007 at http://www.intest.com/ and by telephone at (201) 612-7415 or toll free at (877) 660-6853. The account number to access the replay is 3055 and the conference ID number is 248240. A transcript of the conference call will be filed as an exhibit to a Current Report on Form 8-K as soon as practicable after the conference call is completed.
About inTEST Corporation
inTEST Corporation is an independent designer, manufacturer and marketer of ATE interface solutions and temperature management products, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. The Company's high-performance products are designed to enable semiconductor manufacturers to improve the speed, reliability, efficiency and profitability of IC test processes. Specific products include positioner and docking hardware products, temperature management systems and customized interface solutions. The Company has established strong relationships with semiconductor manufacturers globally, which it supports through a network of local offices. For more information visit http://www.intest.com/.
Hugh T. Regan, Jr., Treasurer and Chief Financial Officer, inTEST Corporation, 856-424-6886, ext 201.
David Pasquale, 646-536-7006 or Joseph Villalta, 646-536-7003 Both of The Ruth Group, http://www.theruthgroup.com/
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not convey historical information, but relate to predicted or potential future events that are based upon management's current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, changes in business conditions and the economy, generally; changes in the demand for semiconductors, generally; changes in the rates of, and timing of, capital expenditures by semiconductor manufacturers; progress of product development programs; increases in raw material and fabrication costs associated with our products; implementation of additional restructuring initiatives; costs associated with compliance with Sarbanes Oxley and other risk factors set forth from time to time in our SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
SELECTED FINANCIAL DATA (Unaudited) (In thousands, except per share data) Condensed Consolidated Statements of Operations Data: Three Months Ended Six Months Ended 06/30/ 06/30/ 03/31/ 06/30/ 06/30/ 2007 2006 2007 2007 2006 Net revenues $12,062 $18,889 $12,118 $24,180 $32,621 Gross margin 4,612 8,397 4,419 9,031 14,245 Operating expenses: Selling expense 2,283 2,593 2,174 4,457 4,722 Engineering and product development expense 1,394 1,290 1,404 2,798 2,726 General and administrative expense 2,061 2,172 2,150 4,211 4,126 Operating income (loss) (1,126) 2,342 (1,309) (2,435) 2,671 Other income 126 88 121 247 144 Earnings (loss) before income taxes (1,000) 2,430 (1,188) (2,188) 2,815 Income tax expense 86 488 33 119 533 Net earnings (loss) (1,086) 1,942 (1,221) (2,307) 2,282 Net earnings (loss) per share - basic $(0.12) $0.22 $(0.13) $(0.25) $0.25 Weighted average shares outstanding - basic 9,194 9,015 9,179 9,186 9,003 Net earnings (loss) per share - diluted $(0.12) $0.21 $(0.13) $(0.25) $0.25 Weighted average shares outstanding - diluted 9,194 9,124 9,179 9,186 9,096 Condensed Consolidated Balance Sheets Data: As of: 06/30/2007 03/31/2007 12/31/2006 Cash and cash equivalents $10,567 $12,434 $13,174 Trade accounts and notes receivable, net 7,643 7,255 8,678 Inventories 6,686 6,755 6,193 Total current assets 25,399 27,197 28,803 Net property and equipment 2,898 3,107 3,328 Total assets 31,945 33,976 35,759 Accounts payable 2,430 3,134 3,145 Accrued expenses 3,812 3,995 4,169 Total current liabilities 6,646 7,652 8,410 Noncurrent liabilities 464 495 527 Total stockholders' equity 24,835 25,829 26,822inTEST Corporation
CONTACT: Hugh T. Regan, Jr., Treasurer and Chief Financial Officer, of
inTEST Corporation, +1-856-424-6886, ext 201; or David Pasquale,
+1-646-536-7006, or Joseph Villalta, +1-646-536-7003, both of The Ruth Group,
for inTEST Corporation, http://www.theruthgroup.com/
Web site: http://www.intest.com/
LOS ANGELES and FT. LAUDERDALE, FL, Aug. 1 /PRNewswire-FirstCall/ -- j2 Global Communications, Inc. , the provider of outsourced, value-added messaging and communication services, and Hostopia.com Inc. (TSX:H), a leading provider of web services that enable small- and medium-sized businesses to establish and maintain an Internet presence, today announced that they have entered into a patent license agreement. Under the agreement Hostopia receives a non-exclusive, worldwide license to j2 Global's digital fax patent portfolio in exchange for an upfront payment plus ongoing quarterly royalty payments. The patent license agreement has a 10 year term, which may be renewed thereafter.
"j2 Global licenses its patents to leading companies worldwide. We are especially delighted to add Hostopia as a licensee because they have a demonstrated ability to successfully sell IP-based business solutions on a large scale basis to telecommunications and Internet service providers," said Jeffrey D. Adelman, Vice President and General Counsel of j2 Global. "This agreement is a great opportunity to expand the market for digital faxing services by delivering these patented solutions into the hands of a leading service provider."
"Hostopia seeks to provide communications providers with the means to offer their small business customers a high-performance fax-to-email service," said Hostopia CEO & COO Colin Campbell. "In order to deliver a superior service we sought out the global leader in patented digital faxing technology and formed an agreement that we believe will enable us to compete on a superior footing with respect to features and price while giving our service provider customers the intellectual property assurances they need to offer these services."
About j2 Global Communications
Founded in 1995, j2 Global Communications, Inc. provides outsourced, value-added messaging and communications services to individuals and businesses around the world. j2 Global's network spans greater than 2,800 cities in 40 countries on five continents. The Company offers faxing and voicemail solutions, document management solutions, Web-initiated conference calling, and unified-messaging and communications services. j2 Global markets its services principally under the brand names eFax(R), j2(R), jConnect(R), JFAX(TM), eFax Corporate(R), Onebox(R), Electric Mail(R), jBlast(R), eFax Broadcast(TM), eVoice(R), PaperMaster(R), Consensus(TM), M4 Internet(R) and Protofax(R). As of December 31, 2006, j2 Global had achieved 11 consecutive fiscal years of revenue growth and 5 consecutive fiscal years of positive and growing operating earnings. For more information about j2 Global, please visit http://www.j2global.com/.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are "forward-looking statements" within the meaning of The Private Securities Litigation Act of 1995. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: Subscriber growth and retention; protection of the Company's proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments surrounding unified messaging and telecommunications, including but not limited to the imposition of additional taxation or regulatory-related fees; and the numerous other factors set forth in j2 Global's filings with the Securities and Exchange Commission ("SEC"). For a more detailed description of the risk factors and uncertainties affecting j2 Global, refer to the 2006 Annual Report on Form 10-K filed by j2 Global on March 12, 2007, and the other reports filed by j2 Global from time-to-time with the SEC, each of which is available at http://www.sec.gov/.
Hostopia is a leading provider of web services that enable small- and medium-sized businesses to establish and maintain an Internet presence. The company's customers are communication services providers, including telecommunication carriers, cable companies, internet service providers, domain registrars, and web hosting service providers. Hostopia's customers purchase their web services on a wholesale basis and resell these services under their own brands to small- and medium-sized businesses. The company provides customers with the technology, infrastructure, and support services to enable them to offer web services, while saving them research and development as well as capital and operating costs typically associated with the design, development, and delivery of web services.
This press release includes certain "forward-looking statements" and forward-looking information that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. These forward-looking statements and forward-looking information include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. Our actual results could differ materially from those anticipated in these forward-looking statements and forward-looking information upon completion of the review of our year end results by our independent registered public accounting firm. These statements are based on our current beliefs or expectations and there are a number of important factors that could cause the actual results or outcomes to differ materially from those indicated by these forward-looking statements, including without limitation, our ability to maintain our sales efficiency, our ability to maintain our existing, and develop new, strategic relationships, the number of our net subscriber additions, our monthly customer turnover and our ability to successfully integrate recently acquired businesses and operations and those risks set forth or referenced under the caption "Risk Factors" in Hostopia's Annual Report on Form 10-K for the year ended March 31, 2007, as filed with the Securities and Exchange Commission. These filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov/ and on our corporate website http://www.hostopia.com/ under Investor Relations.Hostopia.com Inc.
CONTACT: j2 Global Contacts: j2 Global Communications, Inc., Jeff
Adelman, (323) 372-3617, email@example.com; or Comm Strategies, Kari Garcia,
(949) 459-9696, ext. 244, firstname.lastname@example.org; or Hostopia Contacts:
Hostopia.com Inc., Paul D. Engels, Chief Marketing Officer & Exec., Vice
President, (905) 671-7204, email@example.com; or Gordie Campbell,
Investor Relations, (877) 444-4116, firstname.lastname@example.org
MANKATO, Minn., Aug. 1 /PRNewswire-FirstCall/ --
FlashResults Winland Electronics, Inc. (Numbers in Thousands, Except Per Share Data) 2nd quarter ended 2nd quarter ended 6/30/2007 YTD 6/30/2006 YTD Sales $8,099 $17,398 $10,725 $18,924 Net Income $(491) $(757) $291 $602 Average Shares 3,601 3,601 3,670 3,660 EPS $(.14) $(.21) $.08 $.16
Winland Electronics, Inc. , a leading designer and manufacturer of custom electronic control products and systems, today announced financial results for the second quarter ended June 30, 2007.
Revenues for the second quarter were $8.1 million, a decrease of 24.5% compared to the $10.7 million reported for the second quarter of fiscal 2006. The decrease was due to a 28.0% decrease in sales to original equipment manufacturing (OEM) customers. As of June 30, the Company's OEM customers have given the Company purchase orders with an aggregate value of $16.8 million for delivery during the remainder of 2007 and early 2008. The Company expects to receive additional orders from current OEM customers for future production.
Gross profit for the second quarter was $878,000, or 10.8% of sales, down from the $1.6 million or 14.9% of sales for the second quarter last year. Decreased gross profits were the result of a decline in net sales as well as increases in inventory obsolescence expense of $387,000 offset in part by decreased warranty expense of $345,000, direct personnel costs of $173,000 and raw component cost savings of $82,000. For the quarter, the Company disposed of $205,000 of obsolete inventory while increasing the obsolescence reserve by $280,000 recognizing a total of $485,000 obsolete inventory expense compared to an expense of $98,000 for the same period in 2006.
The Company's operating expenses increased 39.1% to $1.6 million in the second quarter compared to $1.1 million for the second quarter last year. Included in the increase was a 15.9% increase in general and administrative expenses, a 7.9% increase in sales and marketing expenses and a 259.3% increase in research and development spending, directly related to initiatives designed to accelerate growth and market acceptance of the Company's proprietary line of products. Management completed a review of operating expenses during the quarter, and based on revenue expectations for the balance of the year, decided to eliminate the Company's night shift, reducing the associated production expenses.
The Company reported a loss from operations of $691,000 compared to income from operations of $474,000 for the second quarter last year. The Company reported a net loss of $491,000, or $0.14 per basic and fully diluted share (based on 3.6 million fully diluted shares), compared to net income of $291,000, or $0.08 per basic and fully diluted share (based on 3.7 million fully diluted shares) for the second quarter last year.
Lorin Krueger, Winland's Chief Executive Officer, commented, "We remain focused on taking the necessary transition steps to expand the contribution from our proprietary products, and continue to make appropriate and necessary investments in research and development as well as sales and marketing to make this goal a reality. We remain confident in our ability to grow our proprietary sensor business, based on the expanding distribution network and market response to our EA-200 and 400 critical environment monitors, but we believe it could take several quarters for these positive indicators to result in increased revenues. We currently are facing a challenging competitive environment and operational adjustments in our core EMS business, depressing margins. However, we saw an improvement in the flow of orders late in the quarter, providing increased optimism for stability going forward. We have turned our attention going forward to the growth initiatives that will build Winland into a stronger company and chart us to profitability."
For the first six months of fiscal 2007, net sales decreased 8.1% to $17.4 million from $18.9 million for the first six months of fiscal 2006. Gross profit was $2.1 million, or 12.0% gross profit margin, compared to gross profit of $3.3 million, or 17.2% gross profit margins for the first half of fiscal 2006. Total operating expenses were $3.1 million, up 36.5% compared to $2.3 million last year due in large part to a 234.2% increase in research and development expense related to investments in the Company's proprietary line of products as previously noted. The Company's operating loss was $1.0 million compared to income from operations of $980,000 last year. The net loss was $757,000, or $0.21 per basic and fully diluted share (based on 3.6 million fully diluted shares) compared to net income of $602,000, or $0.17 per basic and $0.16 per fully diluted share (based on 3.7 million fully diluted shares) for the first half of last year.
Stockholders' equity decreased 5.8% to $9.8 million as of June 30, 2007 from $10.4 million at December 31, 2006. The Company completed the first quarter with $6.0 million in working capital, a current ratio of 2.1 to 1 and cash of $265,000. On June 29, 2007, the Company renewed its Revolving Credit Agreement with the M&I Bank of Minneapolis with an expiration date of June 30, 2008, if not renewed. The terms and covenants contained in the renewal did not change. The Company had $1.9 million outstanding on the revolving line-of- credit at June 30, 2007, essentially unchanged compared to December 31, 2006.
Management will conduct a conference call to discuss its financial results today at 4:30 p.m. ET. Interested parties may access the call by calling 866- 328-4270 from within the United States, or 480-629-9562 if calling internationally, approximately five minutes prior to the start of the call. A replay will be available through August 8, 2007 and can be accessed by dialing 800-406-7325 (U.S.), 303-590-3030 (Int'l), passcode 3762177. This call is being web cast by ViaVid Broadcasting and can be accessed at Winland Electronics' website at http://www.winland.com/. The web cast may also be accessed at ViaVid's website at http://www.viavid.net/. The web cast can be accessed until September 1, 2007 on either site. To access the web cast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp.
About Winland Electronics
Winland Electronics is an electronic manufacturing services (EMS) company, providing product development and manufacturing expertise and innovation for more than 20 years. Winland also markets proprietary products for the security/industrial marketplace. Winland's product development offering includes program management, analog circuit design, digital circuit design, printed circuit board design and embedded software design. Winland differentiates itself from the contract manufacturer competition with its integrated product development and manufacturing services to offer end-to-end product launch capability, including design for manufacturability, design for testability, transition to manufacturing and order fulfillment. Winland's core competency is delivering time-to-market through program management, experience, integrated development processes, and cross-functional teams. Winland Electronics is based in Mankato, Minnesota.
Certain statements contained in this press release and other written and oral statements made from time to time by the company do not relate strictly to historical or current facts. As such, they are considered forward-looking statements, which provide current expectations or forecasts of future events. The statements included in this release with respect to the following matters are forward looking statements: (i) receiving additional orders from current OEM customers, (ii) initiatives designed to accelerate growth and market acceptance, (iii) expand the contribution from our proprietary products, and continue to make appropriate and necessary investments in research and development, and (iv) increased optimism for stability going forward. These statements involve a variety of risks and uncertainties, known and unknown, including, among others, the risks that (i) we will not receive the additional orders we expect from our OEM customers, (ii) customers may cease to do business with the Company or demand pricing that reduces the Company's profitability as a condition to retaining the business; (iii) unanticipated problems in design, manufacture or performance of our proprietary products will arise; (iv) costs of production will exceed current estimates; and (v) we will not be able to remain profitable while reducing our margins to the extent required by the market at the same time. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.
CONTACT: Lorin E. Krueger Chief Executive Officer (507) 625-7231 Brett Maas or Cameron Donahue Hayden Communications (651) 653-1854 -Tables Follow- WINLAND ELECTRONICS, INC. CONDENSED BALANCE SHEETS (In Thousands of Dollars) ASSETS June 30, 2007 December 31, 2006 (Unaudited) Current Assets Cash $265 $51 Accounts receivable, net 3,591 5,165 Refundable Income taxes 560 237 Inventories Raw materials 5,164 4,881 Work in process 294 327 Finished goods 1,242 1,976 Allowance for obsolete inventory (551) (190) Total inventories 6,149 6,994 Prepaid expenses 479 360 Deferred income taxes 296 278 Total current assets 11,340 13,085 Other Assets 3 3 Property and Equipment, at cost: Land and land improvements 383 383 Building 3,052 3,048 Machinery and equipment 6,997 6,863 Data processing equipment 1,235 1,003 Office furniture and equipment 481 457 Total property and equipment 12,148 11,754 Less accumulated depreciation (6,414) (5,975) Net property and equipment 5,734 5,779 Total assets $17,077 $18,867 WINLAND ELECTRONICS, INC. CONDENSED BALANCE SHEETS (In Thousands of Dollars) LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2007 December 31, 2006 (Unaudited) Current Liabilities Revolving line of credit agreement $1,879 $1,924 Current maturities of long-term debt 602 627 Accounts payable 1,967 2,830 Accrued expenses: Compensation 466 673 Allowance for rework and warranty costs 240 126 Other 171 197 Total current liabilities 5,325 6,377 Long Term Liabilities Long-term debt, less current maturities 1,575 1,706 Deferred income taxes 255 255 Deferred revenue 142 146 Total long-term liabilities 1,972 2,107 Stockholders' Equity Common stock 36 36 Additional paid-in capital 4,583 4,429 Retained earnings 5,161 5,918 Total stockholders' equity 9,780 10,383 Total liabilities and stockholders' equity $17,077 $18,867 WINLAND ELECTRONICS, INC. CONDENSED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts) (Unaudited) For the Three Months Ended June 30, 2007 2006 Net sales $8,099 $10,725 Cost of sales 7,221 9,123 Gross profit 878 1,602 Operating expenses: General and administrative 716 618 Sales and marketing 421 390 Research and development 432 120 1,569 1,128 Operating income (loss) (691) 474 Other income (expenses): Interest expense (93) (31) Other income, net 2 (3) (91) (34) Income (loss) before income taxes (782) 440 Income tax benefit (expense) 291 (149) Net income (loss) $(491) $291 Earnings (loss) per common share: Basic $(0.14) $0.08 Diluted $(0.14) $0.08 Weighted-average number of common shares outstanding: Basic 3,600,856 3,563,164 Diluted 3,600,856 3,669,749 WINLAND ELECTRONICS, INC. CONDENSED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts) (Unaudited) For the Six Months Ended June 30, 2007 2006 Net sales $17,398 $18,924 Cost of sales 15,315 15,662 Gross profit 2,083 3,262 Operating expenses: General and administrative 1,375 1,212 Sales and marketing 849 804 Research and development 893 267 3,117 2,283 Operating income (loss) (1,034) 979 Other income (expenses): Interest expense (173) (59) Other income, net 15 6 (158) (53) Income (loss) before income taxes (1,192) 926 Income tax benefit (expense) 435 (324) Net income (loss) $(757) $602 Earnings (loss) per common share: Basic $(0.21) $0.17 Diluted $(0.21) $0.16 Weighted-average number of common shares outstanding: Basic 3,600,603 3,548,819 Diluted 3,600,603 3,660,037Winland Electronics, Inc.
CONTACT: Lorin E. Krueger, Chief Executive Officer of Winland
Electronics, Inc., +1-507-625-7231; or Brett Maas or Cameron Donahue both of
Hayden Communications, +1-651-653-1854, for Winland Electronics, Inc.
Web site: http://www.winland.com/
SAN JOSE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- Atmel(R) Corporation today announced its financial results for the quarter ended June 30, 2007.
Revenues for the second quarter ended June 30, 2007 were $404.2 million, a 3.3% increase compared to the $391.3 million for the first quarter of 2007 and a 5.9% decrease compared to the $429.5 million for the second quarter ended June 30, 2006.
Gross margins for the second quarter of 2007 were 35.0%, slightly lower than the 35.8% reported for the first quarter of 2007 and a 260 basis points improvement over the 32.4% reported for the second quarter of 2006.
Net income for the second quarter of 2007 totaled $0.7 million or $0.00 per diluted share. This compares to net income of $28.9 million or $0.06 per diluted share for the first quarter of 2007 and net income of $8.3 million or $0.02 per diluted share for the second quarter of 2006. Included in the second quarter results are approximately $15 million of charges related to the special shareholder meeting in May 2007 and recently completed stock option backdating and other independent investigations. Net income was substantially reduced by statutory income taxes in our foreign subsidiaries. Stock based compensation expense included in net income totaled $3.3 million this quarter.
The Company's cash, cash equivalents and short-term investments were $476.1 million at June 30, 2007, an increase of $9.4 million from the $466.7 million reported at December 31, 2006, while liabilities (current and long term) decreased $119.3 million to $745.3 million at June 30, 2007, from $864.6 million at December 31, 2006.
In the second quarter of 2007, the Company's effective average exchange rate was approximately $1.35 to the euro, compared to $1.32 to the euro in the first quarter of 2007 and $1.25 to the euro in the second quarter of 2006. A $0.01 change in the dollar/euro exchange rate affects operating income by approximately $1 million each quarter.
Second Quarter 2007 and Recent Highlights -- SEC Compliance Regained, All Delinquent Filings Completed -- Board of Directors Expanded From Six to Eight Members -- Shareholders Vote Overwhelmingly in Support of Current Board in Special Shareholder Meeting -- Atmel Sells Network Storage Products to MoSys Inc. -- Atmel Sells Its Wafer Fabrication Facility Located in Irving, Texas -- Atmel Introduces World's Lowest Power 32-bit Flash MCU -- Atmel Launches Customizable Microcontroller-based SoC Platform -- Atmel Announces WiMAX Transceiver with Low RF Cost -- Atmel's Secure Microcontroller Qualified by FIME for ePassports Applications -- Atmel's Secure Microcontroller Qualified for Korean Banking Industry
"We are pleased to have achieved the upper end of our revenue guidance as Atmel's sales grew in all major geographies and all business units experienced sequential growth, excluding our RF CDMA foundry business," said Steven Laub, Atmel's President and Chief Executive Officer. "We continue to make solid progress transforming Atmel into a company built on high growth and high margin products and plan to implement additional initiatives during the remainder of 2007 to unlock shareholder value."
Third Quarter Business Outlook -- The company anticipates revenues will grow 1% to 3% on a sequential basis Conference Call
Atmel will hold a teleconference at 2:00 p.m. PT today to discuss the second quarter financial results. The conference call will be webcast live and can also be monitored by dialing 1-800-374-0405 or 1-706-634-5185. The conference ID number is 7040190 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 2:00 p.m. PT start time to ensure a timely connection. The webcast can be accessed at http://www.atmel.com/ir/ and will be archived for 12 months.
A replay of the August 1, 2007 conference call will be available today at approximately 5:00 p.m. PT and will run for 48 hours. The replay access numbers are 1-800-642-1687 within the U.S. and 1-706-645-9291 for all other locations. The access code is 7040190.
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about Atmel's restructuring initiatives and third quarter business outlook. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry and/or Company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets, the inability to realize the anticipated benefits of our restructuring plans and other initiatives in a timely manner or at all, unanticipated costs and expenses or the inability to identify expenses which can be eliminated and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2006, filed on June 8, 2007, as amended on June 27, 2007 and our Form 10-Q for the quarter ended March 31, 2007, filed on June 27, 2007.
Contact: Robert Pursel, Director of Investor Relations, (408) 487-2677 Atmel Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30, December 31, 2007 2006 Current assets Cash and cash equivalents $417,809 $410,480 Short-term investments 58,279 56,264 Accounts receivable, net 224,656 227,031 Inventories 361,646 339,799 Other current assets 80,788 118,965 Total current assets 1,143,178 1,152,539 Fixed assets, net 495,408 514,349 Non-current assets held for sale 93,410 123,797 Intangible and other assets, net 23,691 27,854 Total assets $1,755,687 $1,818,539 Current liabilities Current portion of long-term debt $30,332 $38,311 Trade accounts payable 131,641 145,079 Accrued and other liabilities 186,294 231,237 Current liabilities related to assets held for sale 98,479 133,893 Deferred income on shipments to distributors 17,601 18,856 Total current liabilities 464,347 567,376 Long-term debt less current portion 49,117 60,020 Non-current liabilities related to assets held for sale 8,440 313 Other long-term liabilities 223,369 236,936 Total liabilities 745,273 864,645 Stockholders' equity 1,010,414 953,894 Total liabilities and stockholders' equity $1,755,687 $1,818,539 Atmel Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2007 2007 2006 2007 2006 Net revenues $404,247 $391,313 $429,488 $795,560 $830,272 Operating Expenses Cost of revenues 262,605 251,376 290,459 513,981 564,861 Research and development 69,266 67,299 74,560 136,565 142,711 Selling, general and administrative 67,881 58,059 54,266 125,940 99,677 Restructuring and other charges (credits) (2,640) 1,782 -- (858) 151 Total operating expenses 397,112 378,516 419,285 775,628 807,400 Income from operations 7,135 12,797 10,203 19,932 22,872 Interest and other (expenses), net 610 979 (644) 1,589 (7,263) Income before income taxes 7,745 13,776 9,559 21,521 15,609 Income tax benefit (provision) Note(1) (7,067) 15,164 (6,708) 8,097 (13,912) Income from continuing operations 678 28,940 2,851 29,618 1,697 Income from discontinued operations, net of taxes -- -- 5,428 -- 11,290 Net income $678 $28,940 $8,279 $29,618 $12,987 Basic net income per share Income from continuing operations $0.00 $0.06 $0.01 $0.06 $0.00 Income from discontinued operations, net of income taxes -- -- 0.01 -- 0.03 Net income $0.00 $0.06 $0.02 $0.06 $0.03 Weighted-average shares used in basic income per share calculations 488,916 488,842 486,928 488,879 486,252 Diluted net income per share Income from continuing operations $0.00 $0.06 $0.01 $0.06 $0.00 Income from discontinued operations, net of income taxes -- -- 0.01 -- 0.03 Net income $0.00 $0.06 $0.02 $0.06 $0.03 Weighted-average shares used in diluted income per share calculations 494,244 494,198 493,045 494,285 491,981 Note (1) Income tax expense consists primarily of taxes on statutory income in our foreign subsidiaries.Atmel
CONTACT: Robert Pursel, Director of Investor Relations, Atmel,
Web site: http://www.atmel.com/
HONG KONG, Aug. 1 /PRNewswire-FirstCall/ -- Peak International Limited today announced financial results for the first quarter of fiscal year 2008 ended June 30, 2007.
Net sales for the quarter ended June 30, 2007 were $12.0 million compared to $12.1 in the previous quarter and $18.7 million in the comparable quarter of the previous year. Peak recorded a net loss of $2.7 million, or $0.22 per basic and diluted share, for the quarter ended June 30, 2007, compared to a net loss of $2.2 million, or $0.18 per basic and diluted share, in the previous quarter and net income of $0.9 million, or $0.08 per basic and diluted share, in the comparable quarter last year.
Dean Personne, president and chief executive officer of Peak International, said, "Sales for the first quarter of fiscal 2008 were essentially unchanged compared to the previous quarter, indicating the first break in the downward trend of recent quarters. This is an important development as we continue to transform the company. We expect the improvements and operating efficiencies that we have achieved in our manufacturing operations in the past year to set the stage for significant operating leverage as we turn the corner on increasing sales."
Mr. Personne continued, "As the sales initiatives we commenced in recent quarters have become more embedded throughout our U.S.-based and international sales groups, we have a strong sense of optimism as we continue through fiscal year 2008. We believe that the marketing efforts of our partner SaleAMP is better positioning our sales representatives to more opportunistically drive sales in the field. We are pleased with the development of new wafer products by our association with GPI and the launch of our UltraLite(TM) product line is generating positive responses from our customers. We are receiving indications of interest from a number of prospective new customers and we are hopeful to convert those indications to sales in the coming quarters. These new products create additional opportunities for PEAK to become the provider of choice in a number of product lines that fulfill customer needs. Additionally, we believe our recent entry into the medical disposables market will provide diversification in the industries that we serve going forward."
In the U.S. market, Jim Steger, our vice president - disc drives, has been actively meeting with prospective customers as we seek to resume disc caddy sales. We are pleased with the level of interest we are receiving and expect continued positive developments going forward."
Gross profit margin for the quarter ended June 30, 2007 was 5.4% compared to 11.9% in the previous quarter and 25.9% in the comparable quarter of the previous year. Lower net sales in the two most recent quarters versus the comparable quarter last year resulted in a greater proportion of fixed manufacturing overhead being absorbed in cost of goods sold. The lower production level was simply insufficient to cover all of the factory overhead costs. The gross margin for the first quarter of fiscal 2008 also included approximately $0.6 million of unfavorable material cost and usage variances and $0.3 million of finished goods that were scrapped due to obsolescence.
Effective April 1, 2006, Peak adopted Statement of Financial Accounting Standards SFAS No. 123R using the modified prospective method, which requires the expensing of all stock-based compensation. For the quarters ended June 30, 2007 and 2006, the Company reported non-cash, stock-based compensation of $115,000 and $165,000, or $0.01 and $0.01 per share, respectively. At the conclusion of the first quarter of fiscal 2008, the Company had approximately $20 million in cash and cash equivalents and no long-term debt.
Mr. Personne concluded, "Throughout this transitional period the underlying financial condition of Peak International continues to be strong. We maintain a solid cash position, with no long-term debt, and we continue to generate positive cash flow from operating activities. We plan to continue to prudently manage our cash as we work our way toward achieving additional traction on our strategic sales initiatives. Our company is currently valued at less than book value and we believe that does not reflect an appropriate assessment of Peak. We are committed to taking the necessary steps that will enhance value for our loyal shareholders."
Peak will host a conference call to discuss the Company's fiscal 2008 first quarter results on Thursday, August 2, 2007 at 10:00 AM ET. To access the teleconference, please call (888) 413-9033 (domestic) or (706) 679-5076 (international). To listen to the teleconference via the Internet, go to http://investors.peakinternational.com/ and click on the first quarter 2007 teleconference link. A replay of the call will be available at (800) 642-1687 (domestic) or (706) 645-9291 (international), access number 7199511 for 3 days following the call, and the web cast will be archived on the Company's website, http://www.peakinternational.com/investor.html, for 30 days.
About Peak International Limited
Peak International Limited is a leading supplier of precision-engineered packaging products for storage, transportation and automated handling of semiconductor devices and other electronic components. There are approximately 1,600 people who are working for Peak directly worldwide or indirectly in its factory in Shenzhen, the PRC, which is operated pursuant to a processing agreement with an unaffiliated party. Peak operates warehouses throughout the world and offers JIT services to leading semiconductor manufacturers and assemblers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements related to our ability to: (i) determine whether the Company's net sales decline has ended, (ii) achieve and manage manufacturing efficiencies while increasing sales, (iii) achieve increased sales as a result of our sales initiatives (including without limitation the launch of new products and meetings with current and prospective customers) in order to increase sales, diversify our markets and mitigate cyclical risks, (iv) convert indications of interest from current and prospective customers to actual sales, (v) continue to generate cash from operating activities and to maintain the Company's current cash position, (vi) increase the Company's market value and (vii) achieve profitability on a quarterly or yearly basis and increase shareholder value while managing our assets. These and other forward-looking statements are not guarantees of future results and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include but are not limited to: price of raw materials, factors relating to conditions in semiconductor, disk drive and electronic industries, the amounts the Company may have to pay for workers at the PRC factory operated by a third party, difficulties related to working in the PRC, including regional government and processing partner relations, the market acceptance of its products, the introduction of new products by the Company's competitors, any future economic downturn, and other matters that could cause actual results to differ materially from the projections made herein. Additional risks are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended March 31, 2007, filed on June 29, 2007. Statements included in this press release are based on information known to the Company as of the date of this release, and the Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statement in this release.
Contact: John Supan, Chief Financial Officer of Peak International Limited, Hong Kong, +852-3193-6000; or Joe Diaz, or Joe Dorame, or Robert Blum, all of Lytham Partners, LLC, +1-602-889-9700.
Consolidated Statements of Operations (in thousands of United States Dollars, except share and per share data) Three Months Ended June 30, 2007 2006 (Unaudited) (Unaudited) Net Sales $12,001 $18,653 Cost of Goods Sold 11,358 13,818 Gross Profit 643 4,835 Selling and Marketing 1,917 2,261 General and Administrative 1,356 1,580 Research and Development 191 36 (Loss) Income from operations (2,821) 958 Other expenses - net (96) (55) Interest income 187 117 (Loss) Income Before Income Taxes (2,730) 1,020 Income Tax Expense (1) (82) NET (LOSS) INCOME $(2,731) $938 (LOSS) EARNINGS PER SHARE - Basic $(0.22) $0.08 - Diluted $(0.22) $0.08 Weighted Average Number of Shares Outstanding - Basic 12,423,000 12,420,000 - Diluted 12,423,000 12,425,000 Consolidated Balance Sheets (in thousands of United States Dollars) June 30, March 31, 2007 2007 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and cash equivalents $19,980 $20,366 Restricted Cash 983 1,128 Accounts receivable-net of allowance for doubtful accounts of $366 at June 30, 2007 and $427 at March 31, 2007 9,932 9,279 Inventories 10,796 10,959 Other receivables, deposits and prepayments 760 852 Total Current Assets 42,451 42,584 Property, plant and equipment - net 18,296 19,278 Land use rights 698 703 Deposits for acquisition of property, plant and equipment 74 60 Other deposit 301 301 TOTAL ASSETS $61,820 $62,926 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable: - Trade $5,047 $3,689 - Property, plant and equipment 165 78 Accrued payroll and employee benefits 1,273 1,165 Accrued other expenses 1,931 1,990 Income taxes payable 2 95 Total Current Liabilities 8,418 7,017 Deferred Income Taxes - - Total Liabilities 8,418 7,017 Stockholders' Equity: Share capital 124 124 Additional paid-in capital 27,822 27,707 Retained earnings 26,600 29,331 Accumulated other comprehensive loss (1,144) (1,253) Total stockholders' equity 53,402 55,909 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $61,820 $62,926 Consolidated Statements of Cash Flows (in thousands of United States Dollars) Three Months Ended June 30, 2007 2006 (Unaudited) (Unaudited) Operating activities: Net (loss) income $(2,731) $938 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 1,614 1,658 Deferred income taxes - 80 Loss on disposal/write-off of property, plant and equipment 36 23 Allowance for doubtful accounts (61) 40 Non-cash share-based compensation 115 165 Changes in operating assets and liabilities: Accounts receivable (592) (1,878) Inventories 163 (8) Other receivables, deposits and prepayments 92 (81) Accounts payable-trade 1,358 581 Accrued payroll, employee benefits and other expenses 49 (35) Income taxes payable (93) 2 Cash held in escrow for terms of sale agreement for disposal of a subsidiary 641 641 Cash held in escrow for funding of certain contingent obligations under existing contracts with senior management (496) 413 Net cash provided by operating activities 95 2,539 Investing activities: Acquisition of property, plant and equipment (576) (1,318) Increase in deposits for acquisition of property, plant and equipment (14) (107) Net cash used in investing activities (590) (1,425) Net (decrease) increase in cash and cash equivalents (495) 1,114 Cash and cash equivalents at beginning of period 20,366 17,441 Effects of exchange rate changes on cash and cash equivalents 109 93 Cash and cash equivalents at end of period $19,980 $18,648 Supplemental cash flow information: Cash paid during the period Income taxes 94 -Peak International Limited
CONTACT: John Supan, Chief Financial Officer of Peak International
Limited, Hong Kong, +852-3193-6000; or Joe Diaz, or Joe Dorame, or Robert
Blum, all of Lytham Partners, LLC, +1-602-889-9700
Web site: http://www.peakinternational.com/
MINNEAPOLIS, Aug. 1 /PRNewswire-FirstCall/ -- Navarre Corporation , a publisher and distributor of physical and digital home entertainment and multimedia products, today announced the relocation of BCI, its wholly-owned subsidiary, to Navarre's corporate headquarters in New Hope, Minnesota. The relocation is expected to better leverage existing corporate DVD video distribution assets. BCI will continue to maintain an office and staff responsible for content acquisition in Los Angeles, CA. All telephone numbers and email contact information for BCI staff and offices will remain the same. BCI's new physical address will be 7400 49th Avenue North, New Hope, MN 55428.
About Navarre Corporation
Navarre Corporation is a publisher and distributor of physical and digital home entertainment and multimedia products, including PC software, CD audio, DVD video, video games and accessories. Since its founding in 1983, the Company has established distribution relationships with customers across a wide spectrum of retail channels which includes mass merchants, discount, wholesale club, office and electronic superstores, military and e-tailers nationwide. The Company currently provides its products to over 19,000 retail and distribution center locations throughout the United States and Canada. Navarre has expanded its business to include the licensing and publishing of home entertainment and multimedia content, primarily through the acquisitions of Encore, BCI, and FUNimation. For more information, please visit the Company's web site at http://www.navarre.com/.
BCI, a wholly owned subsidiary of the Navarre Corporation, is a leading independent entertainment DVD and audio publisher and distributor. Working with licensors from around the world, BCI has acquired an extensive library including animation, action, sports, horror, drama and special interest programming. The BCI is committed to bringing the most original product to the marketplace with its innovative marketing programs, bonus features and collectible packaging. The diversity of product has led to the creation of BCI's labels -- Ink & Paint (animation), International Voyage (international programming), Ronin Entertainment (film and television programming from Japan) and Deimos Entertainment (horror, cult and sci-fi films). BCI is uniquely qualified to represent a vast array of content for North American DVD distribution. For more information, please visit http://www.bcieclipse.com/.Navarre Corporation
CONTACT: Haug Scharnowski, Vice President Corporate Relations of Navarre
Corporation, +1-763-535-8333, email@example.com
Web site: http://www.navarre.com/
SOUTHAMPTON, Pa., Aug. 1 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation ("ETC" or the "Company") today announced the signing of a new Credit Agreement with PNC Bank, National Association ("PNC"). This refinancing by ETC is an extension of a credit facility originally entered into with PNC in February 2003.
The Credit Agreement, dated as of July 31, 2007, establishes a revolving line of credit with PNC in the maximum, aggregate principal amount of $15,000,000 to be used for ETC's working capital or other general business purposes and for issuances of letters of credit. The Credit Agreement expires June 30, 2009.
Borrowings made pursuant to the Credit Agreement will bear interest at either the prime loan rate less 1.00% or the London Interbank Offered Rate (as described in the Note) plus 0.90%. Under the Credit Agreement, ETC is obligated to pay a fee of 0.125% per annum for unused available funds.
The Credit Agreement contains customary affirmative and negative covenants for transactions of this type, including limitations with respect to indebtedness, liens, investments, distributions, dispositions of assets, change of business and transactions with affiliates. The Credit Agreement also contains financial covenants.
The note provides for customary events of default with corresponding grace periods, including the failure to pay any principal or interest when due, failure to comply with covenants, material misrepresentations, certain bankruptcy, insolvency or receivership events, imposition of certain judgments and the liquidation of ETC.
ETC's obligations under the Credit Agreement are secured by a personal guarantee from H. F. Lenfest under a Restated Guaranty, dated July 31, 2007, made by Mr. Lenfest in favor of PNC (the "Restated Guaranty"). Mr. Lenfest is a member of ETC's Board of Directors and a significant shareholder of ETC.
In connection with entering into the Credit Agreement, ETC was required to enter into an Amended and Restated Reimbursement Agreement, dated as of July 31, 2007, by ETC in favor of PNC (the "Reimbursement Agreement"), and an Amended and Restated Subordination and Intercreditor Agreement, dated as of July 31, 2007, by and among ETC, PNC and Mr. Lenfest (the "Subordination Agreement"). The Reimbursement Agreement governs letters of credit issued pursuant to the Credit Agreement. Under the Subordination Agreement, Mr. Lenfest agreed to continue to subordinate his rights in connection with a convertible promissory note executed by ETC in favor of Mr. Lenfest in the original aggregate principal amount of $10,000,000, dated February 18, 2003, to the rights of PNC in connection with the Line of Credit.
William F. Mitchell, ETC's President and Chairman, stated" I am very glad we have been able to re-establish a normal banking relationship and facility with PNC. Having access to these funds will contribute to ETC's capital requirements as we continue to evolve our business models and products."
ETC designs, develops, installs and maintains aircrew training systems, public entertainment systems, process simulation systems (sterilization and environmental), clinical hyperbaric systems, environmental testing and simulation systems, and related products for domestic and international customers.
This press release may include 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. We have based these forward- looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause our actual results, levels of activity, performance or achievements to be materially different from any other future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "would", "expect", "plan", "anticipate", "believe", "estimate", "continue", or the negative of such terms or similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, contract cancellations, failure to obtain new contracts, political unrest in customer countries, unfavorable results in litigation, general economic conditions, and those issues identified from time to time in our Securities and Exchange Commission filings and other public documents, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended February 23, 2007.
Contact: Duane D. Deaner, CFO Tel: 215-355-9100 (ext. 1203) Fax: 215-357-4000 ETC - Internet Home Page: http://www.etcusa.com/Environmental Tectonics Corporation
CONTACT: Duane D. Deaner, CFO of Environmental Tectonics Corporation,
+1-215-355-9100, ext. 1203, Fax: +1-215-357-4000
Web site: http://www.etcusa.com/
REDMOND, Wash., Aug. 1 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced participation in the following upcoming event with the financial community. Interested parties can view a webcast of this event on Microsoft's Investor Relations Web site at http://www.microsoft.com/msft.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO ) Pacific Crest Technology Forum Tuesday, August 7, 2007 3:00 p.m. MDT / 2:00 p.m. PDT Christine Heckart, general manager of marketing, TV Business
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Microsoft is a registered trademark of Microsoft Corp. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
For shareholder and financial information: http://www.microsoft.com/msftPhoto: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
CONTACT: Colleen Healy, general manager, Investor Relations,
+1-425-706-3703, or media, Rapid Response Team of Waggener Edstrom Worldwide,
+1-503-443-7070, firstname.lastname@example.org, for Microsoft Corp.
Web site: http://www.microsoft.com/msft
LEAWOOD, Kan., Aug. 1 /PRNewswire-FirstCall/ -- Digital Ally, Inc. (OTC Bulletin Board: DGLY), which develops, manufactures and markets advanced digital technology products for law enforcement, homeland security and commercial security applications, today announced that the Company will host an investor conference call to discuss its operating results for the second quarter and first half of 2007 on Monday, August 6, 2007 at 11:00 a.m. EDT. The Company will release its operating results earlier the same day.
Shareholders and other interested parties may participate in the conference call by dialing 866-406-5369 (international/local participants dial 973-582-2847) and referencing the ID code 9091527, a few minutes before 11:00 a.m. EDT on August 6, 2007. A replay of the conference call will be available two hours after the completion of the conference call from August 6, 2007 until August 13, 2007 by dialing 877-519-4471 (international/local participants dial 973-341-3080) and entering the conference ID 9091527.
About Digital Ally Inc.
Digital Ally Inc. develops, manufactures and markets advanced digital technology products for law enforcement, homeland security and commercial security applications. The Company's primary development focus involves the field of Digital Video Imaging and Storage. For additional information, visit http://www.digitalallyinc.com/
The Company is headquartered in Leawood, Kansas, and its shares are traded on the OTC Bulletin Board under the symbol "DGLY".
For Additional Information, Please Contact: Stan Ross, CEO at (913) 814-7774 Or
RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or
via email at email@example.comDigital Ally, Inc.
CONTACT: Stan Ross, CEO of Digital Ally, Inc., +1-913-814-7774; or RJ
Falkner & Company, Inc., Investor Relations Counsel, +1-830-693-4400,
firstname.lastname@example.org, for Digital Ally, Inc.
Web site: http://www.digitalallyinc.com/
LITTLETON, Colo., Aug. 1 /PRNewswire-FirstCall/ -- Time Warner Telecom Inc., , a leading provider of managed voice, Internet and data networking solutions for businesses, today announced that is delivering more than 10,000 retail Ethernet service ports to enterprise customers locally and nationally over its national backbone and metro fiber optic network. Time Warner Telecom has connected more enterprise buildings with fiber than any other competitive carrier in the U.S., and each customer in each building can have Ethernet connectivity to serve their mission critical business applications.
"Time Warner Telecom has long been a leader in the delivery of Ethernet services in the industry," said Mike Rouleau, Senior Vice President of Strategy and Business Development for Time Warner Telecom. "We continue to lead this industry through product innovation and by delivering flexibility to our customers. Because we work directly with them to match the architecture and technology with the right application, we can better meet their budget and connectivity requirements. This is not a "one-size fits all" solution, but rather a collaborative approach to create a solution that truly benefits the customer's individual needs."
Ethernet technology has long been the standard for network connections within the building, at the desktop, in the wiring closet and in the data center. Now, Ethernet fundamentally changes the way businesses connect and communicate between locations by simply extending what the enterprise has within the building to other buildings, saving customers' money and delivering far greater bandwidths than technologies like Frame Relay and ATM. These services enable new ways of delivering on mission critical business applications supporting storage networks, faster financial transactions and instant delivery of medical images.
Ethernet services have been key in fueling the growth of the enterprise business for the company. Time Warner Telecom has a broad service portfolio of local Ethernet services delivering Ethernet over wavelengths, switching infrastructure and SONET. In 2003, the company added a city-to-city Ethernet service using VPLS technology. And, in 2006, the company extended its portfolio to use copper facilities that enable connectivity to the branch office and remote medical clinics. About half of the company's enterprise customer Ethernet ports are at 100 Mbps, 1 Gbps and 10 Gbps port speeds.
"Business customers are using our metro and wide area Ethernet connections for easier to use and more scalable site-to-site communications, more reliable Internet access, MPLS VPN, medical imaging and data storage connectivity," Rouleau said.
The next step in the company's Ethernet strategy is focused on convergence and the delivery of multiple services over an Ethernet backbone. "We've enabled our Ethernet service portfolio to support the delivery of applications like Voice over IP and MPLS VPNs in addition to Intranet and Internet connectivity all over a single Ethernet connection. No one else in the industry is delivering on this promise of network convergence, which delivers to the customer more bandwidth at a reduced overall monthly expense, like Time Warner Telecom does," said Rouleau.
About Time Warner Telecom
Time Warner Telecom Inc., headquartered in Littleton, Colo., provides managed network services, specializing in Ethernet and transport data networking, Internet access, local and long distance voice, VoIP and security, to enterprise organizations and communications services companies throughout the U.S. As a leading provider of integrated and converged network solutions, Time Warner Telecom delivers customers overall economic value, quality, service, and improved business productivity. Please visit http://www.twtelecom.com/ for more information.Time Warner Telecom Inc.
CONTACT: Patrick Mulcahy of Time Warner Telecom, +1-303-566-1470,
Web site: http://www.twtelecom.com/
GEORGE TOWN, Grand Cayman, Aug. 1 /PRNewswire-FirstCall/ -- O2Micro(R) International Limited , a leading supplier of innovative power management, and security components and systems, reported its financial results today for the second quarter ended June 30, 2007.
Net sales for the second quarter of 2007 were $38.2 million, an increase of 9% from the preceding quarter, and up more than 36% from the second quarter of the prior year.
Second quarter R&D expenditures were $8.2 million or 22% of net sales. Currently, the Company employs over 600 engineers working on R&D worldwide. In the second quarter, O2Micro's intellectual property (IP) portfolio expanded by 8%, with 29 new patents issued.
Net income for the second quarter of 2007 was $5.7 million or 15 cents per fully diluted American Depositary Share (ADS). Second quarter net income was reduced by pre-tax litigation expense of $2.8 million.
"The Company continues to enhance its leadership position in analog and mixed signal power management products. We continue to grow our competitive positions of the markets we serve," commented Sterling Du, Chairman and CEO of O2Micro.
Mr. Du continues, "Our revenue growth can be attributed to the successful protection of our IP portfolio as well as the expansion of our analog and mixed signal IC sales in Consumer, Computer, Industrial, and Automotive markets, and the growing international acceptance of our Security Systems for the Communications market."
Conference Call: O2Micro will hold its second quarter conference call today at 2:00 p.m. PDT, 5:00 p.m. EDT, and 5:00 a.m. (August 2, 2007) Hong Kong time. You may participate using the following dial-in information.
In the US and CANADA: 866-316-1370, pass code #8094090 In HONG KONG: 800-965-503, pass code #8094090 Other INTERNATIONAL participants: 913-312-6680, pass code #8094090
A replay of the call will be available by phone until August 8th using the following dial-in information.
In the US and CANADA: 888-203-1112, pass code #8094090 In HONG KONG: 800-901-108, pass code #8094090 Other INTERNATIONAL participants: 719-457-0820, pass code #8094090
A live simulcast will also be available on the company website at http://www.o2micro.com/, and an online replay will be available on the website for one week.
Founded in April 1995, O2Micro develops and markets innovative power management, and security components and systems for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, Power Management, SmartCardBus(R) and Security products, such as VPN/Firewall system solutions.
O2Micro International maintains an extensive portfolio of intellectual property with 7,681 patent claims granted, and over 9,000 more pending. The company maintains offices worldwide. Additional company and product information can be found on the company website at http://www.o2micro.com/.
O2Micro, the O2Micro logo, SmartCardBus and combinations thereof are registered trademarks of O2Micro. All other trademarks are the property of their respective owners.
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They include statements regarding O2Micro's future growth, long term profitability, increases in shareholder value, expansion of O2Micro's product and patent portfolios, legal expenditures, litigation activity and other statements regarding O2Micro's or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Factors that could cause actual results to differ materially include risks and uncertainties such as reduced demand for products of electronic equipment manufacturers which include O2Micro's products due to adverse economic conditions in general or specifically affecting O2Micro's markets, technical difficulties and delays in the development process, and errors in the products. You are also referred to the Form F-1 in connection with the company's initial public offering in August 2000, Form F-3 in connection with the company's public offering in November 2001, and the annual reports on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
O2Micro International Limited and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In Thousand U.S. Dollars, Except Per Share Amounts) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 NET SALES $38,191 $28,029 $73,228 $57,138 COST OF SALES 16,518 12,535 32,440 25,342 GROSS PROFIT 21,673 15,494 40,788 31,796 OPERATING EXPENSES (INCOME) Research and development (1) 8,219 8,106 16,173 15,222 Selling, general and administrative (1) 8,670 6,811 16,798 13,395 Patent related litigation 2,755 3,091 6,010 5,352 Litigation income (3,364) (3,364) - - Stock Exchange of Hong Kong listing expenses - 396 - 396 Total Operating Expenses 16,280 18,404 35,617 34,365 INCOME (LOSS) FROM OPERATIONS 5,393 (2,910) 5,171 (2,569) NON-OPERATING INCOME (EXPENSES) Interest income 814 970 1,628 1,869 Impairment loss on long-term investments - (756) - (756) Foreign exchange gain (loss) 108 89 (148) 120 Other - net 5 (66) 7 (23) Total Non-operating Income 927 237 1,487 1,210 INCOME (LOSS) BEFORE INCOME TAX 6,320 (2,673) 6,658 (1,359) INCOME TAX EXPENSE (BENEFIT) 578 (161) 817 122 NET INCOME (LOSS) 5,742 (2,512) 5,841 (1,481) OTHER COMPREHENSIVE INCOME Foreign currency translation adjustments 335 105 324 335 Unrealized gain on available-for-sale securities 3,090 1,050 3,797 965 Total Other Comprehensive Income 3,425 1,155 4,121 1,300 COMPREHENSIVE INCOME (LOSS) $9,167 ($1,357) $9,962 ($181) EARNINGS (LOSS) PER SHARE: Basic $0.0030 ($0.0013) $0.0031 ($0.0008) Diluted $0.0030 NA $0.0030 NA EARNINGS (LOSS) PER ADS Basic $0.15 ($0.06) $0.15 ($0.04) Diluted $0.15 NA $0.15 NA SHARES USED IN EARNINGS PER SHARE CALCULATION: Basic (in thousands) 1,904,024 1,962,097 1,905,620 1,962,866 Diluted (in thousands) 1,920,974 1,975,648 1,917,668 1,984,955 ADS UNITS USED IN EARNINGS PER ADS CALCULATION: Basic (in thousands) 38,080 39,242 38,112 39,257 Diluted (in thousands) 38,419 39,513 38,353 39,699 (1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS: Research and development $278 $320 $530 $648 Selling, general and administrative $354 $380 $704 $741 O2Micro International Limited and Subsidiaries Consolidated Balance Sheets (In Thousand U.S. Dollars, Except Share Amounts) June 30, December 31, 2007 2006 ASSETS (Unaudited) CURRENT ASSETS Cash and cash equivalents $49,411 $45,438 Restricted cash 7,626 8,342 Short-term investments 16,945 19,697 Accounts receivable - net 25,113 18,987 Inventories 17,199 14,076 Prepaid expenses and other current assets 7,348 7,379 Total Current Assets 123,642 113,919 LONG-TERM INVESTMENTS 27,850 24,059 PROPERTY AND EQUIPMENT - NET 42,166 41,427 OTHER ASSETS Restricted assets - net 13,998 14,540 Other Assets 3,269 3,075 TOTAL ASSETS $210,925 $197,020 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes and accounts payable $13,349 $9,851 Income tax payable 622 991 Accrued expenses and other current liabilities 14,238 12,212 Total Current Liabilities 28,209 23,054 OTHER LONG-TERM LIABILITIES Accrued pension liabilities 435 455 Long-term Interpretation 48 tax liabilities 117 - Total Liabilities 28,761 23,509 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preference shares at $0.00002 par value per share Authorized - 250,000,000 shares - - Ordinary shares at $0.00002 par value per share Authorized - 4,750,000,000 shares Issued - 1,896,983,950 and 1,906,969,950 shares as of June 30, 2007 and December 31, 2006, respectively 38 38 Additional paid-in capital 140,829 140,224 Retained earnings 37,804 33,877 Accumulated other comprehensive income (loss) 3,493 (628) Total Shareholders' Equity 182,164 173,511 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $210,925 $197,020O2Micro
CONTACT: Mitchell Benus, Director of Investor Relations, of O2Micro,
Web site: http://www.o2micro.com/
MILPITAS, Calif., Aug. 1 /PRNewswire-FirstCall/ -- Sipex Corporation today announced the formation of a design center in Toronto, Canada to commercialize digital power intellectual property that has been jointly developed with the University of Toronto. The digital power intellectual property development will enable Sipex to broaden its power portfolio and break through traditional power boundaries to provide system architecture solutions for power management.
"We feel that the relationship with the University of Toronto has been very beneficial to Sipex, and we are pleased to establish the design center near the University to commercialize the digital power IP we both developed. I look forward to strengthening the cooperation between our two organizations," said Lee Cleveland, Senior Vice President of Engineering at Sipex.
A pioneer in the use of digital control for low-power supplies used in cell phones, laptops and other portable electronics, Engineering Professor Aleksandar Prodic, of the University of Toronto, has been collaborating with Sipex for the past two years in the area of digital power. The engineers at the Toronto design center will develop commercial products based on that research.
"Working with Sipex has resulted in exceptional results in digital power management. Sipex encourages and understands how important it is to allow researchers to be creative, and that the freedom in research results in innovation," said Professor Prodic.
About Sipex Corporation
Sipex Corporation is an analog semiconductor company that addresses standard linear and application specific standard products (ASSP) for customer systems that are primarily targeted at the consumer, networking and industrial markets. The products are categorized into three synergistic areas of power management, interface and optical storage. Sipex is a global company with operations in Asia, Europe and North America. It is the mission of the company to create innovative analog products that enable customers to produce differentiated products. For more information about Sipex, visit http://www.sipex.com/.
For additional information, contact: Lee Cleveland Tel: 408-934-7500 Fax: 408-935-7678 Lcleveland:@sipex.comSipex Corporation
CONTACT: Lee Cleveland of Sipex Corporation, +1-408-934-7500, fax,
Web site: http://www.sipex.com/
Company News On-Call: http://www.prnewswire.com/comp/111683.html
CHICAGO, Aug. 1 /PRNewswire-FirstCall/ -- Citi today announced that it will begin testing a new mobile peer to peer payment service with leading mobile payments provider Obopay. The mobile payment service-offering instant money transfer via mobile phones-will be offered initially to select new and existing Citi customers as part of a limited consumer trial in Chicago.
"We continue to innovate and test new things to transform traditional banking," said Darryl Hendricks, President of Citibank Illinois. "For this trial, we are working with Obopay to address our customers' emerging lifestyle needs and support them in accessing their money in a fast, convenient, and secure manner through something they always have with them-their mobile phones."
"Chicago is a great place for this first-ever Citi Obopay trial," said Chicago resident Jeff Semenchuk, Executive Vice President and Head of Growth Ventures and Innovation for Citi's Global Consumer Group. "We chose the Chicago area because those of us who live here are forward-looking and technology savvy, diverse, and we all tend to pretty quickly sort out whether something new is useful or just a lot of hot air. If Chicagoans tell us we're on to something important, that will mean a lot for the potential of mobile payments and banking across the US and internationally."
From parents sending money to a daughter or son in college to a friend reimbursing a friend for dinner, peer to peer payments allow consumers to instantly, conveniently, and securely send and receive money via their mobile phone. Citi customers participating in the trial can open and add money to this new mobile payment account via http://www.citi.obopay.com/ through credit card or electronic bank transfer. Then, using the Obopay mobile application, their mobile Web browser or text messaging, Citi customers can manage this account directly from their mobile phone.
Trial participants will be able to check account balances, view payment histories, and add funds to their mobile payment account. Funds in the Citi Obopay account can also be used through a companion debit card that enables cash withdrawals from ATMs or payment at any store or merchant that accepts MasterCard.
"Together, Citi and Obopay are giving American mobile consumers power over their money no matter where they are," said Obopay CEO Carol L. Realini. "This service is built for today's mobile lifestyle, making cash available to consumers anytime they need it. We're excited to bring this innovative service to new and existing Citi customers in the Chicagoland area."
Chicago area residents can sign up for the service online, and through a special van and support team that will be making stops along the lakefront, in parks, at community events, and in front of some Citi branches in the coming weeks. Consumers can also pick up information about the trial at select Citi branches in the greater Chicago area.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at http://www.citigroup.com/ or http://www.citi.com/.
Obopay, Inc. (http://www.obopay.com/) is a pioneering service provider for payments over mobile phones. Only Obopay delivers instant and effortless payment solutions that allow consumers, merchants, banks and carriers to easily embrace the power and convenience of instant mobile payments. The company is bringing mobile payments to more consumers through industry-first alliances. Obopay is a 2007 Fierce 15 Wireless Company headquartered in the San Francisco Bay Area.CitiObopay
CONTACT: Samuel Wang of Citigroup Global Consumer Group Public Affairs,
+1-212-559-0499, email@example.com, Erin Mitchell of RLM Public Relations,
+1-212-741-5106 x233, obopay@RLMpr.com, for Obopay
Web site: http://www.citi.obopay.com/
CHICAGO, Aug. 1 /PRNewswire-FirstCall/ -- uBid.com Holdings, Inc. (BULLETIN BOARD: UBHI) whose uBid, Inc. subsidiary is one of the leading business-to-consumer and business-to-business online marketplaces in the U.S., announces the appointment of Amy Powers to Vice President, Technology.
As Development Manager for uBid, Ms. Powers significantly enhanced the revenue line for the company's Certified Merchant program and implemented innovative technological solutions to reduce costs.
In her new role, Powers will direct strategic and tactical technology planning for the enterprise and provide leadership as a member of the Executive Management team. Powers reports to Robert H. Tomlinson, Jr., CEO.
"Amy's technology background and business savvy are great benefits to uBid and make her perfectly suited to direct our extensive IT efforts," commented Tomlinson. "She is a natural leader with tremendous enthusiasm for her work to continually enhance our technology platform."
Prior to joining uBid in 2003, Ms. Powers worked as an independent contractor largely in the retail sector as a developer. She holds an Applied Information Technology Diploma from Information Technology Institute, Halifax, Nova Scotia and a BS from Dalhousie University.
About uBid.com Holdings, Inc.
uBid.com Holdings, Inc. and subsidiaries operate a leading on-line business-to-consumer and business-to-business marketplace that enables itself, certified merchants, manufacturers, retailers, distributors and small businesses to offer high quality excess, new, overstock, close-out, refurbished and limited supply brand name merchandise. The Company's marketplace employs a combination of auction style and fixed price formats. uBid.com Holdings, Inc. is publicly traded on the NASD OTC bulletin board (UBHI).Photo: http://www.newscom.com/cgi-bin/prnh/20060206/CGM036LOGO
CONTACT: Jim Murphy, +1-773-272-4537, for uBid.com Holdings, Inc.
Web site: http://www.ubid.com/
NEW YORK, Aug. 1 /PRNewswire/ -- Panasonic, a leader in High Definition flat panel TVs, today announced the launch of its Living in High Definition program, a multi-faceted, experiential program, in association with researchers from the Center for Urban Research and Policy at Columbia University, that will explore how the latest High Definition television and video technologies can enrich the American lifestyle.
Between August 2007 and March 2008, Panasonic's Living in HD Program will look for 30 families to live with a complete suite of High Definition technology products and related services worth an estimated $20,000, including a large screen 1080p Plasma television, HD camcorder, Blu-ray Disc Player, Digital Still Camera and other equipment. For an opportunity to participate in the Living in HD program, consumers can visit http://www.livinginhd.com/ to register and get information on submitting their entry. One key element of Panasonic's search is to hear from families what they would create in High Definition and why they want to chronicle their lives in HD. A panel of judges including leading Hollywood producer/director Brett Ratner and Kevin Smith will select families based on their creative submissions and a set of diverse criteria.
What is the Living in High Definition Program?
Based on a new Harris Interactive survey commissioned by Panasonic, 98 percent of parents with children under 18 in the home say that it is important or very important for families to spend quality time together. However, only 52 percent think they spend enough quality time with their children. The survey also revealed that 63 percent of parents would spend more money on technology if it increases family time. In response to this survey, Panasonic is inviting families to capture and share personal milestones through the unique power of High Definition technologies.
The families in the Living in HD program will be asked to take part in monthly challenges, such as," Make Dad Cry In a Good Way," that require family members to work as a team and record their experiences in High Definition. Select footage from the challenges will be posted at http://www.livinginhd.com/ over the course of the program. In addition, the families will participate in periodic surveys and interviews to assess how their interpersonal relationships, attitudes and daily activities are affected by the use of High Definition technologies. Sudhir Venkatesh, Director of the Center for Urban Research and Policy at Columbia University, will serve as a research advisor to the Living in HD Program. Through a grant from Panasonic, members of the Sociology Department at Columbia University will also recruit three households a year to participate in the Living in HD program and study the impact High Definition has within a community.
Panasonic also announced today as part of the Living in HD program that in September it will kick-off a nationwide Living in HD mobile tour that will bring the hands-on High Definition experience to consumers. It will traverse the country to showcase the Living in HD product suite and demonstrate the creative possibilities of High Definition.
The Living in HD Documentary
The content created by the participating families will be available online and incorporated into a documentary film to provide a historical record for future generations that captures the transition and interaction of families encountering new HD technology for the first time. Brett Ratner, acclaimed producer and director of movies including X-Men: The Last Stand and the upcoming Rush Hour 3, will serve as creative advisor to the documentary, along with other film makers.
Why Track Lifestyles around HD?
"Panasonic created the Living in HD program to more deeply understand how people's lives will change as they become aware of the full potential of HDTV," said Dr. Paul Liao, Vice President and Chief Technology Officer of Panasonic Corporation of North America. "Very few households are shooting video in HD today, but we expect that number will increase with consumer HD camcorders. To ensure that we effectively apply this learning in our ongoing High Definition consumer product development, we have established the Panasonic Living in High Definition Project, headed by Dr. Jean Claude Junqua, Director of Panasonic's San Jose Laboratory.
The project will become a strategic hub for HD consumer product development. The goal of this project is to understand the HD digital lifestyle and how to facilitate the new user experiences that make up that lifestyle with easy-to-use products.
In 2009, the history of analog broadcasting in the U.S. will come to an end as television stations switch to broadcasting exclusively in digital format.* According to the Consumer Electronics Association, 30 percent of U.S. households currently own High Definition televisions, but only 44 percent of those households are viewing High Definition programs.
"As we approach the national transition to digital broadcasting, it is important that individuals and companies understand how to use High Definition technology to its full potential because it will affect social and professional interactions," said Dr. Connie Book, professor of Communications at Elon University and author of Digital Television, DTV and the Consumer. "Panasonic's Living in HD program can be a valuable tool for consumers, as well high tech companies and social scientists, as HD technologies become more prevalent in everyday life."
About Panasonic Consumer Electronics Company
Based in Secaucus, N.J., Panasonic Consumer Electronics Company (PCEC), a market and technology leader in High Definition television, is a Division of Panasonic Corporation of North America, the principal North American subsidiary of Matsushita Electric Industrial Co. Ltd. and the hub of Panasonic's U.S. marketing, sales, service and R&D operations. Panasonic's exclusive Panasonic Plasma Concierge customer support program (888-972-6276) is administered through its Virginia-based Call Center, recognized as a Certified "Center of Excellence" by the Center for Customer-Driven Quality(TM) at Purdue University. Information about Panasonic products is available at http://www.panasonic.com/. Additional company information for journalists is available at http://www.panasonic.com/pressroom.
* Information about the digital TV transition is available at http://www.dtv.gov/.Panasonic
CONTACT: Chris De Maria +1-201-348-7182, firstname.lastname@example.org, or
Jeff Samuels +1-201-392-4571, email@example.com, both of Panasonic; or
Adam Paige, +1-212-798-9833, firstname.lastname@example.org of Cohn & Wolfe for
Web site: http://www.panasonic.com/
INDIANAPOLIS and DEERFIELD, Ill., Aug. 1 /PRNewswire-FirstCall/ -- WellPoint, Inc. , the nation's leading health benefits provider, today announced the completion of its acquisition of American Imaging Management (AIM), a leading radiology benefit management and technology company. AIM will remain headquartered in Deerfield, Illinois, as a wholly owned operating division of WellPoint and will continue to be led by its president, Dave Harrington.
"The primary strategic goal of this acquisition is to achieve more affordable and appropriate diagnostic imaging services for our members," said Angela F. Braly, president and chief executive officer of WellPoint. "AIM's leadership position in radiology management and technology will help enable WellPoint to further advance its initiatives to drive more value in health care by better managing rising health care costs, increase transparency and promote improved quality in patient outcomes."
AIM pioneered the integration of technology and clinical content for radiology management through the introduction of web-based prior authorization in 2002. This platform allows ordering physicians to directly submit information and receive real-time evaluation against widely accepted clinical guidelines through an easy-to-use interface.
AIM's web capabilities also help to improve quality and efficiency by facilitating information transfer between ordering physicians and rendering facilities to deliver a complete and correct understanding of the clinical order, helping to reduce potential waste and administrative burden caused by poor communication. AIM also introduced the first set of web-enabled tools to install cost and quality transparency into the selection of the best value in diagnostic imaging facilities.
AIM currently serves health plan clients representing over 20 million consumers. The acquisition of AIM will be accretive to earnings beginning in 2008.
About WellPoint, Inc.
WellPoint's mission is to improve the lives of the people it serves and the health of its communities. WellPoint, Inc. is the largest health benefits company in terms of commercial membership in the United States. Through its nationwide networks, the company delivers a number of leading health benefit solutions through a broad portfolio of integrated health care plans and related services, along with a wide range of specialty products such as life and disability insurance benefits, pharmacy benefit management, dental, vision, behavioral health benefit services, as well as long term care insurance and flexible spending accounts. Headquartered in Indianapolis, Indiana, WellPoint is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as Empire Blue Cross Blue Shield in 10 New York City metropolitan and surrounding counties and as Empire Blue Cross or Empire Blue Cross Blue Shield in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), Wisconsin; and through UniCare. Additional information about WellPoint is available at http://www.wellpoint.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking information about WellPoint, Inc. ("WellPoint") that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not generally historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "intend", "estimate", "project" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of WellPoint, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: those discussed and identified in public filings with the U.S. Securities and Exchange Commission ("SEC") made by WellPoint; increased government regulation of health benefits, managed care and pharmacy benefit management operations; trends in health care costs and utilization rates; our ability to secure sufficient premium rate increases; our ability to contract with providers consistent with past practice; competitor pricing below market trends of increasing costs; reduced enrollment, as well as a negative change in our health care product mix; risks and uncertainties regarding the Medicare Part D Prescription Drug benefits program, including potential uncollectability of receivables resulting from processing and/or verifying enrollment (including facilitated enrollment), inadequacy of underwriting assumptions, inability to receive and process information, uncollectability of premium from members, increased pharmaceutical costs, and the underlying seasonality of the business; a downgrade in our financial strength ratings; litigation and investigations targeted at health benefits companies and our ability to resolve litigation and investigations within estimates; our ability to achieve expected synergies and operating efficiencies in the WellChoice, Inc. acquisition within the expected time frames or at all, and to successfully integrate our operations; our ability to meet expectations regarding repurchases of shares of our common stock; funding risks with respect to revenue received from participation in Medicare and Medicaid programs and the complex regulations imposed on Medicare fiscal intermediaries; events that result in negative publicity for the health benefits industry; failure to effectively maintain and modernize our information systems and e-business organization and to maintain good relationships with third party vendors for information system resources; events that may negatively affect our license with the Blue Cross and Blue Shield Association; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; intense competition to attract and retain employees; unauthorized disclosure of member sensitive or confidential information; changes in the economic and market conditions, as well as regulations, applicable to our investment portfolios; possible restrictions in the payment of dividends by our subsidiaries and increases in required minimum levels of capital and the potential negative affect from our substantial amount of outstanding indebtedness; general risks associated with mergers and acquisitions; various laws and our governing documents may prevent or discourage takeovers and business combinations; potential hedging activities in our common stock; future bio-terrorist activity or other potential public health epidemics; and general economic downturns. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by federal securities law, WellPoint does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are also urged to carefully review and consider the various disclosures in WellPoint's SEC reports.WellPoint, Inc.
CONTACT: Media, James P. Kappel, +1-317-488-6400, or Investor Relations,
Michael Kleinman, +1-317-488-6713, both of WellPoint, Inc.
Web site: http://www.wellpoint.com/
MONTREAL, Aug. 1 /PRNewswire-FirstCall/ -- (NYSE: CGT; TSX: CAE) - CAE has signed contracts to design and manufacture three CAE 7000 Series full-flight simulators (FFSs) and a suite of Boeing 787 maintenance training devices valued at C$51 million at list prices. This brings the total FFS sales that CAE has announced in fiscal 2008 to 16, including two Phenom FFS committed to by the CAE-Embraer planned joint-venture and previously announced on May 28, 2007.
CAE won a contract to design and manufacture a CAE 7000 Series Airbus A330/A340 full-flight simulator for the United States Federal Aviation Administration (FAA).
The A330/A340 convertible FFS for the FAA will be delivered in the summer of 2008 to the FAA's Mike Monroney Aeronautical Center in Oklahoma City, Oklahoma. The FAA will use the simulator for evaluator training as well as for research and development (R&D) initiatives. For example, the FAA plans to network the A330/A340 FFS to an existing CAE-built B737 simulator to perform real-time operational evaluations of closely separated aircraft. The FAA will also use the simulator to examine issues such as multiple aircraft parallel approaches, converging approaches, and simultaneous aircraft operation on parallel runways.
The Boeing 737NG FFS for Virgin Blue will be delivered to a training centre in Melbourne, Australia later this year. The simulator will feature the CAE TrueTM electric motion system, a new state-of-the-art all-electric motion system providing more accurate and authentic cues for pilot training. This contract is CAE's first with Virgin Blue, Australia's award-winning low fare airline.
"We're excited to be developing the A330/A340 simulator for the FAA as they plan a number of important R&D initiatives designed specifically to improve efficiency and safety of the US national airspace," said Marc Parent, CAE's Group President, Simulation Products and Military Training & Services. "We're also pleased to welcome Virgin Blue to our long list of simulation equipment customers. CAE offers the industry's most comprehensive portfolio of simulation products and we look forward to a long-term business partnership with Virgin Blue as they continue to grow and expand their operations."
Air France has signed a contract to purchase a CAE 7000 Series Airbus A320 FFS that will be delivered later this year to the Air France training centre at the Paris Charles-de-Gaulle Airport. The simulator will feature CAE's next-generation visual solution, including the new CAE Tropos(R)-6000 visual system and Liquid Crystal on Silicon (LCoS) projectors. This marks the first time Air France has selected CAE's Tropos visual system for a FFS.
"This CAE-built A320 simulator featuring CAE's Tropos-6000 combined with LCoS projectors is a step forward in achieving the highest standard of quality available for Air France pilot training," said Serge Gourlaouen, Deputy Vice President of the Air France Crew Training Centre.
Japan Airlines International Co. Ltd. (JAL) has added to its existing order of Boeing 787 simulation equipment from CAE by ordering a Boeing 787 Level 5 maintenance training device and a suite of CAE Simfinity(R) virtual maintenance trainers. The Boeing 787 maintenance trainers will complement the two Boeing 787 FFSs and Boeing 787 integrated procedures trainer that JAL has already ordered from CAE to provide JAL with a comprehensive Boeing 787 training solution for both flight and maintenance crews.
CAE is a world leader in providing simulation and modelling technologies, and integrated training services to the civil aviation industry and defence forces around the globe. We design, manufacture and supply simulation equipment and offer training and services. This includes integrated modelling, simulation and training solutions for commercial airlines, business aircraft operators, aircraft manufacturers and military organizations and a global network of training centres for pilots, and in some instances, cabin crew and maintenance workers.
With annual revenues of over C$1 billion, CAE operates in 19 countries around the world. CAE has sold nearly 700 simulators and training devices to airlines, aircraft manufacturers, training centres and defence forces for air and ground purposes in more than 40 countries. We have over 100 full-flight simulators in more than 20 aviation training centres, serving approximately 3,500 airlines, aircraft operators and manufacturers across the globe. CAE licenses its simulation software to various market segments and has a professional services division assisting customers with a wide range of simulation-based needs.CAE INC.
CONTACT: CAE contacts: Nathalie Bourque, Vice President, Global
Communications, (514) 734-5788, email@example.com; Trade media: Chris
Stellwag, Director, Marketing Communications, Simulation Products and Military
Training & Services, (813) 887-1242, firstname.lastname@example.org; Investor
relations: Andrew Arnovitz, Vice President, Investor Relations and Strategy,
(514) 734-5760, email@example.com; On the Web: http://www.cae.com/
BASKING RIDGE, N.J. and LOS ANGELES, Aug. 1 /PRNewswire/ -- Verizon Wireless, the leading wireless company with the most reliable wireless voice and data network, and Si TV, the first and only network to target the millions of Latinos who prefer their entertainment in English, announced today the launch of online auditions for a new Latin host of V CAST, Verizon Wireless' consumer broadband multimedia service. The lucky -- and talented -- winner will have the opportunity to jet set around the country to the biggest Latino entertainment events, hitting the red carpet and interviewing celebrities for V CAST.
The search for the next Latin V CAST host is open to both men and women, ages 21 to 35, who are fully bilingual in English and Spanish and who have the lively personality to be a program host. To become the next Latin V CAST host, hopefuls can register on http://www.beonvcast.com/ and post their profiles, photos and audition videos through August 31. For interested participants without the equipment to upload their own videos, the companies are also holding two in-store auditions in California and New York. The California audition takes place on Saturday, August 4, between 9:00 a.m. and 5:00 p.m. at the Verizon Wireless Communications Store at 3170 E. Imperial Highway in Lynwood, Calif. The New York City audition will be held on Saturday, August 11, between 9:00 a.m. and 5:00 p.m. at the Verizon Wireless Communications Store at 581 Broadway in Soho.
Voting for the semi-finalists for the next Latin V CAST host is open to the public online at http://www.beonvcast.com/ through August 31. Verizon Wireless customers can also vote by sending the message "VOTE" to 8601. Standard messaging rates apply. Once the semi-finalists are decided by the voting, Verizon Wireless will select a panel of judges to determine the final winner. The winner will be announced at the end of September. For complete rules, visit http://www.beonvcast.com/.
Verizon Wireless customers can also view the video submissions on V CAST on the Si TV channel in the Latino category. To get V CAST, customers with select V CAST-enabled phones can check out V CAST whenever they want for just $3.00 for 24-hour use or by signing up for the $15.00 V CAST VPak monthly subscription. Customers get unlimited basic video but application download fees apply for 3D games and premium video. There are no airtime charges to download, stream or watch V CAST content.
For more information about Verizon Wireless products and services, visit a Verizon Wireless Communications Store, call 1-800-2 JOIN IN or go to http://www.verizonwireless.com/.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving more than 62.1 million customers. The largest U.S. wireless company and largest wireless data provider, based on revenues, Verizon Wireless is headquartered in Basking Ridge, N.J., with 67,000 employees nationwide. The company is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). Find more information on the Web at http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
About Si TV
Si TV is America's first media company to reach the millions of 18-34 year old Latinos who prefer their content in English and seek it across all platforms -- including linear television, online, video-on-demand and wireless devices. Si TV offers authentic, relevant content and a 60% original programming slate that ranges from outrageous comedy to music, independent movies, lifestyle and talk. The network is available nationwide on Dish Network, and in more than 200 cities and communities across America, including New York, Los Angeles, Chicago, Dallas, Houston, Detroit, Denver, San Antonio and Las Vegas. For more information about Si TV, please visit http://www.sitv.com/.Verizon Wireless
CONTACT: Jeffrey Nelson, Verizon Wireless, +1-908-559-7519,
Jeffrey.Nelson@verizonwireless.com; or Jenny Snegaroff, Si TV,
Web site: http://www.verizonwireless.com/
AMSTERDAM, August 1 /PRNewswire/ -- Reconnu pour son utilisation sans pareil de la couleur et de la lumière pour créer une atmosphere séduisante, le président du jury du Festival de Cannes 2006, le réalisateur Wong Kar Wai, a reçu une commande spéciale de court-métrage pour la nouvelle génération de téléviseurs Ambilight de Philips ; son film sera en ouverture du Festival international de cinéma de Berlin le 30 aoÃ»t.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070801/265645 )
Inspiré par le concept de la séduction par la lumière, le court-métrage sera projeté sur des téléviseurs Ambilight nouvelle génération uniquement, oÃ¹ la lumière et la couleur seront animés par un mode sans précédent, hautement visuel et immersif, plongeant les spectateurs dans l'expérience émotive qu'offre Ambilight. Avec Amélie Daure, une nouvelle actrice française montante qui a joué dans plusieurs films français, dont << Les tremblements lointains >>, le contenu exclusif inclura des imageries iconiques et des mélanges de couleurs et de lumière pour créer une expérience visuelle nouvelle en son genre.
<< La couleur et la lumière sont d'importants éléments dans la création d'une expérience de visionnement absorbante >>, déclarait Wong Kar Wai. << Je suis ravi de travailler avec Philips à ce projet stimulant. >>
<< L'innovation ne rime plus uniquement à davantage de fonctionnalité >>, commentait Rudy Provoost, PDG de Philips Consumer Electronics. << Il est maintenant question de créer une expérience, de séduire les sens et d'apporter une émotion dans le monde de la technologie. C'est pour cela que le film pour notre campagne de lancement de la nouvelle génération de téléviseurs Ambilight a été conçu par un maître de la séduction cinématographique. >>
Reconnu pour sa créativité et son sens artistique hors du commun, Wong Kar
Wai a remporté de nombreux prix pour ses films. En mai, il a ouvert le Festival de Cannes 2007 avec son nouveau film << My Blueberry Nights >>, avec Norah Jones, Jude Law, David Strathairn, Rachel Weisz et Natalie Portman. Wong Kar Wai a remporté d'autres prix pour ses films << 2046 >>, << In the Mood for Love >> et << Happy Together >>.
Pour de plus amples renseignements, veuillez visiter : http://www.seductionbylight.com
Ã€ propos de Royal Philips Electronics
Royal Philips Electronics des Pays-Bas (NYSE : PHG, AEX : PHI) est un leader mondial des soins de santé, des modes de vie et de la technologie, livrant des produits, des services et des solutions par l'intermédiaire de la promesse de la marque : << sens et simplicité >> (sense and simplicity). Basée aux Pays-Bas, Philips emploie environ 125 800 personnes dans plus de 60 pays du monde entier. Avec un chiffre d'affaires de 27 milliards EUR en 2006, la société est un leader des systèmes d'imagerie diagnostique médicale et de suivi des patients, des solutions d'éclairage à faible consommation d'énergie, des soins personnels et des appareils électroménagers, ainsi que des appareils électroniques grand public. Des nouvelles de Philips sont disponibles sur http://www.philips.com/newscenter.Royal Philips Electronics
Pour de plus amples renseignements, veuillez contacter: Nanda Huizing, Philips Consumer Electronics, Tél: +31-(0)-20-59-77915, Courriel: firstname.lastname@example.org
BETHESDA, Md., Aug. 1 /PRNewswire-FirstCall/ -- CoStar Group, Inc. , the number one provider of information services to the commercial real estate industry, today announced an agreement with CCIM Institute to provide its members with online access to CoStar's database of researched and verified commercial property listings. CCIM Institute, an affiliate of the National Association of Realtors(R), confers the respected Certified Commercial Investment Member (CCIM) designation upon qualified professionals in all disciplines of commercial investment real estate.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060510/COSTARLOGO )
"We are delighted to partner with the leadership of CCIM to bring their members the most comprehensive and accurate commercial property listings available online -- fully researched and verified data that only CoStar can deliver," said Andrew C. Florance, president and CEO of the CoStar Group. "Under this agreement, each CCIM member will gain full access to CoStar's database of researched and verified for sale listings across the United States, as well as all for lease listings within his or her local market, covering every commercial property class and type."
CoStar's immense online commercial property database represents more than 40 billion square feet of commercial space and is believed to be the largest collection of researched and verified office, industrial, retail, mixed-use, multifamily, hospitality and land listings in the U.S. In addition to being able to search CoStar's online database quickly and easily, CCIM members will also benefit from placing their own space availabilities and for sale property before CoStar's extensive subscriber base of investors, brokers and other property professionals nationwide.
"The technology services CoStar will provide to CCIM Institute keep CCIM designees and candidate members at the leading edge of the industry in terms of online tools," said Joseph A. Fisher, CCIM, 2007 President of CCIM Institute. "The new relationship with CoStar reflects the commitment CCIM leadership has to provide our members with the best resources available in the commercial real estate marketplace."
CoStar is the commercial real estate industry's largest, independent research organization. Approximately 1,000 highly trained researchers personally gather and verify hundreds of commercial property details using a fleet of specially equipped research vehicles, door-to-door tenant canvassing, sophisticated aerial and architectural photography and satellite mapping systems. This comprehensive research process results in more listings with more accurate and better quality information.
Under the agreement, CoStar will also provide CCIM members with access to CoStar Connect(R), the professional way for brokers and owners to present their for lease and for sale listings on their own Web site incorporating CoStar's updated listing information and building photos. CCIM members will be able to use CoStar Connect to boost their Web site's marketing power and increase productivity by presenting the most complete information available on their properties, including suite-by-suite availability and image libraries. The CoStar Connect service, which automatically updates and manages customers' online property information, significantly reduces the expense and time associated with adding and maintaining Web-based property listings.
About CoStar Group, Inc.
CoStar Group, Inc. is the number one provider of information services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, the company has approximately 1,300 employees, including the largest professional research organization in the industry. For more information, visit http://www.costar.com/.
About CCIM Institute
Based in Chicago, CCIM Institute is an affiliate of the National Association of Realtors(R) (NAR). The Institute confers the respected Certified Commercial Investment Member (CCIM) designation upon qualified professionals who complete an extensive curriculum and meet certain experiential requirements. The CCIM designation was established in 1969 and is recognized as the mark of professionalism and knowledge in commercial investment real estate. More than 8,700 commercial real estate practitioners in all disciplines of commercial investment real estate as well as allied professionals in appraisal, banking, corporate real estate, taxation and law currently hold the CCIM designation, with an additional 9,000 practitioners pursuing the designation. For more information, visit http://www.ccim.com/.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward- looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2006, under the heading "Risk Factors" and CoStar's Form 10-Q for the quarter ended March 31, 2007, under the heading "Risk Factors." In addition to these statements, there can be no assurance that the company will that CoStar will be able to successfully provide CCIM members with access to researched and verified commercial property listings across U.S.; that CCIM members will benefit from access to CoStar's industry-leading information; that CoStar will be able to successfully provide CCIM member with online access to CoStar's database of [fully] researched and verified commercial property listings; that CoStar will be able to successfully bring CCIM members the most comprehensive and accurate commercial property listings available online; only CoStar can deliver the [fully] researched and verified data found in CoStar's database; that each CCIM member will gain full access to CoStar's database of researched and verified for sale listings across the U.S., as well as all for lease listings within his or her local market, covering every commercial property class and type; that CoStar's commercial property database is the largest collection of researched and verified office, industrial, retail, mixed-use, multifamily, hospitality and land listings in the U.S.; that CCIM members will be able to search CoStar's online database quickly and easily; that CCIM members will benefit from placing their own space availabilities and for sale property before CoStar's extensive subscriber base of investors, brokers and other property professionals nationwide; that CoStar will be able to successfully provide its technology services to CCIM Institute members; that the technology services CoStar will provide to CCIM Institute will keep CCIM designees and candidate members at the leading edge of the industry in terms of online tools; that CoStar's comprehensive research process results, and will continue to result in, more listings with more accurate and better quality information; that CoStar will be able to successfully provide CCIM members with access to CoStar Connect; that CCIM members will be able to use CoStar Connect to boost their Web sites' marketing power and increase productivity by presenting the most complete information available on their properties; that the information provided to CCIM members through CoStar Connect is the most complete information available on their properties; and that the CoStar Connect service will significantly reduce the expense and time associated with building and maintaining Web-based property listings. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060510/COSTARLOGO
CONTACT: Timothy J. Trainor, Communications Director, CoStar, +1-301-
Web site: http://www.costar.com/
NEW YORK, Aug. 1 /PRNewswire-FirstCall/ -- LivePerson, Inc. , a provider of online conversion solutions, today announced that President & CFO Tim Bixby will present at Needham's Second Annual Internet & Digital Media Conference, to be held at the New York Palace Hotel, August 9, 2007. LivePerson's presentation will be held at 3:50pm EDT on Thursday, August 9, and will include a review of the company's business strategy and historical financial results.
LivePerson is a provider of online conversion solutions. Our hosted software enables companies to identify and proactively engage online visitors -- increasing sales, satisfaction and loyalty while reducing service costs. Combining web-interaction technology (chat, email and a self-service knowledgebase) with a deep understanding of consumer behavior and industry best practices, LivePerson's Timpani(TM) platform engages the right customer, at the right time, with the right communications channel. This Engagement Marketing platform creates more relevant, compelling and personalized experiences -- converting traffic into revenues, and facilitating real-time sales and customer service. More than 5,000 companies including EarthLink, Hewlett-Packard, Microsoft, Qwest and Verizon, rely on LivePerson to help maximize the return on their marketing and e-commerce investments. LivePerson is headquartered in New York City.
About Needham & Company
Needham & Company, LLC, a wholly owned subsidiary of The Needham Group, Inc., is a privately held, full-service investment bank with the mission of helping emerging growth companies achieve their potential. The firm is headquartered in New York City with offices in Boston, Menlo Park and San Francisco. In addition to investment banking, Needham's principal activities include institutional sales and trading and asset management. To serve its institutional clients, Needham & Company, LLC produces comprehensive equity research on more than 350 companies in technology, healthcare, consumer and industrial growth. Needham & Company, LLC is a member of NASD/SIPC. For more information, please see http://www.needhamco.com/.LivePerson, Inc.
CONTACT: Kevin Kohn of LivePerson, Inc., +1-212-609-4240
Web site: http://www.liveperson.com/
COLORADO SPRINGS, Colo., Aug. 1 /PRNewswire-FirstCall/ -- Spectranetics Corporation today announced that it will present at Canaccord Adams' 27th Annual Global Growth Conference to be held in Boston from August 7-9 at the Intercontinental Hotel.
John G. Schulte, Spectranetics' president and chief executive officer, is scheduled to speak on Tuesday, August 7, 2007 at 10:00 a.m. Eastern time (8:00 a.m. Mountain time) and will discuss the Company's strategic initiatives, product pipeline and market opportunities.
Interested parties can access a live audio webcast and slide presentation at http://www.spectranetics.com/. An archived presentation will be available on the Web site for 14 days.
The Canaccord Adams Global Growth Conference is one of the oldest and largest programs showcasing both publicly traded and privately held growth companies. Many of the presenting public companies are covered by Canaccord Adams' global team of equity analysts. To learn more about the conference, please contact Nadine Miller at 617.371.3842 or Nadine.Miller@CanaccordAdams.com.
Founded in 1984, Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in minimally invasive cardiovascular procedures. This technology treats complex cardiovascular conditions by photo-ablating multiple lesion types into tiny particles that are easily absorbed into the blood stream. The Company's disposable catheters use high-energy "cool" ultraviolet light to vaporize arterial blockages in the legs and heart, as well as scar tissue encapsulating pacing and defibrillation leads. For more information visit http://www.spectranetics.com/.
COMPANY CONTACT: INVESTOR & MEDIA CONTACTS: Spectranetics Corporation Lippert/Heilshorn & Associates, Inc. Guy Childs, Chief Financial Officer Bruce Voss or Don Markley (719) 633-8333 (310) 691-7100 http://www.spectranetics.com/ http://www.lhai.com/Spectranetics Corporation
CONTACT: Guy Childs, Chief Financial Officer of Spectranetics
Corporation, +1-719-633-8333; or Bruce Voss or Don Markley, both of Lippert-
Heilshorn & Associates, Inc., +1-310-691-7100
Web site: http://www.spectranetics.com/
NEW YORK, Aug. 1 /PRNewswire-FirstCall/ -- LivePerson, Inc. , a provider of online conversion solutions, today announced that President and CFO Tim Bixby will present at Canaccord Adams' 27th Annual Global Growth Conference, to be held at the InterContinental Boston on August 7-9, 2007. LivePerson's presentation will be held at 10:00 AM EDT on Tuesday, August 7, and will include a review of the company's business strategy and historical financial results. A live webcast will be available at http://www.liveperson.com/ir and a replay will be available for 30 days beginning August 8.
LivePerson is a provider of online conversion solutions. Our hosted software enables companies to identify and proactively engage online visitors-increasing sales, satisfaction and loyalty while reducing service costs. Combining web-interaction technology (chat, email and a self-service knowledgebase) with a deep understanding of consumer behavior and industry best practices, LivePerson's Timpani(TM) platform engages the right customer, at the right time, with the right communications channel. This Engagement Marketing platform creates more relevant, compelling and personalized experiences-converting traffic into revenues, and facilitating real-time sales and customer service. More than 5,000 companies including EarthLink, Hewlett-Packard, Microsoft, Qwest and Verizon, rely on LivePerson to help maximize the return on their marketing and e-commerce investments. LivePerson is headquartered in New York City.
About Canaccord Adams:
Canaccord Adams is a leading independent financial services firm committed to fostering the entrepreneurial economy by bringing corporate and institutional clients a unique perspective on global investment opportunities. With operations in research, sales and trading, and investment banking, our 225 professionals seek out emerging opportunities in our key sectors - Mining and Metals, Energy, Technology, Life Sciences, Real Estate, and Industrial Growth. Located in ten offices internationally, our experienced team generates focused, actionable ideas that identify opportunity and facilitate growth. Canaccord Adams, the international capital markets division of Canaccord Capital Inc., has operations in Toronto, London, Boston, Vancouver, New York, Calgary, Montreal, San Francisco, Houston and Chicago. More information is available at http://www.canaccordadams.com/.
About Canaccord Capital Inc.:
Through its principal subsidiaries, Canaccord Capital Inc. (TSX & AIM: CCI) is a leading independent full-service investment dealer in Canada, with capital markets operations in the United Kingdom and the United States of America. Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a market operated by the London Stock Exchange. Canaccord has operations in two of the principal segments of the securities industry: private client services and capital markets. Together these operations offer a wide range of complementary investment products, brokerage services and investment banking services to Canaccord's private, institutional and corporate clients. Canaccord has approximately 1,570 employees worldwide in 31 offices, including 23 Private Client Services offices located across Canada. Canaccord Adams, the international capital markets division, has operations in Toronto, London, Boston, Vancouver, New York, Calgary, Montreal, San Francisco, Houston and Chicago.LivePerson, Inc.
CONTACT: Kevin Kohn of LivePerson, Inc., +1-212-609-4240
Web site: http://www.liveperson.com/
SHENZHEN, China, Aug. 1 /PRNewswire-FirstCall/ -- Comtech Group, Inc. , a leading provider of customized design solutions for the technology manufacturing sector in China, has today announced an approximately USD 20 million acquisition of design and engineering firm Keen Awards (KA) Ltd., in a move designed to enhance its share of the digital media industry in China.
Keen Awards (KA) Ltd. provides customized display panel design solutions and engineering service to technology customers in mainland China, which are in turn incorporated into digital consumer products, like digital multimedia devices and mobile handsets.
Jeffrey Kang, President & Chief Executive Officer, Comtech Group, Inc., said, "Keen Awards is a perfect fit for us, strategically and commercially. Like us, Keen Awards specializes in delivering customized panel solutions to the high end of its target market. It focuses on a niche market of non-commoditized, customized solutions -- where strong engineering and design capability is key to success."
"The hype around Apple's iPhone shows that the look and feel of specialized display panels has become a key selling point for digital consumer technology products. The technological and engineering knowledge that Keen Awards offers, combined with our platform and customer base, means that, together, we will be well placed to meet the projected demand for customized display panel solutions," said Mr. Kang.
"In fact, we are already seeing significant demand from our customers for these kinds of solutions. We also believe that the display panel solutions that Keen Awards has specialized in delivering will be adopted in a range of high growth areas in the digital media industry and in the auto electronics sector," he said.
The deal represents the first acquisition by Comtech, following its recent share placement in April. The consideration of approximately USD20 million consists of approximately 80% cash and 20% stocks over the next two years, in line with designated business milestones. With Keen Awards' track record of profitability, this deal is expected to be accretive to earnings immediately, enhancing Comtech's earnings growth during 2007/2008 and beyond.
"Through this acquisition, the business as a whole will be in a far better position to match its expertise in display panel solutions with Comtech's wider customer base. With this deal, we have again successfully demonstrated our ability to identify growth opportunities in China and have shown how our business model can adapt to fast changing market trends," said Mr. Kang.
"In China, there are still many high growth yet fragmented segments within the technology market, and we are well placed to consolidate these opportunities over the coming years. In addition to delivering strong organic growth, our management will continue to pursue other accretive acquisition opportunities to drive ongoing sustainable growth of Comtech," he said.
About Comtech Group, Inc.:
Comtech Group, Inc. is a leading provider of customized module and subsystem design solutions for the Chinese market. The company believes it acts as a proxy to China's technology industry as it works with virtually all the major ODMs and OEMs China. Comtech utilizes these relationships and combines their IP to create designs that Comtech then sells to electronic manufacturers. These designs allow manufacturers to reduce their time to market for new products and ultimately increase sales. Comtech Group focuses on the mobile handset, telecom equipment and digital media end-markets for their customized design modules while also offering business and engineering services to their large telecom equipment vendor customers. Over the last eleven years, Comtech has grown its customer list to include more than 200 of the largest and most well known manufacturers across the mobile handset, telecom equipment and consumer markets, covering both multinational Chinese subsidiaries and Chinese domestic companies. For more information, visit http://www.comtech.com.cn/.
Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy, such as our planned growth in the display panel business, the results and potential impact of the Keen Awards acquisition, as well as future acquisition strategy, which are subject to change. 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 upon assumptions with respect to future business decisions, which are subject to change. For a further description of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov/.Comtech Group, Inc.
CONTACT: Comtech Group, U.S., +1-646-291-8998, or H.K.,
+852 2730 1518, Fax, +86 755 2674 3522, email@example.com
Web site: http://www.comtech.com.cn/
CHICAGO and DES MOINES, Iowa, Aug. 1 /PRNewswire-FirstCall/ -- Allscripts , the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare, today announced that Iowa Health System has selected Allscripts as its provider of an Emergency Department Information System (EDIS) to automate emergency room operations and improve access to patient information for nearly 300,000 annual patient visits in 11 of the organization's hospitals and urgent care clinics. Iowa Health System currently has 180 physicians in 31 clinics using Allscripts as an Electronic Health Record (EHR).
Iowa Health System is the state's first and largest integrated healthcare system, operating facilities in seven large Iowa communities and Rock Island, Illinois, and supporting a system of rural hospitals in 14 Iowa communities. The Allscripts EDIS will replace paper charts and white-board patient tracking systems in the organization's Emergency Departments with a fully connected electronic system that shares information from multiple systems, including the Allscripts Electronic Health Record.
"Information technology is critical to enhancing the quality and safety of patient care provided in Iowa Health System's Emergency Departments," said James Mormann, Chief Information Officer of Iowa Health System. "Allscripts has been a solid partner for our Electronic Health Record initiative and was the logical choice to help us accelerate our efforts in this mission critical area of our organization. We believe the EDIS is the best way to share information between the ED and physicians and to deliver all the information our providers need to make sound, real-time clinical decisions at the point of care."
Physicians, nurses and other Emergency Department staff will benefit from the Allscripts solution's single-screen view of all ED activity with comprehensive patient tracking, electronic records, real-time views of all lab orders and test results, and patient-specific decision support information to enhance safety. The EDIS also features remote chart access for community caregivers and hospital staff, so they can securely access an ED patient's chart via the Web without logging into the ED solution. Additionally, its sophisticated analytics identifies workflow bottlenecks that slow care delivery, and monitors quality outcomes to ensure better care.
Iowa Health System conducted a comprehensive analysis of EDIS vendors and selected Allscripts for its comprehensive functionality, ease of customization, and proven success at the nation's leading hospitals, where the Allscripts solution handles millions of Emergency Department visits each year. Allscripts will connect the ED system and the company's Electronic Health Record, which is used by physicians outside the hospital to document patient care and keep track of their medications.
"In addition to the many benefits of automating emergency operations, our vision for an integrated healthcare network includes physician access and interoperability between the Allscripts systems," said Nancy Ripley, Director of Clinical Applications for Iowa Health System. "Our ED physicians and hospitalists, who frequently request access to the Electronic Health Record, will now be able see a patient's medical problems as well as what medications they are on without having to rely on patients for that information."
Allscripts Chief Executive Officer Glen Tullman commented, "Physicians and caregivers inside the Emergency Department need instant access to the right information at the right time. The very definition of emergency speaks to speed, quick access, and the ability to document and share information quickly. We're proud that Iowa Health System has selected Allscripts to help fulfill their mission of providing comprehensive and connected health care to their millions of patients."
About Iowa Health System
Iowa Health System is a community-based organization of physicians, hospitals, civic leaders and local volunteers who share a vision of affordable, accessible healthcare. Created in 1995, Iowa Health System is the state's first and largest integrated healthcare system. Iowa Health System operates facilities in seven large Iowa communities and Rock Island, Illinois, supports a system of rural hospitals in 14 Iowa communities and partners with physicians and clinics in more than 80 communities in Iowa, western Illinois and eastern Nebraska. Iowa Health System includes the group practices of Iowa Health Physicians, Partners in Health, Children's Hospital Physicians, St. Luke's Clinic Network, Trimark Physicians Group and Trinity Physicians Group. Approximately 450 physicians and allied providers serve patients across Iowa, western Illinois and eastern Nebraska through these clinics. To learn more, visit http://www.ihs.org/.
Allscripts is the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare. The Company's business units provide unique solutions that inform, connect and transform healthcare. Allscripts award-winning software applications include Electronic Health Records, practice management, e-prescribing, document imaging, emergency department, and care management solutions, all offered through the Company's Clinical Solutions units. Additionally, Allscripts provides clinical product education and connectivity solutions for physicians and patients through its Physicians Interactive(TM) unit, and medication fulfillment services through its Medication Services unit. To learn more, visit Allscripts on the Web at http://www.allscripts.com/.
This announcement may contain forward-looking statements about Allscripts Healthcare Solutions that involve risks and uncertainties. These statements are developed by combining currently available information with Allscripts beliefs and assumptions. Forward-looking statements do not guarantee future performance. Because Allscripts cannot predict all of the risks and uncertainties that may affect it, or control the ones it does predict, Allscripts' actual results may be materially different from the results expressed in its forward-looking statements. For a more complete discussion of the risks, uncertainties and assumptions that may affect Allscripts, see the Company's 2006 Annual Report on Form 10-K, available through the Web site maintained by the Securities and Exchange Commission at http://www.sec.gov/.Photo: http://www.newscom.com/cgi-bin/prnh/20061005/ALLSCRIPTSLOGO-b
CONTACT: Dan Michelson, Chief Marketing Officer, +1-312-506-1217,
firstname.lastname@example.org, or Todd Stein, Senior Manager\Public Relations,
+1-312-506-1216, email@example.com, both of Allscripts; or Proctor
Lureman, Director, Communications of Iowa Health System, +1-515-241-3333,
Web site: http://www.allscripts.com/
RESTON, Va., Aug. 1 /PRNewswire-FirstCall/ -- SI International, Inc. , an information technology and network solutions (IT) company, today announced that the Company has been awarded the GSA Alliant Government Wide Acquisition Contract.
SI International is among 29 award winners of the GSA Alliant contract, which is a $50 billion Government Wide Acquisition Contract (GWAC); and, SI International will have the opportunity to compete on task orders for integrated Information Technology (IT) solutions under the contract. The Alliant contract has a five-year base period and one five-year option period, and contains three major components: Infrastructure, Application Services, and IT Management.
The GSA Alliant Program provides IT solutions that support Federal government operational requirements for standardized technology and application service components. Alliant also facilitates integration requirements for broad Federal IT and E-Gov initiatives, as well as promote the sharing, consolidation, and "re-use" of business processes and systems across the Federal government. SI International will provide a variety of IT solutions and support services, including new and emerging technologies that will evolve over the life of the 10 year contract on a global basis.
"We believe that this new contract vehicle will enable us to provide our Rapid Response, Rapid Deployment(R) services and solutions more easily to our Federal Civilian and Department of Defense clients," said Brad Antle, President and CEO of SI International. "We look forward to growing our relationship with GSA."
About SI International: SI International, a member of the Russell 2000 and S&P SmallCap 600 indices, is a provider of information technology and network solutions (IT) primarily to the federal government. The Company combines technology and industry expertise to provide a full spectrum of state-of-the- practice solutions and services, from design and development to documentation and operations, to assist clients in achieving their missions. SI International is ranked as the 42nd largest Federal Prime IT Contractor by Washington Technology and has approximately 4,700 employees. More information about SI International can be found at http://www.si-intl.com/.
The above-referenced statements may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals, financial information or reporting, and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward- looking statements may involve a number of risks and uncertainties, which are described in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties include: changes in federal government (or other applicable) procurement laws, regulations, policies and budgets; risks relating to contract performance; changes in the competitive environment (including as a result of bid protests and failure to win task orders); and the important factors discussed in the Risk Factors section of the annual report on Form 10-K filed by the Company with the Securities and Exchange Commission and available directly from the Commission at http://www.sec.gov/. The actual results may differ materially from any forward- looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact: Alan Hill SI International 703-234-6854 firstname.lastname@example.orgSI International, Inc.
CONTACT: Alan Hill of SI International, Inc., +1-703-234-6854,
Web site: http://www.si-intl.com/
SAN ANTONIO, Aug. 1 /PRNewswire-FirstCall/ -- AT&T Inc. has announced that small businesses now have access to dedicated wireless specialists and savings as part of the AT&T Exclusively Business program. The program gives qualified small businesses preferred treatment and is designed to equip growing businesses with a dedicated team that provides recommendations and support for mobile voice and data communications solutions.
To promote the program launch, AT&T is sponsoring a sweepstakes for a 10-hour Marquis Jet Card(SM) that provides access to flight time on a Citation V Ultra jet. The winning small business will have exclusive use of the jet during the 10 hours and can send up to seven people on each private flight.
According to the Office of Advocacy of the U.S. Small Business Administration (SBA), there are approximately 5.7 million small businesses with fewer than 50 employees in the U.S. These businesses employ 33.2 million people and are a significant driver of the U.S. economy. They represent approximately 22 percent of all businesses in the country.
"Small businesses have the same mobile communications requirements of larger enterprises, but they have unique solution needs and buying preferences," said Lynn Castlevetro, senior director of Small Business Marketing, AT&T's wireless unit. "AT&T has extended the wireless sales force beyond the retail and online stores to include dedicated small business call center associates and in-person small business advisors who visit small business customers' premises. This provides small businesses with enhanced resources as they integrate wireless solutions into their operations."
As part of the AT&T Exclusively Business program, AT&T has assigned hundreds of additional small business wireless specialists nationwide. AT&T small business wireless specialists are trained to diagnose and recommend industry-specific solutions that are tailored to individual small business needs. AT&T expects to continue to expand this sales force throughout 2007 and 2008.
All new and existing AT&T business customers with a qualified wireless business contract are eligible for the AT&T Exclusively Business program. Members of the AT&T Exclusively Business program receive the following combined program and contract benefits:
-- Waived Service Activation Fees for Qualified Activations -- Discounts. Exclusively Business program members with five or more qualified users automatically receive a 7 percent discount off the monthly service charge of their qualified voice and data service plans and can extend this discount as a benefit to their employees. -- Access to Small Business Account Management Team. AT&T small business wireless specialists are available to answer questions, recommend wireless solutions and address concerns to help ensure optimal small business communications. -- 24/7 Technical Support -- AT&T Premier Enterprise Portal. AT&T Exclusively Business customers have access to an individually customized Web portal, where they can purchase devices and services and manage account activity at their convenience, 24/7. -- Quarterly Consultations With Wireless Specialists. AT&T will conduct proactive account reviews with each small business customer to examine ongoing communications needs and determine areas of needed growth and adjustment. -- Subscription to Quarterly Newsletter
For more information on AT&T Exclusively Business, customers can visit any AT&T retail store, call 1-888-296-4561 or visit http://www.att.com/exclusivelybusiness .
AT&T Exclusively Business customers can enter a sweepstakes to win a Marquis Jet Card that allows 10 hours of flight time for up to seven people on the prestigious Citation V Ultra. The sweepstakes runs from July 23 to Dec. 31, 2007. For more information about the sweepstakes, visit http://www.attjet.com/.
For more information about AT&T wireless solutions for small businesses, visit http://www.att.com/wirelesssmallbusiness .
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss .
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2007 AT&T Knowledge Ventures. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Knowledge Ventures. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
All Marquis Jet Card program flights operated by NetJets companies under their respective FAR 135 Air Carrier Certificates.AT&T Inc.
CONTACT: Todd Smith of AT&T Inc., +1-404-236-6273, Cell,
Web site: http://www.att.com/