PALO ALTO, CA, May 6, 2016 /CNW/ - Space Systems Loral (SSL), a leading provider of commercial satellites, today announced that the JCSAT-14 satellite, which it designed and built for SKY Perfect JSAT Corporation (SKY Perfect JSAT), was launched late last night and is successfully performing post-launch maneuvers according to plan. SKY Perfect JSAT is Asia's largest satellite operator with a fleet of 15 satellites, and Japan's only provider of both multi-channel pay TV broadcasting and satellite communications services. The satellite deployed its solar arrays on schedule following its launch aboard a Falcon 9 launch vehicle provided by SpaceX and will begin firing its main thruster in order to start maneuvering into geostationary orbit tomorrow.
"I would like to thank the teams at SKY Perfect JSAT, SpaceX, and SSL, whose hard work and close collaboration ensured JCSAT-14's successful launch," said John Celli, president of SSL. "As our first satellite together with SKY Perfect JSAT in many years, we have strengthened our long relationship and built a culture of teamwork and trust which extends to the other SKY Perfect JSAT satellites that we are building."
JCSAT-14 will help SKY Perfect JSAT further expand its satellite communication services in Asia and Pacific regions. The satellite will also be used to provide communications for emergency services and disaster recovery and it will enable mobile communications for the maritime, aviation and resource industries.
With service in Asia, Russia, Oceania, and the Pacific Islands, it replaces and expands on the capacity of JCSAT-2A at the 154° East longitude orbital slot and is designed to provide service for 15 years or longer.
"We are very pleased that JCSAT-14 will soon enter service as part of our fleet," said Shinji Takada, Representative Director, President and CEO of SKY Perfect JSAT. "SSL has been an excellent partner in the development of this satellite, and our teams look forward to continued collaboration as two additional satellites complete assembly and test for launches later this year."
The satellite is based on the highly reliable SSL 1300 platform, which provides high power and the flexibility to support innovation and evolving technologies. It marks the 102(nd) satellite that SSL has delivered based on this highly successful platform. SSL is also building JCSAT-15 and JCSAT-16 which are both scheduled to launch in 2016.
About SKY Perfect JSAT
SKY Perfect JSAT Corporation is a leader in the converging fields of broadcasting and communications. It is Asia's largest satellite operator with a fleet of 15 satellites, and Japan's only provider of both multi-channel pay TV broadcasting and satellite communications services. SKY Perfect JSAT delivers a broad range of entertainment through the SKY PerfecTV! platform, the most extensive in Japan with a total of 3.4 million subscribers. In addition, SKY Perfect JSAT's satellite communications services, which cover Japan and the rest of Asia, as well as Oceania, Russia, Middle East, Hawaii and North America, play a vital role in supporting safety, security and convenience for society as a whole. For more information, please visit www.sptvjsat.com and www.jsat.net.
SSL, a subsidiary of MDA, is a leading provider of commercial satellites with broad expertise to support satellite operators and innovative space related missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband Internet, mobile communications, and Earth observation. As a Silicon Valley innovator for more than 50 years, SSL's advanced product line also includes state-of-the-art small satellites, and sophisticated robotics and automation solutions for remote operations. For more information, visit www.sslmda.com.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential, primarily in the Communications sector and the Surveillance and Intelligence sector. In addition, the Company conducts a significant amount of advanced technology development.
MDA's established global customer base is served by more than 4,800 employees operating from 11 locations in the United States, Canada, and internationally.
MacDonald, Dettwiler and Associates Ltd.'s (MDA) common shares trade on the Toronto Stock Exchange under the symbol "MDA."
This news release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. and its subsidiaries (collectively "MDA" or the "Company") with respect to future events and financial performance. When used in this news release, the words "believes", "expects", "plans", "may", "will", "would", "could", "should", "anticipates", "estimates", "project", "intend" or "outlook" or other variations of these words or other similar expressions are intended to identify forward-looking statements and information. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties. Known risks and uncertainties include but are not limited to: risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; risks associated with satellite manufacturing, including competition, cyclicality of MDA's end-user markets, contractual risks, creditworthiness of customers, performance of suppliers and management of MDA's factory and personnel; risk associated with financial factors such as volatility in exchange rates, increases in interest rates, restrictions on access to capital by customer or MDA, and swings in global financial markets; risks associated with domestic and foreign government regulation, including export controls and economic sanctions; and other risks, including litigation. The foregoing list of important factors is not exhaustive. The information contained in this news release reflects MDA's beliefs, assumptions, intentions, plans and expectations as of the date of this news release. Except as required by law, MDA disclaims any obligation or undertaking to update or revise the information herein.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.MacDonald, Dettwiler and Associates Ltd.
CONTACT: Wendy Keyzer, MDA External Relations, (604) 231-2743,
Web site: http://www.mda.ca/
CALGARY, May 6, 2016 /PRNewswire/ - SMART Technologies Inc. ("SMART" or the "Company"), a leading provider of education and business collaboration solutions, announces that, further to its press release dated April 28, 2016, the Company has filed Articles of Amendment effecting the consolidation of its common shares ("Common Shares") on the basis of one post-consolidation Common Share for every ten pre-consolidation Common Shares (the "Consolidation").
The Consolidation was approved by the holders of Common Shares ("Shareholders") by special resolution at the Company's special meeting of the Shareholders on April 28, 2016. SMART's board of directors subsequently approved the filing of the Articles of Amendment to effect the Consolidation. The Company filed the Articles of Amendment today, and it is expected that the Common Shares will commence trading on the Toronto Stock Exchange ("TSX") and the NASDAQ Stock Market ("NASDAQ") on a post-Consolidation basis on or around May 12, 2016, subject to final approval of the TSX and NASDAQ. As a result of the Consolidation, SMART has approximately 12.2 million Common Shares outstanding.
No fractional Common Shares will be issued in connection with the Consolidation, and in the event a holder of pre-Consolidation Common Shares would otherwise be entitled to receive a fraction of a post- Consolidation Common Share, the number of post-Consolidation Common Shares to which such holder is entitled will instead be rounded to the nearest whole number of post-Consolidation Common Shares.
Letters of transmittal with respect to the Consolidation have been mailed to all registered Shareholders. All registered Shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing pre-Consolidation Common Shares to the Corporation's transfer agent, Computershare Trust Company of Canada ("Computershare"), will receive share certificates representing their post-Consolidation Common Shares. Until so surrendered, each share certificate representing pre-Consolidation Common Shares will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Shareholders holding their Common Shares through a bank, broker or other nominee should note that banks, brokers or other nominees may have different procedures for processing the Consolidation than those put in place by the Company and Computershare. Such Shareholders will not be required to complete a letter of transmittal.
Further details regarding the Consolidation are contained in the Company's management information circular dated March 16, 2016 which has been filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
SMART Technologies Inc. is a world leader in simple and intuitive solutions that enable more natural collaboration. We are an innovator in interactive touch technologies and software that inspire collaboration in both education and business around the globe. To learn more, visit smarttech.com.
SMT - F
Certain information contained in this press release may constitute forward-looking information including, without limitation, the expected timing of trading the Common Shares on a post-Consolidation basis on the TSX and the NASDAQ. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. We do not assume responsibility for the accuracy and completeness of the forward-looking information or statements. Any forward-looking information and statements contained in this press release are expressly qualified by this cautionary statement.
(C)2016 SMART Technologies Inc. All third-party product and company names are for identification purposes only and may be trademarks of their respective owners. To view a list of SMART trademarks please visit our Trademarks and Guidelines page.
Please note that SMART is written in all capital letters.SMART Technologies Inc.
CONTACT: Investor contact: Jody Kehler, Investor Relations Manager, SMART
Technologies Inc., + 1.403.407.5486, JodyKehler@smarttech.com; Media
contact: Jeff Lowe, Vice President, Corporate Marketing, SMART Technologies
Inc., + 1.403.407.5330, JeffLowe@smarttech.com
Web site: www.smarttech.com/
STAMFORD, Conn., May 6, 2016 /PRNewswire/ -- Today, Charter Communications, Inc. received approval from the Federal Communications Commission for its merger with Time Warner Cable Inc. and acquisition of Bright House Networks. The California Public Utilities Commission vote is scheduled for May 12th, following last month's recommendation for approval from the California Administrative Law Judge.
"I want to thank Chairman Wheeler and Commissioners Clyburn, Rosenworcel, Pai and O'Rielly for their thorough review of these transactions," said Tom Rutledge, President and CEO of Charter Communications. "The significant benefits of these transactions are clear; greater competition, more consumer and OTT friendly broadband policies, broader access to affordable broadband, and added U.S. jobs. The conditions are largely extensions of the longstanding consumer friendly values and practices of our company, and based on the commitments we put forward during the review process. Charter will be a stronger competitor in the broadband and video markets, well positioned to deliver these benefits and more to consumers."
Charter agreed to a number of conditions as part of the FCC approval. Many of the conditions either codified or reflected specific commitments Charter offered proactively at the beginning of the transaction review process, including no data caps or usage-based billing, a commitment to build out high-speed broadband service to unserved and underserved customers, the fastest low-income broadband program of any major service provider, and settlement-free peering.
Charter is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including Spectrum TV(TM) video entertainment programming, Spectrum Internet(TM) access, and Spectrum Voice(TM). Spectrum Business(TM) similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter's advertising sales and production services are sold under the Spectrum Reach(TM) brand. More information about Charter can be found at charter.com
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CONTACT: Charter Communications, Justin Venech, Justin.Venech@Charter.com
Web site: http://www.charter.com/
RICHARDSON, Texas, May 6, 2016 /PRNewswire/ -- Intrusion Inc. (OTCQB: INTZ), ("Intrusion") will announce first quarter 2016 financial results on Tuesday, May 10, 2016. The press release will be published over the wire services after the market closes. The release will also be available on the company's web site at www.intrusion.com. Intrusion management will review the Company's financial and operational progress for the first quarter 2016 during a conference call later that day at 4:00 P.M., CDT.
Interested investors can access the call at 1-877-258-4925 (outside the United States, please dial 1-973-500-2152) at 4:00 P.M., CDT. For those unable to participate in the live conference call, a replay will be accessible beginning May 10, 2016 at approximately 7:00 P.M., CDT until May 17, 2016 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 9365800. In addition, a live and archived audio webcast of the conference call will be available at www.intrusion.com.
About Intrusion Inc.
Intrusion Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. Intrusion's product families include TraceCop(TM) for identity discovery and disclosure, Savant(TM) for network data mining and advanced persistent threat detection. Intrusion's products help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com. We develop, market and support a family of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products.
Michael L. Paxton, VP, CFO
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Web site: http://www.intrusion.com/
NEW YORK, May 6, 2016 /PRNewswire/ -- Brand exposure is vital to staying relevant in today's crowded marketplace. But what cost-effective tool should small businesses utilize that not only creates brand evangelists, but builds your organizations' credibility?
Logo - http://photos.prnewswire.com/prnh/20110831/NY59180LOGO [http://photos.prnewswire.com/prnh/20110831/NY59180LOGO]
In the latest article posted to PR Newswire's Small Business PR Toolkit, contributing author Heather Wied explains that the answer lies in leveraging customer feedback. Wied provides four ways to gather this information.
Process. Identifying when to gather feedback can be a challenge for resource-strapped business owners, so Wied suggests establishing a process within your customer's purchasing cycle to provide structure.
Incentivize. Offer a discount for first-time feedback providers or implement a referral program to provide customers additional perks for the additional referrals they bring in. Identify your avid customers or brand evangelists and reward these users with special perks that are greater than the average incentives you offer.
For discussion on the two remaining ways to gather customer feedback, read Wied's complete post here [http://bit.ly/1T2v6lO].
PR Newswire's Small Business PR Toolkit is a comprehensive resource that provides small businesses and entrepreneurs the tools to develop an affordable public relations and marketing plan that helps generate interest from potential customers, engage with key audiences and grow their businesses. The toolkit features relevant content such as informative white papers, interactive webinars and how-to articles and premium access to educational resources, as well as the opportunity to take advantage of special offers designed specifically for small businesses. To request information on how PR Newswire can help your small business, click here [http://www.smallbusinesspr.com/]. You can receive updates on new Small Business PR Toolkit content by following @prnsmallbiz [https://twitter.com/prnsmallbiz] on Twitter.
About PR Newswire
PR Newswire (www.prnewswire.com [http://www.prnewswire.com/]) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry over 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content -- from rich media to online video to multimedia -- and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world's largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world's enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company.
Director, Strategic Channels
Web site: http://www.prnewswire.com/
CHICAGO, May 6, 2016 /PRNewswire/ -- Hill-Rom Holdings, Inc., invites you to listen to a management presentation at the Goldman Sachs First Annual Leveraged Finance Conference on Tuesday, May 17, 2016, at 8:10 p.m. EDT.
You are invited to listen to the live discussion via the internet link at http://ir.hill-rom.com/events.cfm or access it directly via the conference website. A recorded replay of the discussion will be available one hour after conclusion of the live event and accessible at the links above until June 16, 2016.
ABOUT HILL-ROM HOLDINGS, INC.
Hill-Rom is a leading global medical technology company with 10,000 employees worldwide. We partner with health care providers in more than 100 countries by focusing on patient care solutions that improve clinical and economic outcomes in five core areas: Advancing Mobility, Wound Care and Prevention, Clinical Workflow, Surgical Safety and Efficiency, and Respiratory Health. Around the world, Hill-Rom's people, products, and programs work towards one mission: Every day, around the world, we enhance outcomes for patients and their caregivers. Visit www.hill-rom.com for more information.
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CONTACT: Investor Relations: Mike Macek, Vice President Treasurer, Phone:
812-934-7809, Email: firstname.lastname@example.org or Media:Howard Karesh, Vice
President, Corporate Communications, Phone: 312-819-7268, Email:
Web site: http://www.hill-rom.com/
SANTA CLARA, Calif., May 6, 2016 /PRNewswire/ -- Aviat Networks, Inc. , the leading expert in microwave networking solutions, today announced that it will be reporting its fiscal 2016 third quarter financial results for the period ending April 1, 2016, after market close on May 11, 2016. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results and outlook on May 11, 2016 at 4:30 p.m. Eastern.
Speaking from management will be Michael Pangia, President and Chief Executive Officer, and Ralph Marimon, Senior Vice President and Chief Financial Officer. Following management's remarks, there will be a question and answer period. To listen to the live conference call, please dial toll-free (US/CAN) 888-438-5448 or toll-free (INTL) 719-325-2323, access code 8125405. We ask that you dial-in approximately 10 minutes prior to the start time. Additionally, participants are invited to listen via webcast, which will be broadcast live and via replay approximately two hours after the call at http://investors.aviatnetworks.com/events.cfm.
About Aviat Networks
Aviat Networks, Inc. is a leading global provider of microwave networking solutions transforming communications networks to handle the exploding growth of IP-centric, multi-Gigabit data services. With more than one million systems sold over 140 countries, Aviat Networks provides LTE-proven microwave networking solutions to mobile operators, including some of the largest and most advanced 4G/LTE networks in the world. Public safety, utility, government and defense organizations also trust Aviat Networks' solutions for their mission-critical applications where reliability is paramount. In conjunction with its networking solutions, Aviat Networks provides a comprehensive suite of localized professional and support services enabling customers to effectively and seamlessly migrate to next generation Carrier Ethernet/IP networks. For more than 50 years, customers have relied on Aviat Networks' high performance and scalable solutions to help them maximize their investments and solve their most challenging network problems. Headquartered in Santa Clara, California, Aviat Networks operates in more than 100 countries around the world. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.
Glenn Wiener, GW Communications for Aviat Networks, Inc.
Tel: 212-786-6011 / Email: Investorinfo@avietnet.com or Gwiener@GWCco.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aviat-networks-sets-date-for-its-fiscal-2016-third-quarter-financial-results-300264524.htmlAviat Networks, Inc.
Web site: http://us.aviatnetworks.com/
DENVER, May 6, 2016 /PRNewswire/ -- Science Technology Engineering and Math (STEM) education took center stage today at the Colorado Convention Center, where Lockheed Martin announced an $800,000 STEM investment in partnership with Project Lead The Way and the Denver Public Schools Foundation to expand STEM programming for Denver Public Schools (DPS) students.
The Lockheed Martin investment will underwrite the cost of implementing Project Lead The Way's STEM-based curricula at up to 100 elementary, middle and high schools in DPS over a three-year period, depending on grade level and scope of program implementation.
Project Lead The Way is a nonprofit organization that provides transformative learning experiences for K-12 students and teachers across the United States through pathways in computer science, engineering and biomedical science.
"Studies show that nearly 20 percent of the U.S. workforce--more than 26 million jobs--require significant STEM knowledge and skills," said Dr. Vince Bertram, president and CEO of Project Lead The Way. "Schools help students through Project Lead The Way by developing in-demand knowledge and transportable skills--like creative thinking, problem solving, communication and collaboration--to succeed in all career paths and thrive in our rapidly advancing world."
The announcement was held in conjunction with a Society of Women Engineers' Girls Exploring Science, Technology, Engineering and Math event--where more than 1,000 middle school girls participated in science and technology activities. Denver Public School students who participated received a taste of how science and math can be fun and help solve real-world problems.
Veronica Figoli, president and CEO of the Denver Public Schools Foundation, spoke about why it's important to continue STEM momentum in the classroom and how the Lockheed Martin investment will help make this possible.
"We're absolutely thrilled to be able to introduce more students to the STEM environment by bringing compelling, career-focused STEM content into more classrooms," she explained.
STEM education is the foundation for the nation's future, particularly in the aerospace industry that thrives in Colorado. With the second largest aerospace economy in the nation, Colorado has a need to fill its talent pipeline with skilled, technical graduates--the base of which is built upon early access to STEM education. On a national level, the U.S. Department of Education estimates a supply demand gap of 1.3 million in STEM talent by 2020 in the U.S., which only further increases the need for widespread STEM education like the programming offered by Project Lead The Way.
Mark Valerio, vice president, Enterprise Solutions and Integration for Lockheed Martin Space Systems, underscored the tremendous impact that STEM programming has on industry sustainability.
"Today's elementary, middle and high schoolers are tomorrow's scientists and space explorers. The earlier we ingrain science, technology, engineering and math into their education, the earlier they will learn the skillsets needed to become those visionary thinkers who will continue to move our country forward," he stated. "It's absolutely vital that we make this educational investment now, so we can secure a strong scientific and economic future for our country."
Lockheed Martin has committed $6 million nationally to expand Project Lead The Way programs in select U.S. school districts. In addition to Denver, Lockheed Martin has similar partnerships in Huntsville, Alabama; Fort Worth, Texas; Orange County, Florida; and Washington, D.C. The grant funding covers program implementation costs, including Project Lead The Way teacher professional development training, software, classroom equipment and supplies. In addition to the grant funding, Lockheed Martin engineers volunteer in classrooms--building relationships with students as both role models and mentors.
Lockheed Martin has partnered with Project Lead the Way to help implement STEM Curriculum in school districts across the U.S. since 2007. In 2015, Lockheed Martin directed $13 million and nearly 110,000 volunteer hours specifically to STEM initiatives.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 125,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. For more information, visit http://lockheedmartin.com/.
About the Denver Public Schools Foundation
The Denver Public Schools Foundation is the Denver Public Schools' fundraising partner. It generates resources, builds relationships and champions public education to help Every Child Succeed. It is entirely built and sustained by the community; by supporting the DPS Foundation, businesses and individuals are creating positive, sustainable change in Denver's schools and contributing to the success of our next generation. For more information, visit www.dpsfoundation.org.
About Denver Public Schools
Denver Public Schools (DPS) is committed to meeting the educational needs of every student, with great schools in every neighborhood. Its goal is to provide every child in Denver with rigorous, enriching educational opportunities from preschool through high school graduation. DPS is comprised of 185 schools, including traditional, magnet, charter and pathways schools, with a current total enrollment of approximately 91,000 students--77.5 percent of which are minorities. DPS is the fastest-growing urban school district in the country in terms of enrollment, and is the fastest-growing large school district in Colorado in terms of academic growth. Learn more at https://www.dpsk12.org/.
About Project Lead The Way
Project Lead The Way (PLTW) is a nonprofit organization that provides a transformative learning experience for K-12 students and teachers across the U.S. Through pathways in computer science, engineering and biomedical science, K-12 students learn problem-solving strategies, critical and creative thinking, and how to communicate and collaborate. PLTW empowers students to develop in-demand knowledge and skills necessary to thrive in an evolving world. More than 8,000 elementary, middle and high schools in all 50 states and the District of Columbia offer PLTW programs. For more information, visit www.pltw.org.
Girls Exploring Science, Technology, Engineering and Math (GESTEM) is an annual event hosted by the Rocky Mountain Society of Women's Engineer's (SWE), for approximately 1,000 middle school girls in Denver. Lockheed Martin Space Systems Company provides philanthropic grant support to GESTEM, and approximately 50 Lockheed Martin employee volunteers support the event as guides and workshop presenters. Approximately 130 DPS 6(th) and 7(th) grade girls from five DPS schools are among those participating in the event. Learn more about this year's event at http://www.swe-rms.org/gestem.html.
Lauren Duda, Lockheed Martin - (303) 324-1764; email@example.com
Alex Renteria, Denver Public Schools - (720) 423-3258; firstname.lastname@example.org
Kristy Koken, Denver Public Schools Foundation - (303) 929-0725; email@example.com
Jennifer Cahill, Project Lead The Way - (812) 483-5124; firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stem-surges-in-colorado-800000-lockheed-martin-investment-expands-curriculum-in-denver-public-schools-300264426.htmlLockheed Martin
Web site: http://www.lockheedmartin.com/
NEW YORK, May 6, 2016 /PRNewswire/ -- Brand exposure is vital to staying relevant in today's crowded marketplace. But what cost-effective tool should small businesses utilize that not only creates brand evangelists, but builds your organizations' credibility?
In the latest article posted to PR Newswire's Small Business PR Toolkit, contributing author Heather Wied explains that the answer lies in leveraging customer feedback. Wied provides four ways to gather this information.
Process. Identifying when to gather feedback can be a challenge for resource-strapped business owners, so Wied suggests establishing a process within your customer's purchasing cycle to provide structure.
Incentivize. Offer a discount for first-time feedback providers or implement a referral program to provide customers additional perks for the additional referrals they bring in. Identify your avid customers or brand evangelists and reward these users with special perks that are greater than the average incentives you offer.
For discussion on the two remaining ways to gather customer feedback, read Wied's complete post here.
PR Newswire's Small Business PR Toolkit is a comprehensive resource that provides small businesses and entrepreneurs the tools to develop an affordable public relations and marketing plan that helps generate interest from potential customers, engage with key audiences and grow their businesses. The toolkit features relevant content such as informative white papers, interactive webinars and how-to articles and premium access to educational resources, as well as the opportunity to take advantage of special offers designed specifically for small businesses. To request information on how PR Newswire can help your small business, click here. You can receive updates on new Small Business PR Toolkit content by following @prnsmallbiz on Twitter.
About PR Newswire
PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry over 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content -- from rich media to online video to multimedia -- and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world's largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world's enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company.
Director, Strategic Channels
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ENGLEWOOD, Colo., May 6, 2016 /PRNewswire/ -- EchoStar Corporation ("EchoStar") today announced that its subsidiary, Hughes Satellite Systems Corporation ("HSSC"), has commenced change of control offers (each, a "Change of Control Offer") to repurchase for cash all or any part of its 61/2% Senior Secured Notes due 2019 (CUSIP Number 444454 AB8) (the "Secured Notes") issued under its indenture dated as of June 1, 2011 (as supplemented, the "Secured Indenture") and its 75/8% Senior Notes due 2021 (CUSIP Number 444454 AA0) (the "Unsecured Notes" and, together with the Secured Notes, the "Notes") issued under its indenture dated as of June 1, 2011 (as supplemented, the "Unsecured Indenture" and, together with the Secured Indentures, the "Indentures"), in each case at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase.
As previously disclosed, in February 2014, HSSC, together with EchoStar, entered into agreements with certain subsidiaries of DISH Network Corporation, a Nevada corporation ("DISH Network"). Pursuant to those agreements, effective March 1, 2014, (i) EchoStar issued shares of its then-newly authorized Hughes Retail Preferred Tracking Stock (the "EchoStar Tracker") and HSSC also issued shares of its then-newly authorized Hughes Retail Preferred Tracking Stock (the "HSS Tracker" and, together with the EchoStar Tracker, the "Trackers") to DISH Network in exchange for five satellites (EchoStar I, EchoStar VII, EchoStar X, EchoStar XI, and EchoStar XIV), including the assumption of related in-orbit incentive obligations, and $11.4 million in cash and (ii) DISH Network began receiving certain satellite services on these five satellites from HSSC (the "Transaction"). The Trackers track the residential retail satellite broadband business of EchoStar's Hughes business segment, including certain operations, assets and liabilities attributed to such business. For additional information on the Transaction, please see Note 4 to the consolidated financial statements in the Annual Report of EchoStar on Form 10-K, and Note 3 to the consolidated financial statements in the Annual Report of HSSC on Form 10-K, each for the year ended December 31, 2015, as filed with the Securities and Exchange Commission.
HSSC recently became aware of a possible interpretation under which the Transaction may be considered to have constituted a Change of Control (as defined in the respective Indentures) under the Indentures. Under the Indentures, a Change of Control occurs when EchoStar shall cease to beneficially own 100% of the Equity Interests (as defined in the respective Indentures) of HSSC. The Indentures provide that, upon the occurrence of a Change of Control, HSSC is required, within 30 days, to make an offer to each Holder (as defined in the respective Indentures) of the respective Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder's Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase.
The Secured Notes and the Unsecured Notes have both traded at prices well above 101% of their respective principal amounts at all times since the issuance of the HSS Tracker as part of the Transaction. In addition, both prior to and following the Transaction, Mr. Charles W. Ergen held and exercised, and continues to hold and exercise, voting control over both DISH Network and EchoStar and therefore the ultimate voting control as to all matters regarding the Equity Interests of HSSC was not affected by the Transaction. Although EchoStar and HSSC believe that a Change of Control or related default may not have occurred, EchoStar and HSSC have nevertheless determined that it would be prudent for HSSC to make a Change of Control Offer (as defined in the respective Indentures) under each of the Indentures. Upon commencement of the Change of Control Offers on May 6, 2016, EchoStar and HSSC do not believe there is any such continuing default under the Indentures.
Under the Change of Control Offers, HSSC will repurchase any Notes surrendered by the Holders thereof at a purchase price of 101% of the principal amount of the Notes plus accrued and unpaid interest, notwithstanding that the Notes have traded at a significantly higher price during the entire period since the Trackers were issued as part of the Transaction. Following the launch of the Change of Control Offers, in accordance with GAAP, the Notes will be reported as current liabilities on EchoStar's and HSSC's consolidated balance sheets as of March 31, 2016 as the Holders may require HSSC to repurchase the Notes under the Change of Control Offers. Following the completion of the Change of Control Offers, which is currently expected to occur on or about June 8, 2016, but which we may extend to a date no later than July 5, 2016, any outstanding Notes are expected to again be reported as long-term debt on EchoStar's and HSSC's consolidated balance sheets. HSSC expects that the Senior Secured Notes and the Unsecured Notes will remain outstanding until their maturity in 2019 and 2021, respectively.
The terms of the respective Change of Control Offers are described in a Notice of Change of Control Offer to Purchase, each dated May 6, 2016, relating to the respective Notes, which are being distributed to Holders of the respective Notes.
The Change of Control Offers will expire at 5:00 P.M. (Eastern Daylight Time) on June 6, 2016 and the payment date under both Change of Control Offers (the "Change of Control Payment Date") will be June 8, 2016, in each case unless extended by HSSC.
Wells Fargo Bank, National Association, is acting as the paying agent in connection with the Change of Control Offers.
This announcement does not constitute an offer to buy, or a solicitation of any offer to sell, the Notes. No recommendation is made by EchoStar or HSSC or any of their respective affiliates as to whether or not any Holders of the Notes should tender their Notes pursuant to the respective Change of Control Offer. The respective Change of Control Offer is being made only by means of the Notice of Change of Control Offer to Purchase for the respective Notes.
EchoStar Corporation is a premier global provider of satellite and video delivery solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its EchoStar Satellite Services, EchoStar Technologies and Hughes Network Systems business segments.
For more information, visit echostar.com. Follow @EchoStar on Twitter.
Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend," "project," "plans," and similar expressions and the use of future dates are intended to identify forward looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's and HSSC's Annual Reports on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission and in the other documents EchoStar and HSSC file with the Securities and Exchange Commission from time to time.
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CONTACT: EchoStar Investor Relations, Deepak Dutt, +1 (301) 428-1686,
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Web site: http://www.echostar.com/
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Since 2006 dedication, Lebanon center has transformed community through investment, education and more than $650M of economic impact
LEBANON, VA, May 6, 2016 /PRNewswire/ - Joined by U.S. Senator Mark R. Warner and dozens of community and business leaders in Russell County, Virginia, CGI today marked the 10-year anniversary of its Southwest Virginia Information Technology Center of Excellence, a full-service software development and systems integration facility in Lebanon that has created 400 jobs and generated a regional economic impact of $68.5 million per year since its dedication in 2006.
"Today, we are proud and honored to have become a part of this great community," said Dave Henderson, President, CGI U.S. Operations. "Thanks to the commitment of leaders like Senator Warner and others who helped make our Center of Excellence in Virginia a reality, we can look back on this decade and say with confidence that Russell County had the right location, infrastructure, resources and people to join a network of leading-edge U.S. facilities that continue to provide the best IT services to CGI clients around the world."
"Ten years later, the innovative economic development approach that helped bring solid IT jobs to Southwest Virginia continues to be a significant success story," said U.S. Senator Mark Warner (D-VA). "It is not an overstatement to say the opportunities here at CGI have helped change perceptions about opportunity and success for an entire generation of young people.
"And CGI now cites Russell County as a national model - a model for a smart way to create good software engineering and IT jobs outside of expensive and congested urban and suburban centers - a model for bringing opportunity and greater stability to rural communities like this one," continued Warner. "We should not--and cannot--give up on our small towns and expect the rest of the state to prosper. And what you have done here in Lebanon is a success story - a success story that's worth rewriting all across America."
Heralded by then-Governor Warner in 2006 as "the best announcement in a decade for Russell County," and by Governor Tim Kaine in 2007 as "an anchor of new economic development in the region," the Lebanon center reflects CGI's commitment to invest in full-service IT resources based in American communities offering competitive economic benefits and access to outstanding local talent. Like those in Alabama, Louisiana and Texas, CGI's onshore delivery center in Virginia provides high-quality, high-value IT services at costs significantly below the averages for major metropolitan areas.
"Onshore delivery is an integral part of CGI's global delivery model, which offers best-fit solutions using onsite, onshore, nearshore and off shore locations that today's global clients need," continued Henderson. "Working with our account teams, the talent in this Center helps CGI deliver both the steady-state IT services as well as the transformational digital innovation our clients are demanding."
For its Virginia center, CGI selected Russell County for its geographic proximity to commercial and public sector clients; its access to a large, qualified talent pool from local universities, colleges, and technical institutes; and the strong business incentives and tremendous collaboration among the Commonwealth, local government, industrial and economic development agencies, academia, and local businesses.
As early as 2005, the Virginia Economic Development Partnership worked with the Russell County Industrial Development Authority and the Virginia Coalfield Economic Development Authority to secure the Center for Virginia. A grant was approved by the Governor's Opportunity Fund to assist Russell County with the project, and the Virginia Tobacco Indemnification and Community Revitalization Commission supported the effort from the Tobacco Region Opportunity Fund as well. The Virginia Department of Business Assistance also committed to provide training assistance through its Workforce Services Program.
"Nowhere has the cooperation between public leaders and the IT sector been more successful than in the cause of bringing our Center of Excellence to Southwest Virginia," said Tim Hurlebaus, President of CGI's U.S. Federal Government operations. "The coalition responsible for making CGI's Lebanon facility a reality serves as a model for what communities can do when they share a commitment to innovation and economic growth."
Today, the 42,000-square-foot facility in the Russell Regional Business and Technology Park houses 400 CGI software developers, analysts and consultants - surpassing an earlier estimate that predicted a total of 300 jobs at the Center. It is considered a boon for a region beset by high unemployment over the past several decades.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 65,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services, including high-end business and IT consulting, systems integration, application development and maintenance and infrastructure management, as well as 150 IP-based services and solutions. With annual revenue in excess of C$10 billion and an order backlog exceeding C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
CGI Group Inc.
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NEW YORK, May 6, 2016 /PRNewswire/ -- YOU On Demand Holdings, Inc. ("YOU On Demand" or "YOD"), a premium content Video On Demand service provider in China evolving into a global, mobile-driven, consumer management platform for both enterprises and consumers, today announced that it will report its financial results for the first quarter ended March 31, 2016, before the U.S. market opens on Monday May 16, 2016. YOU On Demand's management will host an earnings conference call at 8:00 a.m. on Monday May 16, 2016, U.S. Eastern Time (8:00 p.m. on Monday, Beijing/Hong Kong Time).
Webcast Link: via 'Webcasts and Events' section of YOD corporate website or http://yod.equisolvewebcast.com/q1-2016
Dial-in Number: (Toll-Free US & Canada): 877-407-3107; (International): 201-493-6796
YOD management encourages investors to email their questions in advance of the webcast/call and time permitting, management will answer the submitted questions. Please email email@example.com.
Following the webcast/call, an archived copy will be available in the 'Webcasts and Events' section of YOD's website.
About YOU On Demand Holdings, Inc. (http://corporate.yod.com)
YOU On Demand is leveraging and optimizing its current operations as a premium content Video On Demand service provider in China by evolving into a global, B2B2C, mobile-driven, consumer management platform for both enterprises and consumers. By establishing the world's premier multimedia, social networking and e-commerce-enabled network with the largest global effective connected user base, YOU On Demand, through this expanded, cloud-based, ecosystem of connected screens combined with strong partnerships with leading global providers, will be capable of delivering a vast array of YOD-branded products and services to enterprise customers and end-use consumers - anytime and anywhere, across multiple platforms and devices. The YOD business structure is segmented into four distinct service verticals including: Pay Content Group, Multi-Channel Network Group, Video Commerce Group and Consumer Data Management Group.
YOU On Demand has content distribution agreements in place with many of Hollywood's top studios including Disney Media Distribution, Paramount Pictures, NBC Universal and Twentieth Century Fox Television Distribution, Miramax, as well as a broad selection of the best content from Chinese filmmakers. In addition, the Company has governmental partnerships and licenses as well as numerous JV partnerships and strategic cooperation agreements with an array of distribution and content partners in the global new media space. YOU On Demand is headquartered in both New York, NY and Beijing, China.
YOU On Demand
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/you-on-demand-to-report-q1-2016-results-and-host-investor-update-call-monday-may-16-300264376.htmlYOU On Demand Holdings, Inc.
Web site: http://corporate.yod.com/
SANTA CLARA, Calif. and MUMBAI, India, May 6, 2016 /PRNewswire/ -- Tata Consultancy Services (TCS), , a leading global IT services, consulting and business solutions organization, today announced that it has been recognized as a "Leader" in the Internet-of-Things (IoT) NelsonHall Vendor Evaluation and Assessment (NEAT) Report 2016, authored by Mike Smart.
The NEAT Report analyzed and identified the overall performance of top global vendors offering IoT services, with a specific focus on IoT application services, secure IoT infrastructure management and for new business model development. NelsonHall predicts that the global IoT market is to experience a growth of 54 percent CAGR by 2020, and will reach a market size of more than $9 billion.
Mike Smart, Research Analyst at NelsonHall and author of the IoT NEAT report 2016, said, "TCS has been developing its IoT portfolio based around five digital forces: big data analytics, mobility and pervasive computing, cloud, AI and robotics, and social media. Its end-to-end services can move clients through IoT consulting and ideation in its Digital Reimagination centers, to development, systems integration and management of IoT solutions. The wide range of TCS' IoT clients is supported through a number of IoT processes such as its Sensor Data Analytics Framework (SDAF)."
TCS' success is attributed to its strong and growing client relationships and the ability to be agile and highly flexible in meeting their needs. With IoT being a fundamental part of TCS' Digital Reimagination(TM) process, TCS' consulting services help businesses to identify IoT opportunities and build business strategies to transform into fully optimized, IoT-enabled and connected enterprises. TCS' IoT portfolio includes a host of industry specific offerings and deep expertise to integrate all components of an end-to-end IoT solution. Examples of such IoT building blocks include the TCS Sensor Data Analytics Framework, "out-of-the-box" applications based on advanced big data and advanced machine learning algorithms, innovative visualization capabilities, tool sets to enable cloud deployment, and mobile apps leveraging IoT data.
"The Internet-of-Things has the potential to fundamentally reimagine businesses in many of the industries we serve, and data transparency enabled by IoT is helping to create new business models and service offerings, thereby creating substantial incremental revenue," said Dr. Ramaswamy, Global Head of TCS' Digital Enterprise unit. "IoT is also enabling new brand value by creating segments-of-one as opposed to gross segmentation. TCS is pleased to be recognized as a leading IoT service provider by NelsonHall and looks forward to spearheading IoT-enabled Digital Reimagination(TM) journeys for many of its customers moving forward."
NelsonHall is the leading global BPS and ITS research and analysis firm. Founded in 1998, the company takes a global approach to analysis of vendors and outsourcing markets and is widely respected for the quality and depth of its research. NelsonHall also offers a suite of "Speed-to-Source" tools (NEAT) that assist buy-side executives in saving time and money, while enhancing the quality of their sourcing decisions, in BPS and ITS evaluations.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model(TM), recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 353,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
To stay up-to-date on TCS news in North America, follow @TCS_NA. For TCS global news, follow @TCS_News.
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BOSTON, May 6, 2016 /PRNewswire/ -- Comcast NBCUniversal today announced that it has awarded $105,000 in scholarships for the 2016-17 school year to 96 Massachusetts students as part of its annual Leaders and Achievers((R)) Scholarship Program. The program, funded by the Comcast Foundation, is a one-time, $1,000 scholarship awarded to the best and brightest high school seniors for their community service, academic performance and leadership skills. Since 2001, more than $25 million has been awarded to nearly 25,000 high school seniors across the country as part of the Leaders and Achievers Program.
"Our Leaders and Achievers Scholarship winners exemplify leadership and are committed to academic excellence and community service," said Tracy Pitcher, Senior Vice President of Comcast's Greater Boston Region. "We are honored to recognize their achievements, and excited to support them as they continue their educational journeys."
Comcast recognized the students at a special event held at the State House today. Ninety five Massachusetts Leaders and Achievers recipients received $1,000 scholarships and one lucky student was awarded a $10,000 Comcast Founders Scholarship - instituted in honor of Ralph J. Roberts, Founder and Chairman Emeritus of Comcast Corporation.
The Comcast Leaders and Achievers Scholarship Program provides scholarships to students who strive to achieve their full potential, who are catalysts for positive change in their communities, who are involved in their schools, and who serve as models for their fellow students. The philosophy behind the program is to give young people every opportunity to prepare for the future and to engage them in their communities. The program also demonstrates the importance of civic involvement, and the value placed on civic involvement by the business community.
To learn more, please visit the Comcast Leaders and Achievers Facebook page.
A list of the scholarship recipients in Massachusetts is detailed below.
About Comcast Corporation
Comcast Corporation is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of the nation's largest video, high-speed Internet and phone providers to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 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.
About the Comcast Foundation:
The Comcast Foundation was founded by Comcast Corporation in June 1999 to provide charitable support to qualified non-profit organizations. The Foundation primarily invests in programs intended to have a positive, sustainable impact on their communities. The Foundation has three community investment priorities--expanding digital literacy, promoting service, and building tomorrow's leaders. Since its inception, the Comcast Foundation has donated more than $176 million to organizations in the communities nationwide that Comcast serves. More information about the Foundation and its programs is available at www.comcast.com/community.
2016 Massachusetts Comcast Leaders and Achievers Scholarship Recipients Name Hometown High School Andrews Sherborn MA Dover-Sherborn Regional High School Natalie Jonathan Arizandieta Chelsea MA Northeast Metro Regional Vocational Technical School Maria Julia Azevedo Granby MA The Macduffie School Ibrahim Bah Boston MA Quincy Upper School Sahana Bail Norwell MA Norwell High School Kevin Ballen Boston MA Commonwealth High School Jake Barefoot Upton MA Nipmuc Regional High School Jennifer Berard Norton MA Norton High School Julia Boyd Andover MA Phillips Academy Kyra Bresnahan Peabody MA Peabody Veterans Memorial High School Sarah Brown Springfield MA Sabis International Charter School DeAnna Brown Lancaster MA South Lancaster Academy Jennifer Brown Otter River MA Sizer School Joseph Bukuras Mansfield MA Mansfield High School Gabrielle Caceres Sharon MA Brockton High School Moira Callahan Ipswich MA Ipswich High School Daniel Carneiro West Wareham MA Old Rochester Regional High School Niah Luisa Carvalho Brockton MA Prospect Hill Academy Charter School Natalia Castillo Lawrence MA Greater Lawrence Regional Vocational School Samantha Chen Lynn MA Pope John XXIII High School Thomas Cleary Hanover MA Hanover High School Jennifer Cochand Manchester MA Manchester Essex Regional Middle High School Haley Cohen Sharon MA Norfolk County Agricultural Stephanie Colon Holyoke MA Holyoke High School Edeni Colon Rivera Holyoke MA William J Dean Technical High School Maritza Coren Boston MA Boston Day and Evening Academy Sage Couture Lawrence MA Lawrence Performing & Fine Arts High School Bridget Curley Springfield MA Springfield Renaissance School Anne Daly Springfield MA Cathedral High School Meighread Dandeneau Fairhaven MA Greater New Bedford Vocational School Zurich Deleon Lynn MA Lynn English High School Kitzia Diaz Ashland MA Ashland High School Minh Do Boston MA Boston Latin Academy Kevin Doherty Topsfield MA St. John's Preparatory School Molly Doncaster Harwich MA Monomoy Regional High School Kirsten Doyle Raynham MA Bristol-Plymouth Vocational Tech Ryan Dykas Taunton MA Coyle Cassidy High School Rebecca Farias Tiverton MA Bishop Connolly High School Liam Fitzgerald Lexington MA Lexington High School Robert Fitzgerald Methuen MA Central Catholic High School Erin Flajnik Arlington MA Arlington High School Robert Giannelli Wareham MA Upper Cape Cod Vocational Technical School Alexandra Gumbert Mashpee MA Mashpee High School Nadia Hasan Gill MA Turners Fall High School Ashley Hiller New Bedford MA Global Learning Charter Public School Molly Houghton Edgartown MA Martha's Vineyard Regional High Natasha Iacoviello Revere MA Revere High School Alexis Jasmin Chester MA The White Oak School Adelina Katzounos Lynn MA St. Mary's School Aaron Keeling East Taunton MA West Bridgewater Junior/Senior High School Hayen Kim Natick MA Walnut Hill School for the Arts Savannah LaCure Hudson MA Assabet Valley Regional Tech Marissa Lee Burlington MA Burlington High School Amaryllis Lopez Lawrence MA Lawrence Math Science & Technology High School Patricia Luong Malden MA Malden High School Andrew Lussier Blackstone MA Blackstone Millville Regional High School Olivia Marques New Bedford MA New Bedford High School Norberto Marrero Springfield MA Putnam Vocational Technical High School Kelsey Martin Monson MA Monson High School Daniel Massillon Lynn MA Pingree School Andrea Matellian Upton MA Blackstone Valley Tech High School Abbey McGrath Attleboro MA Attleboro High School Ryan McKeever Hanover MA Boston College High School Brenden McMullen Bolton MA Nashoba Regional High School Brianna Medina Framingham MA Joseph P Keefe Tech High School John Myron Berkley MA Somerset Berkley Regional High School Patrick Norton Melrose MA Malden Catholic High School Benjamin Novak South Yarmouth MA Sacred Heart High School Alyssa Nye Marblehead MA Marblehead High School Brian O'Neill Littleton MA Littleton High School Arlene Perez Somerville MA Somerville High School Nathalie Perry Methuen MA Methuen High School Amani Pierre Dorchester MA New Mission High School Lauren Pisani Russell MA Gateway Regional High School Emma Plourde Andover MA Andover High School Ariel Portorreal Lawrence MA The Governor's Academy Paxton Reed Osterville MA Cape Cod Region Vocational Tech Margaret Reynolds Hopkinton MA Hopkinton High School Ajhanel Rhoden Lynn MA Lynn Vocational Tech Institute Garrett Silvia Dartmouth MA Dartmouth High School Sarina Spolidoro Attleboro MA Foxborough Regional Charter School Nick Sundstrom Newburyport MA Newburyport High School Constance Tang Southwick MA Southwick-Tolland Regional High Jaclyn Tinnirella Tyngsborough MA Tyngsborough High School Lindsey Tobin Lynn MA Classical High School Visnavy Vickneswaran Medford MA Mystic Valley Regional Charter School Whitney Villagran Stoneham MA Stoneham High School Lauren Walsh Hull MA South Shore Charter School Destiny Ware Springfield MA High School of Science and Technology Benjamin Waters Franklin MA Franklin High School Heather Welty New Bedford MA Fairhaven High School Holly Wentworth Rehoboth MA Dighton-Rehoboth Regional High School Amy Wong Boston MA Boston Latin School Zoe Xypteras Hull MA Hull High School William Zhang Quincy MA North Quincy High School
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comcast-nbcuniversal-awards-105000-in-scholarships-to-96-massachusetts-high-school-seniors-300264320.htmlComcast Cable
CONTACT: Doreen Vigue, (617) 645-6175, email@example.com;
Marc Goodman, (617) 279-7521, firstname.lastname@example.org
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CHARLESTON, S.C., May 6, 2016 /PRNewswire/ -- Benefitfocus, Inc. , a leading provider of cloud-based benefits management software, today announced the Benefitfocus Fund, dedicated to creating thriving, healthy communities where people can lead better lives. Through the fund, Benefitfocus associates' will have the resources available to share with their favorite charities, and continue their personal mission as well as the company's mission of helping people live better lives for generations to come.
Established by Ray August, President and COO; Shawn Jenkins, CEO; and Mason Holland, Executive Chairman of the Board at Benefitfocus, the fund seeks applications from nonprofit organizations that share the company's and its associates' vision of creating thriving communities, which include health and wellness, basic human needs, education, environmental stewardship and the arts.
"At Benefitfocus, customers are at the heart of everything we do, and they're helping enable us to accomplish what's near and dear to our hearts: helping the people and communities in which we live and work," said Ray August, President and COO at Benefitfocus. "I want to thank Shawn and Mason for their generosity. Every day our associates go the extra mile for our customers, the fund now enables them do the same for the charities they support."
The fund is managed by the Coastal Community Foundation of South Carolina. For more information, contact Nina Sossamon-Pogue, Vice President of Community and Culture (843) 284-1052, 6226 or email BenefitfocusFund@benefitfocus.com. #BFfund
Benefitfocus provides a leading cloud-based benefits management platform that simplifies how organizations and individuals shop for, enroll in, manage and exchange benefits. Every day leading employers, insurance companies and millions of consumers rely on our platform to manage, scale and exchange benefits data seamlessly. In an increasingly complex benefits landscape, we bring order to chaos so our clients and their employees have access to better information, make better decisions and lead better lives. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; changes in government regulations; the immature and volatile nature of the market for our products and services and other factors that could impact our anticipated growth; management of growth; fluctuations in our financial results; general economic risks; reliance on key personnel; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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CONTACT: Benefitfocus, Inc., 843-284-1052 ext. 3527, email@example.com
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NEW YORK, May 6, 2016 /PRNewswire/ -- Spear Point Capital Fund LP and Spear Point Raven LP (the "Spear Point Funds") and Imation Corp. announced today the resolution of a shareholder derivative lawsuit against the former members of the Board of Directors of Imation.
Ron Bienvenu, Managing Member of Spear Point Capital Partners LLC, the general partner of the Spear Point Funds, stated, "Under prior leadership director compensation was excessive. After repeated demands to rectify the issue, the Spear Point Funds commenced legal action in early 2015 to compel change. Subsequently, Imation significantly reduced director compensation, and the newly constituted Board of Directors has committed to maintaining appropriate compensation levels going forward. At this time, there is no need for the lawsuit to continue."
Mr. Bienvenu added, "In addition to board compensation reductions of 29% for independent board members, the new management and board also crafted and implemented a myriad of other positive changes affecting corporate governance, strategy, operations, asset management and compensation. We applaud the creativity of the Company in its cash management policy and believe their investment management contract is aligned with shareholder value creation."
"I'd like to thank Ron and the Spear Point team for their cooperation in ending the lawsuit. Settling the litigation against the previous members of the Board is another step in our progress. We value feedback from our shareholders and believe a healthy dialogue among stakeholders is conducive to an alignment of interests," stated Bob Fernander, Interim CEO of Imation.
About Imation Corp.
Imation (IMN) is a holding company that operates through a subsidiary engaged in global data storage and data security business. At the corporate level, there is an ongoing strategic review as Imation expects to seek and explore new opportunities that will allow it to pursue a diverse range of business opportunities and deploy its excess cash. For more information, visit www.imation.com.
About Spear Point Management LLC
Spear Point Capital Management LLC ("Spear Point") is an activist investor which seeks to achieve a high level of total return by investing in undervalued, publicly traded companies and applying activist strategies to unlock long-term shareholder value. For more information, visit www.spearpointproject.wordpress.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/spear-point-funds-and-imation-corp-settled-on-a-shareholder-derivative-lawsuit-300264207.htmlImation Corp.
Web site: http://www.imation.com/
- First Quarter 2016 Revenue of $90.3 million
- First Quarter 2016 Adjusted Earnings per Share ("EPS") of $0.18
- First Quarter 2016 Adjusted EBITDA of $13.5 million
- First Quarter 2016 Operating Cash Flow from Continuing Operations of $8.3 million
- Company Name Change to Novanta expected in May 2016
BEDFORD, Mass., May 6, 2016 /PRNewswire/ -- GSI Group Inc. (the "Company", "we", "our", "GSI"), a global leader and supplier of laser, precision motion, and vision technologies to original equipment manufacturers in the medical and advanced industrial markets, today reported financial results for the first quarter of 2016.
Financial Highlights Three Months Ended ----------- ------------------ (In millions, except per share amounts) April 1, April 3, 2016 2015 ---- ---- GAAP Revenue $90.3 $94.6 Operating income from continuing operations $2.6 $5.4 Diluted EPS from continuing operations $0.05 $0.10 Non-GAAP* Adjusted Revenue $90.3 $89.0 Adjusted operating income from continuing operations $10.2 $10.9 Adjusted EPS $0.18 $0.20 Adjusted EBITDA $13.5 $14.3 *Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures in this press release and the reasons for their use, are presented below.
First Quarter of 2016
"We delivered another solid quarter of results in the first quarter, achieving all of our major objectives despite continued weakness in the industrial capital spending environment. Orders were strong across the board in the quarter, which positions us well for the second quarter and gives us further confidence around our medium term growth outlook," said John Roush, Chief Executive Officer.
During the first quarter of 2016, GSI generated GAAP revenue of $90.3 million, a decrease of (5%) from $94.6 million in the first quarter of 2015 due to the divestiture of JK Lasers last year. Adjusted Revenue in the first quarter of 2016 was $90.3 million, an increase of 2% from $89 million in the first quarter of 2015.
In the first quarter of 2016, GAAP operating income from continuing operations was $2.6 million, compared to $5.4 million in the first quarter of 2015. Adjusted operating income from continuing operations was $10.2 million in the first quarter of 2016, compared to $10.9 million in the first quarter of 2015.
GAAP Diluted EPS from continuing operations was $0.05 in the first quarter of 2016, compared to $0.10 in the first quarter of 2015. Adjusted EPS was $0.18 in the first quarter of 2016, compared to $0.20 in the first quarter of 2015. The Company ended the first quarter of 2016 with 34.9 million weighted average diluted common shares outstanding. Adjusted EBITDA was $13.5 million in the first quarter of 2016.
As of April 1, 2016, cash and cash equivalents were $67.9 million. The Company completed the first quarter of 2016 with approximately $27.7 million of Net Debt, as defined in the non-GAAP reconciliation below. Operating cash flow from continuing operations for the first quarter of 2016 was $8.3 million.
For the second quarter of 2016, the Company expects Adjusted Revenue of approximately $95 million and Adjusted EBITDA of approximately $16 million. Additionally, the Company expects Adjusted EPS to be in the range of $0.23 to $0.25. This compares to Adjusted EPS of $0.20 in the second quarter of 2015.
Finally, the Company continues to expect full year 2016 Adjusted Revenue to be up mid-single digits, in the range of $375 million to $390 million. This compares to Adjusted Revenue of $368 million for the full year 2015. The Company also expects full year 2016 Adjusted EPS to be up 8% to 10%, compared to Adjusted EPS of $0.93 for the full year 2015.
Conference Call Information
The Company will host a conference call on Friday, May 6, 2016 at 10:00 a.m. ET to discuss these results. John A. Roush, Chief Executive Officer, Matthijs Glastra, Chief Operating Officer, and Robert Buckley, Chief Financial Officer, will host the conference call.
To access the call, please dial (877) 482-5124 prior to the scheduled conference call time. The conference ID number is 85611373.
A playback of this conference call will be available beginning 2:00 p.m. ET, Friday, May 6, 2016. The playback phone number is (855) 859-2056 or (404) 537-3406 and the code number is 85611373. The playback will remain available until 11:00 p.m. ET, Monday, May 30, 2016.
A replay of the audio webcast will be available approximately three hours after the conclusion of the call on the Investor Relations section of the Company's website at www.gsig.com.
Use of Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are Organic Revenue, Adjusted Revenue, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income from Continuing Operations, Adjusted Operating Margin, Adjusted Income from Continuing Operations before Income Taxes, Adjusted Income from Continuing Operations, net of tax, Adjusted Diluted EPS from Continuing Operations, Adjusted EBITDA, and Net Debt.
The Company believes that the non-GAAP financial measures provide useful and supplementary information to investors regarding the Company's operating performance. It is management's belief that these non-GAAP financial measures would be particularly useful to investors because of the significant changes that have occurred outside of the Company's day-to-day business in accordance with the execution of the Company's strategy. This strategy includes streamlining the Company's existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company's business through significant internal investments, and broadening the Company's product and service offerings through acquisition of innovative and complementary technologies and solutions. The financial impact of certain elements of these activities, particularly acquisitions, divestitures, and site and functional restructurings, is often large relative to the Company's overall financial performance and can adversely affect the comparability of its operating results and investors' ability to analyze the business from period to period.
The Company's Adjusted EBITDA is used by management to evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment opportunities including acquisitions and divestitures. In addition, Adjusted EBITDA is used to determine bonus payments for senior management and employees. Accordingly, the Company believes that this non-GAAP measure provides greater transparency and insight into management's method of analysis.
Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
Safe Harbor and Forward-Looking Information
Certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current expectations and assumptions that are subject to risks and uncertainties. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as "expect," "intend," "anticipate," "estimate," "believe," "future," "could," "should," "plan," "aim," and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding our strong orders positioning us well for the second quarter; our medium term growth prospects; plans to change the Company's name and ticker symbol; anticipated financial performance; business prospects; market conditions; and other statements that are not historical facts.
These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions and the effects of these conditions on our customers' businesses and level of business activity; our significant dependence upon our customers' capital expenditures, which are subject to cyclical market fluctuations; our dependence upon our ability to respond to fluctuations in product demand; our ability to continually innovate and successfully commercialize our innovations; failure to introduce new products in a timely manner; customer order timing and other similar factors beyond our control; disruptions or breaches in security of our information technology systems; changes in interest rates, credit ratings or foreign currency exchange rates; risk associated with our operations in foreign countries; our failure to comply with local import and export regulations in the jurisdictions in which we operate; our reliance on third party distribution channels; violations of our intellectual property rights and our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent and future acquisitions into our business; our ability to make divestitures that provide business benefits; our ability to attract and retain key personnel; our restructuring and realignment activities and disruptions to our operations as a result of consolidation of our operations; product defects or problems integrating our products with other vendors' products; disruptions in the supply of certain key components or other goods from our suppliers; production difficulties and product delivery delays or disruptions; our compliance, or our failure to comply, with various federal, state and foreign regulations; changes in governmental regulation of our business or products; effects of conflict minerals regulations; our failure to comply with environmental regulations; our failure to implement new information technology systems and software successfully; our failure to realize the full value of our intangible assets; our exposure to the credit risk of some of our customers and in weakened markets; changes in tax laws, and fluctuations in our effective tax rates; being subject to U.S. federal income taxation even though we are a non-U.S. corporation; any need for additional capital to adequately respond to business challenges or opportunities and repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; volatility in the market price for our common shares; our ability to access cash and other assets of our subsidiaries; the influence over our business of certain significant shareholders; provisions of our articles of incorporation may delay or prevent a change in control; our significant existing indebtedness may limit our ability to engage in certain activities; and our failure to maintain appropriate internal controls in the future.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect the Company's operating results and financial condition are discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, our subsequent filings with the Securities and Exchange Commission ("SEC"), and in our future filings with the SEC. Such statements are based on the Company's beliefs and assumptions and on information currently available to the Company. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this document except as required by law.
GSI Group Inc. designs, develops, manufactures and sells precision photonics and motion control components and subsystems to Original Equipment Manufacturers ("OEM") in the medical and advanced industrial markets. The Company is a leader in highly engineered enabling technologies, including CO(2) laser sources, laser scanning and beam delivery products, optical data collection and machine vision technologies, medical visualization and informatics solutions, and precision motion control products. The Company specializes in collaborating with OEM customers to adapt its component and subsystem technologies to deliver highly differentiated performance in their applications. GSI Group Inc.'s common shares are quoted on NASDAQ under the ticker symbol "GSIG".
More information about GSI is available on the Company's website at www.gsig.com. For additional information, please contact GSI Group Inc. Investor Relations at (781) 266-5137 or InvestorRelations@gsig.com.
GSI Group Inc.
Investor Relations Contact:
Robert J. Buckley
GSI GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars or shares, except per share amounts) (Unaudited) Three Months Ended ------------------ April 1, April 3, 2016 2015 ---- ---- Revenue $90,316 $94,614 Cost of revenue 53,424 54,608 ------ ------ Gross profit 36,892 40,006 ------ ------ Operating expenses: Research and development and engineering 8,052 8,215 Selling, general and administrative 21,187 22,068 Amortization of purchased intangible assets 2,108 1,889 Restructuring, acquisition and divestiture related costs 2,958 2,437 ----- ----- Total operating expenses 34,305 34,609 ------ ------ Operating income from continuing operations 2,587 5,397 Interest income (expense), net (1,185) (1,397) Foreign exchange transaction gains (losses), net 83 517 Other income (expense), net 743 729 --- --- Income from continuing operations before income taxes 2,228 5,246 Income tax provision 322 1,800 --- ----- Income from continuing operations 1,906 3,446 Loss from discontinued operations, net of tax - - --- --- Consolidated net income $1,906 $3,446 ====== ====== Earnings per common share from continuing operations: Basic $0.05 $0.10 Diluted $0.05 $0.10 Loss per common share from discontinued operations: Basic $ - $ - Diluted $ - $ - Earnings per common share: Basic $0.05 $0.10 Diluted $0.05 $0.10 Weighted average common shares outstanding-basic 34,657 34,506 Weighted average common shares outstanding-diluted 34,853 34,999
GSI GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) (Unaudited) April 1, December 31, 2016 2015 ---- ---- ASSETS Current Assets Cash and cash equivalents $67,892 $59,959 Accounts receivable, net 58,683 57,188 Inventories 61,764 59,566 Other current assets 7,087 8,499 ----- ----- Total current assets 195,426 185,212 Property, plant and equipment, net 36,195 40,550 Intangible assets, net 62,968 66,269 Goodwill 103,413 103,456 Other assets 18,529 20,558 ------ ------ Total assets $416,531 $416,045 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt $7,395 $7,385 Accounts payable 26,893 24,401 Accrued expenses and other current liabilities 26,044 25,167 ------ ------ Total current liabilities 60,332 56,953 Long-term debt 86,763 88,426 Other long-term liabilities 22,220 25,965 ------ ------ Total liabilities 169,315 171,344 ------- ------- Stockholders' Equity: Total stockholders' equity 247,216 244,701 ------- ------- Total liabilities and stockholders' equity $416,531 $416,045 ======== ========
GSI GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (Unaudited) Three Months Ended ------------------ April 1, April 3, 2016 2015 ---- ---- Cash flows from operating activities: Consolidated net income $1,906 $3,446 Less: Loss from discontinued operations, net of tax - - --- --- Income from continuing operations 1,906 3,446 Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations: Depreciation and amortization 5,229 4,762 Share-based compensation 1,342 1,597 Deferred income taxes 108 (103) Earnings from equity investment (740) (727) Dividend from equity investment 2,341 - Other 2,290 1,219 Changes in assets and liabilities which (used)/provided cash, excluding effects from businesses purchased or classified as discontinued operations: Accounts receivable (1,139) (5,096) Inventories (3,519) (3,975) Other operating assets and liabilities 480 4,919 --- ----- Net cash provided by operating activities of continuing operations 8,298 6,042 Net cash provided by operating activities of discontinued operations - - --- --- Net cash provided by operating activities 8,298 6,042 ----- ----- Cash flows from investing activities: Purchases of property, plant and equipment (2,341) (946) Acquisition of businesses, net of cash acquired and working capital adjustments 422 (13,852) Proceeds from the sale of property, plant and equipment 3,589 23 ----- --- Net cash provided by (used in) investing activities of continuing operations 1,670 (14,775) Net cash provided by investing activities of discontinued operations 1,498 - ----- --- Net cash provided by (used in) investing activities 3,168 (14,775) ----- ------- Cash flows from financing activities: Borrowings under revolving credit facility - 13,000 Repayments of long-term debt and revolving credit facility (1,875) (4,875) Other financing activities (1,574) (1,394) ------ ------ Net cash provided by (used in) financing activities of continuing operations (3,449) 6,731 Net cash used in financing activities of discontinued operations - - --- --- Net cash provided by (used in) financing activities (3,449) 6,731 ------ ----- Effect of exchange rates on cash and cash equivalents (84) (1,602) --- ------ Increase (decrease) in cash and cash equivalents 7,933 (3,604) Cash and cash equivalents, beginning of period 59,959 51,146 ------ ------ Cash and cash equivalents, end of period $67,892 $47,542 ======= =======
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands of U.S. dollars) (Unaudited) Adjusted Revenue by Segment (Non- GAAP): --------------------------------- Three Months Ended ------------------ April 1, April 3, 2016 2015 ---- ---- Laser Products Revenue (GAAP) $40,358 $44,955 JK Lasers divestiture - (5,678) Acquisition fair value adjustments - - --- --- Adjusted Revenue (Non- GAAP) $40,358 $39,277 ======= ======= Vision Technologies Revenue (GAAP) $28,862 $31,111 Acquisition fair value adjustments 24 43 --- --- Adjusted Revenue (Non- GAAP) $28,886 $31,154 ======= ======= Precision Motion Revenue (GAAP) $21,096 $18,548 Acquisition fair value adjustments - - --- --- Adjusted Revenue (Non- GAAP) $21,096 $18,548 ======= ======= GSI Group Inc. Revenue (GAAP) $90,316 $94,614 JK Lasers divestiture - (5,678) Acquisition fair value adjustments 24 43 --- --- Adjusted Revenue (Non- GAAP) $90,340 $88,979 ======= =======
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands of U.S. dollars) (Unaudited) Adjusted Gross Profit by Segment (Non-GAAP): -------------------------------------------- Three Months Ended ------------------ April 1, April 3, 2016 2015 ---- ---- Laser Products Gross Profit (GAAP) $17,997 $19,375 JK Lasers divestiture - (1,637) Amortization of intangible assets 384 516 Acquisition fair value adjustments - - --- --- Adjusted Gross Profit (Non-GAAP) $18,381 $18,254 ======= ======= Gross Profit Margin (GAAP) 44.6% 43.1% Adjusted Gross Profit Margin (Non-GAAP) 45.5% 46.5% Vision Technologies Gross Profit (GAAP) $9,579 $12,513 Inventory related charges for discontinuation of radiology products 1,370 - Amortization of intangible assets 698 547 Acquisition fair value adjustments 24 43 --- --- Adjusted Gross Profit (Non-GAAP) $11,671 $13,103 ======= ======= Gross Profit Margin (GAAP) 33.2% 40.2% Adjusted Gross Profit Margin (Non-GAAP) 40.4% 42.1% Precision Motion Gross Profit (GAAP) $9,668 $8,465 Amortization of intangible assets 102 56 Acquisition fair value adjustments - - --- --- Adjusted Gross Profit (Non-GAAP) $9,770 $8,521 ====== ====== Gross Profit Margin (GAAP) 45.8% 45.6% Adjusted Gross Profit Margin (Non-GAAP) 46.3% 45.9% Unallocated Corporate and Shared Services Gross Profit (GAAP) $(352) $(347) Amortization of intangible assets - - Acquisition fair value adjustments - - --- --- Adjusted Gross Profit (Non-GAAP) $(352) $(347) ===== ===== GSI Group Inc. Gross Profit (GAAP) $36,892 $40,006 JK Lasers divestiture - (1,637) Inventory related charges for discontinuation of radiology products 1,370 - Amortization of intangible assets 1,184 1,119 Acquisition fair value adjustments 24 43 --- --- Adjusted Gross Profit (Non-GAAP) $39,470 $39,531 ======= ======= Gross Profit Margin (GAAP) 40.8% 42.3% Adjusted Gross Profit Margin (Non-GAAP) 43.7% 44.4%
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands of U.S. dollars) (Unaudited) Adjusted Operating Income from Continuing Operations and Adjusted EPS (Non-GAAP): --------------------------------------------------------------------------------- Three Months Ended April 1, 2016 -------------------------------- Operating Operating Income from Income from Diluted EPS Income from Margin Continuing Continuing from Continuing Operations Operations, Continuing Operations before Net of Tax Operations Income Taxes ------------ ---------- ------------ ------------ ------------ GAAP results $2,587 2.9% $2,228 $1,906 $0.05 ------ --- ------ ------ ----- Non-GAAP Adjustments: Amortization of intangible assets 3,292 3.6% 3,292 2,286 0.07 Restructuring, divestiture and other costs 2,712 3.0% 2,712 1,883 0.05 Acquisition related costs 246 0.3% 246 171 0.00 Acquisition fair value adjustments 24 0.0% 24 17 0.00 Inventory related charges for discontinuation of radiology products 1,370 1.5% 1,370 951 0.03 Non-recurring income tax expenses (benefits) - - - (813) (0.02) --- --- --- ---- ----- Total non-GAAP adjustments 7,644 8.4% 7,644 4,495 0.13 ----- --- ----- ----- ---- Adjusted results (Non-GAAP) $10,231 11.3% $9,872 $6,401 $0.18 ======= ==== ====== ====== ===== Weighted average shares outstanding - Diluted 34,853 ====== Three Months Ended April 3, 2015 -------------------------------- Operating Operating Income from Income from Diluted EPS Income from Margin Continuing Continuing from Continuing Operations Operations, Continuing Operations before Net of Tax Operations Income Taxes ------------ ---------- ------------ ------------ ------------ GAAP results $5,397 5.7% $5,246 $3,446 $0.10 ------ --- ------ ------ ----- Non-GAAP Adjustments: Amortization of intangible assets 3,008 3.2% 3,008 2,018 0.06 Restructuring, divestiture and other costs 2,329 2.5% 2,329 1,563 0.04 Acquisition related costs 127 0.1% 127 85 0.00 Acquisition fair value adjustments 43 0.0% 43 29 0.00 Non-recurring income tax expenses (benefits) - - - (205) 0.00 --- --- --- ---- ---- Total non-GAAP adjustments 5,507 5.8% 5,507 3,490 0.10 ----- --- ----- ----- ---- Adjusted results (Non-GAAP) $10,904 11.5% $10,753 $6,936 $0.20 ======= ==== ======= ====== ===== Weighted average shares outstanding - Diluted 34,999 ======
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands of U.S. dollars) (Unaudited) Adjusted EBITDA (Non-GAAP): --------------------------- Three Months Ended ------------------ April 1, April 3, 2016 2015 ---- ---- Consolidated net income (GAAP) $1,906 $3,446 Interest (income) expense, net 1,185 1,397 Income tax provision 322 1,800 Depreciation and amortization 5,229 4,762 Share-based compensation 1,342 1,597 Restructuring, acquisition, divestiture and other costs 2,958 2,456 Inventory related charges for discontinuation of radiology products 1,370 - Acquisition fair value adjustments 24 43 Other, net (826) (1,246) ---- ------ Adjusted EBITDA (Non-GAAP) $13,510 $14,255 ======= ======= Net Debt (Non-GAAP): -------------------- April 1, 2016 December 31, 2015 ------------- ----------------- Total Debt (GAAP) $94,158 $95,811 Plus: Deferred financing costs 1,467 1,689 ----- ----- Gross Debt 95,625 97,500 Less: Cash and cash equivalents (67,892) (59,959) ------- ------- Net Debt (Non-GAAP) $27,733 $37,541 ======= ======= Organic Revenue Decline (Non-GAAP): ----------------------------------- Three Months Ended April 1, 2016 Compared to Three Months Ended April 3, 2015 --------------------- Reported decline (GAAP) (4.5)% Less: Change attributable to acquisitions and divestitures (2.8)% Plus: Change due to foreign currency 0.3% --- Organic decline (Non-GAAP) (1.4)% =====
Adjusted Revenue excludes the JK Lasers business to only show the results of ongoing operations of the Company. As the JK Lasers business was sold in April 2015, we excluded JK Lasers revenue from Adjusted Revenue because divestiture activities can vary between reporting periods and between us and our peers, which we believe make comparisons of long-term performance trends difficult for management and investors, and could result in overstating or understating to our investors the performance of our operations. Additionally, we include estimated revenue from contracts acquired with business acquisitions that will not be fully recognized due to business combination rules. Because GAAP accounting rules require the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. These non-GAAP adjustments are intended to reflect the full amount of such revenue.
We define the term "organic revenue" as revenue excluding the impact from business acquisitions, divestitures, and the effect of foreign currency translation. We use the related term "organic revenue growth/(decline)" to refer to the measure of comparing current period organic revenue with that of the corresponding period in the prior year. We believe that this non-GAAP measure, when taken together with our GAAP financial measures, allows us and our investors to better measure our performance and evaluate long-term performance trends. Organic revenue growth/(decline) also provides for easier comparisons of our performance with prior and future periods and relative comparisons to our peers. We exclude the effect of foreign currency translation from these measures because foreign currency translation is subject to volatility and can obscure underlying trends. We exclude the effect of acquisitions and divestitures because these activities can vary dramatically between reporting periods and between us and our peers, which we believe makes comparisons of long-term performance trends difficult for management and investors, and could result in overstating or understating to our investors the performance of our operations.
Adjusted Gross Profit and Adjusted Gross Profit Margin
The calculation of Adjusted Gross Profit and Adjusted Gross Profit Margin is displayed in the tables above. Adjusted Gross Profit and Adjusted Gross Profit Margin exclude the JK Lasers business to only show the results of ongoing operations, as the JK Lasers business was sold in April 2015. Adjusted Gross Profit and Adjusted Gross Profit Margin also excludes the amortization of acquired intangible assets and revenue and inventory fair value adjustments from business acquisitions because: (1) the amounts are non-cash; (2) the Company cannot influence the timing and amount of future expense recognition; and (3) excluding such expenses provides investors and management better visibility into the components of operating expenses. In addition, the Company excluded inventory related charges associated with a product line closure as these costs occurred outside of the Company's day-to-day business as a result of the execution of the Company's strategy for the reasons described above in the introductory paragraphs of the "Use of Non-GAAP Financial Measures."
Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin
The calculation of Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin is displayed in the tables above. Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin exclude the amortization of acquired intangible assets and revenue and inventory fair value adjustments related to business acquisitions because: (1) the amounts are non-cash; (2) the Company cannot influence the timing and amount of future expense recognition; and (3) excluding such expenses provides investors and management better visibility into the components of operating expenses. The Company also excluded restructuring, acquisition and divestiture related costs, and inventory related charges associated with a product line closure from Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin due to the significant changes that have occurred outside of the Company's day-to-day business as a result of the execution of the Company's strategy for the reasons described above in the introductory paragraphs of the "Use of Non-GAAP Financial Measures".
Adjusted Income from Continuing Operations before Income Taxes
The calculation of Adjusted Income from Continuing Operations before Income Taxes is displayed in the tables above. The calculation of Adjusted Income from Continuing Operations before Income Taxes excludes amortization of acquired intangible assets and revenue and inventory fair value adjustments related to business acquisitions, restructuring, acquisition and divestiture related costs, and inventory related charges associated with a product line closure for the reasons described for Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin above. In addition, the gain on sale of JK Lasers and the related unrealized foreign exchange loss on the U.S. dollar sales proceeds held by our U.K. subsidiary are excluded to only show the results of our ongoing operations, as the JK Lasers business was sold in April 2015.
Adjusted Income from Continuing Operations, Net of Tax
The calculation of Adjusted Income from Continuing Operations, net of tax, is displayed in the tables above. Because pre-tax income is included in determining income from continuing operations, net of tax, the calculation of Adjusted Income from Continuing Operations, net of tax, also excludes amortization of acquired intangible assets and revenue and inventory fair value adjustments related to business acquisitions, restructuring, acquisition and divestiture related costs, inventory related charges associated with a product line closure, the gain on sale of JK Lasers and the related unrealized foreign exchange loss on the U.S. dollar sales proceeds held by our U.K. subsidiary for the reasons described for Adjusted Income from Continuing Operations before Income Taxes. In addition, the Company excluded significant non-recurring income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, and the income tax effect of non-GAAP adjustments discussed above.
Adjusted Diluted EPS from Continuing Operations
The calculation of Adjusted Diluted EPS from Continuing Operations is displayed in the tables above. Because income from continuing operations, net of tax is used in the diluted EPS calculation, the calculation of Adjusted Diluted EPS from Continuing Operations excludes amortization of acquired intangible assets and revenue and inventory fair value adjustments related to business acquisitions, restructuring, acquisition and divestiture related costs, inventory related charges associated with a product line closure, the gain on sale of JK Lasers and the related unrealized foreign exchange loss on the U.S. dollar sales proceeds held by our U.K. subsidiary, significant non-recurring income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, tax benefit associated with a dividend from the Company's equity investment, and the income tax effect of non-GAAP adjustments for the reasons described above for Adjusted Income from Continuing Operations, net of tax.
The Company defines Adjusted EBITDA as the consolidated net income before deducting interest (income) expense, income taxes, depreciation, amortization, non-cash share-based compensation, restructuring, acquisition and divestiture related costs, acquisition fair value adjustments, inventory related charges associated with product line closures, and other non-operating income (expense) items, including the gain on the sale of JK Lasers, foreign exchange gains (losses) and earnings from an equity-method investment for the reasons described above in the introductory paragraphs of the "Use of Non-GAAP Financial Measures".
In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as, or similar to, some of the adjustments in this presentation.
The Company defines Net Debt as its total debt as reported on the consolidated balance sheet as of the end of the period plus unamortized deferred financing costs and less its cash and cash equivalents. Management uses Net Debt to monitor the Company's outstanding debt obligations that could not be satisfied by its cash and cash equivalents on hand.
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Web site: http://www.gsig.com/
NEWPORT BEACH, Calif., May 6, 2016 /PRNewswire/ -- Accelerize Inc. (OTCQB: ACLZ) , a leader in marketing technology solutions, today announced a new $8 million credit facility from SaaS Capital, the pioneer provider of Committed Credit Facilities to SaaS companies. The funds will be used to retire the outstanding balance of the Company's current credit facility (approximately $4.6 million as of December 31, 2015), drive global sales growth of its CAKE digital marketing solutions into new and existing markets, and further its leading position in digital marketing software through continued product innovation. Accelerize recently reported record full-year 2015 revenue with 30% year-over-year sales growth and achieved profitability on an adjusted EBITDA basis in Q4.
"We are pleased to have secured this new facility with SaaS Capital, a partner who truly understands the SaaS business model. It provides us with significant, efficient capital to grow for the foreseeable future," said Anthony Mazzarella, CFO at Accelerize. "This new facility is substantially larger than our previous line of credit and features a structure and covenants designed specifically for growing SaaS companies. With this new larger and more flexible facility we are focused on accelerating our revenue growth and increasing bottom-line profitability. We also look forward to exploring strategic opportunities to further enhance the value of our Company for the benefit of our stockholders."
Accelerize owns and operates CAKE, a marketing technology provider of solutions that track and analyze the performance of digital marketing spend, in real-time. CAKE's powerful software-as-a-service (SaaS) enterprise platform is an industry standard for affiliate networks, advertisers, publishers and agencies to measurably improve and optimize campaign performance and return on investment.
Digital media will continue its meteoric rise and marketers are being driven to invest more in technology to optimize their digital marketing spend. According to Statista, worldwide digital ad spending grew 16.4% last year, to $170.1 billion, and it is projected to reach $252.02 billion by 2018. By the end of 2017, digital ad spend is expected to overtake TV as the biggest advertising category (Interpublic Group's Magna Global).
"Marketing is more important than ever and the CAKE product is at the center of that industry - if you don't understand the ROIs of your different marketing efforts, then you are being inefficient and ineffective. And it's not enough to just track one or two channels; CAKE optimizes marketing campaigns across all digital channels," said Rob Belcher, Managing Director of SaaS Capital. "The product, team, and track record are all very impressive and we're excited to partner with Accelerize for the next phase of the company's story."
SaaS Capital is the premier provider of Committed Credit Facilities to SaaS companies. Focusing exclusively on the SaaS business model, SaaS Capital delivers faster decisions, more capital, and longer commitments. SaaS businesses have used SaaS Capital's Committed Credit Facilities, instead of equity, to finance growth and create hundreds of millions in enterprise value without sacrificing significant ownership or control. Also, through its partnership with DH Capital, a boutique investment banking advisory firm, SaaS Capital can assist with M&A and capital raising services. SaaS Capital has offices in Cincinnati, New York, and Seattle. Visit www.saas-capital.com to learn more.
About Accelerize Inc.
Accelerize Inc. (OTCQB: ACLZ) offers marketing technology solutions that revolutionize the way advertisers leverage their digital advertising data. For more information, visit www.accelerize.com.
Use of Forward-looking Statements
This press release may contain forward-looking statements from Accelerize Inc. within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. For example, when we describe our growth plan, when we say that the new credit facility will be used to drive global sales growth and further our leading position in digital marketing through continued product innovation, that we are focused on accelerating our revenue growth and increasing bottom-line profitability, that we look forward to exploring strategic opportunities to enhance value for stockholders, and when we describe the estimated size of digital ad spending, we are using forward-looking statements. These forward-looking statements are based on the current expectations of the management of Accelerize only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; our technology may not be validated as we progress further; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products and services; unforeseen market and technological difficulties may develop with our products and services; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Accelerize to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Accelerize undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting Accelerize, reference is made to Accelerize's reports filed from time to time with the Securities and Exchange Commission.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/accelerize-inc-secures-new-8-million-credit-facility-from-saas-capital-300264290.htmlAccelerize Inc.
CONTACT: Media Contact: Jill Hara, PR@getCAKE.com, (949) 548-2253 x 257;
Investor Contact: Ascendant Partners, LLC, Fred Sommer,
firstname.lastname@example.org, (732) 410-9810
Web site: http://accelerize.com/
BEIJING, May 6, 2016 /PRNewswire/ -- NQ Mobile (or the "Company"), a leading global provider of mobile internet services, today announced an update on the FL Mobile Divestment pursuant to the binding framework agreement announced on August 26, 2015, between the Company and Beijing Jinxin Rongda Investment Management Co. Ltd. ("Beijing Jinxin"), a subsidiary of Tsinghua Holdings Co. Ltd., in connection with the Company's divestment of the entire stake of FL Mobile Inc., NQ Mobile's majority owned Cayman Islands subsidiary (the "FL Mobile Divestment").
Beijing Jinxin Hengrui Investment Center (Limited Partnership) ("Jinxin Hengrui"), a limited partnership established in the PRC which Beijing Jinxin is a general partner, has entered into a share purchase agreement with the Company and a subsidiary of the Company (the "Agreement"). Pursuant to the Agreement, Jinxin Hengrui will acquire 13.13% equity interest in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile") for a total consideration of RMB656.5 million, valuing the entire FL Mobile business at RMB5 billion, payable to the Company. The Company expects to receive 80% of the total consideration, or RMB525.2 million, within 15 business days from the date of the Agreement and the remaining 20% of the total consideration, or RMB131.3 million, will be received by the Company before September 30, 2016.
About NQ Mobile
NQ Mobile Inc. is a leading global provider of mobile internet services. NQ Mobile's portfolio of offerings includes mobile game publishing platforms, mobile advertising platforms, mobile entertainment applications and platforms, mobile security and productivity applications and other mobile applications. For more information on NQ Mobile, please visit http://www.nq.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
NQ Mobile Inc.
Phone: +1 469 310 5281
+86 10 6452 2017
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nq-mobile-inc-provides-an-update-on-the-fl-mobile-divestment-300264319.htmlNQ Mobile Inc.
Web site: http://www.nq.com/
NEW YORK, May 6, 2016 /PRNewswire/ -- LivePerson, Inc. , a leading provider of mobile and online messaging, today announced its participation in Needham's Emerging Technology Conference at the Westin Grand Central Hotel, in New York City, NY.
LivePerson CFO, Daniel Murphy, will be presenting at 2:20 p.m. ET on Thursday, May 19, 2016. A copy of the presentation will be accessible through the Investors section of the company's web site, www.liveperson.com/company/ir.
About LivePerson, Inc.
LivePerson, Inc. is a leading provider of mobile and online messaging, enabling a meaningful connection between brands and consumers. LiveEngage, the Company's enterprise-class, cloud-based platform, empowers consumers to stop wasting time on hold with 1-800 numbers, and instead message their favorite brands, just as they do with friends and family. More than 18,000 businesses, including Adobe, Citibank, EE, HSBC, IBM, Orbitz, PNC, The Home Depot, and Walt Disney rely on the unparalleled intelligence, security and scalability of LiveEngage to reduce costs, increase lifetime value and create meaningful connection with consumers.
For more information, please visit www.liveperson.com. To view other global press releases about LivePerson, please visit pr.liveperson.com.
Investor Relations Contact
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Web site: http://www.liveperson.com/
SUNNYVALE, Calif., May 6, 2016 /PRNewswire/ -- ShoreTel(R) , the leading provider of brilliantly simple unified communications (UC) solutions and phone systems, today announced that its board of directors has authorized a share repurchase program for up to $20 million of the company's common stock.
"As we've executed our strategic transformation to become a cloud-based company, we've increased our cash balances and expanded our financial flexibility. This allows us to invest in our organic growth catalysts and technology innovation," said Don Joos, president and CEO of ShoreTel. "At the same time, we continue to evaluate ways to allocate capital efficiently and recognize a unique opportunity under this share repurchase program."
ShoreTel will repurchase shares at times and prices considered appropriate by the company. The company expects the share purchase will occur over the next 12 months, although the exact timing of repurchases and number of shares of common stock to be purchased will depend upon market conditions and other factors. The company expects to fund the program using a combination of the company's cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.
Forward Looking Statements
ShoreTel assumes no obligation to update the forward-looking statements included in this release. This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements regarding the amount and timing of purchases and future prospects. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include the intense competition in our industry, our ability to continue to grow our cloud-based solutions, our ability to grow or maintain our premises products, the impact of service disruptions or security breaches, our ability to control costs, uncertainties inherent in the product development cycle, our ability to identify and execute on strategic opportunities, uncertainty as to market acceptance of new products and services, the potential for litigation in our industry, the impact of mergers and consolidations in our industry, the uncertain impact of global economic conditions and foreign exchange rates, stock market conditions, which are inherently unpredictable and other risk factors set forth in ShoreTel's Form 10-K for the year ended June 30, 2015.
About ShoreTel, Inc.
ShoreTel, Inc. is a leading provider of brilliantly simple unified communications (UC) products, cloud services and IP phone systems powering today's always-on workforce. Its flexible communications solutions for contact centers and cloud, onsite and hybrid UC environments eliminate complexity, reduce cost and improve productivity. Recognized for its industry-leading customer experience and support, ShoreTel's innovative contact center solutions, application integration, collaboration tools, mobility, SIP trunking and business phones enable users to communicate and collaborate no matter the time, place or device, with minimal demand on IT resources. ShoreTel is headquartered in Sunnyvale, Calif., and has regional offices and partners worldwide. For more information, visit shoretel.com.
ShoreTel and the ShoreTel logo are trademarks or registered trademarks of ShoreTel, Inc. in the United States and/or other countries.
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Web site: http://www.shoretel.com/
CARLSBAD, Calif., May 6, 2016 /PRNewswire/ -- NTN Buzztime, Inc. , reported financial results for the first quarter ended March 31, 2016.
"In April, we achieved a significant milestone, deploying order and payment at Buffalo Wild Wings," said Ram Krishnan, NTN Buzztime CEO. "To get to launch, we crossed many hurdles to address extremely high standards for menu and payment complexity, security requirements, guest experience and other technology needs, all of which will enable us to deliver at scale. Early feedback has been quite positive, and we are preparing for initial market rollout. Also, our BEOND installation site count grew 4% sequentially to represent 65% of our installed base at March 31(st). This growth is important as our on demand technology enables better gaming experiences, single player games for kids, premium services and advertising, building a path for additional revenue streams. In 2015, we positioned the company for long-term profitable growth. In the first quarter, with a leaner cost structure and improved product quality, we reported our second quarter of positive Adjusted EBITDA and expect to capture opportunities to drive growth and additional financial improvements in 2016 and beyond."
Financial Results for the First-Quarter Ended March 31, 2016
Total revenues were $5.5 million for the first quarter of 2016, compared to $6.5 million for the fourth quarter of 2015 and $5.7 million for the first quarter of 2015 primarily reflecting lower sales-type lease arrangements. First quarter 2016 direct costs were $2.0 million, compared to $2.6 million for the same period in 2015, primarily due to the lower revenue level as well as improved production costs and lower scrap and repair maintenance costs. Selling, general and administrative expenses decreased to $4.2 million from $5.2 million for the same period in 2015 reflecting a leaner company structure and a reduction in market research expense. Net loss was $1.0 million, or $0.01 per share, the same as the fourth quarter of 2015 and improved from $2.3 million, or $0.02 per share, for the first quarter of 2015. Adjusted EBITDA was a positive $73,000 compared to an Adjusted EBITDA loss of $1.1 million in the same period last year.
Although Adjusted EBITDA is positive for the first quarter of 2016, Adjusted EBITDA may not be positive for the second quarter of 2016 or future quarters. A detailed description and reconciliation of Adjusted EBITDA and management's reasons for using this measure is set forth at the end of this press release.
Metric Review for the Quarter Ended March 31, 2016
The site count was 2,903 venues and, as expected, decreased compared to 2,960 as of December 31, 2015. Management anticipates the net count will continue to fluctuate. As of March 31, 2016, BEOND installations increased to 1,879 locations, or 65% of the installed base, compared to 1,806, or 61% of the installed base, as of December 31, 2015.
Cash and cash equivalents were $3.5 million at March 31, 2016, compared to $3.2 million as of December 31, 2015. Working capital was $2.3 million at March 31, 2016, compared to $4.0 million at December 31, 2015.
Management will review the results on a conference call with a live question and answer session today, May 6, 2016, at 12:00 p.m. ET. To access the call, please use passcode 97855393 and dial:
-- (877) 307-1373 for the live call and (855) 859-2056 for the replay, if calling from the United States or Canada; or -- (678) 224-7873 for the live call and (404) 537-3406 for the replay, if calling internationally.
The call will also be accompanied live by webcast over the Internet and accessible at the company's website at http://www.buzztime.com. The replay of the call will be available until May 13, 2016.
This release contains forward-looking statements which reflect management's current views of future events and operations, including but not limited to statements about our growth plans, product performance, delivery of menu and payment technology and additional revenue streams. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include the risks of unsuccessful execution or launch of products, platforms or brands, risks associated with customer retention and growth plans, the impact of alternative entertainment options and technologies and competitive products, brands, technologies and pricing, adverse economic conditions, the regulatory environment and changes in the law, failure of customer and/or player acceptance or demand for new or existing products, lower market acceptance or appeal of both existing and new products and services by particular demographic groups or audiences as a whole, termination of partnership and contractual relationships and technical problems or outages. Please see NTN Buzztime, Inc.'s recent filings with the Securities and Exchange Commission for information about these and other risks that may affect the Company. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements speak only as of the date hereof and NTN Buzztime, Inc. does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.
Buzztime delivers interactive entertainment and innovative dining technology to bars and restaurants in North America. Venues license Buzztime's customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games, nationwide competitions, personalized menus and self-service dining features. Buzztime's platform improves operating efficiencies, creates connections among the players and venues, and amplifies guests' positive experiences. Founded in 1984, Buzztime has accumulated over 9 million player registrations and over 115 million games were played in 2015 alone. For more information, please visit http://www.buzztime.com or follow us on Facebook or Twitter @buzztime.
IR AGENCY CONTACT:
Kirsten Chapman/Becky Herrick, LHA Investor Relations
NTN BUZZTIME, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (In thousands, except par value amount) ASSETS March 31, December 31, 2016 2015 ---- ---- Current Assets: Cash and cash equivalents $3,549 $3,223 Accounts receivable, net 769 919 Site equipment to be installed 3,763 3,990 Prepaid expenses and other current assets 1,054 978 ----- --- Total current assets 9,135 9,110 Broadcast equipment and fixed assets, net 3,799 3,915 Software development costs, net 924 943 Deferred costs 1,300 1,328 Goodwill 972 909 Intangible assets, net 67 79 Other assets 119 124 --- --- Total assets $16,316 $16,408 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $171 $211 Accrued compensation 941 1,024 Accrued expenses 647 670 Sales taxes payable 129 192 Income taxes payable 23 22 Current portion of long-term debt 3,044 1,072 Current portion of obligations under capital leases 79 78 Deferred revenue 1,275 1,214 Other current liabilities 534 639 --- --- Total current liabilities 6,843 5,122 Long-term debt 5,473 6,366 Long-term obligations under capital leases 138 138 Deferred revenue, excluding current portion 325 393 Deferred rent 501 541 Other liabilities 3 -- --- --- Total liabilities 13,283 12,560 Commitments and contingencies Shareholders' equity: Series A 10% cumulative convertible preferred stock, $.005 par value, $156 liquidation preference, 5,000 shares authorized; 156 issued and outstanding at March 31, 2016 and December 31, 2015 1 1 Common stock, $.005 par value, 168,000 shares authorized at March 31, 2016 and December 31, 2015; 92,439 shares issued and outstanding at March 31, 2016 and December 31, 2015 462 462 Treasury stock, at cost, 503 shares at March 31, 2016 and December 31, 2015 (456) (456) Additional paid-in capital 128,869 128,756 Accumulated deficit (126,128) (125,087) Accumulated other comprehensive income 285 172 --- --- Total shareholders' equity 3,033 3,848 ----- ----- Total liabilities and shareholders' equity $16,316 $16,408 ======= =======
NTN BUZZTIME, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In thousands, except per share data) Three Months Ended March 31, --------- 2016 2015 ---- ---- Revenues Subscription revenue $4,374 $4,200 Sales-type lease revenue 396 840 Other revenue 712 686 --- --- Total revenue 5,482 5,726 Operating expenses: Direct operating costs (includes depreciation and amortization) 2,036 2,649 Selling, general and administrative 4,200 5,162 Depreciation and amortization (excluding depreciation and amortization included in direct costs) 114 121 --- --- Total operating expenses 6,350 7,932 ----- ----- Operating loss (868) (2,206) Other expense, net (154) (43) ---- --- Loss before income taxes (1,022) (2,249) Provision for income taxes (19) (14) --- --- Net loss $(1,041) $(2,263) ======= ======= Net loss per common share - basic and diluted $(0.01) $(0.02) ====== ====== Weighted average shares outstanding - basic and diluted 91,936 91,876 ====== ====== Comprehensive loss Net loss $(1,041) $(2,263) Foreign currency translation adjustment 113 (153) --- ---- Total comprehensive loss $(928) $(2,416) ===== =======
NTN BUZZTIME, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three months ended December 31, ------------ 2016 2015 ---- ---- Cash flows used in operating activities: Net loss $(1,041) $(2,263) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 757 701 Provision for doubtful accounts 24 (39) Excess and obsolete site equipment to be installed 25 163 Stock-based compensation 113 99 Amortization of debt issuance costs 28 -- Issuance of common stock to consultant in lieu of cash payment -- 1 Loss from disposition of equipment 5 1 Changes in assets and liabilities: Accounts receivable 125 1,459 Site equipment to be installed (115) 154 Prepaid expenses and other assets (94) 100 Accounts payable and accrued liabilities (209) 312 Income taxes payable (1) (13) Deferred costs 29 (70) Deferred revenue (7) 518 Deferred rent (40) (36) Other liabilities (104) (92) ---- --- Net cash used in operating activities (504) 995 Cash flows used in investing activities: Capital expenditures (177) (215) Software development expenditures (99) (222) --- ---- Net cash used in investing activities (276) (437) Cash flows provided by (used in) financing activities: Proceeds from long-term debt 2,114 74 Payments on long-term debt (1,035) (699) Debt issuance costs on long-term debt (5) -- Principal payments on capital leases (21) (7) --- --- Net cash provided by (used in) financing activities 1,053 (632) ----- ---- Net increase (decrease) in cash and cash equivalents 273 (74) Effect of exchange rate on cash 53 52 Cash and cash equivalents at beginning of period 3,223 7,185 ----- ----- Cash and cash equivalents at end of period $3,549 $7,163 ====== ======
To supplement our consolidated financial disclosures and statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (GAAP), we use certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA. We compute Adjusted EBITDA by excluding from net profit (or loss) the impact of the following: (a) depreciation and amortization expense; (b) interest expense, net; (c) provision for income taxes; (d) non-cash stock-based compensation expense; (e) other non-cash expenses and charges; and (f) to the extent approved by our lender, other one-time charges and any losses arising from the sale, exchange, transfer or other disposition of assets not in the ordinary course of business. We use this non-GAAP financial measure when evaluating our financial results as well as for internal resource management, planning and forecasting purposes. This non-GAAP financial measure is not intended to represent a measure of performance in accordance with GAAP. Nor should this non-GAAP financial measure be considered as an alternative to statements of cash flows as a measure of liquidity. This non-GAAP financial measure is included herein because we believe it is a measure of operating performance that financial analysts, lenders, investors and other interested parties find to be a useful tool for analyzing companies like us that carry significant levels of non-cash depreciation and amortization charges in comparison to their net income or loss calculated in accordance with GAAP.
The following table reconciles our net loss per GAAP (in thousands) to Adjusted EBITDA:
Three Months Ended March 31, --------- 2016 2015 ---- ---- Net loss per GAAP $(1,041) $(2,263) Interest expense, net 127 102 Income tax provision 19 14 Depreciation and amortization 757 701 --- --- EBITDA (138) (1,446) Adjustments to EBITDA: Non-cash stock based compensation 113 99 Excess and obsolete site equipment to be installed expense 25 163 Other one-time charges 73 52 --- --- Adjusted EBITDA $73 $(1,132)
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Web site: http://www.buzztime.com/
MAYFIELD VILLAGE, Ohio, May 6, 2016 /PRNewswire/ -- Preformed Line Products Company today reported financial results for its first quarter ended March 31, 2016.
Net sales for the first quarter of 2016 were $78,682,000, down 8%, compared to $85,790,000 in the first quarter of 2015.
The Company posted net income for the first quarter of 2016 of $2,658,000, or $.51 per share, compared to a net loss of $256,000, or ($.05) per share, in the first quarter of 2015.
Currency translation rates had a negative impact on 2016 first quarter net sales of $5,972,000 and $551,000 on net income. However, gains on foreign currency transactions had a favorable impact of $1,038,000 on pre-tax income.
Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our sales for the first quarter declined 1% in native currency, due to ongoing weak market demand as governments and utilities continue to defer their investment in infrastructure because of anemic global economic conditions. Despite the sales decline, our gross profit improved 7% after excluding a negative $2.2 million impact of currency, reflecting operational improvements, cost reduction actions and a more profitable product sales mix. Our first quarter results reflect solid execution of our operational and commercial initiatives in the face of difficult macroeconomic conditions. We remain focused on our leading brand recognition, product innovation, and diversified global footprint to leverage our competitive advantages."
Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.
Preformed's world headquarters are in Cleveland, Ohio, and the Company operates two domestic manufacturing centers located in Rogers, Arkansas, and Albemarle, North Carolina. The Company serves its worldwide market through international operations in Argentina, Australia, Brazil, Canada, China, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products, the Company's ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, the Company's ability to strengthen and retain relationships with the Company's customers and expanding geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2015 Annual Report on Form 10-K filed with the SEC on March 11, 2016 and subsequent filings with the SEC. The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
PREFORMED LINE PRODUCTS COMPANY STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) (In thousands, Three Months Ended except per share March 31 data) 2016 2015 ---- ---- Net sales $78,682 $85,790 Cost of products sold 54,393 61,030 GROSS PROFIT 24,289 24,760 Costs and expenses Selling 7,631 7,207 General and administrative 10,086 10,186 Research and engineering 3,738 3,721 Other operating expense (income) -net (853) 3,731 ---- ----- 20,602 24,845 OPERATING INCOME (LOSS) 3,687 (85) Other income (expense) Interest income 75 102 Interest expense (158) (133) Other income - net 52 57 --- --- (31) 26 --- --- INCOME (LOSS) BEFORE INCOME TAXES 3,656 (59) Income taxes 998 197 NET INCOME (LOSS) $2,658 $(256) ====== ===== BASIC EARNINGS PER SHARE Net Income (loss) $0.51 $(0.05) ===== ====== DILUTED EARNINGS PER SHARE Net Income (loss) $0.51 $(0.05) ===== ====== Cash dividends declared per share $0.20 $0.20 Weighted-average number of shares outstanding - basic 5,211 5,396 Weighted-average number of shares outstanding - diluted 5,229 5,396
PREFORMED LINE PRODUCTS COMPANY CONSOLIDATED BALANCE SHEETS March 31, December 31, (Thousands of dollars, except share and per share data) 2016 2015 ---- ---- (Unaudited) ASSETS Cash and cash equivalents $31,363 $30,393 Accounts receivable, less allowances of $2,469 ($2,326 in 2015) 67,728 63,626 Inventories - net 70,302 69,912 Prepaids 11,133 9,615 Other current assets 1,738 6,343 ----- ----- TOTAL CURRENT ASSETS 182,264 179,889 Property, plant and equipment - net 96,708 91,965 Other intangibles - net 11,465 11,288 Goodwill 16,290 15,821 Deferred income taxes 12,746 12,704 Other assets 11,297 11,703 ------ ------ TOTAL ASSETS $330,770 $323,370 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Notes payable to banks $825 $413 Current portion of long-term debt 117 110 Trade accounts payable 21,455 20,377 Accrued compensation and amounts withheld from employees 9,481 9,306 Accrued expenses and other liabilities 18,642 21,462 ------ ------ TOTAL CURRENT LIABILITIES 50,520 51,668 Long-term debt, less current portion 35,845 31,754 Other noncurrent liabilities and deferred income taxes 20,137 20,964 SHAREHOLDERS' EQUITY PLPC shareholders' equity: Common shares -$2 par value, 15,000,000 shares authorized, 5,204,950 and 5,221,062 issued and outstanding, as of March 31, 2016 and December 31, 2015 12,483 12,478 Common shares issued to Rabbi Trust, 296,326 and 296,635 shares at March 31, 2016 and December 31, 2015, respectively (12,014) (12,052) Deferred Compensation Liability 12,014 12,052 Paid-in capital 23,299 22,916 Retained earnings 293,923 292,311 Treasury shares, at cost, 1,036,362 and 1,018,013 shares at March 31, 2016 and December 31, 2015 (55,230) (54,570) Accumulated other comprehensive loss (50,207) (54,151) TOTAL SHAREHOLDERS' EQUITY 224,268 218,984 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $330,770 $323,370 ======== ========
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CONTACT: Eric R. Graef, Preformed Line Products, (440) 473-9249
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MELVILLE, N.Y., May 6, 2016 /PRNewswire/ -- Adding to the Company's broad range of mobile print options, Canon U.S.A., Inc., a leader in digital imaging solutions, today announced that the imageRUNNER ADVANCE 8500 and 6500 Series multifunction office systems now support Apple((R) )AirPrint wireless(1) technology, enabling seamless printing directly from iPhone, iPad and iPod touch.(2 )A printer firmware update is necessary for the AirPrint feature to function with these imageRUNNER ADVANCE systems.(3 )
As an industry leader, Canon continues to offer products that provide customers with user-friendly, convenient solutions, including many systems having compatibility with AirPrint wireless technology,(2) which allows users to print photos, email, web pages and documents wirelessly from iPhone, iPad and iPod touch, without the need to download or install any additional print drivers or interfaces.
The imageRUNNER ADVANCE 8500 and 6500 Series joins the growing number of Canon products that are AirPrint compatible.
To see the full portfolio of imageRUNNER ADVANCE systems, visit usa.canon.com/simplyadvanced.
About Canon U.S.A., Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions to the United States and to Latin America and the Caribbean (excluding Mexico) markets. With approximately $31 billion in global revenue, its parent company, Canon Inc. , ranks third overall in U.S. patents granted in 2015(**) and is one of Fortune Magazine's World's Most Admired Companies in 2016. Canon U.S.A. is committed to the highest level of customer satisfaction and loyalty, providing 100 percent U.S.-based consumer service and support for all of the products it distributes. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. In 2014, the Canon Americas Headquarters secured LEED(R) Gold certification, a recognition for the design, construction, operations and maintenance of high-performance green buildings. To keep apprised of the latest news from Canon U.S.A., sign up for the Company's RSS news feed by visiting www.usa.canon.com/rss and follow us on Twitter @CanonUSA. For media inquiries, please contact email@example.com.
(** )Based on weekly patent counts issued by United States Patent and Trademark Office.
Apple, AirPort, iPad, iPhone, iPod touch and Time Capsule are trademarks of Apple Inc., registered in the U.S. and other countries. AirPrint is a trademark of Apple Inc. iOS is a registered trademark of Cisco in the U.S. and other countries, and is used under license. All referenced product names, and other marks, are trademarks or registered trademarks of their respective owners.
Availability and specifications of all products are subject to change without notice.
(1) Wireless printing requires a working network with wireless 802.11b/g or 802.11n capability. Wireless performance may vary based on terrain and distance between the printer and wireless network clients.
(2) AirPrint functionality requires an iPhone, iPad, or iPod touch device running iOS 4.2 (or later), and an AirPrint-enabled printer connected to the same network as your iOS device. Device must be purchased separately.
(3 )Contact your Authorized Canon Dealer for the firmware update necessary to enable AirPrint functionality. Dealer charges may apply.
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CONTACT: Andrew Berger, Canon U.S.A., Inc.. 631.330.2403; For sales
information/customer support: firstname.lastname@example.org, 1-800-OK-CANON
Web site: http://www.usa.canon.com/
SAN FRANCISCO, May 6, 2016 /PRNewswire/ -- Salesforce , the Customer Success Platform and world's #1 CRM company, today announced it will invest more than $40 million over the next 10 years to expand its regional headquarters in Indianapolis. As part of the new investment, Salesforce plans to add 800 new jobs over the next five years. The company also announced it will move into a new regional headquarters location at 111 Monument Circle, which will be known as Salesforce Tower Indianapolis.
Salesforce will begin moving into Salesforce Tower Indianapolis in early 2017. Plans for the building include a renovated lobby and dedicated space where guests can experience interactive, hands-on demonstrations of the Salesforce Customer Success Platform.
Salesforce Tower Indianapolis joins the ranks of other regional headquarters, including Salesforce Tower NY, Salesforce Tower London, and the company's new global headquarters, Salesforce Tower San Francisco.
Comments on the News
"Salesforce is among Indiana's largest technology employers, and we're thrilled to be investing for further growth in the region," said Scott McCorkle, Salesforce Marketing Cloud CEO, Salesforce. "Salesforce Tower Indianapolis, our regional headquarters, will give our amazing employees a fantastic place to work and serve our customers and community every day."
"I am proud and excited to welcome Salesforce to their future home in 111 Monument Circle, soon to be known as Salesforce Tower Indianapolis," said Mayor Joe Hogsett. "Salesforce is a tremendous partner to our city and residents, bringing hundreds of new jobs to Indianapolis and solidifying the city as a leading destination for innovative companies. I want to thank Salesforce for their commitment to grow here and I can't wait to see Salesforce added to our skyline."
"Today's outstanding commitment from Salesforce proves without a doubt that Indiana is now the Midwest hub for technology and innovation," said Governor Pence. "In recent years, the technology sector has added more than 5,000 jobs in central Indiana alone, growing at a rate more than triple the national average. Global leaders like Salesforce have a world of options to consider for growth, and I am excited that the team has once again selected the Hoosier state to create hundreds of quality jobs. Powered by a talented workforce and a low-tax, low-regulation business climate, I am confident that this regional headquarters will propel Salesforce to new heights, advancing innovation for years to come."
Salesforce, one of the largest technology employers in Indiana, has been named one of Fortune's Best Places to Work for the past eight years and was recently ranked one of Indiana's Best Places to Work by the Indiana Chamber of Commerce. Salesforce has well over 1,000 employees in the Indianapolis area and more than 20,000 employees worldwide.
Giving Back - Committing to 100,000 Volunteer Hours
Today, Salesforce employees in Indiana are committing to deliver 100,000 total employee volunteer hours to local nonprofits this year. Salesforce is dedicated to supporting Indiana through its 1-1-1 integrated corporate philanthropy model, in which Salesforce's product, resources and employee time are dedicated to the communities where employees live and work. To date, Salesforce technology has powered more than 28,000 nonprofit and higher education institutions; Salesforce and its philanthropic entities have provided more than $115 million in grants; and Salesforce employees have logged more than 1.3 million volunteer hours throughout the world. Employees in Indiana have supported a variety of organizations including Indianapolis Public Schools, Greater Indianapolis Habitat for Humanity, and Boys and Girls Club of Indiana.
In addition, more than 750 companies around the world have adopted all or part of the 1-1-1 model by joining Pledge 1%, an initiative spearheaded by Salesforce, Atlassian, Rally and Tides that encourages early stage companies to incorporate corporate philanthropy from the beginning. Local Indiana companies that have joined Pledge 1% include Appirio, Jetstrm, SKYE Lending Company, Torchlite Marketing and TrendyMinds.
Salesforce: Fastest-Growing Top 10 Software Company
Over the last 17 years, Salesforce has expanded and redefined customer relationship management (CRM), bringing social, mobile, data science and IoT technologies to its trusted cloud platform, enabling companies to grow sales faster, deliver customer service everywhere, create 1-to-1 customer journeys, engage with customers in interactive communities, deliver analytics for every business user and build modern mobile apps fast.
-- We're hiring! Visit www.salesforce.com/careers for a list of openings. #100BestCos -- Follow @Salesforce on Twitter -- Like Salesforce.com on Facebook: http://facebook.com/salesforce
Salesforce, the Customer Success Platform and world's #1 CRM company, empowers companies to connect with their customers in a whole new way. For more information about Salesforce , visit: http://www.salesforce.com.
Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM." For more information please visit http://www.salesforce.com, or call 1-800-NO-SOFTWARE.
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CONTACT: Media Relations: Cheryl Sanclemente, Salesforce, (415) 988-4960,
Web site: http://www.salesforce.com/
INDIANA, Pa., May 6, 2016 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) , the holding company for S&T Bank with locations in Pennsylvania, Ohio, and New York, announced today that there will be a live webcast of S&T's 2016 Annual Meeting of Shareholders. Charles G. Urtin, S&T's chairman of the board, and Todd D. Brice, S&T's president and chief executive officer, will host the meeting and answer shareholder questions. The public is invited to listen.
PERTINENT USER INFORMATION:
What: 2016 Annual Meeting of Shareholders When: 10:00 a.m. ET, Monday, May 16, 2016 Where: S&T Bancorp's Investor Relations webpage http://www.stbancorp.com
To access the webcast, go to www.stbancorp.com and click on "Events & Presentations." Select "2016 Annual Meeting of Shareholders" and follow the instructions.
Shareholders who have received notice of the meeting may log into the site with their proxy control number. Other participants may log on as "Other Attendees." Participants are asked to access the webcast approximately 5 minutes prior to the beginning of the meeting. Shareholders of record will be able to vote and ask questions online during the meeting. The replay of the meeting will be available at the same site 24 hours after the meeting has concluded.
About S&T Bancorp, Inc. and S&T Bank: S&T Bancorp, Inc. is a $6.5 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio, and New York. For more information visit www.stbancorp.com, or www.stbank.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/st-bancorp-inc-to-webcast-2016-annual-shareholder-meeting-300264340.htmlS&T Bancorp, Inc.
CONTACT: Rob Jorgenson, email@example.com, 724.465.5448
Web site: http://www.stbank.com/
NEW CASTLE, Pa., May 6, 2016 /PRNewswire/ -- Axion Power International, Inc., (OTCQB: AXPW) a leader in carbon battery technology and energy storage, announced meetings with LCB International, Inc. a BVI investment company, to renew negotiations towards a refined and simplified technology licensing agreement to take Axion Power's patented PbC(R) Technology to China.
LCB International extended an invitation to Axion Power CEO Richard H. Bogan to attend a series of meetings and site visits in China the week of May 15. "The meetings renew previous discussion about the joint effort to commercialize the PbC(R) Technology and to meet with other potential joint venture partners in China," said Bogan.
"We are very pleased to welcome Mr. Bogan to China and to continue negotiations towards a mutually beneficial business partnership. China is the largest producer and market of lead acid batteries in the world. LCB remains confident in the long term potential of the PbC(R) Technology," said Dr. WJ Gesang, principal of LCB International.
Axion Power's patented PbC((R)) Battery brings unique features to the market, including faster recharge, longer cycle life and a wide operating voltage window. The battery offers the added benefit of being nearly 100 percent recyclable, allowing for a smaller environmental footprint than traditional lead acid batteries.
As reported in various Axion Power public filings in 2015, the company had been working with LCB International to consummate a multi part comprehensive agreement regarding a relationship between the two entities surrounding Axion Power's PbC(R) Technology and other related matters. Axion Power will report further developments as they are confirmed.
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Axion's patented lead carbon battery is the only advanced battery technology with an all carbon negative electrode. Axion's negative electrodes are designed to be directly substituted for lead acid negative electrodes producing the unique benefits of the Axion carbon technology. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world. For more information, visit www.axionpower.com
About LCB International, Inc.
LCB International, Inc. is an investment and business development firm focusing on the electrical energy storage system for motive and stationary utility applications in Asia.
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
For More Information, please contact: Neil Hare for Axion Wei CHA Global Vision Communications LCB International Inc. Phone: 202-393-2935 Phone: +86 13301092921 Mobile: 202-550-0297 Email: firstname.lastname@example.org Email: email@example.com
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Web site: http://www.axionpower.com/
HONG KONG, May 6, 2016 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK), the largest e-commerce platform serving the electronics manufacturing industry in China, today announced that it has resumed the repurchase program (the "Repurchase") to repurchase Cogobuy's issued and outstanding shares.
The Company has determined that the current market price of the Company's shares represents an attractive opportunity for it to recommence to repurchase shares in the open market pursuant to the General Mandate to Repurchase Shares approved by shareholders of the Company on June 2, 2015 and to direct the Trustee to acquire shares pursuant to its Restricted Shares Units Scheme ("RSU Scheme"). The Repurchased Shares will be cancelled and the Acquired Shares will be used to satisfy future awards under the RSU Scheme.
About Cogobuy Group
Cogobuy Group is the largest e-commerce service platform serving the electronics manufacturing industry in China. Through the e-commerce platform, which includes a direct sales platform, an online marketplace, and a dedicated team of technical consultants and professional sales representatives, the Company provides customers with comprehensive online and offline services across pre-sale, sale, and post-sale stages. The Company serves mainly SME electronics manufacturers.
For further information, please refer to the Company's website at http://www.cogobuy.com/
INGDAN.com is a platform dedicated to connecting global intelligent hardware entrepreneurs and China-based supply chain resources. The platform provides information on hardware innovation, supply chain data, and supply chain demand docking for global IoT innovators and entrepreneurs. It is a one-stop hardware innovation business platform with its core being the "supply chain."
For further information, please refer to the Company's website at http://www.ingdan.com/
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CONTACT: For investor and media enquiries: Please contact: Ms. Wanyee Ho /
Ms. Amy Guo at firstname.lastname@example.org; For further information, please contact:
Financial PR (HK) Limited; Mr. James Lo, Email: email@example.com; Mr.
Eason Sun, Email: firstname.lastname@example.org; Tel: (852) 2610-0846; Fax: (852)
Web site: http://www.cogobuy.com//
CHICAGO, May 6, 2016 /PRNewswire/ -- Gogo Inc. , the global leader in providing broadband connectivity solutions and wireless entertainment to the aviation industry, today announced its financial results for the quarter ended March 31, 2016.
First Quarter 2016 Consolidated Financial Results
-- Revenue increased to $141.7 million, up 23% from $115.5 million in Q1 2015. Service revenue increased to $118.7 million, up 24% from $95.4 million in Q1 2015. -- Combined segment profit of CA-NA and BA increased to $34.0 million, up 29% from $26.4 million in Q1 2015. -- Adjusted EBITDA increased to $14.5 million, up 76% or $6.3 million from $8.2 million in Q1 2015. -- Cash CAPEX of $24.2 million was down from $32.0 million in Q1 2015, primarily due to the timing of airborne equipment purchases. -- As of March 31, 2016, we had cash and cash equivalents of $312.7 million.
"We are thrilled to announce 2Ku awards by Delta Air Lines and International Airlines Group, including British Airways, Iberia, and Aer Lingus, bringing our total 2Ku awards to over 1,000," said Gogo's President and CEO Michael Small. "We also are excited by the commercial launch of 2Ku on AeroMexico. Based on airline demand, we are accelerating 2Ku deployment and expect to exceed our 2016 target of 75 installs."
First Quarter 2016 Business Segment Financial Results
Commercial Aviation - North America (CA-NA)
-- Total revenue increased to $87.0 million, up 20% from $72.5 million in Q1 2015. -- Aircraft online increased by 113 to reach 2,500, and approximately 230 aircraft were awarded but not yet installed as of March 31, 2016. -- Average monthly service revenue per aircraft equivalent, or ARPA, of $11,137 was down slightly from $11,163 in Q1 2015, driven primarily by an increase in the number of regional jets online and a Gogo Vision airline launch promotion that occurred in Q1 2015. However, Q1 2016 ARPA increased an estimated 15% year-over-year excluding the impact of the Gogo Vision airline launch promotion and aircraft we have added since the beginning of 2015, which primarily includes regional jets and aircraft with new airline partners. -- Segment profit increased to $13.8 million, up 44% from $9.6 million in Q1 2015. Segment profit as a percentage of segment revenue was 16% in Q1 2016, up from 13% in Q1 2015.
Business Aviation (BA)
-- Service revenue increased to $30.7 million, up 41% from $21.8 million in Q1 2015, driven primarily by a 23% increase in ATG systems online and a 15% increase in average monthly service revenue per ATG unit online. -- Equipment revenue decreased to $19.4 million, down slightly from $19.7 million in Q1 2015. -- Total segment revenue increased to $50.1 million, up 21% from $41.6 million in Q1 2015. -- Segment profit increased to $20.2 million, up 20% from $16.8 million in Q1 2015. Segment profit as a percentage of segment revenue was 40% in Q1 2016, largely unchanged from Q1 2015.
Commercial Aviation - Rest of World (CA-ROW)
-- Total revenue increased to $4.6 million, up 227% from $1.4 million in Q1 2015 driven primarily by increases in aircraft online and higher average revenue per aircraft. -- Gogo had 237 aircraft online flying on its global Ku satellite network as of March 31, 2016, up 35 aircraft from December 31, 2015. Gogo's awarded but not yet installed aircraft increased to over 600, including recent international aircraft awards. -- Segment loss increased to $19.7 million, up 8% from $18.3 million in Q1 2015, primarily due to higher engineering, design and development expenses related to the roll out of our next generation 2Ku technology.
-- Gogo awarded but not yet installed 2Ku aircraft increased to more than 1,000 aircraft including recent awards. -- Delta Air Lines increased its total commitment to install 2Ku to more than 600 aircraft. -- Gogo was selected by International Airlines Group to bring its 2Ku technology to over 130 aircraft operated by British Airways, Iberia and Aer Lingus. The first British Airways aircraft is expected to be in service in early 2017. -- Air Canada selected Gogo's 2Ku in-flight connectivity and entertainment services for its entire wide-body international fleet, including Boeing 787 and 777 aircraft. -- Gogo was selected by Shareco Technologies of China to provide Gogo's 2Ku in-flight connectivity and entertainment solution for installation on approximately 50 aircraft in China operated by Shareco's partners, including Hainan Airlines and Beijing Capital Airlines. -- Gogo launched 2Ku service on five AeroMexico aircraft. -- Gogo partnered with Airbus Corporate Jet Centre to install 2Ku technology on A350 aircraft on a retrofit basis, allowing airlines to receive new aircraft from Airbus with connectivity equipment already installed. -- Gogo signed multi-Ghz capacity deals with SES and Intelsat for capacity on their high-throughput satellites that together with the proposed OneWeb network of satellites, will enable high performance service on polar flights. -- Gogo announced its new satellite modem capable of delivering network speeds of up to 400 Mbps which is expected to be commercially available in 2017. -- Gogo's Business Aviation division successfully completed the initial phase of flight testing for Gogo Biz 4G service, its next generation connectivity offering for the business aviation market, which is scheduled for first customer shipment in early 2017.
"Our strong financial and operating performance coupled with aircraft awards on three continents give us great momentum to continue to drive growth in revenue and profitability," said Gogo's Executive Vice President and CFO, Norman Smagley.
For the full year ending December 31, 2016, our guidance remains unchanged. We expect:
-- In-flight connectivity installations: -- CA-NA net installations of more than 200 aircraft including more than 400 ATG-4 installations and upgrades -- CA-ROW net installations of approximately 75 aircraft in 2016 and more than 200 in 2017 -- 2Ku installations of more than 75 in 2016 and more than 300 aircraft in 2017 -- Total revenue of $575 million to $595 million -- CA-NA revenue of $350 million to $365 million -- BA revenue of $190 million to $205 million -- CA-ROW revenue of $25 million to $30 million -- Adjusted EBITDA of $55 million to $65 million -- Cash CAPEX of $110 million to $135 million
The first quarter conference call will be held on May 6(th), 2016 at 8:30 a.m. ET. A live webcast of the conference call, as well as a replay, will be available online on the Investor Relations section of the company's website at http://ir.gogoair.com. Participants can also access the call by dialing (844) 464-3940 (within the United States and Canada) or (765) 507-2646 (international dialers) and entering conference ID number 97205752.
Non-GAAP Financial Measures
We report certain non-GAAP financial measurements, including Adjusted EBITDA, Adjusted Net Loss Per Share and Cash CAPEX in the supplemental tables below. Management uses Adjusted EBITDA and Cash CAPEX for business planning purposes, including managing our business against internally projected results of operations and measuring our performance and liquidity. Management prepares Adjusted Net Loss Per Share for investors, securities analysts and other users of our financial statements for use in evaluating our performance under our current capital structure. These supplemental performance measures also provide another basis for comparing period-to-period results by excluding potential differences caused by non-operational and unusual or non-recurring items. These supplemental performance measurements may vary from and may not be comparable to similarly titled measures by other companies. Adjusted EBITDA, Adjusted Net Loss Per Share and Cash CAPEX are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing our performance or liquidity, as applicable, investors should (i) evaluate each adjustment in our reconciliation to net loss attributable to common stock, and the explanatory footnotes regarding those adjustments, (ii) use Adjusted EBITDA and Adjusted Net Loss Per Share in addition to, and not as an alternative to, net loss attributable to common stock as a measure of operating results, and (iii) use Cash CAPEX in addition to, and not as an alternative to, consolidated capital expenditures when evaluating our liquidity.
Cautionary Note Regarding Forward-Looking Statements
Certain disclosures in this press release and related comments by our management include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our business outlook, industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words "anticipate," "assume," "believe," "budget," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "future" and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: the loss of, or failure to realize benefits from, agreements with our airline partners or any failure to renew any existing agreements upon expiration or termination; the failure to maintain airline satisfaction with our equipment or our service; any inability to timely and efficiently roll out our 2Ku service or other components of our technology roadmap for any reason, including regulatory delays or failures, or delays on the part of any of our suppliers, some of whom are single source, or the failure by our airline partners to roll out equipment upgrades, new services or adopt new technologies in order to support increased network capacity demands; the loss of relationships with original equipment manufacturers or dealers; our ability to develop or purchase ATG and satellite network capacity sufficient to accommodate current and expected growth in passenger demand in North America and internationally as we expand; our reliance on third-party suppliers, some of whom are single source, for satellite capacity and other services and the equipment we use to provide services to commercial airlines and their passengers and business aviation customers; unfavorable economic conditions in the airline industry and/or the economy as a whole; our ability to expand our international or domestic operations, including our ability to grow our business with current and potential future airline partners; an inability to compete effectively with other current or future providers of in-flight connectivity services and other products and services that we offer, including on the basis of price, service performance and line-fit availability; our ability to successfully develop and monetize new products and services such as Gogo Vision, Gogo Text & Talk and Gogo TV, including those that were recently released, are currently being offered on a limited or trial basis, or are in various stages of development; our ability to deliver products and services, including newly developed products and services, on schedules consistent with our contractual commitments to customers; the effects, if any, on our business of past or future airline mergers, including the merger of American Airlines and U.S. Airways; the failure of our equipment or material defects or errors in our software resulting in recalls or substantial warranty claims; a future act or threat of terrorism, cyber-security attack or other events that could result in a prohibition or restriction of the use of Wi-Fi enabled devices on aircraft; a revocation of, or reduction in, our right to use licensed spectrum, the availability of other air-to-ground spectrum to a competitor or the repurposing by a competitor of other spectrum for air-to-ground use; our use of open source software and licenses; the effects of service interruptions or delays, technology failures and equipment failures or malfunctions arising from defects or errors in our software or defects in or damage to our equipment; the limited operating history of our CA-NA and CA-ROW segments; increases in our projected capital expenditures due to, among other things, unexpected costs incurred in connection with the roll-out of our technology roadmap or our international expansion; compliance with U.S. and foreign government regulations and standards, including those related to regulation of the internet, including e-commerce or online video distribution changes, and the installation and operation of satellite equipment and our ability to obtain and maintain all necessary regulatory approvals to install and operate our equipment in the United States and foreign jurisdictions; our, or our technology suppliers', inability to effectively innovate; costs associated with defending pending or future intellectual property infringement and other litigation or claims; our ability to protect our intellectual property; breaches of the security of our information technology network, resulting in unauthorized access to our customers' credit card information or other personal information; any negative outcome or effects of pending or future litigation; limitations and restrictions in the agreements governing our indebtedness and our ability to service our indebtedness; our ability to obtain additional financing on acceptable terms or at all; fluctuations in our operating results; our ability to attract and retain customers and to capitalize on revenue from our platform; the demand for and market acceptance of our products and services; changes or developments in the regulations that apply to us, our business and our industry; the attraction and retention of qualified employees, including key personnel; the effectiveness of our marketing and advertising and our ability to maintain and enhance our brands; our ability to manage our growth in a cost-effective manner and integrate and manage acquisitions; compliance with anti-corruption laws and regulations in the jurisdictions in which we operate, including the Foreign Corrupt Practices Act and the (U.K.) Bribery Act 2010; restrictions on the ability of U.S. companies to do business in foreign countries, including, among others, restrictions imposed by the U.S. Office of Foreign Assets Control; difficulties in collecting accounts receivable.
Additional information concerning these and other factors can be found under the caption "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
With more than two decades of experience, Gogo is the leader in in-flight connectivity and wireless entertainment services for commercial and business aircraft around the world. Gogo connects aircraft, providing its aviation partners with the world's most powerful network and platform to help optimize their operations. Gogo's superior technologies, best-in-class service, and global reach help planes fly smarter, our aviation partners perform better, and their passengers travel happier.
Today, Gogo has partnerships with 17 commercial airlines and is now installed on more than 2,700 commercial aircraft. More than 7,000 business aircraft are also flying with its solutions, including the world's largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo has more than 1,000 employees and is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. Connect with us at www.gogoair.com and business.gogoair.com.
Gogo Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- Revenue: Service revenue $118,720 $95,406 Equipment revenue 23,026 20,105 ------ ------ Total revenue 141,746 115,511 ------- ------- Operating expenses: Cost of service revenue (exclusive of items shown below) 54,854 46,332 Cost of equipment revenue (exclusive of items shown below) 13,748 9,526 Engineering, design and development 21,648 18,616 Sales and marketing 14,742 11,814 General and administrative(1) 20,989 20,236 Depreciation and amortization 24,357 18,777 ------ ------ Total operating expenses 150,338 125,301 ------- ------- Operating loss (8,592) (9,790) ------ ------ Other (income) expense: Interest income (46) (5) Interest expense 16,296 10,095 Adjustment of deferred financing costs (869) - Other expense (174) (82) ---- --- Total other expense 15,207 10,008 ------ ------ Loss before income taxes (23,799) (19,798) Income tax provision 307 294 --- --- Net loss $(24,106) $(20,092) Net loss attributable to common stock per share-basic and diluted $(0.31) $(0.24) ====== ====== Weighted average number of shares-basic and diluted 78,738 83,126 ====== ======
(1) Note: Previously reported operating expenses for the quarter ended March 31, 2015 have been revised to reflect the classification of incentive compensation expense and stock-based compensation expense in the same operating expense line items as the related base cash compensation. There was no change in total operating expenses, net loss or net loss per share, or to the consolidated balance sheets or statements of comprehensive loss, cash flows or stockholders' equity (deficit). See Note 1, "Basis of Presentation" in our Quarterly Report on Form 10-Q for the period ended March 31, 2016 for additional information on these revisions.
Gogo Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, December 31, 2016 2015 ---- ---- Assets Current assets: Cash and cash equivalents $312,671 $366,833 Accounts receivable, net of allowances of $623 and $417, respectively 70,873 69,317 Inventories 21,970 20,937 Prepaid expenses and other current assets 20,773 10,920 ------ ------ Total current assets 426,287 468,007 ------- ------- Non-current assets: Property and equipment, net 449,791 434,490 Intangible assets, net 80,787 78,823 Goodwill 620 620 Long-term restricted cash 7,535 7,535 Other non-current assets 21,002 14,878 ------ ------ Total non-current assets 559,735 536,346 ------- ------- Total assets $986,022 $1,004,353 ======== ========== Liabilities and Stockholders' equity Current liabilities: Accounts payable $26,108 $28,189 Accrued liabilities 81,567 88,690 Accrued airline revenue share 13,894 13,708 Deferred revenue 24,913 24,055 Deferred airborne lease incentives 23,914 21,659 Current portion of long-term debt and capital leases 9,101 21,277 ----- ------ Total current liabilities 179,497 197,578 ------- ------- Non-current liabilities: Long-term debt 546,274 542,573 Deferred airborne lease incentives 131,908 121,732 Deferred tax liabilities 7,635 7,425 Other non-current liabilities 73,713 68,850 ------ ------ Total non-current liabilities 759,530 740,580 ------- ------- Total liabilities 939,027 938,158 ------- ------- Stockholders' equity Common stock 9 9 Additional paid-in-capital 865,737 861,243 Accumulated other comprehensive loss (1,776) (2,188) Accumulated deficit (816,975) (792,869) -------- -------- Total stockholders' equity 46,995 66,195 ------ ------ Total liabilities and stockholders' equity $986,022 $1,004,353 ======== ==========
Gogo Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- Operating activities: Net loss $(24,106) $(20,092) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 24,357 18,777 Loss on asset disposals/abandonments 277 760 Deferred income taxes 210 207 Stock-based compensation expense 4,198 3,085 Amortization of deferred financing costs 1,168 784 Accretion of debt discount 4,196 972 Changes in operating assets and liabilities: Accounts receivable (1,491) 6,002 Inventories (1,033) (2,211) Prepaid expenses and other current assets (9,826) 585 Accounts payable (18) (10,176) Accrued liabilities (6,333) 728 Deferred airborne lease incentives 7,606 8,670 Deferred revenue 5,222 10,216 Deferred rent 517 14,800 Accrued airline revenue share 181 (44) Accrued interest (3,397) 562 Other non-current assets and liabilities (4,136) (19) ------ --- Net cash provided by (used in) operating activities (2,408) 33,606 ------ ------ Investing activities: Proceeds from the sale of property and equipment 1 - Purchases of property and equipment (31,015) (52,610) Acquisition of intangible assets-capitalized software (6,411) (4,253) Decrease (increase) in restricted cash (14) 19 Net cash used in investing activities (37,439) (56,844) ------- ------- Financing activities: Payment of debt, including capital leases (14,431) (3,133) Proceeds from the issuance of convertible notes - 361,940 Forward transactions - (140,000) Payment of issuance costs - (9,492) Stock option exercises 296 2,554 Net cash provided by (used in) financing activities (14,135) 211,869 ------- ------- Effect of exchange rate changes on cash (180) 189 Increase (decrease) in cash and cash equivalents (54,162) 188,820 Cash and cash equivalents at beginning of period 366,833 211,236 ------- ------- Cash and cash equivalents at end of period $312,671 $400,056 ======== ========
Gogo Inc. and Subsidiaries Supplemental Information - Key Operating Metrics Commercial Aviation North America --------------------------------- For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- Aircraft online (at period end) 2,500 2,200 Aircraft equivalents (average during the period) 2,512 2,155 Average monthly service revenue per aircraft equivalent (ARPA) $11,137 $11,163 Gross passenger opportunity (GPO) (in thousands) 90,003 74,384 Total average revenue per session (ARPS) $13.05 $11.73 Connectivity take rate 6.5% 7.2% ---------------------- --- ---
-- Aircraft online. We define aircraft online as the total number of commercial aircraft on which our equipment is installed and service has been made commercially available as of the last day of each period presented. We assign aircraft to CA-NA or CA-ROW at the time of contract signing as follows: (i) all aircraft operated by North American airlines and under contract for ATG or ATG-4 service are assigned to CA-NA, (ii) all aircraft operated by North American airlines and under a contract for satellite service are assigned to CA-NA or CA-ROW based on whether the routes flown by such aircraft under the contract are anticipated to be predominantly within or outside of North America at the time the contract is signed, and (iii) all aircraft operated by non-North American airlines and under contract are assigned to CA-ROW. -- Aircraft equivalents. We define aircraft equivalents for a segment as the total number of commercial aircraft online (as defined above) multiplied by the percentage of flights flown within the scope of that segment, rounded to the nearest whole aircraft and expressed as an average of the month end figures for each month in such period. This methodology takes into account the fact that during a particular period certain aircraft may fly routes outside the scope of the segment to which they are assigned for purposes of the calculation of aircraft online. -- Average monthly service revenue per aircraft equivalent ("ARPA"). We define ARPA for a segment as the aggregate service revenue plus monthly service fees included as a reduction to cost of service revenue for that segment for the period divided by the number of months in the period, divided by the number of aircraft equivalents (as defined above) for that segment during the period. Prior to the three month period ended March 31, 2016, aircraft online were used as the denominator to calculate ARPA. Beginning with the three month period ended March 31, 2016, ARPA is calculated by using aircraft equivalents as the denominator. We believe the revised ARPA methodology more accurately reflects ARPA by segment because it better reflects the number of aircraft that actually generated the revenue while flying within the scope of each segment during a specific period. ARPA for the CA-NA segment for the three month period ended March 31, 2015, which was $11,194 when originally reported, has been revised to $11,163 to reflect the change in methodology. -- Gross passenger opportunity ("GPO"). We define GPO as the aggregate number of passengers who board commercial aircraft on which Gogo service has been available during the period presented. When available directly from our airline partners, we aggregate actual passenger counts across flights on Gogo-equipped aircraft. When not available directly from our airline partners, we estimate GPO. Estimated GPO is calculated by first estimating the number of flights occurring on each Gogo-equipped aircraft, then multiplying by the number of seats on that aircraft, and finally multiplying by a seat factor that is determined from historical information provided to us in arrears by our airline partners. The estimated number of flights is derived from real-time flight information provided to our front-end systems by Air Radio Inc. (ARINC), direct airline feeds and supplementary third-party data sources. These aircraft-level estimates are then aggregated with actual airline-provided passenger counts to obtain total GPO. -- Total average revenue per session ("ARPS"). We define ARPS as revenue from Passenger Connectivity, excluding non-session related revenue, divided by the total number of sessions during the period. A session, or a "use" of Passenger Connectivity, is defined as the use by a unique passenger of Passenger Connectivity on a flight segment. Multiple logins or purchases under the same user name during one flight segment count as only one session. -- Connectivity take rate. We define connectivity take rate as the number of sessions during the period expressed as a percentage of GPO. Included in our connectivity take-rate calculation are sessions for which we did not receive revenue, including those provided pursuant to free promotional campaigns and, to a lesser extent, as a result of complimentary passes distributed by our customer service representatives for unforeseen technical issues. For the periods listed above, the number of sessions for which we did not receive revenue was not material.
Business Aviation ----------------- For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- Aircraft online (at period end) Satellite 5,494 5,402 ATG 3,681 2,983 Average monthly service revenue per aircraft online Satellite $214 $169 ATG 2,497 2,169 Units Shipped Satellite 133 143 ATG 207 234 Average equipment revenue per unit shipped (in thousands) Satellite $43 $39 ATG 57 55 --- --- ---
-- Satellite aircraft online. We define satellite aircraft online as the total number of business aircraft for which we provide satellite services as of the last day of each period presented. -- ATG aircraft online. We define ATG aircraft online as the total number of business aircraft for which we provide ATG services as of the last day of each period presented. -- Average monthly service revenue per satellite aircraft online. We define average monthly service revenue per satellite aircraft online as the aggregate satellite service revenue for the period divided by the number of months in the period, divided by the number of satellite aircraft online during the period (expressed as an average of the month end figures for each month in such period). -- Average monthly service revenue per ATG aircraft online. We define average monthly service revenue per ATG aircraft online as the aggregate ATG service revenue for the period divided by the number of months in the period, divided by the number of ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). -- Units shipped. We define units shipped as the number of satellite or ATG network equipment units shipped during the period. -- Average equipment revenue per satellite unit shipped. We define average equipment revenue per satellite unit shipped as the aggregate equipment revenue earned from all satellite shipments during the period, divided by the number of satellite units shipped. -- Average equipment revenue per ATG unit shipped. We define average equipment revenue per ATG unit shipped as the aggregate equipment revenue from all ATG shipments during the period, divided by the number of ATG units shipped.
Gogo Inc. and Subsidiaries Supplemental Information - Segment Revenue and Segment Profit (Loss)(1) (in thousands, Unaudited) For the Three Months Ended March 31, 2016 -------------- CA-NA CA-ROW BA Total ----- ------ --- ----- Service revenue $83,409 $4,602 $30,709 $118,720 Equipment revenue 3,638 3 19,385 23,026 Total revenue $87,047 $4,605 $50,094 $141,746 ======= ====== ======= ======== Segment profit (loss) $13,816 $(19,720) $20,223 $14,319 ======= ======== ======= ======= For the Three Months Ended March 31, 2015 -------------- CA-NA CA-ROW BA Total ----- ------ --- ----- Service revenue $72,178 $1,410 $21,818 $95,406 Equipment revenue 356 - 19,749 20,105 Total revenue $72,534 $1,410 $41,567 $115,511 ======= ====== ======= ======== Segment profit (loss) $9,616 $(18,276) $16,806 $8,146 ====== ======== ======= ======
(1) Segment profit (loss) is defined as net income (loss) attributable to common stock before interest expense, interest income, income taxes, depreciation and amortization, certain non-cash charges (including amortization of deferred airborne lease incentives and stock compensation expense) and other income (expense).
Gogo Inc. and Subsidiaries Supplemental Information - Segment Cost of Service Revenue(1) (in thousands, Unaudited) For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- CA-NA $36,574 $32,166 BA 8,419 5,827 CA-ROW 9,861 8,339 Total $54,854 $46,332 ======= =======
(1) Excludes depreciation and amortization expense.
Gogo Inc. and Subsidiaries Supplemental Information - Segment Cost of Equipment Revenue(1) (in thousands, Unaudited) For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- CA-NA $3,947 $151 BA 9,801 9,375 CA-ROW - - Total $13,748 $9,526 ======= ======
(1) Excludes depreciation and amortization expense.
Gogo Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share amounts) (unaudited) For the Three Months Ended March 31, --------------- 2016 2015 ---- ---- Adjusted EBITDA: Net loss attributable to common stock (GAAP) $(24,106) $(20,092) Interest expense 16,296 10,095 Interest income (46) (5) Income tax provision 307 294 Depreciation and amortization 24,357 18,777 ------ ------ EBITDA 16,808 9,069 Stock-based compensation expense 4,198 3,085 Amortization of deferred airborne lease incentives (5,644) (3,926) Adjustment to deferred financing costs (869) - Adjusted EBITDA $14,493 $8,228 ======= ====== Adjusted Net Loss Per Share: Net loss (GAAP) $(24,106) $(20,092) Basic and diluted weighted average shares outstanding (GAAP) 78,738 83,126 Adjustment of shares to our current capital structure - (4,388) Adjusted shares outstanding 78,738 78,738 ====== ====== Adjusted Net Loss Per Share - basic and diluted $(0.31) $(0.26) ====== ====== Cash CAPEX: Consolidated capital expenditures (GAAP) (1) $(37,426) $(56,863) Change in deferred airborne lease incentives (2) 7,661 8,721 Amortization of deferred airborne lease incentives (2) 5,586 3,875 Landlord incentives - 12,236 Cash CAPEX $(24,179) $(32,031) ======== ========
(1) See unaudited condensed consolidated statements of cash flows. (2) Excludes deferred airborne lease incentives and related amortization associated with STCs for the three month periods ended March 31, 2016 and 2015 as STC costs are expensed as incurred as part of Engineering, Design and Development.
Definition of Non-GAAP Measures
EBITDA represents net income (loss) attributable to common stock before income taxes, interest income, interest expense, depreciation expense and amortization of other intangible assets.
Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense, (ii) amortization of deferred airborne lease incentives and (iii) adjustment to deferred financing costs. Our management believes that the use of Adjusted EBITDA eliminates items that, management believes, have less bearing on our operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to be adjusted in order to meet financial goals and achieve optimal financial performance.
We believe the exclusion of stock-based compensation expense from Adjusted EBITDA is appropriate given the significant variation in expense that can result from using the Black-Scholes model to determine the fair value of such compensation. The fair value of our stock options are determined using the Black-Scholes model and varies based on fluctuations in the assumptions used in this model, including inputs that are not necessarily directly related to the performance of our business, such as the expected volatility, the risk-free interest rate and the expected life of the options. Therefore, we believe the exclusion of this cost provides a clearer view of the operating performance of our business. Further, stock option grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time. While we believe that investors should have information about any dilutive effect of outstanding options and the cost of that compensation, we also believe that stockholders should have the ability to consider our performance using a non-GAAP financial measure that excludes these costs and that management uses to evaluate our business.
We believe the exclusion of the amortization of deferred airborne lease incentives from Adjusted EBITDA is useful as it allows an investor to view operating performance across time periods in a manner consistent with how management measures segment profit and loss (see Note 14, "Business Segments and Major Customers" for a description of segment profit (loss) in our unaudited condensed consolidated financial statements). Management evaluates segment profit and loss in this manner, excluding the amortization of deferred airborne lease incentives, because such presentation reflects operating decisions and activities from the current period, without regard to the prior period decision or the form of connectivity agreements. See "--Key Components of Consolidated Statements of Operations--Cost of Service Revenue--Commercial Aviation North America and Rest of World" in our 2015 10-K for a discussion of the accounting treatment of deferred airborne lease incentives.
We believe it is useful to an understanding of our operating performance to exclude the adjustment to deferred financing costs from Adjusted EBITDA because of the non-recurring nature of this charge.
We also present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides investors, securities analysts and other users of our financial statements with important supplemental information with which to evaluate our performance and to enable them to assess our performance on the same basis as management.
Adjusted Net Loss Per Share represents net loss attributable to common stock per share--basic and diluted, adjusted to reflect the number of shares of common stock outstanding as of March 31, 2016 under our current capital structure, after giving effect to the shares of our common stock effectively repurchased as part of the Forward Transactions entered into in connection with the issuance of the Convertible Notes. We present Adjusted Net Loss Per Share to provide investors, securities analysts and other users of our financial statements with important supplemental information with which to evaluate our performance considering our current capital structure and the shares outstanding after giving effect to the Forward Transactions.
Cash CAPEX represents capital expenditures net of airborne equipment proceeds received from the airlines and incentives paid to us by landlords under certain facilities leases. We believe Cash CAPEX provides a more representative indication of our liquidity requirements with respect to capital expenditures, as under certain agreements with our airline partners we are reimbursed for all or a substantial portion of the cost of our airborne equipment, thereby reducing our cash capital requirements.
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