NEW YORK, Aug. 1, 2013 /PRNewswire/ -- This year alone, 22,240 women will be diagnosed with ovarian cancer, 2,500 infants will die from SIDS and obesity remains at an all-time high among children and adolescents--almost tripling since 1980. One possible free and natural solution: Breastfeeding. Breastfeeding has been proven to reduce the risk of developing these health issues in both moms and babies, while also burning an average of 500 calories per day for mom and saving more than $400 per year. The benefits are undeniable, but the amount of encouragement for breastfeeding is still lacking and many moms continue to feel uncomfortable feeding their baby in public.
(Logo: http://photos.prnewswire.com/prnh/20120618/MM26636LOGO-c )
In support of National Breastfeeding Awareness Month in August, and to fight the stigma against breastfeeding in public, TheBump.com, the fastest-growing pregnancy and parenting website, announced today the second annual "Public Display of Breastfeeding" (PDB) campaign exclusively sponsored by The Boppy Company.
More than 3,000 moms on TheBump.com have already promised to breastfeed outside the privacy of their own homes on August 15, 2013, the official "Public Display of Breastfeeding Day"--and the number continues to grow. Moms are posting their pride on Facebook and Twitter with the hashtag #PDB and are also encouraging fellow moms to join the boob-olution.
To make it even easier for moms to nurse in public on August 15, TheBump.com has partnered with local retailers in New York City, Los Angeles, Boston, Chicago and Denver to provide a place for moms to gather and breastfeed. Moms in these cities are encouraged to stop by the following local events to meet other moms and show their breastfeeding pride:
1201 Lexington Avenue (between 81(st) and 82(nd) streets)
New York, NY 10028
A Mother's Haven Boutique & Educational Center
15928 Ventura Blvd, Suite 116
Encino, CA 91436
The Prudential Center
776 Boylston Street
Boston, MA 02116
Urba Baby Wicker Park
1751 W. Division Street
Chicago, IL 60622
3000 East Third Avenue, Unit 15
Denver, CO 80206
The first 30 moms to arrive at each PDB local event will receive a gift bag full of must-haves from Boon, Boppy, BabyLegs, Earth's Best, pediped, Kanga Care and more.
"There's an enormous amount of stigma associated not only with breastfeeding in general, but breastfeeding in public--so much in fact that when we polled our moms on TheBump.com, 1 in 7 admitted that public breastfeeding makes them uncomfortable," says Rebecca Dolgin, editor in chief of TheBump.com. "To help end the shame and raise awareness for the proven benefits of breastfeeding, we created our Public Display of Breastfeeding campaign so moms across the country can feel an outpouring of support and empowerment to breastfeed anytime, anywhere."
In addition to TheBump.com Public Display of Breastfeeding campaign, the site offers breastfeeding resources, online events and information at TheBump.com/breastfeeding, including:
-- Ta-ta Tuesdays With Lactation Consultants: Ta-tas, boobies, knockers--we know you've got questions about them and breastfeeding. Good news: We've got answers! Each Tuesday in August, moms can chat free with a lactation consultant from 1 p.m. to 3 p.m. ET about all their breastfeeding questions and concerns. Each participant will be entered for a chance to win a Baby K'tan nursing cover, Bravado nursing bra and swag from aden + anais, Medela and Colief. Here's TheBump.com "Ta-ta Tuesday" lineup: -- August 6: Getting Prepped for Breastfeeding -- August 13: Latches and Positioning -- August 20: Breastfeeding a Newborn and Older Baby -- August 27: Breastfeeding Problem -- Celebrity Mom Breastfeeding Stories: Celebs breastfeed their babies and are proud of it too! Alyssa Milano, Tia and Tamera Mowry, Tracy Anderson, Ali Landry and Melissa Joan Hart are among the celebrity profiles featured on TheBump.com/PDB with real breastfeeding stories and star-studded mama advice. -- More Than 3,000 Breastfeeding Articles: To help moms answer all the questions running through their minds, TheBump.com has compiled more than 3,000 breastfeeding articles, along with lists of the top 10 breastfeeding benefits and the hilarious places moms have breastfed. -- Informative Breastfeeding Videos: Sometimes you just need a visual! TheBump.com offers a variety of informative how-to breastfeeding videos, including Tips for Breastfeeding in Public, Breast Milk Storage 101, Increasing Your Breast Milk Supply and Is Baby Eating Enough During Breastfeeding? -- Largest Breastfeeding Online Community: TheBump.com has one of the largest online communities of breastfeeding moms, who share tips, personal advice and support on the topic, 24/7. -- Social Support: Moms who show their breastfeeding in public support by tweeting @thebump with the hashtag #PDB between 10 a.m. and 5 p.m. ET on August 15 will be entered for a chance to win big. One lucky mom will win a huge gift bag filled with breastfeeding essentials including a Medela Pump In Style Advanced breast pump and a variety of swag from Boppy, such as a nursing pillow, travel pillow, nursing cover, slipcovers and more.
The Bump is the only multiplatform resource giving first-time moms the inside scoop on fertility, pregnancy and new mommyhood, reaching millions of moms each year through TheBump.com and The Bump local guide. The Bump editorial team, "born" on The Knot, provides new moms stage-by-stage advice, stylish ideas, local resources, interactive tools and a savvy online community whose members are obsessed with knowing about everything baby. The Bump is a part of XO Group Inc. , a global media and technology leader devoted to weddings, pregnancy and everything in between. Follow The Bump on Twitter @thebump.
Public Relations Manager
Web site: http://www.thebump.com/
MUNDELEIN, Ill., Aug. 1, 2013 /PRNewswire/ -- Z Trim Holdings, Inc. , a bio-technology company providing value-added ingredients to a variety of industries, today announced that it recorded, for the month of July 2013, sales growth of 20% over the month of July 2012.
"We continue to gain acceptance with new customers," said Lynda Carroll, VP of Sales and Applications. "This was apparent at the IFT show in Chicago this July. Not only did we have over 2,000 people sample our sausages made with Z Trim at our booth, but a customer of ours showed samples of chicken nuggets made with Z Trim at their booth."
ABOUT Z TRIM(R)
Z Trim Holdings, Inc. (www.ztrim.com) is a bio-technology company that owns existing, and has developed new, products and processes to make use of biomass for uses in the food and industrial markets. The Company's food division currently sells a line of products to the food industry that can help food manufacturers reduce their costs and help them solve many production problems. The Company's revolutionary technology provides value-added ingredients across virtually all food industry categories. The Company's all-natural products, among other things, help to reduce fat and calories, add fiber, provide shelf-stability, prevent oil migration, and add binding capacity - all without degrading the taste and texture of the final food products. Perhaps most significantly, Z Trim's products can help extend finished products, and thereby increase its customers' gross margins. The Company's industrial division, opened in 2012, sells eco-friendly ingredients to oil drilling, hydraulic fracturing, petroleum coke, steel/aluminum, paper and other industries. The Company's industrial ingredients are highly functional in applications for adhesives, binders, viscofiers and emulsifiers.
Forward-Looking Statements and Risk Factors
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Z Trim Holdings to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in our filings with the Securities and Exchange Commission at www.sec.gov, including risk factors relating to our history of operating losses, that our auditors have expressed substantial doubt regarding our ability to continue as a going concern, the fact that we may dilute existing shareholders through additional stock issuances, and our reliance on our intellectual property. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contacts: Media: Investor Relations: Angela Strickland Thomas Wagner (847) 549-6002 Legend Securities, Inc. firstname.lastname@example.org 718-233-2627 Twitter John Columbia Facebook Legend Securities, Inc. LinkedIn 718-233-2677Z Trim Holdings, Inc.
Web site: http://www.ztrim.com/
NEW YORK, Aug. 1, 2013 /PRNewswire/ -- Shutterstock Inc. , a leading global provider of digital imagery, announced today its panel of judges for Shutterstock Stories, a creative grant program that will award $75,000 to artists around the world. This esteemed group was selected based on each individual's creative innovation and artistic leadership.
-- Geralyn White Dreyfous, Executive Producer of the Academy Award(R) Winning Born Into Brothels and co-founder of Impact Partners, an organization that connects filmmakers with investors and philanthropists -- Declan Gough, UK-based publisher for Future Publishing's Digital Design portfolio, including .Net, Creative Bloq, 3D World and Computer Arts -- Eduardo Kobra, Brazilian street artist most notable for his "Walls of Memory" project, that seeks to transform urban landscapes through geocentric historical imagery -- Nicole Stipp, Marketing and Communications Specialist for kate spade new york -- Annie Werner, Brooklyn-based Art Evangelist for Tumblr and advocate for artists
"Stories celebrates the amazing work of our contributors, who include filmmakers, illustrators and photographers," said Shutterstock Curator Liz Lapp. "It's an honor to be working with this esteemed panel of judges, each of whom brings a unique perspective from the creative world."
Submissions for Stories will be accepted through August 14, 2013. During the grant selection process, the panel of judges will review video and text entries from Shutterstock contributors and select 5 finalists, each of which will receive $5,000, and one grand-prize winner to be awarded $25,000. The public will also have the opportunity to select a People's Choice Winner to also receive $25,000.
To learn more about the creative grant program, or read the official submission rules, visit the Shutterstock Blog.
Shutterstock is a leading global provider of high-quality licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world.
Shutterstock works closely with its growing contributor community of photographers, videographers, illustrators and designers to curate a global marketplace for royalty-free imagery. Shutterstock adds tens of thousands of rights-cleared images each week, and with more than 25 million images currently available, the company recently surpassed 300-million image downloads.
Headquartered in New York City, Shutterstock also owns Bigstock, a value-oriented stock media agency, Offset, a high-end image collection, and Skillfeed, an online marketplace for learning.
For more information, please visit http://www.shutterstock.com/, and follow Shutterstock on Twitter or on Facebook.Photo: http://photos.prnewswire.com/prnh/20120514/NY06418LOGO
CONTACT: Meagan Kirkpatrick, +1-646-402-2854,
Web site: http://www.shutterstock.com/
NEW YORK, Aug. 1, 2013 /PRNewswire/ -- H&M, Hennes & Mauritz, one of the world's largest retailers known for offering high fashion and quality basics at affordable prices, is proud to announce the launch of its highly anticipated Shop Online store. Launching on August 1st 2013, H&M Shop Online in the U.S. will have something for everyone.
(Photo: http://photos.prnewswire.com/prnh/20130801/NY57298 )
H&M's Shop Online will offer the same collections as in-store, giving customers access to a wide range of clothing and accessories including ladies, men's, teens, plus-size and the complete children's line. There will also be additional sizes and exclusive "online-only" items available all year-round.
H&M's Shop Online launch will also debut H&M Home, available exclusively online. The much anticipated Home collection brings H&M's sense of fashion and fun to interiors with a seasonal selection of products for every room in your home. Towels, bed linens, curtains, and other home textiles and accessories in trendy colors and prints will be available for purchase online. With the arrival of H&M Home in the U.S., customers will now have access to fashionable home decor at the best price.
"We are thrilled to launch online shopping in the U.S.," says Daniel Kulle, U.S. President for H&M. "This significant milestone fully rounds out H&M's multichannel offering. Along with close to 300 stores, our U.S. customers will now have twenty-four hour access to the best of our fashion and home collections via their computers, smartphones, and tablets from anywhere in the U.S."
To mark the arrival of Shop Online, H&M will partner with top bloggers across the nation, one representing each state through a user-generated contest titled, "50 States of Fashion". This nationwide contest will serve as a creative call to action for all fashion-loving H&M fans. The bloggers will ask their readers to tag their personally curated looks from their hm.com purchase on Instagram, enlisting themselves into the search for America's top H&M look.
To further highlight the arrival of e-commerce, H&M will offer exclusive online pre-shopping of its Paris Show Collection. Presented first on the runway during Paris Fashion Week, this collection will debut globally in approximately 200 stores and online September 5(th). U.S. customers will have the opportunity to be the first in the world to shop the collection by visiting hm.com on August 22(nd).
In celebration of Shop Online, H&M will open a pop-up shop on August 22(nd) in the heart of New York City's Meatpacking District to give customers a glimpse into the world of H&M e-commerce. The pop-up shop will feature the Paris Show Collection, a Try-On Lab, and a virtual check-out system where customers can make purchases via iPads.
Online shopping at hm.com completes the H&M experience. Customers can see the latest collections, find inspiration from "H&M Life," sign up for the Friends and Family newsletters for exclusive previews and offers, and interact with both H&M and fellow customers on social media. Everything shoppers love about H&M will now be accessible with the click of a button in every city across the U.S.
For more information and all the latest from H&M, please visit hm.com or follow @hmusa on Twitter.
All social media updates will be tagged #HMShopOnline.
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company's business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands & Other Stories, Cheap Monday, COS, Monki and Weekday as well as H&M Home. The H&M Group has around 2,900 stores in 49 markets including franchise markets. In 2012, sales including VAT were SEK 140,948 million and the number of employees is more than 104,000. For further information, visit hm.com.Photo: http://photos.prnewswire.com/prnh/20130801/NY57298
CONTACT: Marybeth Schmitt, Marybeth.Schmitt@hm.com, (212) 564-9922, or
Nicole Christie, (212) 495-7384, Nicole.Christie@hm.com
Web site: http://www.hm.com/
CANTON, Mass., Aug. 1, 2013 /PRNewswire/ -- LoJack Corporation announced today the launch of a new digital dealer training website, The LoJack Learning Management System. Available immediately for all participating LoJack dealerships, the interactive website features online modules that outline proven best practices for selling the LoJack(R) Stolen Vehicle Recovery System, as well as tactics to enable dealers to increase customer satisfaction and sales.
Recognizing the need for a more flexible and advanced sales training alternative, LoJack consulted with renowned F&I training expert Ron Reahard of Reahard & Associates to create a customizable platform for auto dealers and their sales associates. The LoJack Learning Management System provides several modules that can be completed at a participant's convenience in a comprehensive, interactive learning environment. The system also provides the flexibility for dealerships to use the materials as part of a tailored training day, as well as the ability for users to reference the material any time via a downloadable PDF guide.
"Dealers need to stay on the cutting edge of technology and part of that includes equipping their sales teams with the resources and programs that help close car sales," said Randy L. Ortiz, the Chief Executive Officer and President of LoJack. "At LoJack, we have spent a significant amount of time working with hundreds of auto dealer executives, managers, sales teams and vendors to determine exactly what their needs are. As such, our new Learning Management System provides powerful tactics to help increase sales and ROI on LoJack products."
In addition to the new training website, LoJack also supports participating dealerships by offering a number of informative resources, such as a mobile application designed specifically for dealers to help sales teams illustrate the value of the LoJack Stolen Vehicle Recovery System, explain the cost of theft and more. A consumer tab includes popular selling tools such as localized theft risk assessment modules, a product comparison grid and a theft cost calculator.
Additional resources available to participating LoJack dealers include:
-- Toolkit of marketing and sales materials, including vehicle theft recovery stories and infographics detailing location-specific vehicle theft statistics. -- Design of a LoJack-specific landing page and banner for a dealer's website. -- LoJack consumer mobile application, featuring informational tools for consumers, including a "Where I Parked" feature, a "Mobile Glove Box" and helpful information in the event of a vehicle theft. -- Event planning and cross-promotional support. -- Social media cross-promotional partnership.
For more information about LoJack products and resources, please visit www.lojack.com.
About LoJack Corporation
LoJack Corporation, the company that has helped more than nine million people protect their vehicles in the event of theft over the past 25+ years, today provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging its core strengths, including its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation is expanding into new areas across the continuum from theft deterrence to recovery. The Company is focusing on creating a new level of value for its dealer, customer and investor communities by delivering innovative offerings, multiple technologies in expanding geographies. For more information, visit www.lojack.com, www.autotheftblog.com, www.youtube.com/lojack, www.twitter.com/LoJackCorp or www.Facebook.com/LoJackCorp.
(C) 2013 LoJack Corporation. All rights reserved. LoJack and the LoJack logo are trademarks or registered trademarks of LoJack Corporation in the United States and other countries.
CONTACT: Jeremy Warnick Matt Landry Maria Brown LoJack Corporation Matter Communications Matter Communications 781-302-4251 978-499-9250, x 226 978-499-9250, x212 email@example.com firstname.lastname@example.org email@example.comPhoto: http://photos.prnewswire.com/prnh/20080512/NEM054LOGO LoJack Corporation
Web site: http://www.lojack.com/
CORINTH, Miss. and MANCHESTER, N.H., Aug. 1, 2013 /PRNewswire/ -- eOn Communications Corporation and Professional Teledata announced they have entered into an agreement whereby Professional Teledata will acquire eOn's Millennium and eQueue product lines, as well as development rights for the eConn IP PBX. Professional Teledata will also be designated as the exclusive eOn authorized provider of sales and service for the same products.
The deal is consistent with eOn's move away from PBX and call center markets, and into IP voice and security endpoints through its Cortelco business unit. By the same token, Professional Teledata, a long time eOn business partner and reseller, is ideally positioned to both perform on, and benefit from, the deal.
eOn's Principal Executive Officer, Stephen Swartz, states, "Professional Teledata is the perfect choice to support eOn's installed base, and we've allowed for an ample transition period, during which eOn personnel will continue to work closely with Professional Teledata."
Alan Hartmann, Professional Teledata Vice President, said, "We see this agreement as a natural progression of our business model, while at the same time significantly increasing our customer base." Hartmann added, "Access to the eConn technology also enables us to offer a long term solution to both current and future customers."
About eOn Communications
eOn Communications Corporation is a global provider of innovative communications solutions. With over 20 years of telecommunications expertise, eOn solutions enable customers to leverage advanced technologies to communicate more effectively. Our offerings are built on reliable open architectures that enable easy adoption of emerging technologies, such as Voice over Internet Protocol. www.eoncc.com
About Professional Teledata
Professional Teledata provides innovative software and turnkey solutions to call centers around the world for comprehensive inbound and outbound call processing, billing & accounts receivable, and hosted call center operations. With headquarters located in Manchester, New Hampshire, the company services the telephone answering service and call center industries and brings the latest technology to the forefront of these industries. http://www.professionalteledata.com
Photo: http://photos.prnewswire.com/prnh/20010517/EONLOGO eOn Communications Corporation
CONTACT: Investor Relations, eOn Communications, 800-955-5321,
Web site: http://www.eoncc.com/
COLUMBIA, Md., Aug. 1, 2013 /PRNewswire/ -- MICROS Systems, Inc. , a leading provider of information technology solutions for the hospitality and retail industries, cordially invites you to participate in a conference call with MICROS's management on Thursday, August 22, 2013, at 4:45 PM EDT, during which time the FY 2013 - 4th quarter financial results will be discussed. The financials will be released publicly by 4:15 PM EDT, on Thursday, August 22, 2013, 30 minutes prior to the conference call.
President and Chief Executive Officer Peter A. Altabef Executive Vice President, Chief Financial Officer Cynthia A. Russo Executive Vice President, General Counsel and Strategic Initiatives Thomas L. Patz Executive Vice President, Investor Peter J. Rogers, Relations and Business Development Jr.
To participate in the conference call, please call 1-800-768-2950, between 4:35 PM EDT and 4:40 PM EDT. Please state your name and reference MICROS Systems to begin participating in the call when the operator is available. If you are dialing outside of the U.S. and Canada, please call 1-212-231-2927, and state your name and reference MICROS Systems.
In case you are unable to participate in the conference call, an automatic replay will be available from 6:45 PM EDT, Thursday, August 22, 2013 through 6:45 PM EDT, Thursday, August 29, 2013. Please dial 1-800-633-8284 and enter the conference id number 21669239. If you are dialing outside the U.S. and Canada, please call 1-402-977-9140, and enter the conference id number 21669239.
Investors will have the opportunity to listen to the conference call/event over the Internet through PrecisionIR at http://www.investorcalendar.com/IC/CEPage.asp?ID=171401. To listen to the live call/event, please go to the PrecisionIR web site at least fifteen minutes prior to 4:30 PM EDT, Thursday, August 22, 2013 to register, download, and install any necessary audio software. (Minimum Requirements to listen to broadcast: The Windows Media Player or Real Player software and at least a 28.8Kbps connection to the Internet.) If you experience problems listening to the broadcast, please contact PrecisionIR Webcasting Services at 888-449-7343.
MICROS looks forward to your participation in this conference call. Please call Julie Richardson at 443-285-8112 if you have any questions.
About MICROS Systems, Inc.
MICROS Systems, Inc. provides enterprise applications for the hospitality and retail industries worldwide. Over 370,000 MICROS systems are currently installed in table and quick service restaurants, hotels, motels, casinos, leisure and entertainment, and retail operations in more than 180 countries, and on all seven continents. In addition, MICROS provides property management systems, central reservation and customer information solutions for more than 30,000 hotels worldwide, as well as point-of-sale, loss prevention, and cross-channel functionality for more than 150,000 retail stores worldwide and 17,000 Fuel and Convenience stores. MICROS stock is traded through NASDAQ under the symbol MCRS.
For more information on MICROS and its advanced information technology solutions for the hospitality industry, please contact Louise Casamento, Vice President of Marketing at (443) 285-8144 or (866) 287-4736. You can also visit the MICROS website at www.micros.com or send an email to firstname.lastname@example.org. Follow MICROS on Facebook, LinkedIn, YouTube, and the MICROS Blog.
Peter Rogers, Jr.
MICROS Systems, Inc.
Web site: http://www.micros.com/
RAMSEY, the Isle of Man, August 1, 2013 /PRNewswire/ --
IBS Group [http://www.ibsgr.com ], a leading software development and IT services provider in Central and Eastern Europe, announces that on July 26, 2013, the Board of Directors of the IBS Group Holding Limited has recommended a dividend of US$0.32 per share to be paid for the financial year ended March 31, 2013.
This distribution is subject to approval by shareholders at the Annual General Meeting on September 3, 2013. The record date for dividends is August 9, 2013.
About IBS Group Holding Limited
IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,500 people worldwide. In the year ended March 31, 2013, the Group reported US GAAP consolidated revenues of USD870.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F)
For more information about IBS Group please visit http://www.ibsgr.com.IBS Group Holding Ltd
CONTACT: Investor Relations: Andrei Novikov, IR Director, tel:
+7(495)967-8000 (ext.3095), email@example.com ; Media Relations: Ekaterina
Beskhizhko, PR Manager, tel: +7(495)967-8080 (ext.2963), firstname.lastname@example.org
DENVER, Aug. 1, 2013 /PRNewswire/ -- ID Watchdog, Inc. (PINKSHEETS: IDWAF) ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today announced that on July 31, 2013, its wholly owned subsidiary Identity Rehab Corporation ("ID Rehab"), borrowed an additional $250,000 on its $500,000 secured credit facility (the "Credit Facility") with Costella Kirsch, a California based lender (the "Lender").
ID Rehab borrowed $250,000 on the Credit Facility at closing in February 2013 and achieved certain financial targets, as defined in the credit agreement, which allowed it to borrow the remaining $250,000 available under the Credit Facility (the "Second Draw"). By making the Second Draw, ID Rehab is required to issue 1,000,000 of its ordinary shares to the Lender as compensation. The Credit Facility matures on June 30, 2016, is secured by all of the assets of ID Rehab and the borrowings on the Credit Facility will be used for general corporate purposes.
Michael Greene, CEO, commented, "In addition to the $250,000 we borrowed on our Credit Facility, we were successful in generating over $60,000 of free cash flow during the second quarter of 2013, and these funds will position us to continue to invest in our employee benefit and our tech support channels."
The Company also announced the resignation of Mr. Rick Lunstrum, Vice President of Operations, effective July 31, 2013. Mr. Craig Ramsay, Chief Information Officer, will assume Mr. Lunstrum's duties. In making the announcement Mike Greene, CEO, said, "I personally want to thank Rick for his significant contribution to the Company over the last eight years. He was one of the Company's first employees, has been instrumental in managing our call center and resolutions groups and we wish him only the best in his retirement.
Financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent quarterly reports and our annual report. These documents are available online at www.sedar.com and in the "Company Overview" section of our website at www.IDWatchdog.com.
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.
This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.ID Watchdog, Inc.
CONTACT: ID Watchdog, Inc., Jay B. Lewis, Chief Financial Officer,
Web site: www.idwatchdog.com/
PARIS, August 1, 2013 /PRNewswire/ --
Gameloft, a leading global publisher of digital and social games, today announced that its hit game Order & Chaos Online will be the first MMORPG available on the new OUYA and can be downloaded for free from DISCOVER, the OUYA Store.
Since its release in 2011, Order & Chaos Online has brought several million fans from around the world together on smartphones and tablets. Fans of the franchise can now meet and battle against other players and complete a myriad of quests on a large screen.
"We're thrilled to release one of our most popular games on the new OUYA console," states Alexandre Tan, Vice President of Business Development & Brand Partnerships at Gameloft. "Thanks to OUYA, we can offer players an even more immersive gaming experience on their TV screens right in their own living room."
"OUYA is excited to be working with Gameloft to bring the wildly popular Order and Chaos Online to the consoles world for the first time," said Julie Uhrman CEO and founder of OUYA. "This also marks our first MMORPG expanding the gaming possibilities for all OUYA gamers."
Order & Chaos Online is now free to download from DISCOVER, the OUYA Store.
A leading global publisher of digital and social games, Gameloft(R) has established itself as one of the top innovators in its field since 2000. Gameloft creates games for all digital platforms, including mobile phones, smartphones and tablets (including Apple(R) iOS and Android(R) devices), set-top boxes and connected TVs. Gameloft operates its own established franchises such as Asphalt(R), Real Football(R), Modern Combat, and N.O.V.A.: Near Orbit Vanguard Alliance(R), and also partners with major rights holders including Disney(R), Marvel(R), Hasbro(R), FOX(R), Mattel(R) and Ferrari(R).
Gameloft is present on all continents, distributes its games in over 100 countries and employs over 5,000 developers.
Gameloft is listed on NYSE Euronext Paris . Gameloft's sponsored Level 1 ADR is traded OTC in the US.
Press Contact: Heather Cosby PR Manager +1-415-615-0520 Email: email@example.com
RAMSEY, the Isle of Man, August 1, 2013 /PRNewswire/ --
IBS Group [http://www.ibsgr.com ], a leading software development and IT services provider in Central and Eastern Europe, announces that on July 26, 2013, the Board of Directors of the IBS Group Holding Limited has recommended a dividend of US$0.32 per share to be paid for the financial year ended March 31, 2013.
This distribution is subject to approval by shareholders at the Annual General Meeting on September 3, 2013. The record date for dividends is August 9, 2013.
About IBS Group Holding Limited
IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,500 people worldwide. In the year ended March 31, 2013, the Group reported US GAAP consolidated revenues of USD870.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F)
For more information about IBS Group please visit http://www.ibsgr.com.IBS Group Holding Ltd
CONTACT: Investor Relations: Andrei Novikov, IR Director, tel:
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ALBUQUERQUE, N.M., Aug. 1, 2013 /PRNewswire/ -- Comcast, a global media and technology company, today announced the launch of its cloud-based interactive television experience, the X1 Platform from Xfinity, in six New Mexico service areas: Albuquerque, Farmington, Las Cruces, Los Alamos, Santa Fe and Silver City.
Unlike any other video service available today, X1 is a cloud-based platform that transforms TV into an interactive and integrated experience. It integrates the largest collection of video with social media features, interactive apps, web content and more in one easy-to-navigate, sleek viewing experience. The launch of X1 is part of Comcast's ongoing and evolving effort to take advantage of its powerful network and IP technology to constantly bring new innovations to market.
"The X1 Platform is a huge leap forward for us and transforms traditional television viewing into an entirely new entertainment experience," said Chris Dunkeson, New Mexico vice president and general manager for Comcast. "X1 uses cloud-based technology to make the TV smarter, richer and more personalized, and allows us to deliver new features to our customers faster than ever."
New X1 features and capabilities available to customers in New Mexico today include:
-- Visual, Sleek User Interface: A modern user interface that enables one-click access to programs and a highly visual guide to entertainment options and related information. -- Faster, More Personalized Search and Discovery: A personalized viewing experience with recommendations based on search input and previously watched shows and movies. They also have the ability to search simultaneously across live TV, Xfinity On Demand and DVR recordings - and see the last nine programs watched across all services with a single tap on the remote control. -- In-Home Convenience: The ability to watch DVR recordings from any room in the house and simultaneously record up to four shows while watching another. -- Social Integration and Customized Apps: An expanding selection of tailored-for-TV apps, including traffic, weather, voicemail, and a sports app to track multiple games at once and check the latest scores, standings and schedules while watching a favorite show. X1 also includes a selection of Web-based apps, including Facebook and Pandora.
In addition, the X1 Remote App lets customers use motions, gestures, and voice commands to control their TVs with their Apple handheld devices. For example, customers can use voice commands to navigate the guide and search for content; swipe their iPhones to page through the interactive TV guide and program personalized short-cuts and favorites ("Quick Links"); and shake their device to pause Xfinity On Demand content.
X1 will initially be available to new Xfinity Triple Play customers and will become available to additional customer segments in the future. The X1 Platform is currently available in more than a dozen markets, and Comcast plans to launch the service in all remaining markets by the end of the year.
About Comcast Corporation:
Comcast Corporation is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 30 news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.
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WALLDORF, Germany and ZUG, Switzerland, Aug. 1, 2013 /PRNewswire/ -- SAP AG and hybris today announced that SAP has completed the acquisition of hybris, a rapidly growing and widely recognized leader in commerce technology. With this transaction, SAP is investing in the future of commerce and customer engagement, helping to enable businesses to deliver relevant, contextual and consistent experiences for customers across all their digitally-enabled interactions. The two companies plan to combine the agile omni-channel commerce solutions of hybris with robust enterprise technology and industry leading in-memory, cloud and mobile innovations from SAP to help facilitate new levels of customer insight and engagement.
"SAP and hybris will deliver the next-generation customer experience for businesses and consumers in a world where digital and physical converge seamlessly," said Bill McDermott and Jim Hagemann Snabe, co-CEOs, SAP AG. "With the addition of the hybris commerce platform, we intend to help enterprises achieve unprecedented intimacy with customers in real time and across all devices, delivery channels and touchpoints."
The Commerce Imperative
In a recent global survey by Bloomberg Businessweek Research Services (BBRS), senior business executives identified the growing need to engage customers however and wherever they choose to deliver "a contextualized and personalized experience, enriched with information gathered in real time, and consistent across all channels--mobile, social, the Web and bricks-and-mortar." hybris' Commerce Suite is an open, extensible omni-channel platform, with state-of-the-art product content management and unified commerce processes designed to give a business a single view of its customers, products and orders, and its customers a single view of the business.
"We use hybris and SAP and have already leveraged the robust technology from both to drive the kind of differentiated customer experiences required to stay relevant and grow our business," said Sven Blumenstiel, CIO, Sonova.
"Today's customer demands a channel-agnostic experience from us, and the stakes are only increasing," said Ole Vogt, senior product manager, Interactive Marketing, Phonak. "We expect that hybris and SAP together can bring the innovation we know we need in our global markets, continue to adapt and gain market share into the future."
SAP and hybris to Deliver Customer Engagement Innovation
The rules of engagement have changed and customers are in control. Modern businesses need systems that can predict and adapt in real time to customers wherever and however they engage. hybris expands SAP(R) solutions that address customer engagement comprehensively across marketing, sales, service and commerce. As part of SAP, hybris is expected to take advantage of mobile, cloud and big data innovations from the company while continuing to drive forward the most modern, agile commerce platform in the market today.
"The power of SAP will enable hybris to continue to advance our already industry leading commerce solutions," said Ariel Ludi, CEO of hybris, and Carsten Thoma, president and co-founder of hybris. "We will accelerate our vision, supporting our customers' transformations from channel-centric to omni-channel businesses. This crosses all customer interactions, business models and industries. With hybris and SAP powering modern businesses, customers are expected to interact with them seamlessly and in real time, whether in person or via devices, and without regard to channel or location."
hybris will operate as an independent business unit under its existing leadership and will continue its commerce technology leadership for both SAP and non-SAP customers and will be known as "hybris, an SAP company."
Conference Call and Webcast
SAP senior management will host a conference call and webcast for media and analysts on Tuesday, August 6, at 4:30 p.m. CET / 10:30 a.m. EDT / 7:30 a.m. PDT. The event will be webcast and can be accessed here.
Participant Dial-In Numbers: Austria: +43 (0)1 25300 85403 France: +33 (0) 1 70 71 29 50 Germany: +49 01801 003 809 Germany: +49 (0)69 2222 7436 Italy: +39 06 4521 7195 Netherlands: +31 (0)20 713 9243 Spain: +34 91 114 2178 Switzerland: +41 (0)44 580 3221 United Kingdom: +44 (0)20 3147 4971 United States: +1 719-325-4840 Confirmation Code: 147864
Participants may dial in five to 10 minutes prior to the start time using the respective numbers and confirmation code.
Replay Dial-In Numbers: Australia: +61 (0)2 8014 7928 Austria: +43 (0)1 25300 85404 France: +33 (0)1 74 20 28 00 Germany: +49 (0)69 2222 2236 Germany: +49 (0)89 2030 3201 Hong Kong: +852 3011 4669 India: +91 22 6150 1507 Italy: +39 064 521 7196 Japan: +81 (0)3 5767 9615 Singapore: +65 3158 1174 Spain: +34 91 788 9967 Switzerland: +41 (0)22 592 7553 United Kingdom: +44 (0)20 7111 1244 United States: +1 347-366-9565 Confirmation Code: 147864
For more information, visit the SAP Newsroom and www.hybris.com.
hybris helps businesses on every continent sell more goods, services and digital content through every touchpoint, channel and device. hybris delivers "OmniCommerce(TM)": state-of-the-art master data management and unified commerce processes that give a business a single view of its customers, products and orders, and its customers a single view of the business. hybris' omni-channel software is built on a single platform, based on open standards, that is agile to support limitless innovation, efficient to drive the best TCO, and scalable and extensible to be the last commerce platform companies will ever need. Both principal industry analyst firms rank hybris as a "leader" and list its commerce platform among the top two or three in the market. The same software is available on-premise, on-demand and managed hosted, giving merchants of all sizes maximum flexibility. Over 500 companies have chosen hybris, including global B2B sites W.W.Grainger, Rexel, General Electric, Thomson Reuters and 3M as well as consumer brands Toys"R"Us, Metro, Bridgestone, P&G, Levi's, Nikon, Galeries Lafayette, Migros, Nespresso and Lufthansa. hybris has operations in 15 countries around the globe. hybris is the future of commerce(TM). For more information, visit www.hybris.com.
As market leader in enterprise application software, SAP helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device - SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 248,500 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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SAN MATEO, Calif., Aug. 1, 2013 /PRNewswire/ -- NetSuite Inc. , the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced a number of customer wins in the outdoor industry. These new wins include: La Sportiva North America, a Boulder, Colo.-based maker of high-quality outdoor footwear, Liberty Bottleworks, a Union Gap, Wash.-based manufacturer of drinking bottles for athletes and outdoors enthusiasts, NEMO Equipment, a Dover, N.H.-based designer of innovative camping gear, PROBAR, a Salt Lake City-based maker of an all-natural vegan energy bar, Hydro-Photon, a Blue Hill, Maine-based maker of portable, ultra violet water purification systems and Surftech, a leading innovator, designer and developer of high-performance surf and stand-up paddle boards based in Santa Cruz, Calif.. They are among a growing number of leading outdoor companies that are capitalizing on NetSuite to improve their business performance and profitability, reduce IT costs, and make data-driven business decisions. Utilizing the NetSuite SuiteCommerce platform, these companies are also able to expand omnichannel sales through retail partners, global distributors and direct-to-consumer websites.
NetSuite's single, integrated cloud suite enables outdoor retailers and manufacturers to optimize every aspect of their business. It spans financials, inventory, order management, fulfillment, manufacturing, CRM and customer support, and enables multi-touchpoint sales across B2C and B2B web stores, mobile devices and POS systems (point-of-sale). Replacing cumbersome, time-consuming spreadsheets and standalone applications with NetSuite's unified solution, outdoor companies have dramatically improved end-to-end business speed, visibility and control, freeing resources to focus on product innovation, penetrating new markets and delivering a superior omnichannel customer experience. Outdoor companies also use NetSuite to streamline production at domestic and overseas facilities, with precise and real-time inventory management and demand forecasting to cost-effectively optimize manufacturing, minimize inventory carrying costs and free cash flow. The greater efficiency and productivity made possible with NetSuite's cloud solution has helped merchants of outdoor goods--from tents to footwear, nutrition bars, hydration bottles, water purifiers, electronics products, bicycles, ski and surf equipment and more--to compete more effectively with large multinational chains on price, product appeal, and brand presence at such retail stores as REI, Dick's Sporting Goods, Amazon and others. Outdoor goods companies are also driving omnichannel sales through B2B, B2C, Ecommerce, in-store, catalog, and marketplaces such as Amazon.com and eBay, leveraging the NetSuite SuiteCommerce platform which provides flexible design capabilities, streamlined checkout, rich shopping interactivity and B2B portal functionality for wholesale buyers.
NetSuite is helping fast-growing outdoor retailers and manufacturers improve performance by:
-- Providing a real-time, 360-degree view of the business by seamlessly integrating financials / ERP, CRM and Ecommerce, thereby empowering businesses to manage their interactions directly with consumers, other businesses and trading partners. -- Improving supply chain operations with integrated inventory and order management, and building demand forecasts with real-time data, reducing excess inventory or the risk of stockouts. -- Allowing data to flow seamlessly to wholesale distributors and their trading partners, to ensure communication is in lockstep with the same data, audit trails and real-time accuracy at every stage. -- Sharing container, pallet, location, forecasting, scheduling and unit-level data with stakeholders, while collaborating on a common cloud platform. -- Managing all transactions and associated customer interactions regardless of touchpoint.
"Outdoor companies shouldn't be chained to desktop applications, but focused instead on flexing their creative and innovative muscles to drive business success in today's hyper-competitive outdoor market," said Ranga Bodla, NetSuite Director of Industry Marketing. "NetSuite's cloud business management solution is proven to be an ideal solution for outdoor distributors and manufacturers to gain a remarkable competitive advantage in driving sales and achieving operational efficiencies."
Outdoor companies running NetSuite are showcasing their products and success this week at the Outdoor Retailer Summer Market tradeshow July 31 to August 3 in Salt Lake City, Utah. NetSuite is one of the sponsors of the semi-annual Outdoor Retailer event for the sixth consecutive year. For more information, please visit www.netsuite.com/outdoorretail.
Among the NetSuite customers exhibiting at the Outdoor Retailer event are La Sportiva North America, Liberty Bottleworks, NEMO Equipment, PROBAR, Hydro-Photon and Surftech.
La Sportiva North America (www.sportiva.com), a wholly-owned subsidiary of La Sportiva, an Italian manufacturer of high quality outdoor footwear, apparel and ski hardgoods has realized double-digit growth since implementing NetSuite in June 2012. With real-time visibility into inventory and sales data and rich operational and financial reporting, La Sportiva has eliminated the manual work and double data entry required with its legacy system to better focus on growing the business and aligning production in overseas facilities to meet demand at numerous retail locations in the U.S. and Canada. NetSuite CRM gives La Sportiva a single view of B2B and B2C customers. Ease of use, customizability, mobility and excellent NetSuite support are among other advantages La Sportiva is realizing in the NetSuite cloud. "NetSuite gives us visibility into customer demand in a timely manner so we can get that information to our global production facilities," said Jonathan Degenhardt, Marketing Operations Manager at La Sportiva USA. "Having control over inventory is critical, and NetSuite has given us better forecasting and order management capabilities. We can get better information faster, which means superior customer service and improved quality across the board."
Liberty Bottleworks (www.libertybottle.com), the only American-made metal bottle on the market for athletes, outdoor enthusiasts and casual users, is doubling its growth year-over-year with NetSuite in place to manage financials, manufacturing, inventory, order management, CRM and Ecommerce, with a direct-to-consumer website powered by NetSuite SuiteCommerce. Selected over a competing Sage solution in 2010, shortly after the company launched, NetSuite provides the company with a scalable, unified platform to run end-to-end business processes, generating operational efficiencies that translate to a strong bottom line. With NetSuite, Liberty Bottleworks has expanded its number of retail dealers to about 1,400, including REI, Whole Foods and L.L. Bean, and its B2C customer base to nearly 10,000 while growing its custom-work line of business with such corporate buyers as Coca-Cola and the Seattle Seahawks. NetSuite enables Liberty Bottleworks to tightly manage up to one million components that go into its products, as well as finished goods inventory and production processes at its Washington factory. "We are honored to be able to manufacture in the United States and NetSuite is a big part of making that possible," said Liberty COO Ryan Clark. "Every year we double our growth, but it would be unmanageable unless you enlist software like NetSuite. NetSuite is awesome and does an amazing job in tracking and managing inventory and enabling us to run the business as efficiently as possible."
NEMO Equipment (www.nemoequipment.com), a designer of innovative tents, sleeping bags and pads, and other camping gear sold online and through about 300 North American retailers including REI, and Eastern Mountain Sports; and internationally in Europe and Asia, has dramatically improved its efficiency and data-driven decision making since upgrading from QuickBooks to NetSuite in January 2013. The 11-year-old company uses NetSuite for financials, inventory and order management, CRM, PCI-compliant credit card processing and as the back-end for its custom-built web storefront. NetSuite's robust reporting has given financial managers, internal sales and other key stakeholders easy access to data and analytics, compared to the delays and manual work required with QuickBooks. With NetSuite CRM, NEMO has a consolidated record of all B2C and B2B customers to improve sales effectiveness and issue resolution. Inventory management enables virtual compartmentalization of stock by direct-to-consumer, B2B and U.S. military sales channels as well as real-time updates to the website, while pick, pack and ship time has been cut in half. NEMO selected NetSuite based on the experience of NEMO CFO Tina Bourgeois, who worked for Ibex when the outdoor clothing retailer implemented NetSuite in 2011."We now have the ability to slice and dice data in a number of different ways--the time savings in how fast information is available to everyone is astounding," Bourgeois said. "One of the key reasons we chose NetSuite was its ability to grow with us, and the breadth of complementary partner solutions."
PROBAR (www.theprobar.com), a manufacturer of vegan, organic, nutrition bars, is experiencing tremendous growth since implementing NetSuite in 2008 to replace a QuickBooks application that had shown its limitations. The company, based in Salt Lake City, uses NetSuite for financials, CRM, sales force compensation and returns merchandise authorization while SuiteCommerce supports a direct-to-consumer web store. With the NetSuite Manufacturing Edition, inventory management and demand planning, PROBAR has dramatically improved production efficiency at its Utah factory while gaining real-time visibility and control over raw materials sourced from about 500 suppliers that go into its lineup of more than 60 products. Running on the NetSuite cloud, PROBAR has expanded its B2B channel to about 3,000 stores in the U.S. and Canada, including REI and Eastern Mountain Sports, through both wholesale distribution arrangements and direct sales to retailers, with an EDI solution from NetSuite partner B2BGateway in place for some larger buyers. In the future, PROBAR expects to take advantage of NetSuite serial and lot tracking capabilities to strengthen compliance with federal and state regulations governing foodstuffs. "Over the past five years, we have come to rely on NetSuite 100 percent for financial data and reporting, and its ability to measure and improve our manufacturing efficiency," said Jules Lambert, PROBAR President. "There is no doubt that NetSuite is the perfect solution for us to help us continue to grow."
Hydro-Photon (www.steripen.com), the maker of SteriPEN, the world leader in portable ultraviolet (UV) water purification, upgraded to NetSuite in 2005 after its business growth outstripped the capabilities of QuickBooks. NetSuite gives Hydro-Photon, based in Blue Hill, Maine, a comprehensive solution to help manage a global supply and production network, with electronics, casing and other components sourced from two dozen suppliers in Asia and routed to three contract manufacturers in China. The solution also streamlines fulfillment and order management, integrated with a third-party logistics provider, co-operations in Oregon, which also runs NetSuite. Atop NetSuite, Hydro-Photon has averaged 37 percent sales growth over each of the past three years while expanding its North American channel to about 3,000 retail locations, including REI, Gander Mountain and Bass Pro Shops, and its international business to about 90 countries via distributorships and direct-to-consumer sales. The NetSuite OneWorld global business solution enables Hydro-Photon to conduct multi-currency transactions and comply with tax regulations in local countries. Inventory management provides real-time insight into components and finished goods, while NetSuite CRM delivers a single data repository to streamline the lead-to-cash cycle. "NetSuite is a great solution for us to be able to coordinate between external suppliers, contractors and our logistics provider," said Neil MacKay, Hydro-Photon President. "NetSuite is very flexible in its ability to extract data, and the report writing capabilities have helped to streamline a lot of processes."
Surf Technicians dba Surftech (www.surftech.com), a leading innovator, designer and developer of high-performance surf and stand-up paddle boards based in Santa Cruz, Calif., is riding waves of business success since implementing NetSuite in 2006 to replace an awkward combination of QuickBooks and a Fishbowl inventory application. Using NetSuite for financials, reporting, inventory management and CRM, Surftech is realizing annual double-digit revenue growth, despite new and fierce competition. "It's our ability to forecast accurately and deliver effectively that's kept us on top, and we wouldn't be able to do that without NetSuite," said Surftech CFO Heather Lee. NetSuite has given Surftech the agility to expand into the stand-up paddleboard market, tripling its customer base and bringing on a new outside sales force, with the reps rapidly up to speed on NetSuite CRM. Surftech has also tripled its number of inventory vendors, and given major distributors the ability to place their own orders, increasing sales and Surftech's forecasting ability. Time needed for business reporting and analysis has been greatly reduced, while Surftech is processing 50 percent more transactions and supporting 80 percent more customers. "We were excited from the beginning that NetSuite had seamless integration of financials and inventory, but what we didn't anticipate was that NetSuite had the tools we needed to scale in many directions," Lee said. "Our scalability includes the ability to do more with less. The funds we've saved on IT staff and equipment we've been able to invest in other areas, such as product development."
Today, more than 16,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
For more information about NetSuite, please visit www.netsuite.com. For more information about SuiteCommerce, please visit www.netsuite.com/suitecommerce.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuite Twitter handle for real-time updates.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between NetSuite and any other company.
(Logo: http://photos.prnewswire.com/prnh/20090924/SF81218LOGO-b)Photo: http://photos.prnewswire.com/prnh/20090924/SF81218LOGO-b NetSuite Inc.
CONTACT: Mei Li, NetSuite Inc., 650.627.1063, email@example.com
Web site: http://www.netsuite.com/
ATLANTA, Aug. 1, 2013 /PRNewswire/ -- EarthLink, Inc. today announced financial results for its second quarter ended June 30, 2013. The company's historical results related to its Systems business have been reclassified to Discontinued Operations.
Highlights for the second quarter include:
-- Revenues of $313.4 million, which is net of $1.9 million of revenues reclassified to Discontinued Operations -- Increased recurring sales bookings, sales productivity up 10% sequentially -- Net loss of $(11.2) million -- Adjusted EBITDA (a non-GAAP measure) of $59.5 million -- Net cash provided by operating activities of $11.7 million -- Unlevered Free Cash Flow (a non-GAAP measure) of $25.1 million
"In the second quarter of 2013, we continued to see increased demand in the marketplace for our growth products. Our sales force delivered significantly higher productivity, higher sales in aggregate, a richer mix of growth products and materially higher average revenue per sale," said EarthLink Chairman and Chief Executive Officer Rolla P. Huff.
Financial and Operating Results
EarthLink's total company revenue in the second quarter of 2013 was $313.4 million, as compared to $316.8 million in the first quarter of 2013 and $334.5 million in the second quarter of 2012. Business Services revenue, which accounted for 78% of EarthLink's total revenue in the second quarter of 2013, declined just 0.5% versus the prior quarter, which is an improvement over the 0.8% normalized sequential decline reported in the first quarter of 2013. EarthLink's business services revenue was $243.3 million in the second quarter of 2013, compared to $244.6 million in the first quarter of 2013 and $253.8 million in the second quarter of 2012.
EarthLink's Retail growth business, which includes MPLS, Hosted VoIP and IT Services, reached an approximate $157 million annualized revenue run rate in the second quarter of 2013, reflecting an accelerated 22% year-over-year growth rate. Total growth product revenues, including Wholesale, reached an approximate $313 million annualized revenue run rate. New recurring sales bookings increased 8% in the second quarter of 2013 over the second quarter of 2012, generated by 42% fewer sales reps than in the year-ago quarter. In the second quarter of 2013, 59% of new bookings were comprised of EarthLink's growth products, versus 46% of sales bookings from growth products in the year-ago quarter.
EarthLink's consumer segment continues to perform well, with broadband services representing 69% of consumer access revenue in the second quarter of 2013. Subscriber churn in the consumer segment reached a new historical low of 2.1% in the second quarter of 2013.
EarthLink's selling, general and administrative expenses were $105.0 million, or 33% of revenue, for the second quarter of 2013, as compared to expenses of $106.6 million, or 34% of revenue, for the first quarter of 2013, and $104.4 million, or 31% of revenue, for the year-ago quarter.
Profitability and Other Financial Measures
For the second quarter of 2013, EarthLink reported a net loss of $(11.2) million, or $(0.11) per share, as compared to a net loss of $(236.4) million, or $(2.30) per share, in the first quarter of 2013 and $(1.1) million, or $(0.01) per share, in the second quarter of 2012. The company generated Adjusted EBITDA (a non-GAAP measure, see definition in "Non-GAAP Measures" below) of $59.5 million in the second quarter of 2013, as compared to $61.3 million in the first quarter of 2013 and $67.4 million in the second quarter of 2012.
Balance Sheet and Cash Flow
EarthLink generated net cash from operating activities of $11.7 million in the second quarter of 2013 as compared to $31.8 million in the first quarter of 2013 and $22.3 million in the year-ago quarter. The company generated Unlevered Free Cash Flow (a non-GAAP measure, see definition in "Non-GAAP Measures" below) of $25.1 million in the second quarter of 2013, as compared to $18.9 million during the first quarter of 2013 and $42.9 million in the second quarter of 2012. Capital expenditures were $34.4 million for the second quarter of 2013. As of June 30, 2013, EarthLink had cash and marketable securities of $141.9 million.
During the second quarter of 2013, EarthLink completed a private placement of $300.0 million aggregate principal amount of 7.375% Senior Secured Notes due 2020, resulting in net proceeds of $292.6 million after deducting transaction fees and expenses of $7.4 million. Proceeds from the private placement, together with available cash, were used to fund a tender offer and redemption of its ITC^DeltaCom 10.5% Senior Secured Notes due April 2016, which had been assumed in connection with the acquisition of ITC^DeltaCom. Approximately $314.8 million was used for repayment of the ITC^DeltaCom Notes, including premiums and accrued and unpaid interest. Also in May 2013, EarthLink amended and restated its existing revolving credit facility, which reduced the capacity from $150.0 million to $135.0 million and extended the term through May 2017.
The following statements are forward-looking, and actual results may differ materially. See comments under "Cautionary Information Regarding Forward-Looking Statements" below. EarthLink undertakes no obligation to update these statements.
Today EarthLink announced revised revenue and Adjusted EBITDA guidance for the full year 2013. Management now expects revenue of $1.245 to $1.250 billion for the full year 2013. This revenue guidance reflects an approximate $10 million full year impact for the reclassification of Systems revenue into Discontinued Operations. Management now expects Adjusted EBITDA of $214 million to $225 million; capital expenditures of $140 million to $155 million; and net loss of $283 million to $288 million for the full year 2013.
Adjusted EBITDA is defined as net income (loss) before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation expense, impairment of goodwill and intangible assets, restructuring, acquisition and integration-related costs and loss from discontinued operations, net of tax. Unlevered Free Cash Flow is defined as net income (loss) before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation expense, impairment of goodwill and intangible assets, restructuring, acquisition and integration-related costs and loss from discontinued operations, net of tax, less cash used for purchases of property and equipment.
Adjusted EBITDA and Unlevered Free Cash Flow are non-GAAP financial measures. They should not be considered in isolation or as an alternative to measures determined in accordance with U.S. generally accepted accounting principles. Please refer to the Consolidated Financial Highlights for a reconciliation of these non-GAAP financial measures to the most comparable measures reported in accordance with U.S. generally accepted accounting principles and Footnote 4 of the Consolidated Financial Highlights for a discussion of the presentation, comparability and use of such financial measures.
Conference Call for Analysts and Investors
Conference Call Details
Thursday, August 1, 2013, at 8:30 a.m. ET hosted by EarthLink's Chairman and Chief Executive Officer Rolla P. Huff, and Chief Financial Officer Bradley A. Ferguson.
Dial-in Number 800-706-0730
Participants should reference the conference ID number 5556956 or "EarthLink's 2(nd) Quarter 2013 Conference Call" and dial in 10 minutes prior to scheduled start time.
A live Webcast of the conference call will be available at: http://ir.earthlink.net/
An investor presentation to accompany the conference call and webcast will be available
Replay available from 11:30 a.m. ET on August 1 through 12:00 midnight on August 8, 2013. Dial toll-free 855-859-2056. The replay confirmation code is 5556956. The Webcast will be archived on the company's website at: http://ir.earthlink.net/events.cfm
EarthLink, Inc. is a leading IT services and communications provider to more than 150,000 businesses and one million consumers nationwide. EarthLink empowers customers with managed services including cloud computing, managed and private cloud, and virtualization services such as managed hosting and cloud workspace. EarthLink also offers a robust portfolio of IT security, application hosting, colocation and IT support services. The company operates an extensive network spanning 29,421 route fiber miles with 90 metro fiber rings and 8 secure data centers providing ubiquitous nationwide data and voice IP service coverage across more than 90 percent of the country. Founded in 1994, EarthLink's award-winning reputation for outstanding service and product innovation is supported by an experienced team of professionals focused on best-in-class customer care. For more information, visit EarthLink's website at www.earthlink.com.
Cautionary Information Regarding Forward-Looking Statements
This press release includes "forward-looking" statements (rather than historical facts) that are subject to risks and uncertainties that could cause actual results to differ materially from those described. Although we believe that the expectations expressed in these forward-looking statements are reasonable, we cannot promise that our expectations will turn out to be correct. Our actual results could be materially different from and worse than our expectations. With respect to such forward-looking statements, we seek the protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include, without limitation (1) that we may not be able to execute our strategy to be an IT services company for small and medium-sized businesses with IT and network security needs, which could adversely affect our results of operations and cash flows; (2) that we may not be able to grow revenues from our evolving Business Services product portfolio to offset declining revenues from our legacy Business Services products and from our Consumer Services segment, which could adversely affect our results of operations and cash flows; (3) that we may not be able to develop the optimal sales model necessary to implement our business strategy; (4) that we may be unsuccessful integrating acquisitions into our business, which could result in operating difficulties, losses and other adverse consequences; (5) that if we are unable to adapt to changes in technology and customer demands, we may not remain competitive, and our revenues and operating results could suffer; (6) that our failure to achieve operating efficiencies will adversely affect our results of operations; (7) that as a result of our continuing review of our business, we may have to undertake further restructuring plans that would require additional charges, including incurring facility exit and restructuring charges; (8) that unfavorable general economic conditions could harm our business; (9) that we may be unable to successfully identify, manage and assimilate future acquisitions, which could adversely affect our results of operations; (10) that we face significant competition in the IT services and communications industry that could reduce our profitability; (11) that decisions by legislative or regulatory authorities, including the Federal Communications Commission relieving incumbent carriers of certain regulatory requirements, and possible further deregulation in the future, may restrict our ability to provide services and may increase the costs we incur to provide these services; (12) that if we are unable to interconnect with AT&T, Verizon and other incumbent carriers on acceptable terms, our ability to offer competitively priced local telephone services will be adversely affected; (13) that our operating performance will suffer if we are not offered competitive rates for the access services we need to provide our long distance services; (14) that we may experience reductions in switched access and reciprocal compensation revenue; (15) that failure to obtain and maintain necessary permits and rights-of-way could interfere with our network infrastructure and operations; (16) that we have substantial business relationships with several large telecommunications carriers, and some of our customer agreements may not continue due to financial difficulty, acquisitions, non-renewal or other factors, which could adversely affect our wholesale revenue and results of operations; (17) that we obtain a majority of our network equipment and software from a limited number of third-party suppliers; (18) that work stoppages experienced by other communications companies on whom we rely for service could adversely impact our ability to provision and service our customers; (19) that our commercial and alliance arrangements may not be renewed or may not generate expected benefits, which could adversely affect our results of operations; (20) that our consumer business is dependent on the availability of third-party network service providers; (21) that we face significant competition in the Internet access industry that could reduce our profitability; (22) that the continued decline of our consumer access subscribers, combined with the change in mix of our consumer access base from narrowband to broadband, will adversely affect our results of operations; (23) that potential regulation of Internet service providers could adversely affect our operations; (24) that if we, or other industry participants, are unable to successfully defend against disputes or legal actions, we could face substantial liabilities or suffer harm to our financial and operational prospects; (25) that we may be accused of infringing upon the intellectual property rights of third parties, which is costly to defend and could limit our ability to use certain technologies in the future; (26) that we may not be able to protect our intellectual property; (27) that we may be unable to hire and retain sufficient qualified personnel, and the loss of any of our key executive officers could adversely affect us; (28) that our business depends on effective business support systems and processes; (29) that privacy concerns relating to our business could damage our reputation and deter current and potential users from using our services; (30) that cyber security breaches could harm our business; (31) that interruption or failure of our network and information systems and other technologies could impair our ability to provide our services, which could damage our reputation and harm our operating results; (32) that government regulations could adversely affect our business or force us to change our business practices; (33) that regulatory audits have in the past, and could in the future, result in increased costs; (34) that our business may suffer if third parties are unable to provide services or terminate their relationships with us; (35) that we may be required to recognize impairment charges on our goodwill and intangible assets, which would adversely affect our results of operations and financial position; (36) that we may have exposure to greater than anticipated tax liabilities and the use of our net operating losses and certain other tax attributes could be limited in the future; (37) that our indebtedness could adversely affect our financial health and limit our ability to react to changes in our industry; (38) that we may require substantial capital to support business growth or refinance existing indebtedness, and this capital may not be available to us on acceptable terms, or at all; (39) that our debt agreements include restrictive covenants, and failure to comply with these covenants could trigger acceleration of payment of outstanding indebtedness or inability to borrow funds under our existing credit facility; (40) that we may reduce, or cease payment of, quarterly cash dividends; (41) that our stock price may be volatile; and (42) that provisions of our third restated certificate of incorporation, amended and restated bylaws and other elements of our capital structure could limit our share price and delay a change of control of the company. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management's expectations, are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2012.
EARTHLINK, INC. Unaudited Condensed Consolidated Statements Of Operations (in thousands, except per share data) Three Months Six Months Ended Ended June 30, June 30, --------------- ---------------- 2012 2013 2012 2013 ---- ---- ---- ---- Revenues $334,479 $313,401 $675,570 $630,189 Operating costs and expenses: Cost of revenues (exclusive of depreciation and amortization 165,554 152,938 322,602 305,804 shown separately below) Selling, general and administrative (exclusive of depreciation and 104,418 104,980 212,335 211,558 amortization shown separately below) Depreciation and amortization 45,945 44,270 91,173 87,625 Impairment of goodwill (1) - - - 255,599 Restructuring, acquisition and integration-related costs (2) 3,836 7,278 7,357 18,540 ----- ----- ----- ------ Total operating costs and expenses 319,753 309,466 633,467 879,126 Income (loss) from operations 14,726 3,935 42,103 (248,937) Interest expense and other, net (15,709) (18,173) (31,467) (32,729) ------- ------- ------- ------- Income (loss) from continuing operations before income taxes (983) (14,238) 10,636 (281,666) Income tax benefit (provision) 376 3,329 (3,271) 35,447 --- ----- ------ ------ Income (loss) from continuing operations (607) (10,909) 7,365 (246,219) Loss from discontinued operations, net of tax (3) (499) (292) (1,208) (1,397) Net income (loss) $(1,106) $(11,201) $6,157 $(247,616) ====== ====== ====== ======= Basic net income (loss) per share Continuing operations $(0.01) $(0.11) $0.07 $(2.39) Discontinued operations - - (0.01) (0.01) Basic net income (loss) per share $(0.01) $(0.11) $0.06 $(2.40) ====== ====== ===== ====== Basic weighted average common shares outstanding 106,244 103,011 106,252 102,963 ======= ======= ======= ======= Diluted net income (loss) per share Continuing operations $(0.01) $(0.11) $0.07 $(2.39) Discontinued operations - - (0.01) (0.01) --- --- ----- ----- Diluted net income (loss) per share $(0.01) $(0.11) $0.06 $(2.40) ====== ====== ===== ====== Diluted weighted average common shares outstanding 106,244 103,011 107,036 102,963 ======= ======= ======= ======= Dividends declared per share $0.05 $0.05 $0.10 $0.10 ===== ===== ===== =====
EARTHLINK, INC. Unaudited Condensed Consolidated Balance Sheets (in thousands, except per share data) December 31, June 30, 2012 2013 ---- ---- ASSETS Current assets: Cash and cash equivalents $157,621 $113,900 Marketable securities 42,073 28,036 Restricted cash 1,013 - Accounts receivable, net of allowance of $7,872 and $8,027 as of December 31, 112,765 109,878 2012 and June 30, 2013, respectively Prepaid expenses 17,171 21,033 Deferred income taxes, net 15,954 9,363 Other current assets 20,303 12,076 ------ ------ Total current assets 366,900 294,286 Long-term marketable securities 4,778 - Property and equipment, net 418,966 435,587 Long-term deferred income taxes, net 195,012 240,710 Goodwill 379,415 122,715 Other intangible assets, net 214,685 182,983 Other long-term assets 19,654 27,548 ------ ------ Total assets $1,599,410 $1,303,829 ========== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $18,792 $11,760 Accrued payroll and related expenses 31,003 21,115 Other accrued liabilities 129,572 113,239 Deferred revenue 51,690 52,753 Current portion of long-term debt and capital lease obligations 1,375 1,381 ----- ----- Total current liabilities 232,432 200,248 Long-term debt and capital lease obligations 614,890 606,689 Other long-term liabilities 33,284 31,554 ------ ------ Total liabilities 880,606 838,491 Stockholders' equity: Convertible preferred stock, $0.01 par value, 100,000 shares authorized, 0 shares - - issued and outstanding as of December 31, 2012 and June 30, 2013 Common stock, $0.01 par value, 300,000 shares authorized, 196,919 and 197,346 1,969 1,973 shares issued as of December 31, 2012 and June 30, 2013, respectively, and 102,739 and 102,938 shares outstanding as of December 31, 2012 and June 30, 2013, respectively Additional paid-in capital 2,057,974 2,053,451 Accumulated deficit (606,148) (853,764) Treasury stock, at cost, 94,180 and 94,408 shares as of December 31, 2012 and (735,003) (736,323) June 30, 2013, respectively Accumulated other comprehensive income 12 1 --- --- Total stockholders' equity 718,804 465,338 ------- ------- Total liabilities and stockholders' equity $1,599,410 $1,303,829 ========== ========
EARTHLINK, INC. Reconciliation of Net Loss to Adjusted EBITDA (4) (in thousands) Three Months Ended ------------------ June March June 30, 31, 30, 2012 2013 2013 ---- ---- ---- Net loss $(1,106) $(236,415) $(11,201) Interest expense and other, net 15,709 14,556 18,173 Income tax benefit (376) (32,118) (3,329) Depreciation and amortization 45,945 43,355 44,270 Impairment of goodwill (1) - 255,599 - Stock-based compensation expense 2,868 3,969 4,010 Restructuring, acquisition and integration-related costs (2) 3,836 11,262 7,278 Loss from discontinued operations, net of tax (3) 499 1,105 292 --- --- Adjusted EBITDA (4) $67,375 $61,313 $59,493 ======= ======= =======
EARTHLINK, INC. Reconciliation of Net Loss to Unlevered Free Cash Flow (4) (in thousands) Three Months Ended ------------------ June March June 30, 31, 30, 2012 2013 2013 ---- ---- ---- Net loss $(1,106) $(236,415) $(11,201) Interest expense and other, net 15,709 14,556 18,173 Income tax benefit (376) (32,118) (3,329) Depreciation and amortization 45,945 43,355 44,270 Impairment of goodwill (1) - 255,599 - Stock-based compensation expense 2,868 3,969 4,010 Restructuring, acquisition and integration-related costs (2) 3,836 11,262 7,278 Loss from discontinued operations, net of tax (3) 499 1,105 292 Purchases of property and equipment (24,450) (42,454) (34,401) ------- ------- Unlevered Free Cash Flow (4) $42,925 $18,859 $25,092 ======= ======= =======
EARTHLINK, INC. Reconciliation of Net Cash Flows from Operating Activities to Unlevered Free Cash Flow (4) (in thousands) Three Months Ended ------------------ June 30, March 31, June 30, 2012 2013 2013 ---- ---- ---- Net cash provided by operating activities $22,251 $31,844 $11,696 Income tax benefit (376) (32,118) (3,329) Non-cash income taxes 1,854 32,247 3,356 Interest expense and other, net 15,709 14,556 18,173 Amortization of debt discount, premium and issuance costs 479 414 (462) Restructuring, acquisition and integration-related costs (2) 3,836 11,262 7,278 Changes in operating assets and liabilities 22,913 2,764 23,420 Purchases of property and equipment (24,450) (42,454) (34,401) Other, net 709 344 (639) --- --- ---- Unlevered Free Cash Flow (4) $42,925 $18,859 $25,092 ======= ======= ======= Net cash used in investing activities $(24,151) $(42,751) $(15,471) ======== ======== ======== Net cash used in financing activities $(10,651) $(566) $(28,473) ======== ===== ========
EARTHLINK, INC. Reconciliation of Guidance Provided in Non-GAAP Measure (4) (in millions) Year Ending December 31, 2013 ----------------- Net loss ($288) - ($283) Interest expense and other, net 61 Income tax benefit (44) - (40) Depreciation and amortization 182 - 184 Impairment of goodwill 256 Stock-based compensation expense 17 Restructuring, acquisition and integration-related costs 29 Loss from discontinued operations, net of tax 1 Adjusted EBITDA (4) $214 - $225 ===========
EARTHLINK, INC. Supplemental Schedule of Segment Information (5) (in thousands) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2012 2013 2012 2013 ---- ---- ---- ---- Business Services Revenues $253,783 $243,308 $510,762 $487,871 Cost of revenues (excluding depreciation and amortization) 138,894 129,598 268,423 257,517 ------- ------- ------- ------- Gross margin 114,889 113,710 242,339 230,354 Direct segment operating expenses 80,898 83,282 164,772 167,794 Segment operating income $33,991 $30,428 $77,567 $62,560 ======= ======= ======= ======= Consumer Services Revenues $80,696 $70,093 $164,808 $142,318 Cost of revenues (excluding depreciation and amortization) 26,660 23,340 54,179 48,287 ------ ------ ------ ------ Gross margin 54,036 46,753 110,629 94,031 Direct segment operating expenses 17,011 13,380 33,410 25,879 Segment operating income $37,025 $33,373 $77,219 $68,152 ======= ======= ======= ======= Consolidated Revenues $334,479 $313,401 $675,570 $630,189 Cost of revenues 165,554 152,938 322,602 305,804 ------- ------- ------- ------- Gross margin 168,925 160,463 352,968 324,385 Direct segment operating expenses 97,909 96,662 198,182 193,673 ------ ------ ------- ------- Segment operating income 71,016 63,801 154,786 130,712 Depreciation and amortization 45,945 44,270 91,173 87,625 Impairment of goodwill - - - 255,599 Restructuring, acquisition and integration-related costs 3,836 7,278 7,357 18,540 Corporate operating expenses 6,509 8,318 14,153 17,885 ----- ----- ------ ------ Income (loss) from operations $14,726 $3,935 $42,103 $(248,937) ======= ====== ======= =======
EARTHLINK, INC. Supplemental Schedule of Revenue Detail (in thousands) Three Months Six Months Ended Ended June 30, June 30, -------- -------- 2012 2013 2012 2013 ---- ---- ---- ---- Business Services Retail services $210,840 $199,431 $425,774 $400,512 Wholesale services 37,817 39,084 74,759 77,942 Other services 5,126 4,793 10,229 9,417 ----- ----- ------ ----- Total revenues 253,783 243,308 510,762 487,871 Consumer Services Access services 68,735 58,996 140,502 119,736 Value- added services 11,961 11,097 24,306 22,582 ------ ------ ------ ------ Total revenues 80,696 70,093 164,808 142,318 ------ ------ ------- ------- Total Revenues $334,479 $313,401 $675,570 $630,189 ====== ====== ====== ======
EARTHLINK, INC. Supplemental Financial Data June December 31, March June 30, 31, 30, 2012 2012 2013 2013 ---- ---- ---- ---- Balance Sheet Data (in thousands) Cash and marketable securities $257,964 $204,472 $192,101 $141,936 Debt (6) 624,800 592,300 592,300 600,000 Stockholders' equity 745,023 718,804 479,369 465,338 Employee Data Number of employees at end of period (7) 3,120 3,205 2,979 2,999
EARTHLINK, INC. Consumer Services Operating Metrics June 30, December 31, March 31, June 30, 2012 2012 2013 2013 ---- ---- ---- ---- Consumer Subscriber Detail Narrowband access subscribers 676,000 626,000 602,000 580,000 Broadband access subscribers 563,000 513,000 493,000 475,000 Total consumer subscribers 1,239,000 1,139,000 1,095,000 1,055,000 ========= ========= ========= =========
Three Months Ended ------------------ June 30, December 31, March 31, June 30, 2012 2012 2013 2013 ---- ---- ---- ---- Consumer Subscriber Activity Subscribers at beginning of year 1,294,000 1,185,000 1,139,000 1,095,000 Gross organic subscriber additions 36,000 32,000 31,000 27,000 Churn (91,000) (78,000) (75,000) (67,000) ------- Subscribers at end of period 1,239,000 1,139,000 1,095,000 1,055,000 ========= ========= ========= ========= Consumer Metrics Average consumer subscribers (8) 1,266,000 1,161,000 1,116,000 1,075,000 ARPU (9) $21.24 $21.57 $21.58 $21.74 Churn rate (10) 2.4% 2.2% 2.2% 2.1%
Footnotes to Consolidated Financial Highlights
1. During the first quarter of 2013, the Company recognized a $256.7 million non-cash impairment charge to goodwill related to its Business Services reporting unit, of which $255.6 million is included in continuing operations and $1.1 million is reflected in discontinued operations. The impairment was based on an analysis of a number of factors after a decline in the Company's market capitalization following the announcement of its fourth quarter 2012 earnings and 2013 financial guidance. The primary factor contributing to the impairment was a change in the discount rate and market multiples as a result of the change in these market conditions, both key assumptions used in the determination of fair value.
2. Restructuring, acquisition and integration-related costs consisted of the following for the periods presented (in thousands):
Three Six Months Months Ended June Ended 30, June 30, -------- ---------- 2012 2013 2012 2013 ---- ---- ---- ---- Integration-related costs $2,179 5,485 $3,330 $10,486 Severance and retention costs 1,513 1,101 3,060 5,689 Transaction-related costs 154 210 993 315 Facility-related costs (10) 267 155 1,835 Legacy plan restructuring costs - 215 (181) 215 ---- --- Restructuring, acquisition and integration- $3,836 $7,278 $7,357 $18,540 related costs
Restructuring, acquisition and integration-related costs consist of costs related to EarthLink's restructuring, acquisition and integration-related activities. Such costs include: 1) integration-related costs, such as system conversion, rebranding costs and integration-related consulting and employee costs; 2) severance and retention costs; 3) transaction-related costs, which are direct costs incurred to effect a business combination, such as advisory, legal, accounting, valuation and other professional fees; and 4) facility-related costs, such as lease termination and asset impairments.
3. The operating results of the Company's telecom systems business acquired as part of ITC^DeltaCom have been separately presented as discontinued operations for all periods presented. During the three months ended June 30, 2013, steps were taken to market and dispose of the ITC^DeltaCom telecom systems business and the Company intends to divest the business during the second half of 2013. The Company will have no significant continuing involvement in the operations or cash flows of the ITC^DeltaCom telecom systems business upon disposition. This business has been classified as held for sale and reported as discontinued operations. The telecom systems results of operations were previously included in the Company's Business Services segment.
4. Adjusted EBITDA is defined as net income (loss) before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation, impairment of goodwill and intangible assets, restructuring, acquisition and integration-related costs, and loss from discontinued operations, net of tax. Unlevered Free Cash Flow is defined as net income (loss) before interest expense and other, net, income taxes, depreciation and amortization, stock-based compensation, impairment of goodwill and intangible assets, restructuring, acquisition and integration-related costs, and loss from discontinued operations, net of tax, less cash used for purchases of property and equipment.
Adjusted EBITDA and Unlevered Free Cash Flow are non-GAAP measures and are not determined in accordance with U.S. generally accepted accounting principles. These non-GAAP financial measures are commonly used in the industry and are presented because management believes they provide relevant and useful information to investors. Management uses these non-GAAP financial measures to evaluate the performance of its business and determine bonuses. Management believes that excluding the effects of certain non-cash and non-operating items enables investors to better understand and analyze the current period's results and provides a better measure of comparability. There are limitations to using these non-GAAP financial measures. Adjusted EBITDA and Unlevered Free Cash Flow are not indicative of cash provided or used by operating activities and may differ from comparable information provided by other companies. Adjusted EBITDA and Unlevered Free Cash Flow should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with U.S. GAAP.
5. The Company reports segment information along the same lines that its chief executive officer reviews its operating results in assessing performance and allocating resources. The Company operates two reportable segments, Business Services and Consumer Services. The Company's Business Services segment provides a comprehensive suite of communications and technology services, including voice, data, managed network services, cloud hosting and equipment services, to business customers. The Company's Consumer Services segment provides nationwide Internet access and related value-added services to residential customers.
The Company presents its Business Services revenue in the following three categories: (1) retail services, which includes data, voice and managed IT services; (2) wholesale services, which includes the sale of transmission capacity to other telecommunications carriers; and (3) other services, which primarily consists of web hosting. The Company presents its Consumer Services revenue in the following two categories: (1) access services, which includes include narrowband and broadband Internet access services and (2) value-added services, which includes revenues from ancillary services sold as add-on features to EarthLink's Internet access services, such as security products, premium email only, home networking and email storage; search revenues; and advertising revenues.
EarthLink evaluates performance of its operating segments based on segment income from operations. Segment income from operations includes revenues from external customers, related cost of revenues and operating expenses directly attributable to the segment, which include expenses over which segment managers have direct discretionary control, such as advertising and marketing programs, customer support expenses, site operations expenses, product development expenses, certain technology and facilities expenses, billing operation and provisions for doubtful accounts. Segment income from operations excludes other income and expense items and certain expenses that segment managers do not have discretionary control over. Costs excluded from segment income from operations include various corporate expenses (consisting of certain costs such as corporate management, human resources, finance and legal), depreciation and amortization, stock-based compensation expense, impairment of goodwill and intangible assets and restructuring, acquisition and integration-related costs, as they are not evaluated in the measurement of segment performance.
6. Debt represents the principal amount of EarthLink's Senior Notes, EarthLink's Senior Secured Notes and ITC^DeltaCom's Senior Secured Notes. Below is a summary of the carrying amount of EarthLink's debt (in thousands):
June December 31, March June 30, 31, 30, 2012 2012 2013 2013 ITC^DeltaCom Senior Secured Notes - Principal $324,800 $292,300 $292,300 $ - ITC^DeltaCom Senior Secured Notes - Premium 19,780 15,694 14,605 - EarthLink Senior Notes - Principal 300,000 300,000 300,000 300,000 EarthLink Senior Notes - Discount (9,310) (8,818) (8,563) (8,302) EarthLink Senior Secured Notes - - - 300,000 ------- Carrying amount of debt $635,270 $599,176 $598,342 $591,698 ====== ======== ====== ======
7. Represents full-time equivalents.
8. Average subscribers for the three month periods is calculated by averaging the ending monthly subscribers or accounts for the four months preceding and including the end of the quarterly period. Average subscribers for the six month periods is calculated by averaging the ending monthly subscribers or accounts for the seven months preceding and including the end of the period.
9. ARPU represents the average monthly revenue per user (subscriber). ARPU is computed by dividing average monthly revenue for the period by the average number of subscribers for the period. Average monthly revenue used to calculate ARPU includes recurring service revenue as well as nonrecurring revenues associated with equipment and other one-time charges associated with initiating or discontinuing services.
10. Churn rate is used to measure the rate at which subscribers discontinue service on a voluntary or involuntary basis. Churn rate is computed by dividing the average monthly number of subscribers that discontinued service during the period by the average subscribers for the period.EarthLink, Inc.
CONTACT: Investors: Louis Alterman, 404-748-7650, 678-472-3252,
firstname.lastname@example.org; Media: Michele Sadwick, 404-748-7255,
Web site: http://www.earthlink.com/
ANNAPOLIS, Md., Aug. 1, 2013 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) , a world leader in highly reliable and secure mobile communication technology, today announced that it has been awarded $6.9 million in funding for research and development of the Intelligent Tutoring Authoring and Delivery System (ITADS) for the U.S. Navy. TCS is the prime contractor on this 26-month contract, which runs through September 2015.
-- Intelligent tutoring technologies have shown great potential toward improving training effectiveness as compared to traditional training methods, but historically have been costly to develop and maintain. -- TCS' ITADS work will assist the Navy to develop cost-effective intelligent tutoring systems while maximizing training effectiveness. -- ITADS research will initially be focused on computer systems and security skill sets, and if successful, ITADS will enable the Navy to apply intelligent tutoring to other critical skill sets throughout Navy training. -- The TCS ITADS team has years of experience in Navy operations and training, systems engineering processes, instructional content development and program management.
The ITADS effort is the first project of its kind for TCS and is part of the company's plan to apply its talent pool and experience in communication systems and security education. TCS provides comprehensive, secure communications products and solutions, in addition to training and professional technology services in support of computer network operations. It leverages its leadership, program management IT domain expertise and familiarity with government and enterprise environments to develop and deliver systems that support each customer's unique research objectives.
TCS Senior Vice President and Chief Technology Officer Drew Morin said: "The U.S. Navy leadership recognizes the huge potential that intelligent tutoring technologies can have on increasing the proficiency of the Navy's sailors. Through ITADS, TCS will help the Navy conduct additional research to prove the cost effectiveness of intelligent tutoring training systems. With critical skill shortages in key areas such as cybersecurity and budget constraints limiting training pipelines, intelligent tutoring can be a game changer for our nation's warfighters. TCS strives to remain at the forefront of cutting-edge training solutions for the Department of Defense's most critical skill sets in the cyber and IT fields, and this contract shows confidence in our ability."
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS' cyber security expertise, professional services, and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit www.telecomsys.com.
Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS' current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation the possibility that the contract will not be fully funded, and those detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2012, and on Form 10-Q for the quarter ended March 31, 2013.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.
Company Contact: Media Contact: Investor Relations: TeleCommunication Systems, Inc. Nadel Phelan, Inc. Liolios Group, Inc. Meredith Allen Graham Sorkin Scott Liolios 410-295-1865 831-440-2406 949-574-3860 MAllen@telecomsys.com email@example.com firstname.lastname@example.orgPhoto: http://photos.prnewswire.com/prnh/20120503/PH99996LOGO TeleCommunication Systems, Inc.
Web site: http://www.telecomsys.com/
VANCOUVER, Aug. 1, 2013 /PRNewswire/ - Destiny Media Technologies (OTCQX: DSNY), today announced that its Chief Executive Officer, Steve Vestergaard, will present at the Midwest IDEAS Investor Conference on Tuesday, August 27, 2013. The conference is being held at the University of Chicago's Gleacher Center in Chicago, Illinois. Destiny's presentation is scheduled to begin at 10:20 a.m. CDT (11:20 a.m. EDT). A live and archived webcast of the presentation may be accessed at the conference website, www.IDEASconferences.com, or in the investor relations section of the company's website: www.dsny.com.
The mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals. Unlike traditional bank-sponsored events, IDEAS Investor Conferences are "Sponsored BY the Buyside FOR the Buyside" and for the benefit of regional investment communities. Conference sponsors collectively have more than $120 Billion in assets under management and include: Barrow Hanley Mewhinney & Strauss, Keeley Asset Management, Hodges Capital Management, Luther King Capital Management, Allianz Global Investors: NFJ Investment Group, RENN Capital, Great Lakes Advisors, Ironwood Investment Management, GRT Capital Partners, Marble Harbor Investment Counsel, Granahan Investment Management, Eagle Boston Investment Management, First Wilshire Securities, William Harris Investors and Perritt Capital Management. The IDEAS Investor Conferences are held annually in Boston, Chicago and Dallas and are produced by Three Part Advisors, LLC. Additional information about the events can be located at www.IDEASconferences.com
About Destiny Media Technologies
Destiny Media Technologies provides services that enable content owners to securely display and distribute their audio and video content digitally through the internet. The Company's two major services are Clipstream(R) and Play MPE(R). Clipstream(R) (www.clipstream.com) is a video format that plays on any modern smart phone, tablet, internet, TV, or computer. With Clipstream(R), there is no player to configure or install, videos never go obsolete, and there are up to 99% cost savings by reducing the use of transcoding, infrastructure and bandwidth. Play MPE(R) (www.plaympe.com) provides a standardized method to securely and cost effectively distributes pre-release music to radio stations and other music industry professionals, before it is ready for sale. More information can be found at www.dsny.com.Destiny Media Technologies, Inc.
CEO, Destiny Media Technologies, Inc.
604 609 7736 x222
Three Part Advisors
WINSTON-SALEM, N.C., Aug. 1, 2013 /PRNewswire/ -- Hanes, America's No.1 Apparel Brand, is unveiling a brighter, more colorful look this summer. Hanes has launched panties, bras and tees featuring on-trend patterns and vibrant hues, that reflect Hanes' ongoing color-filled conversations with millennial women around the country. The brand's deep understanding of women's changing taste towards more contemporary styles and shades helped to inspire the new color infusion in Hanes' most recent line of intimates and tees. In celebration of their fun and fresh fashions, Hanes is inviting women to join a candid conversation by revealing what color underwear they're wearing because a women's "Undercover Color" is an important reflection of her personality and mood from day to day.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/62654-hanes-undercover-color-campaign
The "Undercover Color" campaign invites women to dish on their color of choice for their intimates by leveraging Twitter as the primary vehicle for this fun and engaging dialogue. Using the dedicated #undercovercolor hashtag, fans are invited to playfully reveal what color intimates they are donning, which will result in the unveiling of underwear color trends by location on the site's campaign hub, www.undercovercolor.com.
"Hanes has always been known for comfort and quality," said Sidney Falken, Chief Branding Officer, Hanes. "The Undercover Color campaign gives us a fun way to let women know about all the great fits and vibrant colors we now offer."
Hanes is launching the "Undercover Color" discussion on Twitter by inviting women across the country to answer a simple question: "What color underwear are you wearing?" The campaign's dedicated hub, UndercoverColor.com, showcases underwear color trends by region. Each week, through August 30, 2013, Hanes will give away stylish fashion finds, curated by popular style blogger Gala Darling. To participate, fans can simply tweet and share one of the playful tiles from the site.
No purchase necessary. See Official Rules for details.
Unveiling New Colorful Products on TV
Women will first be introduced to Hanes' contemporary and colorful products via dynamic and engaging TV ads launching this week. The new TV commercials will feature women of all shapes and sizes dressed in various colors as they move into position to form colorful patterns that are revealed when the camera pans out. The ad will be featured across a mix of top-rated programming in early morning, daytime, and primetime, as well as cable entertainment programs.
Talking Color and Style
Hanes' Undercover Color campaign also includes partnerships with style experts, such as Robert Verdi and influential fashion bloggers such as Gala Darling, Jenni Radosevich (I Spy DIY) and Karen Blanchard (Where Did U Get That). The experts will provide color-inspired tips and trends, featuring their favorite Hanes products including:
-- Women's Panties: Available in a variety of colors and styles, Hanes panties are a perfect fit for every body. -- ComfortFlex Fit Bra: Offering superior fit and support, ComfortFlex Fit Bras in traditional and bandini styles feature a simple sizing system and a smooth look under any outfit. -- Live.Love.Color Tee: These tees are available in various colors and styles to help women feel bright and carefree all season long.
For even more style inspiration, Hanes fans can visit UndercoverColor.com to learn about color trends, see what their favorite color says about their personality, and enter to win colorful and stylish prizes.
Hanes, America's No. 1 Apparel Brand, is a leading brand of intimate apparel, underwear, sleepwear, socks and casual apparel. Hanes products can be found at leading retailers nationwide and online direct to consumers at www.Hanes.com. Hanes is a flagship brand of Hanesbrands Inc. (www.Hanesbrands.com).
 The NPD Group / Consumer Tracking Service, R12 Feb 10, Dollar Share
Contacts: Gillian Kushner Bernadette Wallace Weber Shandwick Hanes 212-445-8417 336-519-6250 email@example.com Bernadette.wallace@Hanesbrands.comVideo: http://www.multivu.com/mnr/62654-hanes-undercover-color-campaign Photo: http://photos.prnewswire.com/prnh/20130801/MM51344
Web site: http://www.hanes.com/
LOS ANGELES, Aug. 1, 2013 /PRNewswire/ -- Global strategic branding firm Siegel+Gale (www.siegelgale.com) today announced the completion and launch of brand revitalization work for Hightail, formerly known as YouSendIt.
Hightail, which has over 43 million global users, saw the need for a new name and brand that reflects its expansion as a company with product offerings beyond file sharing. The strategy and creative work by Siegel+Gale addresses the breadth of its products, looks toward the future and expands upon Hightail's original use of sending large files.
"Hightail brings humanity to what was the YouSendIt brand," said Nikolas Contis, global director of naming for Siegel+Gale. "The new name elevates the brand, and brings forth the passion and drive of Hightail's customers."
The name Hightail suggests the ideas of speed, energy, motion, accomplishment, satisfaction and fun. Using Hightail creates a sense of empowerment, and enables customers to get things done quickly and efficiently.
"The Siegel+Gale team provided great creativity and expertise throughout our re-naming process," said Mike Trigg, chief marketing officer at Hightail. "Their branding methodology helped us arrive at a name that stands out in the category, yet remains relatable, true to our roots and resonates globally."
Hightail also launched a refreshed visual identity, including a redesigned website and mobile experience. The brand will continue to lead in the cloud file-sharing market by providing an easy and secure way to access, share and store files and folders for users across the globe.
Siegel+Gale (www.siegelgale.com) is the simplicity company. We seek it, defend it and embrace it in everything we do to help brands reach their true potential. Simplicity is the centerpiece of the strategies we develop that reveal the unique truths of an organization, the engaging stories we create that connect brands with their audiences and the meaningful experiences we deliver that are both unexpectedly fresh and remarkably clear.
Since 1969, Siegel+Gale has championed simplicity for leading corporations, nonprofits and government organizations worldwide. We have offices in New York, Los Angeles, San Francisco, London, Hamburg, Riyadh, Dubai, Shanghai and Beijing, but we're willing to fly just about anywhere. We're also not alone. As part of Diversified Agency Services, a division of Omnicom Group Inc., we have strong partners all around the world.
About Diversified Agency Services
Diversified Agency Services (DAS), a division of Omnicom Group Inc. , manages Omnicom's holdings in a variety of marketing communications disciplines. DAS includes over 200 companies, which operate through a combination of networks and regional organizations, serving international and local clients through more than 700 offices in 71 countries.
Founded in 2004, Hightail was working in the cloud before the term was even coined. At first the service (then called YouSendIt) was a simple way to send the large attachments that email couldn't process, but has since grown to offer robust online file storage, sharing and management capabilities. Today, Hightail serves more than 43 million registered users across 193 countries, including professionals at 98 percent of the Fortune 500. Aside from offering professional users a simple sharing service, its renowned reliability, untouched data security and endless innovation makes Hightail the go-to solution for businesses, big and small.
PR Manager, Siegel+Gale
OLATHE, Kan., Aug. 1, 2013 /PRNewswire/ -- Elecsys Corporation , a provider of innovative machine to machine (M2M) communication technology solutions, data acquisition systems, and custom electronic equipment for critical industrial applications, announced today that it has received a $1.25 million order from the Al Rushaid Group to supply remote monitoring equipment for deployment in the Kingdom of Saudi Arabia. The Al Rushaid Group, one of the largest industrial companies in Saudi Arabia and a major supplier to Saudi Aramco, represents Elecsys and provides sales and service support for Elecsys products in Saudi Arabia, Kuwait, and Bahrain.
The Elecsys equipment will be installed as part of a larger project and will enable remote monitoring of cathodic protection system performance at approximately 600 seawater injection wells in the Ghawar oil field. The Elecsys wireless devices monitor multiple system parameters and transmit data for integration into the oil field operator's supervisory control and data acquisition (SCADA) system. This project is a key element in the growing utilization of smart oil field technologies to maximize oil field production and extract resources more efficiently. The Company expects to complete delivery of this order before the end of this year.
Karl B. Gemperli, Chief Executive Officer, commented, "The ruggedness and reliability of our products, notably their ability to survive exposure to high temperatures and harsh environments, makes them ideal for deployment at well sites, pipelines, refineries, storage terminals, and other remote locations in the energy sector. We look forward to working closely with the Al Rushaid Group to ensure the success of this project and believe that combining our technologies with the resources and capabilities of Al Rushaid will yield many opportunities to develop additional solutions for this growing market in the future."
About Elecsys Corporation
Elecsys Corporation provides innovative machine to machine (M2M) communication technology solutions, data acquisition and management systems, and custom electronic equipment for critical industrial applications worldwide. The Company's primary markets include energy production and distribution, agriculture, transportation, safety and security systems, and water management. Elecsys proprietary equipment and services encompass remote monitoring, industrial data communication, and mobile data acquisition technologies that are deployed wherever high quality and reliability are essential. Elecsys develops, manufactures, and supports proprietary technology and products for various markets under several premium brand names. In addition to its proprietary products, Elecsys designs and manufactures rugged and reliable custom electronic assemblies, some incorporating proprietary Elecsys technologies, for multiple original equipment manufacturers in a variety of industries worldwide. For more information, visit www.elecsyscorp.com.
The discussions set forth in this press release may contain forward-looking comments based on current expectations that involve a number of risks and uncertainties. Actual results could differ materially from those projected or suggested in the forward-looking comments. The difference could be caused by a number of factors, including, but not limited to the factors and conditions that are described in Elecsys Corporation's SEC filings, including the Form 10-K for the year ended April 30, 2013. The reader is cautioned that Elecsys Corporation does not have a policy of updating or revising forward-looking statements and thus he or she should not assume that silence by management of Elecsys Corporation over time means that actual events are bearing out as estimated in such forward-looking statements.
Investor Relations Contact: Todd A. Daniels (913) 647-0158, Phone (913) 982-5766, Fax firstname.lastname@example.orgElecsys Corporation
Web site: http://www.elecsyscorp.com/
NEW YORK, Aug. 1, 2013 /PRNewswire/ -- Newtek Business Services, Inc. (www.thesba.com) The Small Business Authority((R)), is pleased to announce that it has attracted and retained the talent of Mr. Thomas Harkins. Mr. Harkins will be joining Newtek as Senior Vice President, Chief Credit and Risk Officer of Newtek Merchant Solutions. He has over 30 years of experience in the electronic payments industry, and brings sound management experience in credit, risk management and operations within the merchant processing and credit card arenas. Most recently, Mr. Harkins was the Chief Strategy Officer for First Payment Services and, prior to that, he was the Chief Operating Officer at Edentify, a public start-up identity-theft company. He spent 20 years at MasterCard International in numerous management roles, mainly within security and risk management, where he started the RAMP (Risk Assessment Management Program). This program improved member profitability and decreased fraud losses at global issuers and acquirers. Mr. Harkins personally worked with over two hundred members in implementing best practices and sound risk-management procedures throughout every MasterCard region.
Barry Sloane, Chairman, President and Chief Executive Officer said, "We are thrilled to have acquired someone with such depth and breadth of experience and knowledge in the area of credit and risk for our electronic payment processing business. Given the rapidly changing environment, and the growth and proliferation of electronic payment acceptance, we believe Tom Harkins will be an excellent addition to our nationwide operation. He will report directly to Eric Turille, our recently appointed President of Newtek Merchant Solutions, and will enhance the other recent additions to our payment processing business including Randy Sagar, Mike Valerio and William Berry."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority((R)), is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek((R)) brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides one or more of its services to over 100,000 business accounts and has positioned the Newtek((R)) and The Small Business Authority brands as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Newtek Business Services, The Small Business Authority ((R)), provides the following products and services:
-- The Newtek Advantage(TM): A mobile real-time SMB management platform that puts all of a business's critical transactions and economic, eCommerce and web site traffic data on a smartphone, tablet, laptop or PC. The Newtek Advantage(TM) provides the intelligence that businesses require and will give them the advantage to succeed. This revolutionary platform will allow owners and operators of small- and medium-sized businesses to manage their businesses from their mobile device anywhere, anytime, all without an IT department.
-- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
-- Web Hosting: Full-service web host which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
-- eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
-- Business Lending: A broad array of lending products.
-- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
-- Web Services: Customized web design and development services.
-- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
-- Accounts Receivable Financing: Receivable purchasing and financing services.
-- Payroll: Complete payroll management and processing services.
The Small Business Authority((R) )is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward-Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions which could cause Newtek's actual results to differ from management's current expectations are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov.
For more information, please visit www.thesba.com.
Newtek Business Services, Inc.
Chairman and CEO
Newtek Business Services, Inc.
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / email@example.com
Contact: Brett Maas
Telephone: (646) 536-7331 / firstname.lastname@example.org
Rubenstein Public Relations
Contact: Jonathan Goldberg
Telephone: (212) 843-9335 / email@example.com
Web site: http://www.thesba.com/
COLUMBIA, Md., Aug. 1, 2013 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation today reported financial results for the quarter ended June 30, 2013.
Overview of Second Quarter 2013 Results:
-- Revenue of $104.9 million for second quarter of 2013 compared to $102.3 million for second quarter of 2012 -- Operating income of $8.6 million for second quarter of 2013 compared to $9.9 million for second quarter of 2012 -- Diluted earnings per share of $0.27 for second quarter of 2013 compared to $0.31 per share for second quarter of 2012 -- EBITDA of $ 10.6 million for second quarter of 2013 compared to $12.0 million for second quarter of 2012 -- Backlog of $243.8 million as of June 30, 2013 compared to $197.2 million at June 30, 2012
The Company's revenue increased $2.6 million or 2.5% during the second quarter of 2013 compared to the second quarter of 2012. The revenue growth is primarily attributable to acquisitions completed during the second half of 2012 and 2013. Operating income decreased 13.8% to $8.6 million for the second quarter of 2013 from $9.9 million for the second quarter of 2012. Income before income tax expense was $8.6 million for the second quarter of 2013 compared to $10.0 million for the second quarter of 2012. Net income was $5.2 million, or $0.27 per share, for the second quarter of 2013 compared to $6.0 million, or $.31 per share, for the second quarter of 2012.
"While the second quarter of 2013 did not show improved operating performance, it was a transformational quarter for the Company. The major award from HSBC and other positive business developments have placed the Company in a very strong position for future growth," commented Scott N. Greenberg, Chief Executive Officer of GP Strategies. "In addition to the HSBC contract that is only partially reflected in backlog, we are pleased with the success we're having diversifying our business internationally. Other global clients are looking to GP Strategies for increased levels of support. These are exciting times for GP Strategies, and we look forward to the future."
Balance Sheet and Cash Flow Highlights
As of June 30, 2013, the Company had cash and cash equivalents of $5.2 million compared to $7.8 million as of December 31, 2012. The Company had no long-term debt outstanding as of June 30, 2013 and had $6.8 million of short-term borrowings under its $50 million line of credit as of June 30, 2013. Cash provided by operating activities was $5.5 million for the six months ended June 30, 2013 compared to $4.4 million for the same period in 2012.
The Company has scheduled an investor conference call for 10:00 a.m. ET on August 1, 2013. In addition to prepared remarks from management, there will be a question and answer session on the call. The dial-in numbers for the live conference call are 800-754-1336 or 212-231-2932, using conference ID number 21661786. A telephone replay of the call will also be available beginning at 12:00 p.m. on August 1(st), until 12:00 p.m. on August 15(th). To listen to the replay, dial 800-633-8284 or 402-977-9140, using conference ID number 21661786.
Presentation of Non-GAAP Information
This press release contains non-GAAP financial measures, including EBITDA (earnings before interest, income taxes, depreciation and amortization) and backlog. The Company believes that EBITDA is useful to investors in evaluating the Company's results. This measure should be considered in addition to, and not as a replacement for, or superior to, either net income, as an indicator of the Company's operating performance, or cash flow, as a measure of the Company's liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. For a reconciliation of EBITDA to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation - EBITDA, along with related footnotes, below. The Company calculates backlog as the total value of executed contracts (including subcontracts and purchase orders) minus the revenue recognized under those contracts through the backlog date. Although the conversion of backlog to revenue is subject to risks and uncertainties, the Company believes that backlog is a useful indicator regarding the future revenue of the Company from existing contracts. However, there is no standard system for compiling and calculating backlog, so our backlog may not be comparable with backlog measures reported by other companies. There is no GAAP financial measure comparable to backlog, therefore, a quantitative reconciliation of backlog is not provided.
About GP Strategies
GP Strategies Corporation is a global performance improvement solutions provider of training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpstrategies.com.
We make statements in this press release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GP STRATEGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Quarters ended Six months ended June 30, June 30, -------- -------- 2013 2012 2013 2012 ---- ---- ---- ---- Revenue $104,899 $102,311 $206,272 $195,916 Cost of revenue 86,504 83,306 171,696 161,299 ------ ------ ------- ------- Gross profit 18,395 19,005 34,576 34,617 Selling, general and administrative expenses 9,880 9,042 18,969 17,330 Gain on reversal of deferred rent liability - - - - Gain (loss) on change in fair value of contingent consideration, net 45 (31) 292 (71) Operating income 8,560 9,932 15,899 17,216 Interest expense 66 60 166 100 Other income 93 100 322 190 Income before income tax expense 8,587 9,972 16,055 17,306 Income tax expense 3,340 3,988 5,883 6,938 ----- ----- ----- ----- Net income $5,247 $5,984 $10,172 $10,368 ====== ====== ======= ======= Basic weighted average shares outstanding 19,082 18,898 19,071 18,864 Diluted weighted average shares outstanding 19,334 19,250 19,315 19,219 Per common share data: Basic earnings per share $0.27 $0.32 $0.53 $0.55 Diluted earnings per share $0.27 $0.31 $0.53 $0.54 Other data: EBITDA (1) $10,645 $11,980 $20,171 $21,212 (1) The term EBITDA (earnings before interest, income taxes, depreciation and amortization) is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results. For a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent, see the Non-GAAP Reconciliation - EBITDA, along with related footnotes, below.
GP STRATEGIES CORPORATION AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL INFORMATION (In thousands) (Unaudited) Quarters ended Six months ended June 30, June 30, -------- -------- 2013 2012 2013 2012 ---- ---- ---- ---- Revenue by segment: Learning Solutions $45,185 $36,815 $87,919 $71,852 Professional & Technical Services 17,048 21,011 35,063 43,276 Sandy Training & Marketing 20,134 20,883 35,132 34,205 Performance Readiness Solutions 12,954 15,297 28,454 29,128 Energy Services 9,578 8,305 19,704 17,455 ----- ----- ------ ------ Total revenue $104,899 $102,311 $206,272 $195,916 ======== ======== ======== ======== Gross profit by segment: Learning Solutions $8,198 $7,006 $15,369 $13,472 Professional & Technical Services 3,281 3,680 5,965 7,253 Sandy Training & Marketing 2,936 3,652 4,862 5,194 Performance Readiness Solutions 1,512 2,592 3,490 4,167 Energy Services 2,468 2,075 4,890 4,531 ----- ----- ----- ----- Total gross profit $18,395 $19,005 $34,576 $34,617 ======= ======= ======= ======= Operating income by segment: Learning Solutions $3,554 $3,691 $6,766 $7,086 Professional & Technical Services 1,747 1,742 2,805 3,335 Sandy Training & Marketing 1,193 1,905 1,822 2,208 Performance Readiness Solutions 316 1,206 895 1,451 Energy Services 1,705 1,419 3,319 3,207 Gain (loss) on change in fair value of contingent consideration, net 45 (31) 292 (71) --- --- --- --- Total operating income $8,560 $9,932 $15,899 $17,216 ====== ====== ======= ======= Supplemental Cash Flow Information: Net cash provided by (used in) operating activities $163 $(2,559) $5,479 $4,404 Capital expenditures (1,331) (542) (2,161) (1,467) ------ ---- ------ ------ Free cash flow $(1,168) $(3,101) $3,318 $2,937 ======= ======= ====== ======
GP STRATEGIES CORPORATION AND SUBSIDIARIES Non-GAAP Reconciliation - EBITDA (2) (In thousands) (Unaudited) Quarters ended Six months ended June 30, June 30, -------- -------- 2013 2012 2013 2012 ---- ---- ---- ---- Net income $5,247 $5,984 $10,172 $10,368 Interest expense 66 60 166 100 Income tax expense 3,340 3,988 5,883 6,938 Depreciation and amortization 1,992 1,948 3,950 3,806 EBITDA $10,645 $11,980 $20,171 $21,212 ======= ======= ======= ======= (2) Earnings before interest, income taxes, depreciation and amortization (EBITDA) is a widely used non-GAAP financial measure of operating performance. It is presented as supplemental information that the Company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the Company's core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization,. EBITDA should not be considered as substitutes either for net income, as an indicator of the Company's operating performance, or for cash flow, as a measure of the Company's liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.
GP STRATEGIES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) June 30, December 31, 2013 2012 ---- ---- (Unaudited) Current assets: Cash and cash equivalents $5,192 $7,761 Accounts and other receivables 79,232 83,597 Costs and estimated earnings in excess of billings on uncompleted contracts 21,841 16,979 Prepaid expenses and other current assets 12,445 10,143 ------ ------ Total current assets 118,710 118,480 Property, plant and equipment, net 6,484 5,511 Goodwill and other intangibles, net 132,853 118,693 Other assets 1,502 1,750 ----- ----- Total assets $259,549 $244,434 ======== ======== Current liabilities: Short-term borrowings $6,770 $ -- Accounts payable and accrued expenses 49,815 47,457 Billings in excess of costs and estimated earnings on uncompleted contracts 18,112 21,877 ------ ------ Total current liabilities 74,697 69,334 Other noncurrent liabilities 8,462 7,763 ----- ----- Total liabilities 83,159 77,097 Total stockholders' equity 176,390 167,337 ------- ------- Total liabilities and stockholders' equity $259,549 $244,434 ======== ========
(C) 2013 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.
(Logo: http://photos.prnewswire.com/prnh/20130502/PH05881LOGO)Photo: http://photos.prnewswire.com/prnh/20130502/PH05881LOGO GP Strategies Corporation
CONTACT: Scott N. Greenberg, Chief Executive Officer, 443-367-9640, or
Sharon Esposito-Mayer, Chief Financial Officer, 443-367-9636, or Ann M.
Blank, Investor Relations, 443-367-9925
Web site: http://www.gpstrategies.com/
LOS ANGELES, Aug. 1, 2013 /PRNewswire/ -- Mandalay Digital Group , a global mobile service provider, and Lancio Entertainment, a leading Italian mobile content aggregator, have signed a technology agreement to launch a mobile content billing aggregation solution for Italian mobile network operators (MNOs) which collectively service over 90 million subscribers.
Since the two companies initially began working together in 2005, Lancio has leveraged Digital Turbine's technologies to provide value-added content services to Italy's mobile operators. As an authorized partner of Italian mobile network operators, Lancio and Digital Turbine are expanding their partnership to become one of the few major enablers for billing solutions between content providers and Italian mobile operators. Specifically, Mandalay Digital's Digital Turbine Pay(TM) technology will enable Lancio to offer their content to over 90 million subscribers while seamlessly processing the transactions to each individual carrier's billing systems.
"Our software significantly expands the market opportunity for content providers by providing them with a mobile payment solution that integrates seamlessly with the carriers' systems. Content providers and aggregators, big or small, from all around the world will now have the ability to tap into this vast, content rich market," says Arturo Mercurio, Lancio Entertainment CEO. "We see this as a terrific source of incremental revenues for our Company while helping carriers generate more subscriptions and broaden their customer base," Mercurio ended.
"This partnership signifies the continuation of the successes DT has enjoyed in the Italian market. Using our Digital Turbine Pay(TM) technology, Lancio can now provide a turnkey solution for operators that efficiently and seamlessly serves both of their needs," stated Peter Adderton, Chief Executive Officer of Mandalay Digital Group. "For Digital Turbine, this deal means a new revenue stream and a continued expansion of our technology into the Italian mobile market. We look forward to quickly scaling this service."
Digital Turbine is leveraging its success from the Australian market where it assimilated its Digital Turbine Pay(TM) technology with all of Australia's top mobile operators including Telstra, Vodafone, and SingTel Optus.
About Mandalay Digital Group
Mandalay Digital Group is at the convergence of Internet media content and mobile communications. It delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment. Mandalay Digital is headquartered in Los Angeles and has offices in Australia, Germany and Israel. For additional information, visit www.mandalaydigital.com
About Lancio Entertainment
Lancio-Entertainment is a mobile content and service provider founded in 2002. Lancio-E is currently providing its content and services to mobile operators internationally and is one of the leading players in the Italian B2C mobile market. For more information, please visit: www.lancio-e.com
Mandalay Digital Investor Relations Contact:
MZ North America
John Mattio, SVP
Mandalay Digital Group
Web site: http://www.mandalaydigital.com/
IRVINE, Calif., Aug. 1, 2013 /PRNewswire/ -- CoreLogic((R)) , a leading residential property information, analytics and services provider, today released an analysis of home price trends during the first quarter of 2013 in more than 380 U.S. markets based on the CoreLogic Case-Shiller Indexes((TM)). The indexes are owned and generated by CoreLogic, supplemented with data from the Federal Housing Finance Agency (FHFA). This quarterly report differs from the S&P/Dow Jones Case-Shiller monthly report; though both reports reflect findings from the same dataset, this analysis includes local-level data for a greater number of markets over a different time frame.
The CoreLogic Case-Shiller Indexes estimate that home prices increased by 10.2 percent in the first quarter of 2013, the first double-digit gain since the peak of the housing bubble seven years ago. The analysis also projects that price appreciation will begin to decelerate in 2014 as rising home prices and mortgage interest rates erode affordability and demand and supply become more balanced. As more homeowners consider selling their homes to lock in capital gains, including many who had negative equity until the recent surge in home values, upward pressure on prices will subside.
"Record levels of affordability, a slowly improving job market, and very small inventories of new and existing homes for sale will continue to drive U.S. home price appreciation during the summer," said Dr. David Stiff, chief economist for CoreLogic Case-Shiller((TM)). "Although a small number of metropolitan areas show year-over-year declines, it is likely that home prices in these cities will turn positive by the end of the year."
Three of the metros that experienced a small year-over-year home price decline are Long Island, N.Y. (-1 percent), Waukegan-Kenosha, Ill-Wis. (-2 percent) and Poughkeepsie, N.Y. (-4 percent).
At the same time, prices in many cities that were at the center of the housing bubble have rebounded sharply, such as in Phoenix (+23 percent), Sacramento (+21 percent), Detroit (+18 percent) and Miami (+14 percent). Additionally, extremely limited inventories of homes for sale in these markets have resulted in increased prices. This is also true in Bismarck, N.D. (+13 percent), where housing demand from an influx of oil and natural gas workers is running ahead of supply.
In Detroit, Phoenix and Sacramento, the months'-supply of active listings is approximately three months and Miami is hovering around five and a half months. Both indicate strong sellers' markets.
New housing construction is also ramping up as rising home prices boost developer profits. But building activity has increased more slowly than expected, due mostly to the uneven economic recovery. CoreLogic notes that builder confidence, which leads to construction activity, has been soaring, so the pace of new construction is expected to increase more rapidly.
"Although double-digit gains usually indicate unsustainable appreciation and, possibly, bubbles in some metro areas, there is less need for concern now since home prices remain 26 percent below their peak nationally and are even lower in many metro markets," said Dr. Stiff.
The CoreLogic Case-Shiller Indexes, which include data covering thousands of ZIP codes, counties, metro areas and state markets, are owned and generated by CoreLogic. The historical and forecast home price trend information in this report is calculated from the proprietary CoreLogic Case-Shiller Indexes, supplemented with data from the FHFA. The historical home price trends highlighted in this release are for the 12-month period that ended March 31, 2013. The CoreLogic Case-Shiller home price forecasts are produced by CoreLogic and Moody's Analytics((R)). Selected U.S. markets (other metro areas available upon request):
Metro Area Population Change in Change in Forecast Change (2012) Home Prices Home Prices in Home Prices (Q1 2012 to Q1 2013) (Q1 2010 to Q1 2013) (Q1 2013 to Q1 2014) --- ------------------- United States 313,914,040 10.2% 3.5% 6.5% ------- ----------- ---- --- --- San Jose, Calif. 1,894,388 23.7% 18.5% 7.4% --------- --------- ---- ---- --- Phoenix 4,329,534 22.8% 18.8% 5.1% ------- --------- ---- ---- --- San Francisco 1,821,243 21.1% 13.3% 10.5% ---------- --------- ---- ---- ---- Sacramento, Calif. 2,196,482 21.0% 6.6% 7.8% ----------- --------- ---- --- --- Las Vegas 2,000,759 20.9% 6.2% 5.6% --------- --------- ---- --- --- Atlanta 5,439,950 19.2% -5.4% 4.9% ------- --------- ---- ---- --- Detroit 1,792,365 18.2% 36.5% 5.7% ------- --------- ---- ---- --- Los Angeles 9,962,789 17.6% 11.0% 8.4% ----------- --------- ---- ---- --- Riverside, Calif. 4,350,096 15.0% 10.0% 0.2% ---------- --------- ---- ---- --- Orlando, Fla. 2,223,674 14.6% 6.3% -1.6% -------- --------- ---- --- ---- Miami 2,591,035 14.2% 13.7% -2.7% ----- --------- ---- ---- ---- Warren, Mich. 2,499,695 12.9% 14.5% 2.8% ------- --------- ---- ---- --- Houston 6,204,161 12.2% 14.3% -0.1% ------- --------- ---- ---- ---- Tampa, Fla. 2,842,878 11.9% 2.2% 2.3% ----------- --------- ---- --- --- Salt Lake City 1,161,715 11.5% 7.0% 5.9% --------- --------- ---- --- --- W. Palm Beach, Fla. 1,356,545 11.4% 1.2% 0.6% ------- --------- ---- --- --- Tucson, Ariz. 992,394 11.0% -7.0% 7.2% ------- ------- ---- ---- --- Jacksonville, Fla. 1,377,850 9.9% -3.3% 1.4% ------------- --------- --- ---- --- Fort Lauderdale, Fla. 1,815,137 9.5% 8.0% -2.6% ------------ --------- --- --- ---- San Antonio 2,234,003 9.2% 9.6% 3.9% ----------- --------- --- --- --- Chicago 7,945,578 8.6% -6.5% 6.5% ------- --------- --- ---- --- Nashville, Tenn. 1,644,703 7.5% 4.3% 1.2% ---------- --------- --- --- --- Indianapolis, Ind. 1,798,634 7.4% 2.6% 0.7% ------------- --------- --- --- --- Austin, Texas 1,834,303 7.0% 8.9% 2.3% ------- --------- --- --- --- Virginia Beach, Va. 1,694,900 6.0% -9.0% 2.8% ----------- --------- --- ---- --- New Orleans, La. 1,205,374 5.9% 3.1% 3.3% --------- --------- --- --- --- Richmond, Va. 1,282,305 5.8% -3.9% 3.3% --------- --------- --- ---- --- Milwaukee, Wis. 1,566,981 5.0% -3.9% 4.8% ---------- --------- --- ---- --- St. Louis, Mo. 2,845,721 5.0% -6.2% 2.6% ---------- --------- --- ---- --- Columbus, Ohio 1,878,714 4.9% 3.6% 3.9% --------- --------- --- --- --- Baltimore 2,753,149 3.9% -3.1% 9.6% --------- --------- --- ---- --- Fort Worth, Texas 2,213,738 3.4% 6.5% 3.6% ----------- --------- --- --- --- Camden, N.J. 1,254,461 2.4% -8.5% 5.5% ------- --------- --- ---- --- Raleigh, N.C. 1,188,564 2.0% -0.6% 0.7% -------- --------- --- ---- --- Philadelphia 4,050,793 1.9% -4.7% 5.4% ------------ --------- --- ---- --- Edison, N.J. 2,360,602 1.4% -6.5% 3.9% ------- --------- --- ---- --- Hartford, Conn. 1,214,400 1.2% -6.5% 9.8% --------- --------- --- ---- --- Kansas City, Mo. 2,064,630 -0.4% 0.8% 0.7% ---------- --------- ---- --- --- Nassau- Suffolk (Long Island), N.Y. 2,848,506 -1.4% -3.4% 2.8% --------- --------- ---- ---- ---
The CoreLogic Case-Shiller Indexes use the repeat sales method for index calculation, analyzing data on single-family properties that have two or more recorded sales transactions. Changes in housing types and sizes, or changes in the physical characteristics, of houses are specifically excluded from the calculations to avoid incorrectly affecting the index value. The principal variable used for index calculation is the price change between two arms-length sales of the same single-family home. Sales pairs with approved data are aggregated with all other sales pairs found in a particular Census division, state, metro area, county, or ZIP code market to independently calculate each Case-Shiller index. The national index is a composite of the Case-Shiller Census division indexes. Different weights are assigned to different changes in home prices, based on their statistical distribution in that geographic region. The weighting schemes include price anomalies, high turnover frequency, time interval adjustments and initial home value. Case-Shiller Indexes include data covering thousands of ZIP codes, counties, metro areas and state markets.
CoreLogic is a leading property information, analytics and services provider in the United States and Australia. The company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
CoreLogic, the CoreLogic logo, CoreLogic Case-Shiller and CoreLogic Case-Shiller Indexes are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective holders.Photo: http://photos.prnewswire.com/prnh/20100609/CLLOGO
CONTACT: Alyson Austin, Corporate Communications, CoreLogic, (949)
214-1414, firstname.lastname@example.org, or Lori Guyton, Agency Representative,
Crosby~Volmer International Communications, (901) 277-6066,
Web site: http://www.corelogic.com/
CARLSBAD, Calif., Aug. 1, 2013 /PRNewswire/ -- ViaSat Inc. will host a conference call on Tuesday, August 6, 2013 at 5:00 p.m. Eastern Time to discuss the first quarter results for fiscal year 2014. The dial-in number is (877) 640-9809 in the U.S. and (914) 495-8528 internationally. Listeners can also access the conference call webcast and other material financial information discussed on the conference call on the Investor Relations section of the ViaSat website at investors.viasat.com. The call will be archived and available on that site for approximately one month immediately following the conference call.
A replay of the conference call will be available from 8:00 p.m. Eastern Time on Tuesday, August 6 until midnight Wednesday, August 7 by dialing (855) 859-2056 for U.S. callers and (404) 537-3406 for international callers, and entering the conference ID 27399617.
About ViaSat (www.viasat.com)
ViaSat delivers fast, secure communications, Internet, and network access to virtually any location for consumers, governments, enterprise, and the military. The company offers fixed and mobile satellite network services including Exede((R)) by ViaSat, which features ViaSat-1, the world's highest capacity satellite; service to more than 2,300 mobile platforms, including Yonder((R)) Ku-band mobile service; satellite broadband networking systems; and network-centric military communication systems and cybersecurity products for the U.S. and allied governments. ViaSat also offers communication system design and a number of complementary products and technologies. Based in Carlsbad, California, ViaSat employs over 2,800 people in a number of locations worldwide for technology development, customer service, and network operations.
Exede and Yonder are trademarks of ViaSat Inc.Photo: http://photos.prnewswire.com/prnh/20091216/VIASATLOGO ViaSat Inc.
CONTACT: Heather Ferrante of ViaSat Inc., +1-760-476-2633
Web site: http://www.viasat.com/
FAIRFAX, Va., Aug. 1, 2013 /PRNewswire/ -- Geeknet, Inc. , the parent company of online retailer ThinkGeek.com, today announced financial results for the second quarter ended June 30, 2013.
Total revenue for the second quarter of 2013 was $22.0 million, an increase of 24 percent from $17.8 million for the second quarter of 2012. Historical results have been recast to present the results of the media business in discontinued operations as a result of the sale of the media business in September 2012. Net loss from continuing operations for the second quarter of 2013 was $1.5 million or $0.22 per diluted share, which included severance and other expenses related to leadership team changes totaling $538,000. Net income from continuing operations for the second quarter of 2012 was $1.3 million or $0.20 per diluted share, which included a $4 million gain on the sale of the Collabnet investment.
Adjusted EBITDA loss for the second quarter of 2013 was $356,000, compared to an adjusted EBITDA loss of $1.8 million for the same period a year ago. A reconciliation of net loss as reported to adjusted EBITDA is included in this release.
Second Quarter Highlights:
-- Website orders received increased by 6% compared to the second quarter of 2012 -- Launched over 500 new products, including 92 exclusive products -- Total cash and investments at the end of the second quarter 2013 was $48 million, compared to $35 million in the second quarter of 2012.
"ThinkGeek had a good second quarter and a successful first half of the year," said Kathryn McCarthy, Chief Executive Officer. "We continued to make year over year progress in our operating metrics and created excitement in our community by delivering over 500 new products. We were also pleased to see an increase in sales through our wholesale channel and our custom GeekLabs products. Looking to the second half of the year, the team is focused on planning and preparing for the holiday season and we are excited about the new products the ThinkGeek team will bring to life."
Supplemental schedules of the Company's quarterly statements of operations and operational statistics are available on the Company's web site at investors.geek.net.
A conference call and audio webcast will be held at 2:00 pm ET on August 1, 2013 and may be accessed by calling (877) 348-9353 or (253) 237-1159 outside the U.S., or by visiting investors.geek.net. An audio replay will be available between 5:00 pm ET on August 1, 2013 and 11:59 pm ET on August 3, 2013 by calling (855) 859-2056 or (404) 537-3406, with Conference ID 11720751.
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, we also report adjusted EBITDA. The method we use to calculate adjusted EBITDA is not in accordance with GAAP, is likely to differ from the methods used by other companies and should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
We believe that adjusted EBITDA provides useful information to both management and investors and is an additional measurement which may be used to evaluate our operating performance. Our management and Board of Directors use adjusted EBITDA as part of their reporting and planning process and it is the primary measure we use to evaluate our operating performance. In addition, we have historically reported adjusted EBITDA to the investment community. We also believe that the financial analysts who regularly follow and report on us and the business sector in which we compete use adjusted EBITDA to prepare their financial performance estimates to measure our performance against other sector participants and to project our future financial results.
We define adjusted EBITDA as earnings or loss from continuing operations before gain on sale of non-marketable securities, interest and other expense, income taxes, stock-based compensation and depreciation and amortization. Adjusted EBITDA excludes certain expenses that we believe are not directly related to our core operating results. Although some of the items may recur on a regular basis, management does not consider activities associated with these items as core to its operations. With respect to stock-based compensation, we recognize expenses associated with stock-based compensation that require management to make assumptions about our common stock, such as expected future stock price volatility, the anticipated duration of outstanding stock options and awards and the forfeiture rate. While other forms of expenses (such as cash compensation, inventory costs and real estate costs) are reasonably correlated to our underlying business and such costs are incurred principally or wholly in the particular fiscal period being reported, stock-based compensation expense is not reasonably correlated to the particular fiscal period in question, but rather is based on expected future events that have no relationship (and in certain instances, an inverse relationship) with how well we currently operate our business.
About Geeknet, Inc.
ThinkGeek, a wholly owned subsidiary of Geeknet, Inc. , is the premier retailer for the global geek community. Since 1999, ThinkGeek has sought to provide tech, gadget, and toy-obsessed communities with all the things geeks crave. ThinkGeek was founded to serve the distinct needs and interests of technology professionals and enthusiasts and today has grown to become the first choice for innovative and imaginative products that appeal to the geek in everyone. Want to learn more? Check out thinkgeek.com or geek.net.
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, and involve risks and uncertainties. Forward-looking statements contained herein include statements regarding customer satisfaction, the customer experience, the business opportunity, improving the brand, revenue growth and profitability. Actual results may differ materially from those expressed or implied in such forward-looking statements due to various factors, including: popularity and demand for our retail products; management's strategy, plans and objectives for future operations; employee relations and our ability to attract and retain highly qualified personnel; our ability to continue to invest in developing new products; competition, competitors and our ability to compete; liquidity and capital resources; the outcome of any litigation to which we are a party; our accounting policies; and sufficiency of our cash resources and investments to meet our operating and working capital requirements. Investors should consult our filings with the Securities and Exchange Commission, sec.gov, including the risk factors section of our Annual Report on Form 10-K for the year ended December 31, 2012, for further information regarding these and other risks of our business. All forward-looking statements included in this press release are based upon information available to us as of the date hereof, and we do not assume any obligations to update such statements or the reasons why actual results could differ materially from those projected in such statements.
GEEKNET, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data, unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2013 2012 2013 2012 ---- ---- ---- ---- Net revenue $22,004 $17,804 $41,561 $35,314 Cost of revenue 17,595 15,708 33,532 30,651 Gross margin 4,409 2,096 8,029 4,663 ----- ----- ----- ----- Operating expenses: Sales and marketing 1,919 1,798 3,642 3,375 Technology and design 1,494 877 2,898 1,675 General and administrative 2,473 2,521 5,257 4,994 Total operating expenses 5,886 5,196 11,797 10,044 Loss from operations (1,477) (3,100) (3,768) (5,381) Gain on sale of non- marketable securities - 4,021 - 4,021 Interest and other income (expense), net (13) (42) (27) (45) --- --- --- --- (Loss) income from continuing operations before income taxes (1,490) 879 (3,795) (1,405) Income tax (benefit) provision - (412) 3 (533) Net (loss) income from continuing operations (1,490) 1,291 (3,798) (872) ------ ----- ------ ---- Discontinued operations: (Loss) income from discontinued operations, net of tax (41) 318 (69) 360 --- --- --- --- Net (loss) income $(1,531) $1,609 $(3,867) $(512) ======= ====== ======= ===== (Loss) income per share from continuing operations: Basic $(0.22) $0.20 $(0.57) $(0.14) ====== ===== ====== ====== Diluted $(0.22) $0.20 $(0.57) $(0.14) ====== ===== ====== ====== (Loss) income per share from discontinued operations: Basic $(0.01) $0.05 $(0.01) $0.06 ====== ===== ====== ===== Diluted $(0.01) $0.05 $(0.01) $0.06 ====== ===== ====== ===== Net (loss) income per share: Basic $(0.23) $0.25 $(0.58) $(0.08) ====== ===== ====== ====== Diluted $(0.23) $0.25 $(0.58) $(0.08) ====== ===== ====== ====== Shares used in per share calculations: Basic 6,638 6,442 6,612 6,409 Diluted 6,638 6,473 6,612 6,409
GEEKNET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) June 30, December 31, 2013 2012 ---- ---- ASSETS Current assets: Cash and cash equivalents $47,654 $57,294 Accounts receivable, net of allowance of $14 as of June 30, 2013 and December 31, 2012 2,950 1,050 Inventories, net 14,270 16,657 Prepaid expenses and other current assets 7,372 7,013 ----- ----- Total current assets 72,246 82,014 Property and equipment, net 2,897 3,523 Other long-term assets 335 335 Total assets $75,478 $85,872 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $5,374 $11,641 Deferred revenue 2,041 2,303 Accrued liabilities and other 1,602 2,816 ----- ----- Total current liabilities 9,017 16,760 Other long-term liabilities 14 29 Total liabilities 9,031 16,789 ----- ------ Commitments and Contingencies (Note 8) Stockholders' equity: Preferred stock, $0.001 par value; 1,000 shares authorized; no shares issued or outstanding - - Common stock, $0.001 par value; authorized -25,000; issued -6,875 and 6,738 shares, as of June 30, 2013 and December 31, 2012, respectively; outstanding - 6,658 and 6,555 shares as of June 30, 2013 and December 31, 2012, respectively 7 7 Treasury stock (2,716) (2,182) Additional paid-in capital 816,176 814,411 Accumulated other comprehensive income 16 16 Accumulated deficit (747,036) (743,169) Total stockholders' equity 66,447 69,083 ------ ------ Total liabilities and stockholders' equity $75,478 $85,872 ======= =======
GEEKNET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) Six Months Ended June 30, ------------------------- 2013 2012 ---- ---- Cash flows from operating activities from continuing operations: Net loss $(3,867) $(512) Loss (income) from discontinued operations, net of tax 69 (360) --- ---- Loss from continuing operations (3,798) (872) Adjustments to reconcile loss from continuing operations to net cash used in operating activities: Depreciation expense 630 746 Stock-based compensation expense 1,464 2,006 Provision for bad debts (3) 11 Provision for excess and obsolete inventory 427 263 Provision for returns 392 416 Gain on sale of non-marketable securities - (4,021) Loss on sale of assets, net 2 14 Changes in assets and liabilities: Accounts receivable (1,897) 20 Inventories 1,960 (2,488) Prepaid expenses and other assets (359) (1,668) Accounts payable (6,267) (1,051) Deferred revenue (262) (496) Accrued liabilities and other (1,606) (1,788) Other long-term liabilities (15) 5 Net cash used in operating activities (9,332) (8,903) ------ ------ Cash flows from investing activities: Purchase of property and equipment (5) (101) Proceeds from sale of non-marketable equity investment - 6,000 Net cash (used in) provided by investing activities (5) 5,899 --- ----- Cash flows from financing activities: Proceeds from issuance of common stock 272 191 Repurchase of stock (534) (452) Net cash used in financing activities (262) (261) ---- ---- Cash flows from discontinued operations: Net cash (used in) provided by operating activities (41) 1,701 Net cash used in investing activities - (737) Net cash (used in) provided by discontinued operations (41) 964 --- --- Net decrease in cash and cash equivalents (9,640) (2,301) ------ ------ Cash and cash equivalents, beginning of year 57,294 36,910 Cash and cash equivalents, end of period $47,654 $34,609 ======= =======
GEEKNET, INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (In thousands, unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2013 2012 2013 2012 ---- ---- ---- ---- Net (loss) income - as reported $(1,531) $1,609 $(3,867) $(512) Reconciling items: Loss (income) from discontinued operations -net of tax 41 (318) 69 (360) Gain on sale of non- marketable securities - (4,021) - (4,021) Interest and other expense, net 13 42 27 45 (Benefit) provision for income taxes - (412) 3 (533) Stock-based compensation expense included in cost of revenues 34 67 (120) 174 Stock-based compensation expense included in operating expenses 773 892 1,584 1,832 Depreciation expense 314 362 630 746 --- --- Adjusted EBITDA $(356) $(1,779) $(1,674) $(2,629) ===== ======= ======= =======Photo: http://photos.prnewswire.com/prnh/20120510/MM05555LOGO Geeknet, Inc.
CONTACT: Stacie Bosinoff or Nicole Gunderson of The Blueshirt Group, (415)
217-7722, email@example.com, for Geeknet, Inc.
CHARLOTTE, N.C., Aug. 1, 2013 /PRNewswire/ -- blu eCigs, the electronic cigarette brand widely known for superior style and quality, today introduced its new on-the-go rechargeable Starter Pack, an affordable and convenient option for e-cigarette users. Available in retail locations now, the new blu eCigs((R)) Starter Pack offers a lower price point for e-cigarette consumers, providing a unique option between disposable singles and premium rechargeable packs. The blu eCigs Starter Pack features the convenience of car and laptop charging options, a superior battery management system to ensure long-lasting usage, and an ultra-portable design that is as tall as a pack of cigarettes and as slim as a smartphone.
The new Starter Pack from blu eCigs is the latest in e-cigarette evolution and features:
-- On-the-go recharging, flexible USB and car plug charging options for active lifestyles. -- Two rechargeable batteries and a Smart Proprietary Battery Management System that delivers maximum battery performance for extended use. -- Ultra-portable design that fits comfortably in a person's hand, pocket or purse, but with enough interior space to hold 1 extra battery and 3 flavor cartridges. -- A five-pack of replaceable flavor cartridges, with choice of tobacco, menthol, or a variety pack.
Once the blu eCigs Starter Pack is fully charged, it can recharge the included batteries 2-3 times before needing to be plugged back in - ideal for e-cigarette users on-the-move for work, summer and holiday travel, or personal day trips.
"We are committed to giving smokers alternatives that fit their lifestyles and continue to deliver products that meet the demands of the growing blu community," said Jim Raporte, president of blu eCigs. "The new Starter Pack is a continuation of this commitment, offering the quality elements we are known for, on-the-go recharging, battery performance, and flavor options, with the added convenience of a slimmer profile for easier carrying."
Already lauded by its customer base of adult smokers, blu eCigs Premium and Premium 100 rechargeable packs are similar in size to a standard pack of cigarettes. For e-cigarette users on-the-go, the new blu eCigs Starter Pack offers a much smaller profile at a lower cost. Based on long-term use, all of blu eCigs' rechargeable packs provide significant savings compared to purchasing traditional cigarette products.
Since its inception in 2009, blu eCigs has consistently led the charge to introduce e-cigarettes as a new smoking alternative to the US market, and has done so in a pragmatic way--always keeping the customer experience as the central focus. In April 2012, blu eCigs was acquired by Lorillard, Inc. , solidifying blu eCigs as a market trailblazer and further advancing the tremendous growth opportunity in the e-cigarette industry. Today, North Carolina-based blu eCigs continues to set the standard in product innovation and responsible marketing.
blu eCigs' disposable singles, the new Starter Pack, and flavor cartridges can be found in over 100,000 retailers nationwide. Premium and Premium 100 Starter Kits, disposables, flavor cartridges, and a variety of other accessories are available online at www.blucigs.com. For more details on how blu eCigs' New Starter Pack works, check out this video.
About blu eCigs Electronic Cigarettes
blu eCigs((R)) electronic cigarettes offer the feel of traditional cigarettes - without the tobacco smoke, ash, or smell. Because they mimic the physical act of smoking, blu eCigs offer a realistic alternative to tobacco cigarettes, creating a vapor "puff" that evaporates within seconds. blu eCigs made a conscious choice to offer a product that clearly is not mistaken for a traditional cigarette, evident by the e-cigarette's black casing and blue LED glowing tip when in use. With a lifestyle-driven design and innovative technology to enhance the experience for consumers, blu eCigs e-cigarettes allow smokers the chance to take back their freedom. blu eCigs e-cigarettes have been featured at high-profile awards shows, professional motorsports events, major music festivals, and more, and are used by A-list actors, musicians, and other celebrities around the world. Available online and at retailers nationwide, blu eCigs e-cigarettes come in convenient disposables or rechargeable packs for regular use, with or without nicotine, and in a variety of flavors. Based in Charlotte, NC, the company is a subsidiary of Lorillard, Inc. . For more, information visit www.blucigs.com.blu eCigs
CONTACT: Marissa Dursin, 609-279-0050 x104, Marissa@resoundmarketing.com
Web site: www.blucigs.com/
MCLEAN, Va., Aug. 1, 2013 /PRNewswire/ -- WidePoint Corporation , a leading provider of secured, cloud-based, enterprise-wide solutions and services for telecommunications life-cycle and cyber security management, announced today that it will be reporting 2013 second quarter financial results on August 14, 2013, after the close of the market.
A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Wednesday, August 14, 2013. Anyone interested in participating should call 1-888-846-5003 if calling within the United States or 1-480-629-9856 if calling internationally. There will be a playback available until August 28, 2013. To listen to the playback, please call 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally. Please use pin number 4634457 for the replay.
The call will also be accompanied live by webcast over the Internet and accessible at http://public.viavid.com/index.php?id=105655.
WidePoint is a specialist in providing telecommunications management and cybersecurity solutions utilizing its advanced information technology products and services. WidePoint has several wholly owned subsidiaries holding major government and commercial contracts. WidePoint enables Enterprises and Agencies to deploy fully compliant IT services in accordance with government mandated regulations and advanced system requirements. For more information, visit www.widepoint.com.
For More Information: James T. McCubbin, EVP and CFO Brett Maas or David Fore WidePoint Corporation Hayden IR 7926 Jones Branch Drive, Suite 520 (646) 536-7331 McLean, VA 22102 firstname.lastname@example.org (703) 349-2577 email@example.comWidePoint Corporation
Web site: http://www.widepoint.com/
ATLANTA, Aug. 1, 2013 /PRNewswire-FirstCall/ --
-- Revenue of $670 million was up 1 percent, up 2 percent in constant currency((1)) -- Services Revenue increased 7 percent, with record gross margin rate -- GAAP EPS $0.65, non-GAAP EPS $0.76((2)) -- Cash from operations $383 million year-to-date, versus $344 million same period 2012 -- Maintaining full-year constant currency revenue and EPS guidance
Teradata Corporation today reported revenue of $670 million for the quarter ended June 30, 2013, an increase of 1 percent from $665 million in the second quarter of 2012.( )Revenue in the second quarter increased 2 percent when compared in constant currency.((1))
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Gross margin was 56.6 percent, as reported under U.S. Generally Accepted Accounting Principles (GAAP). On a non-GAAP basis, excluding stock-based compensation expense and special items, gross margin was 57.9 percent, which was the second highest non-GAAP gross margin generated for a quarter, second only to the 58.5 percent gross margin in the prior-year period.((2))
Teradata reported second quarter GAAP net income of $108 million, or $0.65 per diluted share, which compared to GAAP net income of $112 million, or $0.65 per diluted share, in the second quarter of 2012. Stock-based compensation expense and other special items reduced Teradata's second quarter net income by $18 million (or 11 cents of earnings per diluted share as reported under GAAP).((2)) Excluding stock-based compensation expense and special items,( )non-GAAP net income in the second quarter of 2013 was $126 million, or $0.76 per diluted share, versus $132 million, or $0.77 per diluted share, in the second quarter of 2012.((2))
"We were encouraged with our progress in the second quarter. We had good revenue growth in the U.S., record non-GAAP services gross margin rate, and a non-GAAP operating margin rate which was the second highest quarter ever," said Mike Koehler, president and chief executive officer, Teradata Corporation.
"Customers are gaining new insights and driving business value from our Unified Data Architecture; which includes Data Warehouses, Aster Analytics, and Hadoop, as well as from our Integrated Marketing solutions. These, along with our latest innovations of adding in-memory to our hybrid virtual storage capabilities, and the release of our expanded Hadoop Portfolio, position us well for the second half of 2013 and beyond."
Regional Revenue Performance
For the Three Months For the Six Months Ended June 30 Ended June 30 (in millions) (in millions) ------------ ------------ 2013 2012 % Chg % Chg 2013 2012 % Chg % Chg As Rpt'd in CC** As Rpt'd in CC** ------- Americas $405 $398 2% 2% $760 $786 -3% -3% International* $265 $267 -1% 1% $497 $492 1% 3% ---- ---- ---- ---- Total Revenue $670 $665 1% 2% $1,257 $1,278 -2% -1% ==== ==== ====== ====== * For comparison purposes, prior-year amounts have been reclassified to conform to the current-year presentation. ** Constant currency.
Second quarter GAAP operating income of $147 million was down from $160 million reported in the second quarter of 2012. On a non-GAAP basis, operating income was $174 million versus $188 million in the second quarter of 2012.((2)) The difference was primarily due to the strong gross margin performance in the second quarter of 2012, in addition to a less favorable revenue mix and increased investment in sales resources and research and development in the second quarter of 2013.
During the second quarter of 2013, Teradata generated $140 million of cash from operating activities, compared to $152 million in the prior-year period. Teradata generated $102 million of free cash flow( )(cash from operating activities less capital expenditures and additions to capitalized software)((3)) in the second quarter of 2013, versus $113 million in the same period in 2012.
Year to date, Teradata generated $383 million of cash from operating activities, compared to $344 million in the prior-year period. Teradata generated $318 million of free cash flow( (3)) in the first six months of 2013, versus $275 million in the same period in 2012.
Teradata ended the quarter with $826 million in cash, a $27 million decrease from March 31, 2013. The net decrease in cash was mainly due to Teradata using $91 million in the second quarter for share repurchases; 1.6 million shares of its stock were acquired during the second quarter. Year to date, through July 30, Teradata purchased 3.3 million shares for approximately $184 million.
As of June 30, 2013, Teradata had total debt of $281 million outstanding under a term loan. Additionally, Teradata has $300 million available through a pre-arranged credit facility; however, no funds were drawn from the credit facility.
Teradata continues to expect revenue growth for the full-year 2013 to be at the low end of its initial revenue growth rate guidance of 6 to 10 percent, when measured in constant currency((1)) and 4 to 5 percent on an as-reported basis. Based on currency rates at the end of July 2013, Teradata now anticipates currency translation to reduce its year-over-year revenue comparison by approximately 1 - 2 percentage points.
Teradata also expects earnings per share for the full-year 2013 to be at the low end of its initial guidance ranges of $2.64-$2.79 on a GAAP basis and $3.05-$3.20 on a non-GAAP basis, which excludes stock-based compensation expense and other special items.((2))
2013 Second Quarter Earnings Conference Call
A conference call is scheduled today at 8:30 a.m. (ET) to discuss the company's second quarter 2013 results. Access to the conference call, as well as a replay of the call, is available on Teradata's web site at www.teradata.com/investor.
Supplemental financial information regarding Teradata's operating results is also available on the Investor Relations page of Teradata's web site.
Teradata Corporation is the world's leading analytic data solutions company, focused on integrated data warehousing, big data analytics, and business applications. Teradata's innovative products and services deliver data integration and business insight to empower organizations to make the best decisions possible for competitive advantage. Visit teradata.com for details.
Teradata is a trademark or registered trademark of Teradata Corporation in the United States and other countries.
1. The impact of currency is determined by calculating the prior-period results using the current-year monthly average currency rates. See the foreign currency fluctuation schedule on the Investor Relations page of the company's web site at www.teradata.com/investor, which is used to determine revenue on a constant currency ("CC") basis.
For the Three For the Six Months Months Ended June 30 Ended June 30 (in millions) (in millions) ------------ ------------ Revenue 2013 2012 %Chg %Chg 2013 2012 %Chg %Chg As Rpt'd In CC As Rpt'd In CC Products (software/hardware) $303 $321 -6% -5% $552 $629 -12% -12% ---- ---- ---- ---- Consulting services $207 $193 7% 8% $393 $358 10% 11% Maintenance services $160 $151 6% 7% $312 $291 7% 9% ---- ---- ---- ---- Total Services $367 $344 7% 8% $705 $649 9% 10% ---- ---- ---- ---- Total Revenue $670 $665 1% 2% $1,257 $1,278 -2% -1% ==== ==== ====== ====== By segment Americas $405 $398 2% 2% $760 $786 -3% -3% International* $265 $267 -1% 1% $497 $492 1% 3% ---- ---- ---- ---- Total Revenue $670 $665 1% 2% $1,257 $1,278 -2% -1% ==== ==== ====== ====== * For comparison purposes, prior-year amounts have been reclassified to conform to the current-year presentation.
2. Teradata reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP. However, as described below, the company believes that certain non-GAAP measures (such as non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted share, or EPS, which exclude certain items as well as free cash flow) are useful for investors. Our non-GAAP measures are not meant to be considered in isolation or as substitutes for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.
Special items included in Teradata's 2013 second quarter GAAP operating income results as reported in this release included $14 million of stock-based compensation expense; $10 million of amortization of acquisition-related intangible assets; and $3 million of acquisition transaction and integration expenses.
Special items for Teradata's year-to-date non-GAAP net income as reported in this release also included a $4 million income tax expense related to the 2012 U.S. Research & Development tax credit, which was retroactively enacted in the first quarter of 2013. The 2012 R&D tax credit benefit was included in Teradata's non-GAAP results in the fourth quarter of 2012, since the benefit related the 2012 tax reporting period. However, Teradata did not include the tax benefit in its GAAP results in the fourth quarter of 2012 due to the American Taxpayer Relief Act of 2012 not being enacted until the first quarter of 2013. As a result, the $4 million income tax benefit is included in Teradata's year-to-date 2013 GAAP net income, but excluded from the company's year-to-date non-GAAP net income.
The following tables reconcile Teradata's actual and projected results and EPS, under GAAP to the company's actual and projected non-GAAP results and EPS for the periods presented, which exclude certain items. Our management regularly uses supplemental non-GAAP financial measures, such as gross margin, operating income, net income and EPS, excluding certain items internally, to understand, manage and evaluate our business and support operating decisions. The company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the company's ongoing operations, (2) are useful for period-over-period comparisons of such operations and results, that may be more easily compared to peer companies and allow investors a view of the company's operating results excluding special items, (3) provide useful information to management and investors regarding present and future business trends, and (4) provide consistency and comparability with past reports and projections of future results.
Teradata's reconciliation of GAAP to non-GAAP results included in this release. (in millions, except per share data) For the Three Months For the Six Months Ended June 30 Ended June 30 ------------- ------------- Gross Margin: 2013 2012 %Chg 2013 2012 %Chg as As Rpt'd Rpt'd ----- ----- GAAP Gross Margin $379 $382 -1% $684 $720 -5% % of Revenue 56.6% 57.4% 54.4% 56.3% Excluding: Stock-based compensation expense 2 1 3 2 Purchase accounting adjustments - 1 - 2 Amortization of acquisition-related intangible assets 6 5 13 9 Transaction, integration and reorganization related costs 1 1 1 1 --- --- --- --- Non-GAAP Gross Margin $388 $390 -1% $701 $734 -4% ==== ==== ==== ==== % of Revenue 57.9% 58.5% 55.8% 57.3% Operating Income: GAAP Operating Income $147 $160 -8% $223 $287 -22% % of Revenue 21.9% 24.1% 17.7% 22.5% Excluding: Stock-based compensation expense 14 10 27 21 Purchase accounting adjustments - 1 - 2 Amortization of acquisition-related intangible assets 10 8 22 15 Transaction, integration and reorganization related costs 3 9 6 10 --- --- --- --- Non-GAAP Operating Income $174 $188 -7% $278 $335 -17% ==== ==== ==== ==== % of Revenue 26.0% 28.2% 22.1% 26.1% Net Income: GAAP Net Income $108 $112 -4% $167 $203 -18% % of Revenue 16.1% 16.8% 13.3% 15.9% Excluding: Stock-based compensation expense 10 6 18 13 Purchase accounting adjustments - 1 - 1 Amortization of acquisition-related intangible assets 6 6 14 10 Transaction, integration and reorganization related costs 2 7 4 8 2012 R&D Tax Credit, enacted in 2013 - - (4) - --- --- --- --- Non-GAAP Net Income $126 $132 -5% $199 $235 -15% ==== ==== ==== ==== % of Revenue 18.8% 19.8% 15.8% 18.3%
For the Three Months For the Six Months Ended June 30 Ended June 30 ------------- ------------- Diluted Earnings Per Share: 2013 2012 2013 2012 2013 Guidance ---- ---- ---- ---- GAAP Diluted Earnings Per Share $0.65 $0.65 $1.00 $1.18 $2.64 - $2.79 Excluding: Stock-based compensation expense $0.06 $0.04 $0.11 $0.08 $0.22 Purchase accounting adjustments - $0.01 - - - Amortization of acquisition-related intangible assets $0.04 $0.03 $0.08 $0.06 $0.16 Transaction, integration and reorganization related costs $0.01 $0.04 $0.02 $0.05 $0.05 2012 R&D Tax Credit, enacted in 2013 - - ($0.02) - ($0.02) --- --- ------ --- ------ Non-GAAP Diluted Earnings Per Share $0.76 $0.77 $1.19 $1.37 $3.05 - $3.20 ===== ===== ===== ===== =============
3. As described above, the company believes that free cash flow is a useful non-GAAP measure for investors. Teradata defines free cash flow as cash provided/used by operating activities less capital expenditures for property and equipment, and additions to capitalized software. Free cash flow does not have a uniform definition under GAAP and therefore, Teradata's definition may differ from other companies' definitions of this measure. Teradata's management uses free cash flow to assess the financial performance of the company and believes it is useful for investors because it relates the operating cash flow of the company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures for, among other things, investment in the company's existing businesses, strategic acquisitions, strengthening the company's balance sheet, repurchase of the company's stock and repayment of the company's debt obligations, if any. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. This non-GAAP measure is not meant to be considered in isolation, as a substitute for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.
For the Three For the Six Months Months Ended June 30 Ended June 30 (in millions) (in millions) ------------ ------------ 2013 2012 2013 2012 ---- ---- ---- ---- Cash provided by operating activities (GAAP) $140 $152 $383 $344 Less capital expenditures for: ------------------ Expenditures for property and equipment (21) (19) (31) (31) Additions to capitalized software (17) (20) (34) (38) --- --- --- --- Total capital expenditures (38) (39) (65) (69) --- --- --- --- Free Cash Flow (non- GAAP measure)(3) $102 $113 $318 $275 ==== ==== ==== ====
Note to Investors
This news release contains forward-looking statements, including statements as to anticipated or expected results, beliefs, opinions and future financial performance, within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements include projections of revenue, profit growth and other financial items, future economic performance and statements concerning analysts' earnings estimates, among other things. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause Teradata's actual results to differ materially. In addition to the factors discussed in this release, other risks and uncertainties could affect our future results, and could cause actual results to differ materially from those expressed in such forward-looking statements. Such factors include those relating to: the global economic environment in general or on the ability of our suppliers to meet their commitments to us, or the timing of purchases by our current and potential customers, and other general economic and business conditions; the rapidly changing and intensely competitive nature of the information technology industry and the analytics data solutions business, including ongoing consolidation activity, threats from new and emerging analytic data technologies and competitors, and increased pressure on price/performance for data warehousing solutions; fluctuations in our operating results, unanticipated delays or accelerations in our sales cycles and the difficulty of accurately estimating revenues; risks inherent in operating in foreign countries, including the impact of economic, political, legal, regulatory, compliance, cultural, foreign currency fluctuations and other conditions abroad; the timely and successful development, production or acquisition and market acceptance of new and existing products and services, including our ability to accelerate market acceptance of new products and services as well as the reliability, quality and operability of new products because of the difficulty and complexity associated with their testing and production; tax rates; turnover of workforce and the ability to attract and retain skilled employees; availability and successful exploitation of new acquisition and alliance opportunities; our ability to execute integration plans for newly acquired entities, including the possibility that expected synergies and operating efficiencies may not be achieved, that such integration efforts may be more difficult, time-consuming or costly than expected, and that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction; recurring revenue may decline or fail to be renewed; changes in Generally Accepted Accounting Principles (GAAP) and the resulting impact, if any, on the company's accounting policies; continued efforts to establish and maintain best-in-class internal information technology and control systems; and other factors described from time-to-time in the company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K and subsequent quarterly reports on Forms 10-Q, as well as the company's annual reports to stockholders. The company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Schedule A TERADATA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in millions, except per share amounts) For the Period Ended June 30 ---------------------------- Three Months Six Months ------------ ---------- 2013 2012 % Chg 2013 2012 % Chg ---- ---- ----- ---- ---- ----- Revenue Products $303 $321 -6% $552 $629 -12% Services 367 344 7% 705 649 9% --- --- --- --- Total revenue 670 665 1% 1,257 1,278 -2% Product gross margin 202 222 358 427 % of Revenue 66.7% 69.2% 64.9% 67.9% Services gross margin 177 160 326 293 % of Revenue 48.2% 46.5% 46.2% 45.1% ---- ---- ---- ---- Total gross margin 379 382 684 720 % of Revenue 56.6% 57.4% 54.4% 56.3% Selling, general and administrative expenses 185 179 364 344 Research and development expenses 47 43 97 89 --- --- --- --- Income from operations 147 160 223 287 % of Revenue 21.9% 24.1% 17.7% 22.5% Other expense, net - - (1) (1) Income before income taxes 147 160 222 286 % of Revenue 21.9% 24.1% 17.7% 22.4% Income tax expense 39 48 55 83 --- --- --- --- % Tax rate 26.5% 30.0% 24.8% 29.0% Net income $108 $112 $167 $203 ==== ==== ==== ==== % of Revenue 16.1% 16.8% 13.3% 15.9% Net income per common share Basic $0.66 $0.66 $1.02 $1.21 Diluted $0.65 $0.65 $1.00 $1.18 Weighted average common shares outstanding Basic 163.4 168.7 164.4 168.3 Diluted 166.3 172.3 167.4 172.0
Schedule B TERADATA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) June 30, March 31, December 31, 2013 2013 2012 ---- ---- ---- Assets ------ Current assets Cash and cash equivalents $826 $853 $729 Accounts receivable, net 514 510 668 Inventories 70 65 47 Other current assets 83 81 90 --- --- --- Total current assets 1,493 1,509 1,534 Property and equipment, net 156 148 150 Capitalized software, net 182 179 173 Goodwill 934 921 932 Acquired intangible assets 168 173 186 Deferred income taxes 24 25 29 Other assets 85 62 62 --- --- --- Total assets $3,042 $3,017 $3,066 ====== ====== ====== Liabilities and stockholders' equity ------------------------------------ Current liabilities Accounts payable $105 $111 $141 Payroll and benefits liabilities 116 115 158 Deferred revenue 422 457 375 Other current liabilities 131 100 132 --- --- --- Total current liabilities 774 783 806 Long-term debt 263 271 274 Pension and other postemployment plan liabilities 72 71 73 Long-term deferred revenue 29 32 30 Deferred tax liabilities 86 85 83 Other liabilities 28 22 21 --- --- --- Total liabilities 1,252 1,264 1,287 ----- ----- ----- Stockholders' equity Preferred stock - - - Common stock 2 2 2 Paid-in capital 941 920 898 Treasury Stock (988) (901) (806) Retained earnings 1,823 1,715 1,656 Accumulated other comprehensive income 12 17 29 --- --- --- Total stockholders' equity 1,790 1,753 1,779 ----- ----- ----- Total liabilities and stockholders' equity $3,042 $3,017 $3,066 ====== ====== ======
Schedule C TERADATA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) For the Period Ended June 30 ---------------------------- Three Months Six Months ------------ ---------- 2013 2012 2013 2012 ---- ---- ---- ---- Operating activities Net income $108 $112 $167 $203 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 36 31 70 61 Stock-based compensation expense 14 10 27 21 Excess tax benefit from stock-based compensation (1) (7) (4) (24) Deferred income taxes - 9 6 22 Changes in assets and liabilities: Receivables (1) 4 157 (1) Inventories (5) 19 (23) 26 Current payables and accrued expenses 15 21 (72) (22) Deferred revenue (38) (44) 46 72 Other assets and liabilities 12 (3) 9 (14) --- --- --- --- Net cash provided by operating activities 140 152 383 344 Investing activities Expenditures for property and equipment (21) (19) (31) (31) Additions to capitalized software (17) (20) (34) (38) Business acquisitions and other investing activities, net (39) (238) (39) (238) --- ---- --- ---- Net cash used in investing activities (77) (277) (104) (307) Financing activities Repurchases of common stock (91) (37) (184) (37) Repayments of long-term borrowings (4) (4) (8) (4) Excess tax benefit from stock-based compensation 1 7 4 24 Other financing activities, net 8 12 15 36 --- --- --- --- Net cash (used in) provided by financing activities (86) (22) (173) 19 Effect of exchange rate changes on cash and cash equivalents (4) (10) (9) (7) --- --- --- --- (Decrease) Increase in cash and cash equivalents (27) (157) 97 49 Cash and cash equivalents at beginning of period 853 978 729 772 --- --- --- --- Cash and cash equivalents at end of period $826 $821 $826 $821 ==== ==== ==== ====
Schedule D TERADATA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions) For the Period Ended June 30 ---------------------------- Three Months Six Months ------------ ---------- 2013 2012 % Change % Change 2013 2012 % Change % Change As Reported Constant As Reported Currency Constant Currency -------- Segment Revenue Americas $405 $398 2% 2% $760 $786 -3% -3% International 265 267 -1% 1% 497 492 1% 3% --- --- --- --- Total revenue 670 665 1% 2% 1,257 1,278 -2% -1% Segment gross margin Americas 240 242 435 474 % of Revenue 59.3% 60.8% 57.2% 60.3% International 139 140 249 246 % of Revenue 52.5% 52.4% 50.1% 50.0% Total gross margin 379 382 684 720 % of Revenue 56.6% 57.4% 54.4% 56.3% Selling, general and administrative expenses 185 179 364 344 Research and development expenses 47 43 97 89 --- --- --- --- Income from operations $147 $160 $223 $287 ==== ==== ==== ==== % of Revenue 21.9% 24.1% 17.7% 22.5%Photo: http://photos.prnewswire.com/prnh/20130716/CL47933LOGO Teradata Corporation
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