Companies news of 2016-05-16 (page 1)

  • Astea Reports First Quarter 2016 Results
  • Origin Agritech Announces New CFOShashank Aurora, CPA, FCA, hired to enhance financial...
  • Jive, CSC and Cerner Explore Key Trends Driving the Future of HealthcareWebinar highlights...
  • FlexShopper, Inc. Reports First Quarter 2016 Results And 170% Revenue Growth
  • Formula Systems Announces Filing of Annual Report for the Year Ended December 31, 2015 and...
  • Twitter, Inc. Appoints Debra L. Lee to the Board of DirectorsBoard also appoints Marjorie...
  • VOXX International Corporation Reports Its Fiscal 2016 Fourth Quarter And Year-End...
  • MAM Software Reports Fiscal Third Quarter ResultsDelivers Steady Progress; Increases...
  • Extreme Networks Honors Zeeland Public Schools for Supporting Lifetime Learners with...
  • CGI Enters Into 10-year Modernization Agreement with Sears Canada
  • Xilinx Board Of Directors Increases Repurchase Authorization By $1 Billion
  • Network-1 Reports First Quarter 2016 Results
  • Renren Announces Filing of Annual Report on Form 20-F for Fiscal Year 2015
  • MDA appoints new director
  • Gigamon to Participate in Upcoming Investor Conferences
  • xG Technology, Inc. Announces Closing of Offering
  • Research Solutions Reports Fiscal Third Quarter 2016 Financial ResultsArticle Galaxy...
  • TSS, Inc. Reports First Quarter 2016 Results
  • TI CEO Rich Templeton to speak at J.P. Morgan investor conferenceLive webcast at...
  • Arduino Primo Base Board to Feature Native Bluetooth Low Energy Wireless Connectivity and...
  • David Frear to Speak at Upcoming Investor Conferences
  • Acorn International Files 2015 Annual Report on Form 20-F
  • Arria NLG patent opens up automated analysis and reporting to interactive querying and...
  • Social Reality Posts 36% Year-over-Year Revenue Growth for Q1 2016Company Provides Revenue...
  • Canon U.S.A. Displays Teleretinal Solution at American Telemedicine Conference
  • Implant Sciences Reports Third Quarter Fiscal 2016 Financial Results- Quarterly revenue...
  • Arduino Primo Base Board to Feature Native Bluetooth Low Energy Wireless Connectivity and...
  • Stoneridge Appoints Anthony Moore As Vice President Of Operations
  • Verizon's executive briefing program wins top industry awardAssociation of Briefing...



    Astea Reports First Quarter 2016 Results

    HORSHAM, Pa., May 16, 2016 /PRNewswire/ -- Astea International Inc. (OTCQB: ATEA), a global provider of service management and mobile workforce solutions, today announced financial results for the quarter ended March 31, 2016.

    For the quarter ended March 31, 2016, Astea reported revenues of $5.3 million compared to revenues of $5.9 million for the same period in 2015. Net loss for the first quarter was $0.7 million or ($0.23) per share, compared to a net loss of $0.8 million or ($0.26) per share for the same period in 2015. Software license revenues were $0.8 million, compared to $1.1 million for the same period in 2015. Subscription revenues were $0.5 million compared to $0.3 million for the same period in 2015. Service and maintenance revenues were $4.0 million compared to revenues of $4.5 million for the same period in 2015.

    Adjusted EBITDA was ($0.4) million for the quarter ended March 31, 2015 compared to $0.5 million for the same period in 2015. This measure eliminates the variation in operating results that occur from accounting rules related to the deferral of hosting and implementation fees on hosted customers as well as the rules related to the capitalization and amortization of development costs. The details of Adjusted EBITDA are reported in the financial tables below.

    "This quarter we attained an impressive set of new customers, starting off 2016 with strong momentum. Some of our notable new customers include a leading international industrial and specialty gas, and gas handling equipment manufacturer that selected our cloud solution to improve resource utilization and implement best practices to drive operational efficiencies; a premier service provider for refrigeration and air conditioning equipment in North America, will be leveraging our cloud solution to eliminate redundant and manual processes, optimize scheduling to reduce costs, improve first time resolution rates and ultimately elevate customer satisfaction levels; a leading IT services company in North America selected Astea's cloud service suite to improve overall customer experience and increase technician productivity; and a major European IT services provider chose Astea's cloud solution based on our differentiated ITIL (IT Infrastructure Library) and Professional Services Automation capabilities to optimize and synchronize their service processes on a unified, end-to-end service management platform," stated Zack Bergreen, CEO of Astea International.

    "We are very excited about our recent partnership announcement with Cumulocity, the global leading provider of 'Internet-of-Things' (IoT) software and solutions. With this integrated solution, enterprise service organizations will be able to take advantage of real-time information provided by assets in the field in ways that will improve service, reduce costs, and create new service revenue opportunities and differentiated offerings," stated Mr. Bergreen. "Our ongoing commitment to innovation was also reaffirmed by Astea successfully achieving the Microsoft Gold Independent Software Vendor (ISV) Competency for the eleventh consecutive year. This achievement demonstrates our 'best-in-class' ability and commitment to meet our customers' evolving needs in today's dynamic business environment and distinguishing ourselves within the top 1 percent of Microsoft's partner ecosystem."

    Outlook

    Mr. Bergreen concluded, "We had many customers successfully go live this quarter with a combination of both new implementations as well as upgrades to existing deployments. Additionally, many customers who are in the process of implementing Astea software are expected to generate additional license sales after they go live. It is this visibility that allows us to look for continued progress as we move forward through 2016."

    Astea will host a conference call that will be broadcast live over the Internet on May 20, 2016 at 4:30pm ET to discuss the Company's first quarter financial results. The conference call, which usually occurs the same day quarterly results are released, has been pushed back to May 20, because Mr. Bergreen is visiting other Company offices and customers and will return for the call. Investors can access the call from the Company's Web site at http://www.astea.com/en/About-Us/Investors/page.aspx. To listen to the live call via the telephone, please call 1-800-862-9098. For calls from outside North America, please dial 1-785-424-1051. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

    About Astea International

    Astea International is a global provider of software solutions that offer all the cornerstones of service lifecycle management, including customer management, service management, asset management, forward and reverse logistics management and mobile workforce management and optimization. Astea's solutions link processes, people, parts, and data to empower companies and provide the agility they need to achieve sustainable value in less time, and successfully compete in a global economy. Since 1979, Astea has been helping more than 600 companies drive even higher levels of customer satisfaction with faster response times and proactive communication, creating a seamless, consistent and highly personalized experience at every customer relationship touch point.

    www.astea.com. Service Smart. Enterprise Proven.

    (C) 2016 Astea International Inc. Astea and Astea Alliance are trademarks of Astea International Inc. All other company and product names contained herein are trademarks of the respective holders.

    Forward-looking Statements

    Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company's control. These and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC), including but not limited to the Company's Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

    Use of Non-GAAP Financial Results

    In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures. The Company's management believes the Non-GAAP financial information provided in this release is useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future. Management also uses both GAAP and Non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The Non-GAAP financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and Non-GAAP measures are provided later in this press release.

    Financial Tables Follow

    Astea International Inc. Adjusted EBITDA ($ in '000's) Quarter Ended ------------- 3/31/2016 (Unaudited) 3/31/2015 (Unaudited) --------------------- --------------------- Net loss, as reported (697) (793) Add back: Interest expense 25 42 Income taxes 12 12 Depreciation and amortization 589 1,066 ------------ --- Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) (71) 327 Increase in deferred hosting 142 375 Increase in deferred professional services -hosting 410 185 Capitalized software development costs (832) (426) ---- ---- Adjusted EBITDA (351) 461 ==== ===

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/astea-reports-first-quarter-2016-results-300269268.html

    Astea International Inc.

    CONTACT: Investor Relations Contact - Rick Etskovitz, Chief Financial
    Officer, Astea International Inc., 215-682-2500, retskovitz@astea.com

    Web site: http://www.astea.com/




    Origin Agritech Announces New CFOShashank Aurora, CPA, FCA, hired to enhance financial strength, build momentum

    DES MOINES, Iowa, May 16, 2016 /PRNewswire/ -- Origin Agritech Ltd., a technology-focused crop seed provider, is pleased to introduce Shashank Aurora, CPA, FCA, as the organization's new chief financial officer. Aurora will start his new position effective immediately. He joins Origin's senior leadership team, along with recently named CEO Dr. William S. Niebur, to further position the company as a global participant in the biotechnology and agricultural seeds industry.

    As CFO, Aurora will further establish the companyat a global level. "This is a great opportunity, and I'm very excited to play a key role in growing Origin's global presence as we shift our focus to new strategic opportunities," Aurora said.

    Aurora most recently served DuPont Pioneer in the capacity of global services finance director. With more than two decades of experience with the organization, he led numerous DuPont Pioneer entities across the globe to strong financial results, including locations in Africa, Canada, China, India, Latin America and Pakistan.

    "We are excited to welcome Shashank to our team," said Dr. Gengchen Han, Origin Agritech Chairman of the Board. "He brings a wealth of knowledge to the organization, including industry insight and financial savvy. His expertise will be crucial as we enhance Origin's core seed business and pursue global opportunities that we have initiated."

    Aurora earned his Bachelor of Life Sciences degree from Nizam College, Osmania University, in Hyderabad, India, along with certifications as FCA from The Institute of Chartered Accountants of India and CPA from the American Institute of Certified Public Accountants. He is fluent in English and Hindi, and is familiar with Arabic.

    "Shashank is an ideal executive to help position Origin for the future opportunities that we will pursue and prioritize," said Dr. Niebur, Origin CEO. "His vast global experience combined with a deep understanding of business finance and large complex investments will be critical to Origin as we advance our mission."

    Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is China's leading agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Leading the development of crop seed biotechnologies, Origin Agritech'sphytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. For further information, please visit the Company's website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/.

    Forward-Looking Statements
    This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company's control. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting products based on biotechnology and, in general, for products for the agriculture industry; outcome of significant litigation and environmental matters, including realization of associated indemnification assets, if any; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could affect demand as well as availability of products for the agriculture industry; ability to protect and enforce the company's intellectual property rights; and successful integration of acquired businesses and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

    Contact: Jordan Rose
    Office: (515) 226-0818
    Email: jrose@thinkwixted.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/origin-agritech-announces-new-cfo-300269084.html

    Origin Agritech Limited

    Web site: http://www.originseed.com.cn/




    Jive, CSC and Cerner Explore Key Trends Driving the Future of HealthcareWebinar highlights how interactive intranets and digital collaboration are poised to improve healthcare delivery

    PALO ALTO, Calif., May 16, 2016 /PRNewswire/ -- As the healthcare industry continues to transform at a rapid pace, providers face increased financial, market and regulatory pressure to deliver high-quality, patient-centered care while eliminating unnecessary costs. At the same time, technology is constantly evolving to provide new ways to improve healthcare for both patients and providers. This Wednesday, global health economist Boris Rachev and Brice Jewell, senior director of enterprise applications of Cerner, will explore the top trends reshaping healthcare, including digital collaboration, during a Jive Software, Inc. webinar.

    http://photos.prnewswire.com/prnvar/20130827/MM70466LOGO

    --  What - "Six Trends Driving Healthcare Collaboration" webinar
    --  Who - Boris Rachev, global health economist at CSC
    --  Brice Jewell, senior director of enterprise applications at Cerner
    --  Gia Lyons, senior director of product marketing at Jive
    --  When - 10:00 a.m. PT, Wednesday, May 18, 2016
    --  Where - Visit
    https://www.jivesoftware.com/about-jive/events/6-trends-driving-healthca
    re-collaboration/ to register
    

    In the webinar, Boris Rachev will explain how the evolution of patient care, cybersecurity and health system consolidation are driving a massive shift in how clinicians must work together day-to-day. He'll be joined by Brice Jewell from Cerner, a global leader in healthcare technology, who will share examples of how collaboration can benefit healthcare organizations. The discussion will explore the new era in digital collaboration, which can deliver better care coordination, build stronger alignment between clinical teams, organizations and provider networks, and help integrated health enterprises work more efficiently across the board.

    "At Cerner, we've seen firsthand how a digital community of nearly 100,000 health care stakeholders can systemically enable the improvement of care delivery," said Jewell. "Since 2009, uCern Connect has driven knowledge sharing among hospitals, clinicians and medical device companies, as well as technology suppliers, consultants and Cerner associates. This digital collaboration brings our clients, associates and suppliers together more effectively as we work toward the mutual goal of improving health care."

    "Overall, there is greater pressure on health delivery organizations to improve their clinical quality and efficiency. One way to do that is through collaboration platforms which bring all stakeholders together in the digital space," said Boris Rachev.

    Register here to attend the free 60-minute session, "6 Trends Driving Healthcare Collaboration," or click here to download Rachev's whitepaper, "Connecting Clinicians is Critical: Trends Driving the Future of Healthcare Collaboration in 2016."

    Jive's Healthcare Collaboration solution conforms to HIPAA requirements and enables health systems to connect, communicate and collaborate as an integrated health enterprise. A growing list of over 40 healthcare organizations--including Cerner, BUPA, Carestream Health, Lahey Health, Parkview Health, Spectrum Health, Trinity Health, the U.S. Department of Veterans Affairs and United Health Group--use Jive to help clinicians, researchers and administrators deliver effective patient care in a more efficient and less costly manner.

    About Jive Software

    Jive is the leader in accelerating workplace digital transformation for organizations, enabling people to work better together. The company provides industry-leading Interactive Intranet solutions and Customer Engagement communities that connect people, information and ideas to help businesses outpace their competitors. With more than 30 million users worldwide and customers in virtually every industry, Jive is consistently recognized as a leader by top analyst firms, including Gartner Inc., Forrester Research and Aragon Research. More information can be found at www.jivesoftware.com or the Jive Blog.

    Logo - http://photos.prnewswire.com/prnh/20130827/MM70466LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jive-csc-and-cerner-explore-key-trends-driving-the-future-of-healthcare-300269402.html

    Photo: http://photos.prnewswire.com/prnh/20130827/MM70466LOGO Jive Software

    CONTACT: Kim Anderson, Jive Software, 650/433-0576,
    kim.anderson@jivesoftware.com; or Marcelo Vilela, Text 100 for Jive
    Software, 415/593-8419, marcelo.vilela@text100.com

    Web site: http://www.jivesoftware.com/




    FlexShopper, Inc. Reports First Quarter 2016 Results And 170% Revenue Growth

    BOCA RATON, Fla., May 16, 2016 /PRNewswire/ -- FlexShopper, Inc. announced today its results of continuing operations for the three months ended March 31, 2016.

    Three Months Ended March 31, 2016 vs. Three Months Ended March 31, 2015

    --  Total revenues increased 170% from $3.8 million to $10.2 million
    --  Lease originations increased from 3,760 to 8,851 or 135%
    

    In the second quarter of 2014, FlexShopper successfully sold its Anchor Funding Services business. Income from discontinued operations was $0 and $74,700 for the three months ended March 31, 2016 and 2015, respectively. This income combined with the net losses from continuing operations resulted in net losses of $2,613,703 ($.05 per share) and $1,393,723 ($.04 per share) for the three months ended March 31, 2016 and 2015, respectively. For additional information related to FlexShopper's first quarter results, please see FlexShopper's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed with the Securities and Exchange Commission on May 16, 2016.

    Management Commentary

    Brad Bernstein, CEO, stated, "We are pleased to start 2016 with significant first quarter growth in our ecommerce business, primarily driven by increased traffic to our FlexShopper.com marketplace. We believe FlexShopper is well positioned with our direct to consumer and retail partner channels to continue to take advantage of the significant opportunity in online lease-to-own. In addition to hiring a Chief Risk Officer in the first quarter, we continue to invest in our risk and technology human resources for continued optimization of our order processing, marketing and risk strategies to enhance profitability."

    About FlexShopper

    FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. (FPAY) is a financial and technology company that provides brand name durable goods to consumers on a lease-to-own (LTO) basis through its ecommerce marketplace (www.FlexShopper.com) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-tailers to enter into transactions with consumers that want to obtain durable goods, but do not have sufficient cash or credit. FlexShopper also funds the LTO transactions by paying merchants for the goods and collecting from consumers under an LTO contract.

    Forward-Looking Statements
    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995.
    Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    Contact:
    FlexShopper, Inc.
    Investor Relations
    ir@flexshopper.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/flexshopper-inc-reports-first-quarter-2016-results-and-170-revenue-growth-300269358.html

    FlexShopper, Inc.



    Formula Systems Announces Filing of Annual Report for the Year Ended December 31, 2015 and Transition to IFRS for 2016

    OR YEHUDA, Israel, May 16, 2016 /PRNewswire/ --

    Formula Systems (1985) Ltd. [http://www.formulasystems.com ] , a global information technology holding company engaged primarily, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products announced today that it had filed its annual report for the year ended December 31, 2015 with the U.S. Securities and Exchange Commission.

    The annual report, which contains the Company's audited consolidated financial statements, can be accessed on the SEC website at http://www.sec.gov as well as via the Company's website in the Investor Relations section under Financial Reports.

    The annual report reflects certain adjustments to the Company's preliminary results for the year ended December 31, 2015, reported previously on Form 6-K on March 15, 2016. Such adjustments resulted from the Company's determination that the financial results of Sapiens International Corporation N.V. ("Sapiens") could be consolidated with the Company's financial statements only for the first three quarters of 2015 and thereafter were accounted for under the equity method of accounting (as opposed to the preliminary results, which reflected the consolidation of the results of operations of Sapiens for the full year ended December 31, 2015). The net gain recognized in relation of the deconsolidation of the results of operations of Sapiens and the related re-measurement of the investment to fair value amounted to $ 56.4 million and is presented in the income statement as equity in gains of affiliated companies. This adjustment was made over the course of finalizing the annual financial statements and the course of the completion of the audit of the Company's financial statements by its independent registered public accountants. The changes include a decrease in revenues from $798.8 million to $750.6 million (now reflected in the income statement as equity in gains of affiliated companies), an increase in net income attributable to Formula's shareholders from $19.3 million to $73.7 million and an increase in diluted earnings per share from $1.31 to $5.00.

    The Company also announced today its transition, as of January 1, 2016, to reporting of its financial statements in accordance with International Financial Reporting Standards ("IFRS"). Previously (including with respect to 2015), the Company prepared its reports in accordance with US GAAP.

    Upon transitioning to reporting based on IFRS, the Company expects to consolidate the results of operations of Sapiens, Magic Software Enterprises Ltd. and other entities over which it has effective control ("de facto control"), as required under IFRS. De facto control exists when the Company does not have more than 50% of the voting power but its rights are sufficient to give it power to have the practical ability to direct the relevant activities of such companies. The Company believes that consolidating the results of operations of entities over which it has de facto control will provide for more consistency in accounting treatment and financial reporting over future periods, whether the Company's interests in these entities increase to over 50% or are reduced to below 50% (and for as long as it has de facto control over such entities). The Company anticipates that this change will provide shareholders with information that better reflects the Company's operations and financial position through the subsidiaries that it effectively controls.

    The Company intends to report its results for the first quarter ended March 31, 2016 in accordance with IFRS on or before June 30, 2016.

    The principal adjustments in reporting the Company's financial statements in accordance with US GAAP compared to IFRS will be described in such report.

    About Formula

    Formula Systems (1985) Ltd. is a global information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products, and providing computer-based business solutions.

    For more information, visit http://www.formulasystems.com.

    Except for any historical information contained herein, matters discussed in this press release might include forward-looking statements that involve a number of risks and uncertainties. Regarding any financial statements, actual results might vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both locally and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in Formula's most recent annual report and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Press Contact: Formula Systems (1985) Ltd. +972-3-5389487 ir@formula.co.il

    Formula Systems (1985) Ltd



    Twitter, Inc. Appoints Debra L. Lee to the Board of DirectorsBoard also appoints Marjorie Scardino as lead independent director

    SAN FRANCISCO, May 16, 2016 /PRNewswire/ -- Twitter, Inc. announced today that the Board of Directors has appointed Debra L. Lee, Chairman and Chief Executive Officer of BET Networks, to serve as a Board member, effective immediately. Ms. Lee will also serve as a member of the Nominating and Corporate Governance Committee and, effective following Twitter's 2016 Annual Meeting of Stockholders, as chairperson of the committee.

    https://photos.prnewswire.com/prnvar/20160516/368163

    "Twitter has been and continues to be a transformative service for the media landscape and the world," said Ms. Lee. "I'm excited to help Jack, Omid, and the rest of the Board continue and further that impact in the years to come."

    "Debra's addition strengthens our Board immensely," said Omid Kordestani, Twitter's Executive Chairman. "She's a highly respected leader in the media industry with decades of experience, and has a clear passion for Twitter as a service and a company."

    Ms. Lee is Chairman and Chief Executive Officer of BET Networks, a media and entertainment subsidiary of Viacom, Inc., and the leading provider of entertainment for the African-American audience and consumers of Black culture globally. She joined BET in 1986 and served in a number of executive positions before becoming Chairman and Chief Executive Officer in January 2006, including President and Chief Executive Officer from June 2005 to January 2006, President and Chief Operating Officer from 1995 to 2005 and also served as Executive Vice President and General Counsel, and Vice President and General Counsel.

    Ms. Lee has been named one of The Hollywood Reporter's 100 Most Powerful Women in Entertainment, and was inducted into the Broadcasting & Cable Hall of Fame and the Washington Business Hall of Fame. She was also the first African-American female executive to be honored with the Distinguished Leadership Vanguard Award by the National Cable & Telecommunications Association.

    Ms. Lee serves on the board of Marriott International, Inc. and WGL Holdings, Inc., an energy company. She also serves on the board of a number of professional and civic organizations, including as Immediate Past Chair of the Advertising Council, as the President of the Alvin Ailey Dance Theater, and as a Trustee Emeritus at Brown University. Ms. Lee holds a B.A. from Brown University, a J.D. from Harvard Law School, and an M.P.P. from Kennedy School of Government at Harvard University.

    Additionally, the Board has appointed Marjorie Scardino as lead independent director, effective following Twitter's 2016 Annual Meeting. Among other responsibilities, as lead independent director, Ms. Scardino will preside over meetings of Twitter's independent directors, approve proposed meeting agendas and schedules, and call meetings of the Board or independent directors. She succeeds Peter Currie in the role, whose term will end following the Annual Meeting.

    About Twitter, Inc.
    Twitter is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to consume, create, distribute, and discover content, Twitter enables any voice to echo around the world instantly and unfiltered. The service can be accessed at Twitter.com, on a variety of mobile devices, and via SMS. Available in more than 40 languages, Twitter reported 310 million monthly active users as of the quarter ended March 31, 2016. For more information, visit about.twitter.com or follow @twitter.

    http://photos.prnewswire.com/prnvar/20160510/366147LOGO

    Photo - http://photos.prnewswire.com/prnh/20160516/368163

    Logo - http://photos.prnewswire.com/prnh/20160510/366147LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/twitter-inc-appoints-debra-l-lee-to-the-board-of-directors-300269368.html

    Photo: https://photos.prnewswire.com/prnh/20160516/368163
    http://photos.prnewswire.com/prnh/20160510/366147LOGO Twitter, Inc.

    CONTACT: press@twitter.com

    Web site: http://twitter.com/




    VOXX International Corporation Reports Its Fiscal 2016 Fourth Quarter And Year-End Financial Results

    HAUPPAUGE, N.Y., May 16, 2016 /PRNewswire/ -- VOXX International Corporation , today announced financial results for its Fiscal 2016 fourth quarter and year-ended February 29, 2016.

    Pat Lavelle, President and CEO of VOXX International, commented, "Our top-line results in the fourth quarter came in mostly as anticipated, with the majority of product categories performing as planned. Excluding the Euro impact, our net sales were up approximately 2.4%. Our expenses were up with the inclusion of EyeLock, though when factoring out EyeLock and related expenses, as well as the non-cash impairment charges, our core overhead declined by $2.9 million. We continue to look for additional savings, while supporting increased R&D investments to drive innovation and to support anticipated growth across each of our business segments in Fiscal 2017."

    Fiscal Fourth Quarter Results Comparisons (for the three-months ended February 29, 2016 and February 28, 2015

    Net sales for the Fiscal 2016 fourth quarter were $169.7 million compared to $169.9 million reported in the comparable year-ago period. The average Euro for both periods, respectively, was 1.09 as compared to 1.18, a decline of 7.6%, which impacted net sales by approximately $4.3 million. Excluding the impact of the Euro conversion, net sales were up $4.1 million or 2.4%.

    Q4 2016 Q4 2015 Year-over-Year Q4 2016 vs. Q4 2015 $ Change (Euro impact) -------- ------------ Total Net Sales $169.7 $169.9 ($0.2) ($4.3) ----- ------ ------ ----- ----- Automotive $84.8 $90.9 ($6.1) ($2.9) ---------- ----- ----- ----- ----- Consumer Accessories $48.6 $41.5 $7.1 ($0.7) ----------- ----- ----- ---- ----- Premium Audio $36.2 $37.3 ($1.1) ($0.7) ------- ----- ----- ----- ----- Corporate $0.1 $0.2 ($0.1) - --------- ---- ---- ----- ---

    --  Automotive segment sales were primarily impacted by declines in the
    aftermarket, as a result of the Company's sale and subsequent licensing
    of its Jensen 12-volt business in Fiscal 2015, as well as phased out
    product lines and declines in satellite radio product sales.  Sales to
    OEM customers were up for the comparable periods by approximately $1.7
    million, excluding the impact of the Euro conversion.
    --  Consumer Accessories segment sales, excluding the impact of the Euro
    conversion, were up $7.7 million.  This increase was primarily related
    to stronger sales of wireless and Bluetooth speakers, reception
    products, and 360Fly(R) action cameras.
    --  Premium Audio segment sales were down approximately $0.4 million, when
    excluding the Euro conversion impact.  Newer product lines, including
    wireless home theater systems, WiSA-enabled speaker systems, streaming
    audio and wireless Bluetooth speakers helped drive domestic sales, which
    offset declines related to discontinued business with certain retailers
    from the prior year.
    

    The gross margin for the Fiscal 2016 fourth quarter came in at 27.6% as compared to 29.1% for the same period last year, a decline of 150 basis points ("bps"). The decline in gross profit margin was primarily due to a change in product mix within the Automotive and Consumer Accessories segments, offset by improvements in tooling, obsolescence and warranty expenses.

    Operating expenses for the Fiscal 2016 fourth quarter were $54.3 million, a $4.2 million increase as compared to $50.2 in the Fiscal 2015 fourth quarter. Excluding the addition of operating expenses associated with EyeLock, LLC ("EyeLock"), the Company's majority owned subsidiary and most recent acquisition, operating expenses were flat for the comparable periods. Additionally, during the Fiscal 2016 fourth quarter, the Company incurred non-cash asset impairment charges of $2.9 million, partially offset by $1.1 million in restructuring charges in the Fiscal 2015 fourth quarter that did not recur in Fiscal 2016.

    The Company reported an operating loss of $7.5 million as compared to an operating loss of $0.7 million in the Fiscal 2015 fourth quarter. Net loss was $7.0 million or a loss of $0.22 per diluted share as compared to a net loss of $14.4 million and a net loss per diluted share of $0.60 in the comparable prior year period. Net loss attributable to VOXX International for the comparable Fiscal 2016 and Fiscal 2015 fourth quarters was $5.4 million vs. $14.4 million, respectively.

    Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the Fiscal 2016 fourth quarter was a loss of $1.0 million as compared to an EBITDA loss of $6.2 million reported in the Fiscal 2015 fourth quarter. Adjusted EBITDA was $2.0 million as compared to $5.2 million for the comparable Fiscal 2016 and 2015 fourth quarter periods.

    FY16 vs. FY15 Comparisons (for the twelve-months ended February 29, 2016 and February 28, 2015)

    Fiscal 2016 net sales were $680.7 million compared to $757.5 million reported in the comparable year-ago period, a decline of $76.8 million or 10.1%. Approximately $40.0 million of the decline was related solely to foreign exchange. The average Euro in Fiscal 2016 was 1.10 as compared to 1.29 in the comparable year-ago period, representing an approximate 15% decrease in value.

    FY 2016 FY 2015 YOY $ Change FY16 vs. FY15 (Euro impact) ------------ Total Net Sales $680.7 $757.5 ($76.8) ($39.9) ------ ------ ------ ------ ------ Automotive $351.7 $396.4 ($44.8) ($28.2) ---------- ------ ------ ------ ------ Premium Audio $140.5 $165.8 ($25.3) ($6.0) ------- ------ ------ ------ ----- Consumer Accessories $187.3 $194.1 ($6.8) ($5.7) ----------- ------ ------ ----- ----- Corporate $1.3 $1.2 $0.1 - --------- ---- ---- ---- ---

    --  Automotive segment sales, excluding the impact of the Euro conversion
    declined by approximately $16.6 million.  The Company's Automotive OEM
    business was up for the comparable periods, when factoring in the Euro
    conversion, and this growth was offset by lower domestic aftermarket
    sales.  The remote start category in particular, was impacted by warmer
    winter weather conditions and timing associated with various programs,
    as well as lower sales of phased out product lines and satellite radio
    products.  Additionally, the sale and subsequent licensing of the Jensen
    12-volt business in FY15 adversely impacted revenues by $6.1 million.
    --  Premium Audio segment sales, excluding the impact of the Euro
    conversion, were down $19.3 million, driven by a phase-out of some older
    product lines and higher load-in's in Fiscal 2015.  International sales,
    excluding the impact of the Euro conversion, were relatively flat for
    the comparable periods.
    --  Consumer Accessories segment sales, excluding the impact of the Euro
    conversion, were down $1.1 million, primarily related to lower sales in
    Mexico as a result of the Fiscal 2015 change in the Company's
    distribution strategy and sale of its inventory, as well as lower sales
    in select categories.  Offsetting these declines were higher sales of
    wireless and Bluetooth speakers, and new sales associated with the
    360Fly action camera.
    

    The gross margin for the Fiscal 2016 twelve-month period was 28.7% as compared to 29.6% for the same period last year, a decline of 90 basis points. Automotive gross margins were 29.4% as compared to 30.4%; Premium Audio gross margins were 33.2% as compared to 31.9%; and Consumer Accessories gross margins were 24.3% as compared to 25.4%. Consolidated gross margins were primarily impacted by a change in product mix within the Automotive and Consumer Accessories segments, and a one-time duty refund in Fiscal 2015 which did not repeat in Fiscal 2016, partially offset by higher product margins within Premium Audio.

    Operating expenses for both the Fiscal 2016 and Fiscal 2015 twelve-month periods were $207.3 million. Note however, that Fiscal 2016 includes $9.1 million in operating expenses associated with intangible and long-lived asset impairment charges and $0.8 million in acquisition related costs associated with EyeLock, offset by a restructuring expense of $1.1 million in Fiscal 2015, that did not recur in Fiscal 2016. Additionally, Fiscal 2016 includes operating expenses from the Company's acquisition of a controlling interest in substantially all of the assets and certain liabilities of EyeLock, Inc. and EyeLock Corporation, which includes both overhead and R&D related expenses to drive future offerings and support customer programs.

    The Company reported an operating loss of $11.6 million as compared to operating income of $16.6 million in the Fiscal 2015 twelve-month period. Intangible asset impairment charges and acquisition-related expenses totaled approximately $9.9 million in Fiscal 2016.

    The Company reported a net loss for the Fiscal 2016 twelve-month period of $6.1 million as compared to a net loss of $0.9 million in Fiscal 2015. Net loss attributable to VOXX International Corporation was approximately $2.7 million in Fiscal 2016 or a loss per diluted share of $0.11 as compared to a net loss attributable to VOXX International Corporation of $0.9 million or a loss of $0.04 per diluted share in Fiscal 2015.

    EBITDA for the Fiscal 2016 twelve-month period was $18.8 million as compared to EBITDA of $23.1 million reported in the comparable Fiscal 2015 period. Adjusted EBITDA was $24.8 million as compared to $41.5 million for both the Fiscal 2016 and Fiscal 2015 periods, respectively.

    Lavelle continued, "We knew coming in to the year that it was a challenging environment, and we planned for it. We've been transitioning out of older product lines, while introducing new solutions in the Automotive, Premium Audio and Consumer Accessories segments; all of which, we believe, are positioned for organic growth in FY17. In the fourth quarter and in the roughly two months since year-end, our Automotive segment has been awarded over $300 million of new contract awards, and we're continuing to build our pipeline. In Consumer Accessories, we expect to continue to drive growth in the wireless speaker and reception categories, and will have additional sales of 360Fly action cameras, with a new 4K model coming to market later this month. Our Premium Audio segment, excluding the Euro conversion impact, grew in the fourth quarter and while the first quarter may not show continued growth, new products coming to market in both the second and third fiscal quarters have us optimistic that the category will return to growth. All in all, we're expecting better top- and bottom-line performance in the year ahead, and we continue to strengthen our balance sheet in support of our business."

    Non-GAAP Measures
    Adjusted EBITDA and diluted adjusted earnings per common share are not financial measures recognized by GAAP. Adjusted EBITDA represents net income (loss), computed in accordance with GAAP, before interest expense and bank charges, taxes, depreciation and amortization, stock-based compensation expense, certain foreign currency remeasurements, relocation and restructuring charges and impairment charges. Depreciation, amortization, stock-based compensation, and impairment expenses are non-cash items.

    Diluted adjusted earnings per common share represent the Company's diluted earnings per common share based on adjusted EBITDA.

    We present adjusted EBITDA and diluted adjusted earnings per common share in this Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA and diluted adjusted earnings per common share help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of costs relating to the Company's acquisitions, restructuring, relocations, remeasurements, impairments, stock-based compensation, settlements and recoveries allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be assessed in isolation from or construed as a substitute for EBITDA prepared in accordance with GAAP. Adjusted EBITDA and diluted adjusted earnings per common share are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

    The Company will be hosting its conference call on Tuesday, May 17, 2016 at 10:00 a.m. ET. Interested parties can participate by visiting www.voxxintl.com, and clicking on the webcast in the Investor Relations section or via teleconference (toll-free number: 877-303-9079; international: 970-315-0461 / conference ID: 9357994). For those unable to join, a replay will be available approximately four hours after the call has been completed and will last for one week (replay number: 855-859-2056; international replay: 404-537-3406 / conference ID: 9357994).

    About VOXX International Corporation
    VOXX International Corporation has grown into a worldwide leader in many automotive and consumer electronics and accessories categories, as well as premium high-end audio. Today, the Company has an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and most of the world's leading automotive manufacturers. The Company has an international footprint in Europe, Asia, Mexico and South America, and a growing portfolio, which now comprises over 30 trusted brands. Among the key domestic brands are Klipsch(R), RCA(R), Invision(R), Jensen(R), Audiovox(R), Terk(R), Acoustic Research(R), Advent(R), Code Alarm(R), Car Connection(R), 808(R), AR for Her(R), and Prestige(R). International brands include Hirschmann Car Communication(R), Klipsch(R), Jamo(R), Energy(R), Mirage(R), Mac Audio(R), Magnat(R), Heco(R), Schwaiger(R), Oehlbach(R) and Incaar(TM). For additional information, please visit our Web site at www.voxxintl.com.

    Safe Harbor Statement
    Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive, premium audio and consumer accessories businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations and concerns regarding the European debt crisis; restrictive debt covenants; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against VOXX International Corporation and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended February 29, 2016.

    Company Contact:
    Glenn Wiener, President
    GW Communications
    Tel: 212-786-6011
    Email: gwiener@GWCco.com

    - Tables to Follow -

    VOXX International Corporation and Subsidiaries Consolidated Balance Sheets February 29, 2016 and February 28, 2015 (In thousands, except share data) February 29, February 28, 2016 2015 ------------- ------------- Assets Current assets: Cash and cash equivalents $11,767 $8,448 Accounts receivable, net 87,055 102,766 Inventory, net 144,028 156,649 Receivables from vendors 2,519 3,622 Investment securities, current - 275 Prepaid expenses and other current assets 17,256 26,370 Income tax receivable 1,426 1,862 Deferred income taxes - 1,723 --- ----- Total current assets 264,051 301,715 Investment securities 10,206 12,413 Equity investments 21,949 21,648 Property, plant and equipment, net 79,422 69,783 Goodwill 104,349 105,874 Intangible assets, net 185,022 158,455 Deferred income taxes 23 717 Other assets 4,690 6,908 Total assets $669,712 $677,513 ======== ======== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $55,790 $71,403 Accrued expenses and other current liabilities 50,748 51,744 Income taxes payable 4,081 3,067 Accrued sales incentives 12,439 14,097 Deferred income taxes - 1,060 Current portion of long-term debt 8,826 6,032 ----- ----- Total current liabilities 131,884 147,403 Long-term debt 90,691 79,455 Capital lease obligation 1,381 733 Deferred compensation 4,011 4,650 Other tax liabilities 4,997 5,157 Deferred tax liabilities 30,374 34,327 Other long-term liabilities 10,480 9,648 ------ ----- Total liabilities 273,818 281,373 Commitments and contingencies Stockholders' equity: Preferred stock: No shares issued or outstanding (see Note 9) - - Common stock: Class A, $.01 par value; 60,000,000 shares authorized, 24,067,444 and 24,003,240 shares issued, 21,899,370 and 21,873,790 shares outstanding at February 29, 2016 and February 28, 2015, respectively 256 255 Class B Convertible, $.01 par value, 10,000,000 authorized, 2,260,954 shares issued and outstanding 22 22 Paid-in capital 294,038 292,427 Retained earnings 154,947 157,629 Non-controlling interest 8,524 - Accumulated other comprehensive loss (40,717) (33,235) Treasury stock, at cost, 2,168,074 and 2,129,450 shares of Class A Common Stock at February 29, 2016 and February 28, 2015, respectively (21,176) (20,958) ------- ------- Total stockholders' equity 395,894 396,140 Total liabilities and stockholders' equity $669,712 $677,513 ======== ========

    VOXX International Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (In thousands, except share and per share data) (unaudited) Three Months Three Months Year Ended Year Ended Ended Ended February February February February 29, 28, 29, 28, 2016 2015 2016 2015 ---- ---- ---- ---- Net sales $169,683 $169,900 $680,746 $757,498 Cost of sales 122,859 120,444 485,061 533,628 ------- ------- ------- ------- Gross profit 46,824 49,456 195,685 223,870 ------ ------ ------- ------- Operating expenses: Selling 12,331 12,907 48,513 54,136 General and administrative 27,852 26,559 111,382 114,849 Engineering and technical support 11,300 9,578 37,490 37,157 Intangible asset impairment charges 2,860 - 9,070 - Acquisition costs - - 800 - Restructuring expense - 1,134 - 1,134 --- ----- --- ----- Total operating expenses 54,343 50,178 207,255 207,276 ------ ------ ------- ------- Operating (loss) income (7,519) (722) (11,570) 16,594 ------ ---- ------- ------ Other income (expense): Interest and bank charges (3,111) (1,841) (8,075) (6,851) Equity in income of equity investees 1,536 1,235 6,538 5,866 Venezuela currency devaluation, net - (872) (2) (7,104) Impairment of Venezuela investment properties - (9,304) - (9,304) Gain on bargain purchase - - 4,679 - Other, net (473) 79 632 1,495 ---- --- --- ----- Total other (expense) income, net (2,048) (10,703) 3,772 (15,898) ------ ------- ----- ------- (Loss) income before income taxes (9,567) (11,425) (7,798) 696 Income tax (benefit) expense (2,526) 2,946 (1,735) 1,638 ------ ----- ------ ----- Net loss $(7,041) $(14,371) $(6,063) $(942) Less: net loss attributable to non-controlling interest (1,691) - (3,381) - ------ --- ------ --- Net loss attributable to VOXX International Corporation $(5,351) $(14,371) $(2,682) $(942) Other comprehensive income (loss): Foreign currency translation adjustments 3,324 (17,387) (5,702) (33,170) Derivatives designated for hedging (767) 1,729 (2,440) 3,258 Pension plan adjustments 486 (1,547) 640 (1,423) Unrealized holding loss on available-for-sale investment securities arising during the period, net of tax 19 (34) 20 (27) --- --- --- --- Other comprehensive income (loss), net of tax 3,062 (17,239) (7,482) (31,362) Comprehensive loss attributable to Voxx International Corporation $(2,289) $(31,610) $(10,164) $(32,304) ======= ======== ======== ======== Net loss per common share attributable to Voxx International Corporation (basic) $(0.22) $(0.60) $(0.11) $(0.04) ====== ====== ====== ====== Net loss per common share attributable to Voxx International Corporation (diluted) $(0.22) $(0.60) $(0.11) $(0.04) ====== ====== ====== ====== Weighted-average common shares outstanding (basic) 24,159,419 24,126,781 24,172,710 24,330,361 ========== ========== ========== ========== Weighted-average common shares outstanding (diluted) 24,159,419 24,126,781 24,172,710 24,330,361 ========== ========== ========== ==========

    Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA Three Months Three Months Year Ended Year Ended Ended Ended February February February February 29, 28, 29, 28, 2016 2015 2016 2015 ---- ---- ---- Net income (loss) $(5,351) $(14,371) $(2,682) $(942) Adjustments: Interest expense and bank charges (1) 2,996 1,841 7,960 6,851 Depreciation and amortization (1) 3,872 4,209 15,228 15,565 Income tax expense (benefit) (2,526) 2,946 (1,735) 1,638 ------ ----- ------ ----- EBITDA (1,009) (5,375) 18,771 23,112 Stock-based compensation (1) 173 230 859 521 Venezuela bond remeasurement - 694 - 7,396 Impairment of Venezuela investment properties - 9,304 - 9,304 Restructuring charges - 1,134 - 1,134 Intangible asset impairment charges 2,860 - 9,070 - Gain on bargain purchase - - (4,679) - Acquisition costs - - 800 - Adjusted EBITDA $2,025 $5,987 $24,821 $41,467 ====== ====== ======= ======= Diluted earnings (loss) per common share $(0.22) $(0.60) $(0.11) $(0.04) Diluted adjusted EBITDA per common share $0.08 $0.25 $1.03 $1.70

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2016-fourth-quarter-and-year-end-financial-results-300269388.html

    VOXX International Corporation

    Web site: http://www.voxxintl.com/




    MAM Software Reports Fiscal Third Quarter ResultsDelivers Steady Progress; Increases Recurring Revenue to 81% of Total Revenue

    BARNSLEY, England, May 16, 2016 /PRNewswire/ -- MAM Software Group, Inc. (the "Company" or "MAM"), a leading global provider of on-premise and cloud-based business management solutions for the auto parts, tire and vertical distribution industries, announced the following financial results in accordance with U.S. generally accepted accounting principles ("GAAP") for its third fiscal quarter ended March 31, 2016, through the filing on May 16, 2016 of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission:

    (In thousands, except share and per share data) For The Three Months Ended For The Nine Months Ended March 31, March 31, 2016 2015 2016 2015 ---- ---- ---- ---- Revenues $7,916 $7,659 $23,812 $23,737 Gross profit $4,379 $4,317 $13,057 $13,881 ------ ------ ------- ------- Operating income $855 $966 $2,637 $2,906 Income before provision for income taxes $751 $962 $2,696 $2,897 Net income $596 $721 $2,164 $2,255 ---- ---- ------ ------ Earnings per share attributed to common stockholders - basic $0.05 $0.05 $0.17 $0.17 ----- ----- ----- ----- Earnings per share attributed to common stockholders - diluted $0.05 $0.05 $0.17 $0.17 ----- ----- ----- ----- Weighted average shares outstanding - basic 11,426,207 13,430,568 12,580,137 13,398,748 Weighted average shares outstanding - diluted 11,770,176 13,525,148 12,924,601 13,493,328

    http://photos.prnewswire.com/prnvar/20130507/NY08535LOGO

    Michael Jamieson, MAM Software Group President and Chief Executive Officer commented, "During the quarter we continued the execution of our technology roadmap and strategy, which includes the management of multiple large scale-implementations for our customers. We remain focused on developing this next-generation automotive platform that we expect to leverage across the broader market to drive future new business."

    "Simultaneously, our cloud-based business model continues to resonate with customers and now accounts for 53% of total revenue. Growth in this part of our business is very important as it drives our recurring revenue, which represents the overwhelming majority of our business at 81% of the total," continued Jamieson. "Organic revenue growth of just over 8% was again offset by a significant foreign currency impact from our U.K. business. Taking everything into account, we are pleased with the progress made during the quarter."

    Third Quarter Highlights:

    --  Revenues were $7.9 million versus $7.7 million for the same period last
    year. On a constant currency basis, revenues were up 8.1% over the same
    period last year.
    --  Recurring revenues were 81% of total revenues compared to 76% of total
    revenues for the same period last year.
    --  Total Software as a Service (SaaS) revenue increased 39% year-over-year
    and 5% sequentially.
    --  Operating income was $855,000, or 10.8% of revenues, versus $966,000, or
    12.6% of revenues, for the same period last year.
    --  Adjusted EBITDA* was $1.1 million, or 14.1% of revenues, versus $1.2
    million, or 16.2% of revenues, for the same period last year.
    --  Net income was $596,000 as compared to $721,000 in the same period last
    year.
    

    Third Quarter Financial Results:

    Revenue was $7.9 million for the quarter ended March 31, 2016 versus $7.7 million for the same period last year, an increase of $257,000, or 3.4%.

    --  On a constant currency basis, total revenues would have been $8.2
    million, or an increase of 8.1% over the same period last year.
    --  Recurring revenue for the quarter was $6.4 million, or 81% of total
    revenue, an increase of $520,000 or 8.9%, over $5.9 million, or 76% of
    total revenue for the third quarter last year. Sequentially, recurring
    revenue increased $77,000, or 1.2%, compared to $6.3 million in the
    fiscal second quarter of 2016. The increase was due to the transition to
    Software as a Service (SaaS) model.
    --  Total Software as a Service (SaaS) revenue for the quarter was $1.8
    million, an increase of $498,000, or 38.7%, year-over-year and an
    increase of $82,000, or 4.8%, sequentially when compared to the
    fiscal second quarter of 2016. The increase in the SaaS revenue was
    primarily attributable to a 25.3% increase in Autowork Online (SaaS)
    revenue for the quarter to $1.1 million, and a 67.2% increase in
    Autopart Online (SaaS) revenue for the quarter to $690,000.
    --  Total Data as a Service (DaaS) revenue for the quarter was $2.4
    million, an increase of $36,000, or 1.5%, year over year and a
    decrease of $17,000, or -0.7%, sequentially when compared to the
    fiscal second quarter of 2016.
    

    Gross profit for the quarter was $4.4 million, or 55% of total revenue, an increase of $62,000 compared to $4.3 million, or 56% of total revenue, for the same period last year. The decrease in gross profit margin, as a percent of total revenue, was primarily the result of the shift in the business mix to the SaaS model since there are additional APOL infrastructure costs, partly offset by an increase in higher margin special project revenue primarily related to customization work in the U.S.

    Operating expenses for the quarter increased by $173,000 to $3.5 million, an increase of 5.2% as compared to the $3.4 million for the same period last year. The increase was primarily the result of higher general and administrative expenses primarily due to costs associated with changes within the accounting and finance organization and expenses from Origin, which was partially offset by a decrease in sales and marketing expenses.

    Operating income for the quarter decreased by $111,000, or 12%, to $855,000, as compared to $966,000, for the same period last year.

    Other expense for the quarter of $104,000 was the result of increased interest expense on borrowings used to fund a public tender offer completed in the second fiscal quarter of 2016 and compares to $4,000 for the same period last year.

    Net income for the quarter decreased by $125,000, or 17%, to $596,000, or $0.05 per basic and diluted share, compared to net income of $721,000, or $0.05 per basic and diluted share, for the same period last year.

    Year-to-Date Highlights

    --  Total revenue was $23.8 million, an increase of 0.3% compared to $23.7
    million in the same period last year. On a constant currency basis,
    total revenue would have been $24.8 million, or an increase of 5% over
    the same period last year.
    --  Total recurring revenue increased 7.3% to $18.9 million compared to
    $17.7 million in the same period last year. Recurring revenue was 80% of
    total revenue compared to 74% in the same period last year.
    --  Total Software as a Service (SaaS) revenue increased 41.9% to $5 million
    compared to $3.5 million in the same period last year.
    --  Operating income was $2.6 million, or 11% of revenues, versus $2.9
    million, or 12% of revenues, for the same period last year.
    --  Adjusted EBITDA* was $3.6 million, or 15.1% of revenues, versus $3.9
    million, or 16.4% of revenues, for the same period last year.
    --  Net income was $2.2 million as compared to $2.3 million in the same
    period last year.
    

    Year-to-Date Financial Results:

    Revenue was $23.8 million for the nine months ended March 31, 2016 versus $23.7 million for the same period last year, an increase of $75,000 or 0.3%.

    --  On a constant currency basis, revenue was up 5% over the same period
    last year.
    --  Recurring revenue for the nine months was $18.9 million, or 80% of total
    revenue, an increase of $1.2 million, or 7.3%, over $17.7 million, or
    74% of total revenue for the same period last year.
    --  Total Software as a Service (SaaS) revenue for the nine months was
    $5 million, an increase of $1.5 million, or 41.9%, year-over-year
    and an increase of $1.8 million, or 55%, sequentially. The increase
    in the SaaS revenue was primarily attributable to a 27% increase in
    Autowork Online (SaaS) revenue for the nine months to $3.1 million,
    and a 76% increase in Autopart Online (SaaS) revenue for the nine
    months to $1.9 million.
    --  Total Data as a Service (DaaS) revenue for the nine months was $7.3
    million, an increase of $92,000, or 1.3%, year over year.
    

    Gross profit for the nine months ended March 31, 2016 was $13.1 million, or 55% of total revenue, a decrease of $0.8 million compared to $13.9 million, or 58% of total revenue, for the same period last year. The decrease in gross profit margins was primarily the result of the shift in the business mix to the SaaS model since there are additional APOL infrastructure costs and an increase in professional service staff to support growth.

    Operating expenses for the nine months ended March 31, 2016 decreased by $555,000 to $10.4 million, a decrease of 5%, as compared to the $11.0 million for the same period last year. The decrease was partially the result of lower sales and marketing due to lower headcount in the U.S. and lower commissions and staff incentives in the U.K. The decrease was also partially the result of lower general and administrative expenses due to adjustments to management incentive plan, reductions from realignment of the MAM NA management structure, and strategic goal incentives, partially offset by costs associated with changes within the accounting and finance organization in fiscal 2016 and expenses from Origin.

    Operating income for the nine months ended March 31, 2016 decreased by $269,000, or 9.2%, to $2.6 million as compared to $2.9 million for the same period last year.

    Other income for the nine months ended March 31, 2016 of $59,000 was the result of a $217,000 gain from the settlement of liabilities with certain vendors which was partially offset by $158,000 of interest expense on borrowings used to fund a tender offer completed in the second fiscal quarter of 2016, and compares to other expense of $9,000 for the same period last year.

    Net income for the nine months ended March 31, 2016 decreased by $91,000, or 4%, to $2.2 million, or $0.17 per basic and diluted share, compared to net income of $2.3 million, or $0.17 per basic and diluted share, for the same period last year.

    Balance Sheet and Other Financial Highlights

    --  The Company finished the quarter with $1.6 million in cash after capital
    expenditures and capitalized software development costs of $2.1 million
    and utilizing $4.5 million of cash to fund a portion of the repurchase
    of 2,000,000 shares of common stock for a total purchase price of $15.0
    million in a public tender offering during the second fiscal quarter of
    2016.
    --  As of March 31, 2016, the Company had $10.0 million of debt outstanding
    under its $12 million credit facility, which was used to fund a portion
    of a tender offer completed during the second fiscal quarter of 2016.
    --  Stockholders' equity decreased from $18.4 million at June 30, 2015, or
    76%, to $4.5 million at March 31, 2016 as a result of the $15 million
    tender offer completed during the second fiscal quarter of 2016.
    --  System backlog was $1.7 million, with more than half of this business
    expected to be fulfilled during the next six months.
    --  As of March 31, 2016, MAM Software had 12.4 million shares of common
    stock outstanding.
    

    Business Outlook

    The Company's expectations for Adjusted EBITDA for fiscal year 2016 remain in the range of $5.0 million to $5.2 million, but the expectations are dependent on certain key assumptions, including closing certain deals in the pipeline and foreign currency exchange rates.

    Conference Call Information

    The Company has scheduled a conference call for Tuesday, May 17, 2016, at 9:00 a.m. ET to review the results. Investors and interested parties can access the conference call by dialing:

    --  Toll-Free: 888-378-0320
    --  Toll/International: 719-785-1765
    --  U.K. Toll-Free: 0 800 404 7655
    

    A replay will be available until May 31, 2016 by calling 877-870-5176 (United States) or 858-384-5517 (toll/U.K./international). Please use pin number 1114065 for the replay.

    A live webcast as well as a replay of the call will be accessible at the investor relations section of the Company's website, www.mamsoftware.com. The replay will be active for 60 days following the conference call.

    About MAM Software Group, Inc.

    MAM Software is a leading global provider of cloud-based business and on-premise management solutions for the auto parts, tire and vertical distribution industries. The company provides a portfolio of innovative software (SaaS and packaged), data (DaaS), and integration (iPaaS) services that enable businesses to intelligently manage core business processes, control costs and generate new profit opportunities. MAM's integrated platforms provide a wealth of rich functionality including: point-of-sale, inventory, purchasing, reporting, data and e-commerce. Wholesale, retail and installer business across North America, the U.K. and Ireland rely on MAM solutions, backed by dedicated teams of experienced service and support professionals. For further information, please visit http://www.mamsoftware.com.

    *Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted to exclude non-cash equity compensation, and other special non-recurring charges. A reconciliation of adjusted EBITDA to net income (loss) can be found at the end of the following tables. Adjusted EBITDA is commonly used by management and investors as an indicator of operating performance and liquidity. Adjusted EBITDA is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income (loss), or other financial statement data presented in accordance with GAAP in our consolidated financial statements.

    Safe Harbor Statement

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including, increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

    MAM SOFTWARE GROUP, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) March 31, June 30, 2016 2015 ---- ---- (Unaudited) ASSETS Current Assets Cash and cash equivalents $1,592 $6,793 Accounts receivable, net of allowance of $313 and $221, respectively 3,976 4,243 Inventories 231 185 Prepaid expenses and other current assets 1,186 1,722 ----- ----- Total Current Assets 6,985 12,943 Property and Equipment, Net 523 732 Other Assets Goodwill 8,808 9,202 Amortizable intangible assets, net 866 - Software development costs, net 4,693 3,010 Other long-term assets 170 34 --- --- TOTAL ASSETS $22,045 $25,921 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $1,633 $1,978 Accrued expenses and other current liabilities 2,151 2,624 Payroll and other taxes 901 747 Current portion of long-term debt 1,900 - Current portion of deferred revenue 890 719 Sales tax payable 869 850 Income tax payable 307 356 --- --- Total Current Liabilities 8,651 7,274 Long-Term Liabilities Deferred revenue, net of current portion 35 52 Deferred income taxes 217 58 Long-term debt, net of current portion 8,124 - Other long-term liabilities 492 140 --- --- Total Liabilities 17,519 7,524 ------ ----- Commitments and Contingencies Stockholders' Equity Preferred stock: Par value $0.0001 per share; 2,000,000 shares authorized, none issued and outstanding - - Common stock: Par value $0.0001 per share; 18,000,000 shares authorized, 13,236,829 shares issued and 12,447,041 shares outstanding at March 31, 2016, and 15,027,057 shares issued and 14,266,964 shares outstanding at June 30, 2015 1 2 Additional paid-in capital 16,381 31,186 Accumulated other comprehensive loss (2,309) (1,241) Accumulated deficit (7,173) (9,337) Treasury stock at cost, 789,788 shares at March 31, 2016, and 760,093 shares at June 30, 2015 (2,374) (2,213) ------ ------ Total Stockholders' Equity 4,526 18,397 ----- ------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $22,045 $25,921 ======= =======

    MAM SOFTWARE GROUP, INC. Condensed Consolidated Statements of Comprehensive Income (Unaudited) (In thousands, except share and per share data) For the Three Months For the Nine Months Ended Ended March 31, March 31, --------- --------- 2016 2015 2016 2015 ---- ---- ---- ---- Revenues, net $7,916 $7,659 $23,812 $23,737 Cost of revenues 3,537 3,342 10,755 9,856 ----- ----- ------ ----- Gross profit 4,379 4,317 13,057 13,881 ----- ----- ------ ------ Operating expenses Research and development 1,005 973 2,819 2,854 Sales and marketing 905 1,003 3,016 3,318 General and administrative 1,436 1,255 4,071 4,325 Depreciation and amortization 178 120 514 478 --- --- --- --- Total operating expenses 3,524 3,351 10,420 10,975 ----- ----- ------ ------ Operating income 855 966 2,637 2,906 --- --- ----- ----- Other income (expense): Interest expense, net (104) (4) (158) (9) Gain on settlement of liabilities - - 217 - --- --- --- --- Total other income (expense), net (104) (4) 59 (9) ---- --- --- --- Income before provision for income taxes 751 962 2,696 2,897 Provision for income taxes 155 241 532 642 --- --- --- --- Net income $596 $721 $2,164 $2,255 ==== ==== ====== ====== Earnings per share attributed to common stockholders: Basic $0.05 $0.05 $0.17 $0.17 ===== ===== ===== ===== Diluted $0.05 $0.05 $0.17 $0.17 ===== ===== ===== ===== Weighted average shares outstanding: Basic 11,426,207 13,430,568 12,580,137 13,398,748 ========== ========== ========== ========== Diluted 11,770,176 13,525,148 12,924,601 13,493,328 ========== ========== ========== ========== Net income $596 $721 $2,164 $2,255 Foreign currency translation loss (252) (673) (1,068) (1,926) ---- ---- ------ ------ Total comprehensive income $344 $48 $1,096 $329 ==== === ====== ====

    MAM SOFTWARE GROUP, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Nine Months Ended March 31, 2016 2015 ---- ---- Cash flows from operating activities: Net income $2,164 $2,255 Adjustments to reconcile net income to net cash provided by operating activities: Bad debt expense 203 119 Depreciation and amortization 514 478 Amortization of debt issuance costs 19 - Stock-based compensation 225 503 Deferred income taxes (18) (21) Changes in assets and liabilities: Accounts receivable 48 (502) Inventories (64) (194) Prepaid expenses and other assets 431 (337) Accounts payable (256) (117) Payroll and other taxes payable 174 (227) Deferred revenue 137 22 Accrued expenses and other liabilities (585) (652) Sales tax payable 60 (62) --- --- Net cash provided by operating activities 3,052 1,265 ----- ----- Cash flows from investing activities: Purchase of property and equipment (71) (292) Business acquisition, net of cash acquired (453) - Capitalized software development costs (2,009) (1,227) ------ ------ Net cash used in investing activities (2,533) (1,519) ------ ------ Cash flows from financing activities: Repurchase of common stock for treasury (161) (232) Repurchase of common stock (15,000) - Payment of fees for acquisition of debt (123) - Payment of fees for repurchase of common stock (118) - Proceeds from long-term debt 10,500 - Repayment of long-term debt (476) - ---- --- Net cash used in financing activities (5,378) (232) ------ ---- Effect of exchange rate changes (342) (967) ---- ---- Net change in cash and cash equivalents (5,201) (1,453) Cash and cash equivalents, beginning of period 6,793 7,008 ----- ----- Cash and cash equivalents, end of period $1,592 $5,555 ------ ------

    MAM SOFTWARE GROUP, INC. Calculation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (Non-GAAP) (Unaudited) (in thousands) For the Three For the Nine For the Trailing Twelve Months Ended Months Ended Months Ended March 31, March 31, March 31, 2016 2015 2016 2015 2016 ---- ---- ---- ---- ---- Net Income (GAAP) $596 $721 $2,164 $2,255 $2,915 Interest expense, net 104 4 158 9 162 Provision for income taxes 155 241 532 642 711 Depreciation and amortization 178 120 514 478 635 Non-cash stock compensation 83 154 225 503 283 Adjusted EBITDA (Non-GAAP) $1,116 $1,240 $3,593 $3,887 $4,706

    Logo - http://photos.prnewswire.com/prnh/20130507/NY08535LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mam-software-reports-fiscal-third-quarter-results-300269416.html

    Photo: http://photos.prnewswire.com/prnh/20130507/NY08535LOGO MAM Software Group, Inc.

    CONTACT: MAM Software, Brian H. Callahan, Chief Financial Officer,
    610-336-9045 ext. 240, Hayden IR, James Carbonara, Regional Vice President,
    james@haydenir.com, 646-755-7412

    Web site: http://www.mamsoftware.com/




    Extreme Networks Honors Zeeland Public Schools for Supporting Lifetime Learners with Cutting-Edge Technology

    SAN JOSE, Calif., May 16, 2016 /PRNewswire/ -- Extreme Networks, Inc. today will recognize Zeeland Public Schools as the latest recipient of the Extreme Exemplary School Award. Winners are chosen based on their educational commitment to implementing a personalized 21(st) century learning environment and embody the best in American education by excelling at engaging students in 1:1 or mobile learning.

    https://photos.prnewswire.com/prnvar/20140602/93419

    Across eleven buildings within the district in Michigan, Zeeland Public Schools has enhanced teaching creativity and learning methods through a variety of network infrastructure innovations. The Exemplary School Award is presented to schools that meet the following criteria:

    --  Stimulate 24x7 Learning: To meet the demands of today's competitive
    global economy, schools must create lifetime learners. To promote this
    concept and qualify for the Extreme Exemplary School Award, a school
    must institute a 1:1 or Bring Your Own Device (BYOD) mobile learning
    environment.
    --  Facilitate Individual Instruction: Learning is not a one-size-fits-all
    environment. Networks and resources must be empowered to permit
    personalized learning.
    --  Encourage Curricular Growth: To meet the demands of curricular change, a
    district must implement an infrastructure that readily adapts to
    curricular needs. Everyone learns differently, and the network must be
    prepared to meet the growing requirements of eBooks, streaming video and
    blended or flipped learning.
    

    "Extreme Networks has been an excellent partner in providing Zeeland Public Schools integrated technology for a safe, secure and accessible way to promote teaching and learning," said Joshua VerHelst, director of educational technology services at Zeeland Public Schools. "We look forward to partnering with Extreme Networks for years to come."

    "Extreme Networks values the use of technology in the classroom to better connect students and educators, leading to a highly motivating learning environment," said Robert Nilsson, director of vertical solutions at Extreme Networks. "We are proud to acknowledge Zeeland Public Schools for integrating technology into its curriculum to increase collaboration among teachers and students, and we hope to encourage more schools to do the same."

    An award presentation is scheduled for today, May 16, 2016 at 7:00 p.m., when Extreme will present the Exemplary School Award during the board of education meeting.

    Additional Resources

    --  K-12 Solutions Webpage
    --  Extreme Exemplary Award Blog
    --  Connect with Extreme via Twitter, Facebook, YouTube, LinkedIn and
    Google+
    

    About Extreme Networks
    Extreme Networks, Inc. (EXTR) delivers software-driven networking solutions that help IT departments everywhere deliver the ultimate business outcome: stronger connections with customers, partners and employees. Wired to wireless, desktop to datacenter, we go to extreme measures for our 20,000-plus customers in more than 80 countries, delivering 100% insourced support to organizations large and small, including some of the world's leading names in business, education, government, healthcare, manufacturing and hospitality. Founded in 1996, Extreme is headquartered in San Jose, California. For more information, visit Extreme's website or call 1-888-257-3000.

    Extreme Networks and the Extreme Networks logo are either trademarks or registered trademarks of Extreme Networks, Inc. in the United States and/or other countries. Other trademarks are the property of their respective owners.

    Logo - http://photos.prnewswire.com/prnh/20140602/93419

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/extreme-networks-honors-zeeland-public-schools-for-supporting-lifetime-learners-with-cutting-edge-technology-300269445.html

    Photo: https://photos.prnewswire.com/prnh/20140602/93419 Extreme Networks, Inc.

    CONTACT: Jennifer Grabowski, Racepoint Global, 617-624-3231,
    ExtremeUS@racepointglobal.com

    Web site: http://www.extremenetworks.com/




    CGI Enters Into 10-year Modernization Agreement with Sears Canada

    CGI to help enable re-engineering of retailer's information technology infrastructure

    TORONTO, May 16, 2016 /PRNewswire/ - CGI is pleased to announce that it has entered into a 10-year agreement with Sears Canada to support the retailer's strategy to re-engineer its technology platforms.

    CGI will streamline and update Sears Canada's current technology infrastructure and mainframe applications with the goal of reducing costs and improving efficiency. The rationalization of these operations will also enable Sears Canada to decommission systems concurrent to standing up a modernized core technology stack. As part of a comprehensive suite of services, CGI will also protect Sears Canada's technology environments with advanced cybersecurity solutions, and partner with Sears Canada on elements of its new technology architecture.

    CGI will leverage its global delivery model to deliver consulting and application and infrastructure management services from worldwide locations where it currently operates, including from its local Canadian offices in Montreal and Toronto.

    "This agreement will help optimize our technology operations and support our goal to manage expenses in line with our business objectives," said Becky Penrice, Executive Vice-President and Chief Operating Officer, Sears Canada Inc. "CGI has also committed to a hands-on level of service that will help us deliver improved technology support to the retail operations," continued Ms. Penrice. "It is a significant vote of confidence that CGI has made a 10-year commitment to Sears Canada. With a value to CGI of approximately $200 million over this period, the agreement is structured with win-win incentives that could reduce this amount should the technology transformation be accelerated. CGI's long-term commitment, hands-on approach, and the alignment of the agreement with Sears Canada's goals made CGI an ideal partner to provide technology support and services for our current platform."

    "We help our clients around the world focus on their core business and growth strategies" added Mark Boyajian, President, Canada Operations, CGI. "CGI's proven operational excellence, differentiated capabilities, and strategic investments will help accelerate Sears Canada's strategies to lead retail commerce in Canada across both digital and in-store channels."

    About Sears Canada Inc.
    Sears Canada is a multi-channel retailer with a network that includes 159 corporate stores, 125 Hometown stores, over 1,200 catalogue and online merchandise pick-up locations, 84 Sears Travel offices and a nationwide repair and service network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.

    About CGI
    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, 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.

    Forward-Looking Statements
    All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent the intentions of CGI and Sears Canada, plans, expectations and beliefs, and are subject to important risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI's and Sears Canada's annual and quarterly Management's Discussion and Analysis ("MD&A") and in other public disclosure documents filed with the Canadian securities authorities (filed on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (filed on EDGAR at www.sec.gov), as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI and Sears Canada disclaim any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.

    CGI Group Inc.

    CONTACT: Media: Vincent Power, Corporate Communications, Sears Canada,
    416-941-4422, vpower@sears.ca; Sebastien Barange, Vice-President,
    Communications and Public Affairs, CGI, +1 514-841-3354,
    sebastien.barange@cgi.com; Yvonne Gibson, Vice-President, Marketing and
    Communications, CGI, +1 416-304-7233, yvonne.gibson@cgi.com; Investors:
    Lorne Gorber, Executive Vice-President, Global Communications and Investor
    Relations, CGI, +1 514-841-3355, lorne.gorber@cgi.com

    Web site: http://www.cgi.com//
    http://www.sears.ca/




    Xilinx Board Of Directors Increases Repurchase Authorization By $1 Billion

    SAN JOSE, Calif., May 16, 2016 /PRNewswire/ -- Xilinx, Inc. today announced that its Board of Directors has authorized the repurchase of up to an aggregate $1 billion of the Company's debt and equity securities. In the past five years, the Company has repurchased approximately 43 million shares of common stock for approximately $1.8 billion. Timing of repurchases and exact number of shares of common stock to be purchased will depend upon prevailing market conditions and other factors.

    Logo - http://photos.prnewswire.com/prnh/20020822/XLNXLOGO

    "Over the past 10 years, Xilinx has returned 100% of operating cash flow to stockholders through a combination of dividend and repurchase," said Moshe Gavrielov, Xilinx President and Chief Executive Officer. "Our repurchase authorization signals a high level of confidence in Xilinx's growth prospects as well as in our continued ability to consistently generate healthy operating cash flow."

    This release contains forward-looking statements and projections. Forward-looking statements and projections can often be identified by the use of forward-looking words such as "expect," "believe," "may," "will," "could," "anticipate," "estimate," "continue," "plan," "intend," "project" or other similar expressions. Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Such forward looking statements include, but are not limited to, statements related to the semiconductor market, the growth and acceptance of our products, expected revenue growth, the demand and growth in the markets we serve and opportunity for expansion into new markets. Undue reliance should not be placed on such forward-looking statements and projections, which speak only as of the date they are made. We undertake no obligation to update such forward-looking statements. Actual events and results may differ materially from those in the forward-looking statements and are subject to risks and uncertainties including customer acceptance of our new products, current global economic conditions, the health of our customers and the end markets in which they participate, our ability to forecast end customer demand, a high dependence on turns business, our ability to continue to generate healthy operating cash flow, and other risk factors listed in our most recent Forms 10-Q and 10-K.

    About Xilinx

    Xilinx is the leading provider of All Programmable FPGAs, SoCs, MPSoCs, and 3D ICs. Xilinx uniquely enables applications that are both software defined and hardware optimized - powering industry advancements in Cloud Computing, Embedded Vision, Industrial IoT, and 5G Wireless. For more information, visit www.xilinx.com.

    #1626F

    Xilinx, the Xilinx logo, Artix, ISE, Kintex, Spartan, Virtex, Zynq, Vivado, and other designated brands included herein are trademarks of Xilinx in the United States and other countries. All other trademarks are the property of their respective owners.

    XLNX-F

    Investor Relations Contact:
    Lori Owen
    Xilinx, Inc.
    (408) 879-6911
    lorio@xilinx.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xilinx-board-of-directors-increases-repurchase-authorization-by-1-billion-300269226.html

    Photo: http://photos.prnewswire.com/prnh/20020822/XLNXLOGO Xilinx, Inc.

    Web site: http://www.xilinx.com/




    Network-1 Reports First Quarter 2016 Results

    NEW YORK, May 16, 2016 /PRNewswire/ -- Network-1 Technologies, Inc. , a company specializing in the development, licensing, and protection of its intellectual property rights, today announced financial results for the quarter ended March 31, 2016.

    Network-1 had revenue of $5,190,000 for the three months ended March 31, 2016 as compared to revenue of $5,627,000 for the three months ended March 31, 2015. The decrease of $437,000 in revenue for the three months ended March 31, 2016 was due primarily to a fully paid license entered into in connection with a litigation settlement of $440,000 in the three months ended March 31, 2015.

    Network-1 reported net income of $3,820,000 or $0.16 per share (basic and diluted) for the three months ended March 31, 2016 compared with net income of $1,530,000 or $0.06 per share (basic and diluted) for the three months ended March 31, 2015. The increased net income of $2,290,000 for the three months ended March 31, 2016 was due primarily to income of $2,280,000 from the recording of the additional deferred tax benefit in connection with the reduction of our valuation allowance.

    At March 31, 2016, Network-1 had net operating loss carryforwards (NOLs) and other carryforwards totaling approximately $18,387,000 expiring through 2029, with a future tax benefit of approximately $6,396,000. At March 31, 2016, $6,396,000 has been recorded as deferred tax assets on Network-1's balance sheet, eliminating the entire deferred tax allowance of $2,280,000 that was reflected in the year end December 31, 2015 financial statements. The reduction in the deferred valuation allowance was due to management's determination that there was sufficient positive evidence to conclude that additional deferred tax benefits are more likely than not realizable in 2016 and future years based upon additional taxable income to be realized in 2016 and future years from legal proceedings and related license agreements.

    At March 31, 2016, Network-1's principal sources of liquidity consisted of cash and cash equivalents of $20,739,000 and working capital of $24,558,000. Network-1 believes based on its current cash position and projected licensing revenue from its existing license agreements and other revenue that it will have sufficient cash to fund its operations for the foreseeable future.

    ABOUT NETWORK-1 TECHNOLOGIES, INC.

    Network-1 Technologies, Inc. is engaged in the development, licensing and protection of its intellectual property and proprietary technologies. Network-1 works with inventors and patent owners to assist in the development and monetization of their patented technologies. Network-1 currently owns twenty-seven (27) patents covering various telecommunications and data networking technologies as well as technologies relating to document stream operating systems and the identification of media content. Network-1's current strategy includes continuing to pursue licensing opportunities for its Remote Power Patent and its efforts to monetize two patent portfolios (the Cox and Mirror Worlds patent portfolios) acquired by Network-1 in 2013. Network-1's acquisition strategy is to focus on acquiring high quality patents which management believes have the potential to generate significant licensing opportunities as Network-1 has achieved with respect to its Remote Power Patent. Network-1's Remote Power Patent has generated licensing revenue in excess of $87 million from May 2007 through March 31, 2016.

    This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements address future events and conditions concerning Network-1's business plans. Such statements are subject to a number of risk factors and uncertainties as disclosed in the Network-1's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission, including, among others, the continued validity of Network-1's Remote Power Patent, the ability of Network-1 to successfully execute its strategy to acquire high quality patents with significant licensing opportunities, Network-1's ability to achieve revenue and profits from the Mirror Worlds Patent Portfolio and the Cox Patent Portfolio as well as intellectual property it may acquire in the future, the ability of Network-1 to enter into additional license agreements, the ability of Network-1 to continue to receive material royalties from its existing license agreements for its Remote Power Patent, the uncertainty of patent litigation and proceedings at the United States Patent and Trademark Office, the difficulty in Network-1 verifying royalty amounts owed to it by its licensees, Network-1's ability to enter into strategic relationships with third parties to license or otherwise monetize their intellectual property, the risk in the future of Network-1 being classified as a Personal Holding Company, the continued viability of the PoE market, future economic conditions and technology changes and legislative, regulatory and competitive developments. Except as otherwise required to be disclosed in periodic reports, Network-1 expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein.

    Corey M. Horowitz, Chairman and CEO Network-1 Technologies, Inc. (212) 829-5770

    The unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheet are attached.

    Three Months Ended March 31, --------- 2016 2015 ---- ---- REVENUE $5,190,000 $5,627,000 OPERATING EXPENSES: Costs of revenue 1,486,000 1,689,000 Professional fees and related costs 452,000 446,000 General and administrative 403,000 659,000 Amortization of patents 414,000 413,000 Stock-based compensation 12,000 100,000 ------ ------- TOTAL OPERATING EXPENSES 2,767,000 3,307,000 --------- --------- OPERATING INCOME 2.423,000 2,320,000 OTHER INCOME: Interest income, net 10,000 21,000 ------ ------ INCOME BEFORE INCOME TAXES 2,433,000 2,341,000 --------- --------- INCOME TAXES: Current 51,000 55,000 Deferred taxes (benefit), net (1,438,000) 756,000 ---------- ------- Total income taxes (benefit) (1,387,000) 811,000 ---------- ------- NET INCOME $3,820,000 $1,530,000 ========== ========== Net Income Per Share Basic $0.16 $0.06 ----- ----- Diluted $0.16 $0.06 ----- ----- Weighted average common shares outstanding: Basic 23,252,751 24,089,009 ========== ========== Diluted 24,266,573 25,500,903 ========== ========== NET INCOME $3,820,000 $1,530,000 OTHER COMPREHENSIVE INCOME: Unrealized holding gain on securities available-for-sale arising during the period 27,000 20,000 ------ ------ COMPREHENSIVE INCOME $3,847,000 $1,550,000 ========== ==========

    Condensed Balance Sheet as of March 31, 2016 Cash and cash equivalents $20,739,000 =========== Total current assets $27,150,000 =========== Total assets $35,155,000 =========== Total current liabilities $2,592,000 ========== Total long term liabilities $ -0- ====== Total stockholders' equity $32,563,000 ===========

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/network-1-reports-first-quarter-2016-results-300269230.html

    Network-1 Technologies, Inc.

    Web site: http://www.network-1.com/




    Renren Announces Filing of Annual Report on Form 20-F for Fiscal Year 2015

    BEIJING, May 16, 2016 /PRNewswire/ -- Renren Inc. ("Renren" or the "Company"), a leading real-name social networking internet platform in China, today announced the filing of its annual report on Form 20-F for the year ended December 31, 2015 with the Securities and Exchange Commission (the "SEC"). The annual report on Form 20-F was filed with the SEC on May 16, 2016.

    The annual report on Form 20-F, which contains the Company's audited consolidated financial statements, can be accessed on the SEC's website at http://www.sec.gov as well as through the investor relations section of the Company's website at http://www.renren-inc.com. Holders of the Company's securities may request a hard copy of the Company's annual report free of charge by contacting the Investor Relations department by mail at:
    Renren Inc.
    Investor Relations Department
    5/F, North Wing
    18 Jiuxianqiao Middle Road, Chaoyang District
    Beijing 100016
    People's Republic of China

    About Renren Inc.

    Renren Inc. operates a leading real name social networking service (SNS) and an internet finance business in China. Our SNS enables users to connect and communicate with each other, share photos and access mobile live streaming. Our internet finance business includes primarily consumer financing and auto financing. Renren.com and our renren mobile application had approximately 228 million activated users as of December 31, 2015. Renren's American depositary shares, each of which represents three Class A ordinary shares, trade on NYSE under the symbol "RENN".

    For investor and media inquiries please contact:

    Cynthia Liu
    Investor Relations Department
    Renren Inc.
    Tel: (86 10) 8448 1818 ext. 1300
    Email: ir@renren-inc.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/renren-announces-filing-of-annual-report-on-form-20-f-for-fiscal-year-2015-300269406.html

    Renren Inc.

    Web site: http://www.renren-inc.com/




    MDA appoints new director

    RICHMOND, BC, May 16, 2016 /CNW/ - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") , a global communications and information company, is pleased to announce that Howard Lance has been appointed to MDA's Board of Directors, effective immediately. As announced on April 14, 2016, Mr. Lance also holds the position of President and Chief Executive Officer of the Company.

    Speaking on behalf of the MDA Board, Chairman Robert Phillips said, "We are pleased to be making this announcement today as MDA moves forward in advancing its strategy of U.S. expansion. Mr. Lance brings to MDA a wealth of experience and skills that will strongly position the Company in its future growth."

    About MDA

    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.

    The Company's common shares trade on the Toronto Stock Exchange under the symbol "MDA."

    Related Websites
    www.mdacorporation.com

    MacDonald, Dettwiler and Associates Ltd.

    CONTACT: Wendy Keyzer, MDA External Relations, (604) 231-2743,
    wendy@mdacorporation.com

    Web site: http://www.mda.ca/




    Gigamon to Participate in Upcoming Investor Conferences

    SANTA CLARA, Calif., May 16, 2016 /PRNewswire/ -- Gigamon Inc. , the leader in traffic visibility solutions, today announced that its management team will be participating in the following conferences:

    Bank of America Merrill Lynch 2016 Global Technology Conference
    San Francisco, CA
    June 1, 2016
    Presentation Time: 5:50 pm ET/2:50 pm PT

    Stifel 2016 Technology, Internet & Media Conference
    San Francisco, CA
    June 6, 2016
    Presentation Time: 2:30 pm ET/11:30 am PT

    William Blair & Company 36(th) Annual Growth Stock Conference
    Chicago, IL
    June 15, 2016
    Presentation Time: 11:00 am ET/8:00 am PT

    The management team's remarks can be accessed live from Gigamon's investor relations website at http://investor.gigamon.com. A replay of the event will also be available on the website for at least 90 days.

    Gigamon

    Gigamon provides active visibility into physical and virtual network traffic, enabling stronger security and superior performance. Gigamon's Visibility Fabric(TM) and GigaSECURE, the industry's first Security Delivery Platform, deliver advanced intelligence so that security, network and application performance management solutions in enterprise, government and service provider networks operate more efficiently and effectively. See more at www.gigamon.com, the Gigamon Blog, or follow Gigamon on Twitter, LinkedIn or Facebook.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gigamon-to-participate-in-upcoming-investor-conferences-300269346.html

    Gigamon Inc.

    CONTACT: Media, Tom Rice, +1 (703) 856-2218, gigamonpr@merrittgrp.com; or
    Investors, Cynthia Hiponia, +1 (408) 831-4100, IR@gigamon.com

    Web site: http://www.gigamon.com/




    xG Technology, Inc. Announces Closing of Offering

    SARASOTA, Fla., May 16, 2016 /PRNewswire/ -- xG Technology, Inc. ("xG" or the "Company") , a developer of patented wireless communications and spectrum sharing technologies, announced today that it has closed the previously announced offering of its Units. xG offered 14,000,000 Units, at a price of $0.07 per Unit, each of which consists of one share of its common stock and a Warrant to purchase one share of its common stock at an exercise price of $0.1149 per share. xG received approximately $980,000 in gross proceeds, before deducting placement agent fees and offering expenses payable by xG.

    xG intends to use the net proceeds from this offering for general corporate purposes, including working capital, product development, marketing activities, expanding its internal sales organization and further developing sales channels and other capital expenditures.

    Roth Capital Partners served as the sole placement agent for the offering. The securities were offered by xG pursuant to a prospectus supplement to xG's effective shelf registration statement on Form S-3 (File No. 333-197820), which was initially filed with the Securities and Exchange Commission (the "SEC") on August 1, 2014, amended on August 19, 2014 and was declared effective by the SEC on August 21, 2014. The prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website located at www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained from Roth Capital Partners, LLC, Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA 92660, at (800) 678-9147.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About xG Technology, Inc.
    Founded in 2002, xG has created a broad portfolio of intellectual property that enables always-available, always-connected and always-secure voice, broadband data and video communications. xG is the developer of xMax, a patented all-IP software-defined cognitive radio network that delivers mission-assured wireless connectivity in any RF environment. xMax provides a solution to the challenges of interoperability, survivability and flexibility in expeditionary and critical communications networks. xMax can be deployed as fixed or mobile infrastructure to enhance and integrate seamlessly with legacy communications systems, both private and commercial. Access and priority can be controlled, and in the event of congestion, failure or denial of access to commercial networks, xMax provides a fully secure, scalable, private and highly resilient network for essential communications - all at zero bandwidth cost.

    xMax incorporates advanced optimizing technologies that include spectrum sharing, interference mitigation, multiple-input multiple-output (MIMO) and software defined radio (SDR). These and other technologies make xMax ideal for wide areas, as well as rapid emergency communication deployment in unpredictable environments and during fluid situations. xG offers solutions for numerous industries worldwide, including military, emergency response and public safety, telemedicine, urban and rural wireless broadband, utilities, and critical infrastructure.

    xG's Integrated Microwave Technologies ("IMT") business unit further supports xG's military and public safety customers with its mission-critical wireless video solutions. IMT is a leader in advanced digital microwave systems and a provider of engineering, integration, installation and commissioning services serving the MAG (Military, Aerospace & Government), broadcast, and sports and entertainment markets. IMT's product lines include digital broadcast microwave video systems and compact microwave video equipment for licensed and license-free applications. More information on IMT can be found at www.imt-solutions.com.

    Based in Sarasota, Florida, xG has over 100 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market For more information, please visit www.xgtechnology.com

    Cautionary Statement Regarding Forward Looking Statements

    Statements contained herein that are not based upon current or historical facts are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements reflect xG's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to xG, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to xG and are subject to a number of risks, uncertainties, and other factors that could cause xG's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

    For More Information:

    Media Relations
    Daniel Carpini
    xG Technology, Inc.
    daniel.carpini@xgtechnology.com
    (941) 953-9035

    Investor and Analyst Relations
    James Woodyatt
    xG Technology, Inc.
    james.woodyatt@xgtechnology.com
    (954) 572-0395

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xg-technology-inc-announces-closing-of-offering-300269214.html

    xG Technology, Inc.

    Web site: http://www.xgtechnology.com/




    Research Solutions Reports Fiscal Third Quarter 2016 Financial ResultsArticle Galaxy Revenue up 15% to Record $6.5 Million, Driven by Sixth Consecutive Quarter of 20%+ Year-over-Year Growth in Transactions

    ENCINO, Calif., May 16, 2016 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a pioneer in providing on-demand access to scientific, technical and medical (STM) information for life science companies, academic institutions, and other research intensive organizations, reported financial results for its fiscal third quarter ended March 31, 2016.

    Fiscal Third Quarter 2016 Highlights vs. the Year-Ago Quarter

    --  Revenue generated by Article Galaxy, the company's cloud-based SaaS
    solution for accessing STM content, increased 15% to a record $6.5
    million.
    --  Article Galaxy gross profit climbed 11% to $1.6 million.
    --  Article Galaxy transactions increased 24% to 198,160, marking the sixth
    consecutive quarter of more than 20% year-over-year growth in
    transactions.
    --  Active Article Galaxy customer accounts increased 16% to 902, with
    academic customer accounts increasing 43% to 139 and corporate accounts
    increasing 13% to 763.
    --  Adjusted EBITDA up 9% to $227,600.
    

    Fiscal Third Quarter 2016 Operational Highlights

    --  Completed the transition of The Research Investment's customer base onto
    the Article Galaxy platform. The new customers comprise several Fortune
    500 companies, including two of the Fortune 10. The acquisition
    increased Article Galaxy's market penetration of the energy and
    chemicals sectors, and the already greater than 70 percent penetration
    of the world's top 25 pharma companies.
    --  Access Copyright selected Article Galaxy as the preferred source for
    document delivery services for its Canadian customers. The win
    maintained Research Solution's 90-plus percent closing rate for new
    customer acquisitions when Article Galaxy is evaluated against its
    competitors.
    --  BrowZine Web Edition from Third Iron was integrated with Article Galaxy,
    simplifying researcher access to journal content. The integration
    enables mutual customers to easily navigate from non-subscribed journal
    content identified in BrowZine to Article Galaxy, where they can access
    or order subscribed content and instantly download PDFs.
    --  LYRASIS, a consortium of 1,200 libraries and cultural institutions,
    gained access to Article Galaxy's A-Z Academic Article Delivery
    Collection comprised of more than 40,000 academic publications and
    hundreds of thousands of book titles.
    --  Major client wins for Article Galaxy included a Top 30 global pharma and
    the expansion of the global deployment for a Top 20.
    

    Fiscal Third Quarter 2016 Financial Results

    Article Galaxy revenue increased 15% in the fiscal third quarter of 2016 to $6.5 million or 75% of revenue. Revenue generated by the company's legacy business, Reprints and ePrints, declined 30% to $2.2 million or 25% of revenues. Reprints and ePrints order volume typically fluctuates from quarter-to-quarter depending upon customer marketing budgets and the publication of journal articles that match their requirements. For example, in the previous quarter Reprints and ePrints revenue increased 23% over the year-ago quarter to $3.5 million.

    Total revenue in the third fiscal quarter of 2016 was $8.7 million, off 1% from $8.8 million in the same year-ago quarter. Total revenue for the nine months ended March 31, 2016 increased 7% to $26.1 million from $24.3 million in the same year-ago period. The marginal decrease in revenue in the quarterly period was primarily due to a net decrease in orders from existing Reprint and ePrint customers, which was partially offset by a net increase in revenue generated by new Article Galaxy transactions.

    Article Galaxy transactions were up 24% to 198,160 in the fiscal third quarter versus 159,719 in the same year ago quarter. The number of Article Galaxy active customer accounts conducting transactions increased by 16% to 902 in the third quarter, as compared to 775 in the same year-ago quarter (see the definition of transactions and active customer accounts in the section, "Transactions and Active Customer Accounts," below). Academic accounts increased 43% to 139, and corporate accounts increased 13% to 763 over the same comparable periods.

    Article Galaxy gross profit increased 11% to $1.6 million, with Reprints and ePrints gross profit declining by 33% to $190,100. Virtually all of the gross profit generated by Reprints and ePrints falls to the company's bottom line, given there is little related sales or administrative costs and all employee costs are included in cost of sales. Total gross profit in the fiscal third quarter increased 4% to $1.8 million compared to $1.7 million in the year-ago period.

    Article Galaxy gross margin declined 80 basis points to 24.2%, and Reprints and ePrints gross profit decreased 40 basis points to 8.6%. The marginal decline in Article Galaxy gross revenue was primarily due to a reduction in average service fee revenue per transaction on some newly acquired large customer accounts. Total gross margin decreased by 90 basis points to 20.2%.

    Net income from continuing operations in the fiscal third quarter totaled $32,400 or $(0.00) per diluted share, compared to a net loss of $1,800 or $(0.00) per diluted share in the same year-ago quarter.

    Adjusted EBITDA totaled $227,600 in the fiscal third quarter compared to $208,500 in the same year-ago quarter (see definition and further discussion about the presentation of adjusted EBITDA, a non-GAAP term, below).

    Cash and equivalents at March 31, 2016 totaled $1.9 million compared to $1.4 million at June 30, 2015. The increase in cash was primarily due to cash generated by operating activities.

    As of March 31, 2016, there were no outstanding borrowings under the company's revolving line of credit with Silicon Valley Bank, which provides the lesser of $4.0 million or 80% of eligible accounts receivable. This amount equaled approximately $3.2 million of available credit at March 31, 2016.

    At March 31, 2016, the company had net operating loss carry forwards of approximately $10.1 million applicable to federal tax liability expiring in 2030 and approximately $6.2 million applicable to state tax liability expiring in 2020.

    Further details about the company's results for the fiscal third quarter of 2016 are available in its quarterly report on Form 10-Q, available in the investor relations section of the company's website at www.researchsolutions.com.

    Management Commentary

    "During our third fiscal quarter, Article Galaxy continued to gain momentum across the board," said Research Solutions president and CEO, Peter Derycz. "Strong growth in new customer acquisitions, including in Academia, drove Article Galaxy transactions and revenue to record levels. In fact, it marked our sixth consecutive quarter of more than 20% year-over-year growth in transactions.

    "This performance reflects the tremendous progress we've made in enhancing Article Galaxy in terms of better security, more time- and cost-saving features, and creating even easier access for researchers around the world. These enhancements have made Article Galaxy an even more engaging and indispensable tool, and have sustained our enviable position as the global leader in our space. As these features stimulate greater engagement, they generate more transactions per user and greater monetization within the platform.

    "Our leadership has also continued to attract new partnerships that broaden our market share and create even greater competitive barriers to entry. During the quarter, this included the integration of Article Galaxy with BrowZine, preferred vendor status granted by Access Copyright, and the onboarding of additional Fortune 500 and Top 25 pharma customers from TRI. We also continued to gain solid traction in Academia by signing a consortium of more than 1,200 libraries and cultural institutions.

    "While Academia now represents more than 15% of all our total Article Galaxy customer accounts, we see our entry into this market at still very much in the nascent stage, especially given its size. By last estimates, the Academia STM market was measured at $4.5 billion, or nine times the size of the corporate market.

    "Our ability to listen to our customers and innovate with new features has made Article Galaxy the clear choice for Academia or any research intensive organization looking for an easier and more cost-effective way to access STM information. Addressing their needs has also led to new ways for us to monetize Article Galaxy and increase user engagement. So, we will continue to reinvest in our platform to further these positive results.

    "Given the demonstrated superiority of our Article Galaxy platform and our clear competitive lead, our biggest challenge now is how to best leverage and maximize our sales and marketing resources to drive growth domestically and internationally. Our broadening international presence is perhaps one of the most important aspects to consider when evaluating our Article Galaxy business model, especially with international revenue exceeding domestic in the last quarter.

    "This global expansion is made possible due to the fact that at the core of Article Galaxy is a virtual store that is open 24/7, and accessible on any device anywhere in the world. So, for us to reach and service more international customers, it doesn't require setting up new offices or deploying other regional resources. We can continue to stay a lean and efficient organization. These essential factors highlight the tremendous leverage and scalability in our model, and the few barriers we face in terms of achieving greater global expansion and revenue growth.

    "As we enter the final quarter of our fiscal year, we expect to maintain our double digit growth in Article Galaxy transactions and achieve another year of record revenue. This performance will be driven by the uniqueness of our Article Galaxy platform that continues to attract new customers and generate greater use per user."

    Conference Call

    Research Solutions president and CEO, Peter Derycz, and CFO Alan Urban will host an investor conference call to discuss these quarterly results and the company's outlook, followed by a question and answer period.

    Date: Monday, May 16, 2016
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    Toll-free dial-in number: 1-888-428-9480
    International dial-in number: 1-719-325-2329
    Conference ID: 4055202

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the company at +1 (415) 533-8308.

    The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website at www.researchsolutions.com.

    A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through May 30, 2016.

    Toll-free replay number: 1-877-870-5176
    International replay number: 1-858-384-5517
    Replay ID: 4055202

    Financial Summary Tables

    The following financial information should be read in conjunction with the unaudited financial statements and accompanying notes filed by the company with the Securities and Exchange Commission on May 16, 2016 in its Quarterly Report on Form 10-Q for the period ended March 31, 2016, and which can be viewed at www.sec.gov.

    Three Months Ended March 31, ---------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Quarterly Revenue: Article Galaxy $6,515,161 $5,666,717 $848,444 15.0% Reprints and ePrints 2,209,056 3,168,464 (959,408) (30.3)% --------- --------- -------- ------ Total revenue $8,724,217 $8,835,181 $(110,964) (1.3)% ========== ========== ========= ===== Nine Months Ended March 31, --------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Nine Month Revenue: Article Galaxy $17,936,176 $15,962,850 $1,973,326 12.4% Reprints and ePrints 8,130,368 8,356,787 (226,419) (2.7)% --------- --------- -------- ----- Total revenue $26,066,544 $24,319,637 $1,746,907 7.2% =========== =========== ========== ===

    Three Months Ended March 31, ---------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Quarterly Gross Profit: Article Galaxy $1,574,925 $1,418,647 $156,278 11.0% Reprints 190,089 284,820 (94,731) (33.3)% ------- ------- ------- ------ Total gross profit $1,765,014 $1,703,467 $61,547 3.6% ========== ========== ======= ===

    Three Months Ended March 31, ---------------------------- 2016 2015 2016-2015 Change * ------- As a percentage of revenue: Article Galaxy 24.2% 25.0% (0.8)% Reprints and ePrints 8.6% 9.0% (0.4)% --- --- ----- Total 20.2% 19.3% 0.9%

    Nine Months Ended March 31, --------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Nine Month Gross Profit: Article Galaxy $4,205,026 $3,984,152 $220,874 5.5% Reprints 710,637 728,872 (18,235) (2.5)% ------- ------- ------- ----- Total gross profit $4,915,663 $4,713,024 $202,639 4.3% ========== ========== ======== ===

    Nine Months Ended March 31, --------------------------- 2016 2015 2016-2015 Change * ------- As a percentage of revenue: Article Galaxy 23.4% 25.0% (1.6)% Reprints and ePrints 8.7% 8.7% 0.0% --- --- --- Total 18.9% 19.4% (0.5)% * The difference between current and prior period gross profit as a percentage of revenue.

    Three Months Ended March 31, ---------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Quarterly Net Income (Loss): Income (loss) from continuing operations $32,376 $(1,816) $34,192 (1,882.8)% Income from discontinued operations - - - - % --- --- --- --- Total net income (loss) $32,376 $(1,816) $34,192 (1,882.8)% ======= ======= ======= ========= Nine Months Ended March 31, --------------------------- 2016 2015 2016-2015 2016-2015 $ Change % Change -------- -------- Nine Month Net Income (Loss): Loss from continuing operations $(444,869) $(102,928) $(341,941) (332.2)% Income from discontinued operations - 1,152,951 (1,152,951) (100.0)% --- --------- ---------- ------- Total net income (loss) $(444,869) $1,050,023 $(1,494,892) (142.4)% ========= ========== =========== =======

    Transactions and Active Customer Accounts
    We define a transaction as an order for a unit of copyrighted content fulfilled or managed in Article Galaxy.

    We define active customer accounts as the sum of the average whole and partial customers for the respective quarter or year. A whole customer is one with at least one Article Galaxy transaction in every month of the respective quarter or year. A partial customer is one with at least one Article Galaxy transaction in one or more months, but not every month of the respective quarter or year.

    For example, if a customer has at least one transaction in every month of the quarter, they are counted as a whole customer. However, if they have at least one transaction in only one of the three months of the quarter, they are counted as a partial customer (one third of a customer).

    On an annual basis, if a customer has at least one transaction in every month of the year, they are counted as a whole customer. However, if they have at least one transaction in only six of the twelve months of the year, they are counted as a partial customer (one half of a customer).

    Use of Non-GAAP Measure - Adjusted EBITDA

    Research Solutions' management evaluates and makes operating decisions using various financial metrics. In addition to the Company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the Company's operating results. The attached tables provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.

    Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense), foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, income (loss) from discontinued operations, and other potential adjustments that may arise.

    Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):

    Three Months Ended Nine Months Ended March 31, March 31, --------- --------- 2016 2015 2016 2015 ---- ---- ---- ---- Net income (loss) $32,376 $(1,816) $(444,869) $1,050,023 Add (deduct): Interest expense 6,389 3,875 14,382 11,666 Other (income) expense 25,639 (275) 18,229 (898) Foreign currency transaction (gain) loss (2,829) 57,647 4,293 94,118 Provision for income taxes 5,210 17,526 22,510 24,893 Depreciation and amortization 30,310 25,005 61,144 157,885 Stock-based compensation 130,568 106,521 551,698 328,038 (Income) loss from discontinued operations - - - (1,152,951) Adjusted EBITDA $227,663 $208,483 $227,387 $512,774 ======== ======== ======== ========

    About Research Solutions
    Operating through its wholly owned subsidiary, Reprints Desk(R), Inc., Research Solutions, Inc. (OTCQB: RSSS) is a pioneer in providing on-demand access to scientific, technical, and medical (STM) information for life science companies, academic institutions and other research intensive organizations. More than 70 percent of the top 25 pharmaceutical companies in the world rely on services powered by Research Solutions. Article Galaxy(TM), the company's cloud-based software-as-a-service (SaaS) solution, gives customers access to the over one million newly published articles each year in addition to tens of millions of articles previously published, helping them to create and speed discoveries, save time and money, and remain copyright-compliant. Research Solutions has arrangements with numerous STM content publishers that allow electronic access and distribution of their content. In addition to serving end users of content, the company also serves STM publishers by facilitating compliance with applicable copyright laws. For more information about Research Solutions, visit www.researchsolutions.com.

    About Reprints Desk(R)
    Reprints Desk improves how journal articles and clinical reprints are accessed, procured, and legally used in evidence-based promotions, medical affairs, and scientific, technical, and medical (STM) research. Organizations fueled by intellectual property choose Reprints Desk because of its collaborative business approach, efficient article supply system and services, and commitment to quality post-sales support. Reprints Desk has ranked #1 in every Document Delivery Vendor Scorecard from industry analyst and advisory firm Outsell Inc. since 2008. For more information about Reprints Desk, visit www.reprintsdesk.com.

    Important Cautions Regarding Forward-Looking Statements
    This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of such forward looking statements in this release include statements regarding the expected continued improvement and market acceptance of the Article Galaxy platform, and the expected growth of Article Galaxy revenue, transactions, and customers. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Trademarks are the property of their respective owners.

    Investor Relations Contact:
    Alan Urban, CFO
    Research Solutions, Inc.
    Tel +1 (818) 646.2202
    ir@researchsolutions.com

    Media Contact:
    Ian Palmer, Chief Sales and Marketing Officer
    Research Solutions, Inc.
    Tel +1 (415) 533-8308
    ipalmer@reprintsdesk.com



    Research Solutions, Inc. and Subsidiaries Consolidated Balance Sheets March 31, June 30, 2016 2015 (unaudited) ---------- Assets Current assets: Cash and cash equivalents $1,923,970 $1,354,158 Accounts receivable, net of allowance of $52,858 and $69,731, respectively 5,503,938 4,889,937 Prepaid expenses and other current assets 133,562 70,195 Prepaid royalties 187,901 372,581 Total current assets 7,749,371 6,686,871 Other assets: Property and equipment, net of accumulated depreciation of $629,693 and $585,410, respectively 87,800 83,238 Intangible assets, net of accumulated amortization of $6,350 and $0, respectively 114,450 - Deposits and other assets 9,365 9,471 ----- ----- Total assets $7,960,986 $6,779,580 ========== ========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $6,175,743 $5,611,453 Deferred revenue 617,711 75,311 ------- ------ Total current liabilities 6,793,454 5,686,764 --------- --------- Commitments and contingencies Stockholders' equity: Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and outstanding - - Common stock; $0.001 par value; 100,000,000 shares authorized; 18,582,860 and 18,242,125 shares issued and outstanding, respectively 18,514 18,242 Additional paid-in capital 16,719,637 16,188,358 Accumulated deficit (15,529,306) (15,084,437) Accumulated other comprehensive loss (41,313) (29,347) ------- ------- Total stockholders' equity 1,167,532 1,092,816 --------- --------- Total liabilities and stockholders' equity $7,960,986 $6,779,580 ========== ==========

    Research Solutions, Inc. and Subsidiaries Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, --------- --------- 2016 2015 2016 2015 ---- ---- ---- ---- Revenue $8,724,217 $8,835,181 $26,066,544 $24,319,637 Cost of revenue 6,959,203 7,131,714 21,150,881 19,606,613 --------- --------- ---------- ---------- Gross profit 1,765,014 1,703,467 4,915,663 4,713,024 --------- --------- --------- --------- Operating expenses: Selling, general and administrative 1,665,090 1,659,152 5,244,267 4,622,406 Depreciation and amortization 30,310 25,005 61,144 157,885 Total operating expenses 1,695,400 1,684,157 5,305,411 4,780,291 --------- --------- --------- --------- Income (loss) from operations 69,614 19,310 (389,748) (67,267) ------ ------ -------- ------- Other income (expenses): Interest expense (6,389) (3,875) (14,382) (11,666) Other income (expense) (25,639) 275 (18,229) 898 Total other expenses (32,028) (3,600) (32,611) (10,768) ------- Income (loss) from continuing operations before provision for income taxes 37,586 15,710 (422,359) (78,035) Provision for income taxes (5,210) (17,526) (22,510) (24,893) ------ ------- ------- ------- Income (loss) from continuing operations 32,376 (1,816) (444,869) (102,928) ------ ------ -------- -------- Discontinued operations: Loss from discontinued operations - - - (395,344) Gain from deconsolidation of former French subsidiary - - - 1,548,295 --- --- --- --------- Income from discontinued operations - - - 1,152,951 --- --- --- --------- Net income (loss) 32,376 (1,816) (444,869) 1,050,023 Other comprehensive income (loss): (6,603) (962) (11,966) (7,656) Foreign currency translation Comprehensive income (loss) $25,773 $(2,778) $(456,835) $1,042,367 ======= ======= ========= ========== Basic income (loss) per common share: Income (loss) per share from continuing operations $ - $ - $(0.03) $(0.01) Income per share from discontinued operations $ - $ - $ - $0.07 Net income (loss) per share $ - $ - $(0.03) $0.06 Basic weighted average common shares outstanding 17,707,900 17,457,404 17,642,449 17,440,275 Diluted income (loss) per common share: Income (loss) per share from continuing operations $ - $ - $(0.03) $(0.01) Income per share from discontinued operations $ - $ - $ - $0.07 Net income (loss) per share $ - $ - $(0.03) $0.06 Diluted weighted average common shares outstanding 18,464,000 17,457,404 17,642,449 17,893,217

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-solutions-reports-fiscal-third-quarter-2016-financial-results-300269387.html

    Research Solutions, Inc.

    Web site: http://www.researchsolutions.com/




    TSS, Inc. Reports First Quarter 2016 Results

    ROUND ROCK, Texas, May 16, 2016 /PRNewswire/ -- TSS, Inc. , a data center and mission critical facilities and technology services company, reported results for its first quarter ended March 31, 2016.

    http://photos.prnewswire.com/prnvar/20130814/CL64257LOGO

    First Quarter Highlights:

    --  First quarter 2016 revenue of $7.7 million compared with $7.3 million in
    the first quarter of 2015 and $10.1 million in the fourth quarter of
    2015.
    --  Gross margin of 17% in the first quarter of 2016 compared with 33% in
    the first quarter of 2015.
    --  Reduced operating expenses by 14% compared to the first quarter of 2015.
    --  Net loss of $1,167,000 or $(0.07) per share, compared to a net loss of
    $402,000 or $(0.03) per share in the first quarter of 2015.
    --  Adjusted EBITDA loss of $862,000 compared with Adjusted EBITDA loss of
    $96,000 in the first quarter of 2014.
    

    "After a strong fourth quarter, the first quarter of this year was impacted by an unfavorable mix of business from a number of customers. We are seeing a strong second quarter with a very favorable mix of business. Therefore, we expect the first half of the year to be near adjusted EBITDA break-even," said Anthony Angelini, President and Chief Executive Officer of TSS. "With revenue comparable to the first quarter, the second quarter will benefit from the return to gross margins in the 30% range and from an approximately 15% sequential reduction in operating costs largely due to the conclusion of our annual audit in the first quarter. Overall, our business can fluctuate but we believe we are on the right track to drive growth in the second half of the year."

    Quarterly Conference Call Details

    The Company has scheduled a conference call to discuss the first quarter 2016 financial results for today at 4:30PM Eastern. To participate on the conference call, please dial 877-691-2551 toll free from the U.S., or 630-691-2747 for international callers. The conference code is 42529562#. Investors may also access a live audio web cast of this conference call under the "events" tab on the investor relations section of the Company's website at http://ir.totalsitesolutions.com/events.cfm.

    An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until June 15, 2016. The audio replay can be accessed by dialing 1-888-843-7419 in the U.S. or 630-652-3042 toll free then enter conference ID number 42529562#. Additionally, a replay of the webcast will be available on the Company's website approximately two hours after the conclusion of the call and will remain available for 90 calendar days.

    About Non-GAAP Financial Measures

    Adjusted EBITDA is a supplemental financial measures not defined under Generally Accepted Accounting Principles (GAAP). We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, impairment loss on goodwill and other intangibles, stock-based compensation, and provision for bad debts. We present Adjusted EBITDA because we believe this supplemental measure of operating performance is helpful in comparing our operating results across reporting periods on a consistent basis by excluding non-cash items that may, or could, have a disproportionate positive or negative impact on our results of operations in any particular period. We also use Adjusted EBITDA as a factor in evaluating the performance of certain management personnel when determining incentive compensation.

    Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, while providing useful information, should not be considered in isolation or as an alternative to net income or cash flows as determined under GAAP. Consistent with Regulation G under the U.S. federal securities laws, Adjusted EBITDA has been reconciled to the nearest GAAP measure, and this reconciliation is located under the heading " Adjusted EBITDA Reconciliation" following the Consolidated Statements of Operations included in this press release.

    About TSS, Inc.

    TSS is a trusted single source provider of mission-critical planning, design, system integration, deployment, maintenance and evolution of data centers facilities and information infrastructure. TSS specializes in customizable end to end solutions powered by industry experts and innovative services that include technology consulting, engineering, design, construction, operations, facilities management, technology system installation and integration, as well as maintenance for traditional and modular data centers. www.totalsitesolutions.com or call 888-321-4877.

    Forward-Looking Statements

    This press release contains "forward-looking statements" -- that is, statements related to future -- not past -- events, plans, and prospects. In this context, forward-looking statements may address matters such as our expected future business and financial performance, and often contain words such as "guidance," "prospects," "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect the Company's future results include: our independent registered public accounting firm's reports on our 2014 and 2015 financial statements contain an explanatory paragraph that expresses substantial doubt about our ability to continue as a going concern; we may not have sufficient resources to fund our business and may need to issue debt or equity to obtain additional funding; our reliance on a significant portion of our revenues from a limited number of customers; risks relating to operating in a highly competitive industry; risks relating to the failure to maintain effective internal control over financial reporting; risks relating to rapid technological, structural, and competitive changes affecting the industries we serve; risks involved in properly managing complex projects; risks relating to the possible cancellation of customer contracts on short notice; risks relating our ability to continue to implement our strategy, including having sufficient financial resources to carry out that strategy; risks relating to our ability to meet all of the terms and conditions of our debt obligations; uncertainty related to current economic conditions and the related impact on demand for our services; and other risks and uncertainties disclosed in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2015. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

    TSS, Inc. Consolidated Balance Sheets (In thousands except par values) March 31, December 31 2016 2015 ---- ---- (unaudited) Assets Current Assets Cash and cash equivalents $869 $1,132 Contract and other receivables, net 3,210 6,997 Costs and estimated earnings in excess of billings on uncompleted contracts 935 1,084 Inventories, net 59 66 Prepaid expenses and other current assets 202 235 Total current assets 5,275 9,514 Property and equipment, net 677 702 Goodwill 1,907 1,907 Intangible assets, net 807 841 Other assets 29 30 --- --- Total assets $8,695 $12,994 Liabilities and Stockholders' Equity Current Liabilities Long-term borrowings, current portion, net $363 $287 Borrowings under credit facility 1,356 2,150 Accounts payable and accrued expenses 5,885 7,608 Billings in excess of costs and estimated earnings on uncompleted contracts 1,854 2,476 Total current liabilities 9,458 12,521 Long-term borrowings, less current portion, net 900 1,036 Other liabilities 32 37 --- --- Total liabilities 10,390 13,594 Stockholders' Equity (Deficit) Preferred stock- $.0001 par value; 1,000 shares authorized at March 31, 2016 and December 31, 2015; none issued - - Common stock- $.0001 par value, 49,000 shares authorized at March 31, 2016 and December 31, 2015: 16,390 and 16,366 issued at March 31, 2016 and December 31, 2015, respectively 2 2 Additional paid-in capital 68,401 68,329 Treasury stock 724 shares at cost at March 31, 2016 and December 31, 2015, respectively (1,531) (1,531) Accumulated deficit (68,567) (67,400) Total stockholders' equity (deficit) (1,695) (600) Total liabilities and stockholders' equity (deficit) $8,695 $12,994

    TSS, Inc. Condensed Consolidated Statements of Operations (In thousands except per-share values, unaudited) Three Months Ended March 31, ---------------------------- 2016 2015 ---- ---- Results of Operations: Revenue $7,675 $7,272 Cost of revenue, excluding depreciation and amortization 6,370 4,868 Gross profit 1,305 2,404 Operating expenses: Selling, general and administrative 2,252 2,604 Depreciation and amortization 147 130 --- --- Total operating costs 2,399 2,734 Operating loss (1,094) (330) Interest income (expense), net (80) (72) Other income (expense), net 7 - Loss before income taxes (1,167) (402) Income tax expense - - Net loss $(1,167) $(402) Basic & diluted net loss per share $(0.07) $(0.03) Shares used in computing basic & diluted net loss per share 15,678 15,283 ====== ======

    TSS, Inc. Adjusted EBITDA Reconciliation (In thousands, unaudited) Three Months Ended March 31, ------------------------- 2016 2015 ---- ---- Net loss $(1,167) $(402) Interest income (expense), net 80 72 Depreciation and amortization 147 130 EBITDA $(940) $(200) Stock based compensation 72 104 Provision for bad debts 6 - Provision for income taxes - - Adjusted EBITDA $(862) $(96) ----- ----

    Logo - http://photos.prnewswire.com/prnh/20130814/CL64257LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tss-inc-reports-first-quarter-2016-results-300269300.html

    Photo: http://photos.prnewswire.com/prnh/20130814/CL64257LOGO TSS, Inc.

    CONTACT: Company Contact: TSS, Inc., John Penver, CFO, Phone: (512)
    310-1000

    Web site: http://www.totalsitesolutions.com/




    TI CEO Rich Templeton to speak at J.P. Morgan investor conferenceLive webcast at www.ti.com/irMay 24, 2016, 11:20 a.m. Eastern time

    DALLAS, May 16, 2016 /PRNewswire/ -- Texas Instruments Incorporated (TI) Chairman, President and Chief Executive Officer Rich Templeton will speak at the 44th Annual J.P. Morgan Global Technology, Media and Telecom Conference in Boston on Tuesday, May 24, at 11:20 a.m. Eastern time. Templeton will field questions from analysts and investors, as well as discuss TI's business outlook and its strategy to address key markets for its analog and embedded processing technologies and how these capabilities position the company for growth.

    The audio webcast for the conference can be accessed live through the Investor Relations section (http://www.ti.com/ir) of TI's website. An archived replay will be available on the website after his remarks.

    About Texas Instruments

    Texas Instruments Incorporated (TI) is a global semiconductor design and manufacturing company that develops analog ICs and embedded processors. By employing the world's brightest minds, TI creates innovations that shape the future of technology. TI is helping more than 100,000 customers transform the future, today. Learn more at www.ti.com.

    TXN-G

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ti-ceo-rich-templeton-to-speak-at-jp-morgan-investor-conference-300269183.html

    Photo: http://photos.prnewswire.com/prnh/20010105/NEF016LOGO Texas Instruments Incorporated

    CONTACT: Chris Rongone, 214-479-6868, c-rongone@ti.com; Whitney Jodry,
    214-479-0952, wjodry@ti.com

    Web site: http://www.ti.com/




    Arduino Primo Base Board to Feature Native Bluetooth Low Energy Wireless Connectivity and NFC Touch-to-Pair Using Nordic nRF52832 SoCs

    OSLO, Norway, May 16, 2016 /PRNewswire/ --

    The Arduino Primo integrates Bluetooth low energy, NFC 'Touch-to-Pair', Wi-Fi, and infrared connectivity, eliminating the cost and complexity of shields

    Nordic Semiconductor today announces that Arduino - the world's most successful open-source ecosystem for education, Maker, and Internet of Things (IoT) markets - has specified the Nordic's nRF52832 Bluetooth(R) low energy (previously known as Bluetooth Smart) System-on-Chip (SoC) for a new low cost IoT-targeted single board computer (or 'base board').

    (Photo: http://photos.prnewswire.com/prnh/20160516/368046 )

    The Arduino Primo base board features native Bluetooth low energy wireless connectivity and also includes NFC, Wi-Fi and infrared (IR) technologies. Previously users were required to add "shields" to upgrade Arduino to Bluetooth low energy technology.

    In addition to being able to connect to Bluetooth low energy sensors, the Arduino Primo acts as a TCP / IP Internet client and server over Wi-Fi; uses the nRF52832 SoC's integrated Near Field Communication (NFC) for secure authentication and 'Touch-to-Pair'.

    For all but the most advanced projects, programming will be done via the established Arduino Integrated Development Environment (IDE) programming interface - designed to make electronics design easy for everyone regardless of experience.

    For example, the nRF5 SDK for IoT allows more experienced users to develop IPv6 over Bluetooth low energy applications on the nRF52832 SoC, enabling the Arduino Primo to communicate with other Internet-connected "things" without requiring the resources of a Wi-Fi router or smartphone.

    "Our passion at Arduino is to provide the tools to encourage passionate people to build out their ideas and bring them into the world. Adding wireless connectivity from our partnership with Nordic provides even more options," says Federico Musto, CEO & President of Arduino S.r.L. "Ease-of-use is one of our core strengths, and this makes the Nordic chip a perfect match for the Arduino Primo," adds Musto.

    "It was an easy decision when Arduino asked us to supply the nRF52832 SoC to form the heart of its first native Bluetooth low energy technology base board," comments Geir Langeland, Nordic Semiconductor's Director of Sales & Marketing. "Considering the popularity of the Arduino ecosystem I predict it won't be long before we see many innovative IoT applications using the Arduino Primo."

    About Arduino [http://www.arduino.org ]

    About nRF52832 [http://tinyurl.com/nRF52832 ]

    About the nRF5 SDK for IoT [http://tinyurl.com/nRF5-SDK-for-IoT ]

    About Nordic Semiconductor ASA [http://tinyurl.com/NordicSemi ] Website: http://www.nordicsemi.com

    Photo: http://photos.prnewswire.com/prnh/20160516/368046

    Photo: http://photos.prnewswire.com/prnh/20160516/368046 Nordic Semiconductor

    CONTACT: Marketing contact: Anne Strand, Phone: +47 22 51 10 62, E-mail:
    Anne.Strand@nordicsemi.no / Arduino PR contact: Kelly Brieger,
    Kelly@kbpr.net, 650-704-1748




    David Frear to Speak at Upcoming Investor Conferences

    NEW YORK, May 16, 2016 /PRNewswire/ -- SiriusXM today announced that David Frear, Senior Executive Vice President and Chief Financial Officer, is scheduled to speak at three upcoming investor conferences.

    http://photos.prnewswire.com/prnvar/20101014/NY82093LOGO

    The first event will be the 3(rd) Annual MoffettNathanson Media & Communications Summit on Thursday, May 19(th) at approximately 2pm ET.

    The next event will be the 44(th) Annual J.P. Morgan Global Technology, Media and Telecom Conference on Monday, May 23(rd) at approximately 9:20am ET.

    The final event will be the 2016 Bank of America Merrill Lynch Global Telecom & Media Conference on Tuesday, June 7(th) at approximately 4:20am ET (9:20am BST).

    An audio webcast of each of these presentations will be available via the Investor Relations section of the company's website, www.siriusxm.com.

    About SiriusXM

    Sirius XM Holdings Inc. is the world's largest radio company measured by revenue and has more than 30 million subscribers. SiriusXM creates and offers commercial-free music; premier sports talk and live events; comedy; news; exclusive talk and entertainment, and a wide-range of Latin music, sports and talk programming. SiriusXM is available in vehicles from every major car company in the U.S. and on smartphones and other connected devices as well as online at siriusxm.com. SiriusXM radios and accessories are available from retailers nationwide and online at SiriusXM. SiriusXM also provides premium traffic, weather, data and information services for subscribers through SiriusXM Traffic(TM), SiriusXM Travel Link, NavTraffic(R), NavWeather(TM). SiriusXM delivers weather, data and information services to aircraft and boats through SiriusXM Aviation, SiriusXM Marine(TM), Sirius Marine Weather, XMWX Aviation(TM), XMWX Weather, and XMWX Marine(TM). In addition, SiriusXM Music for Business provides commercial-free music to a variety of businesses. SiriusXM holds a minority interest in SiriusXM Canada which has approximately 2.7 million subscribers. SiriusXM is also a leading provider of connected vehicles services to major automakers, giving customers access to a suite of safety, security, and convenience services including automatic crash notification, stolen vehicle recovery assistance, enhanced roadside assistance and turn-by-turn navigation.

    To download SiriusXM logos and artwork, visit http://www.siriusxm.com/LogosAndPhotos.

    This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

    The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our substantial competition, which is likely to increase over time; our ability to attract and retain subscribers, which is uncertain; consumer protection laws and their enforcement; the unfavorable outcome of pending or future litigation; the market for music rights, which is changing and subject to uncertainties; our dependence upon the auto industry; general economic conditions; the security of the personal information about our customers; existing or future government laws and regulations could harm our business; failure of our satellites would significantly damage our business; the interruption or failure of our information technology and communications systems; our failure to realize benefits of acquisitions or other strategic initiatives; rapid technological and industry changes; failure of third parties to perform; harmful interference to our service from new and existing wireless operations; our failure to comply with FCC requirements; modifications to our business plan; our indebtedness; our principal stockholder has significant influence over our affairs and over actions requiring stockholder approval and its interests may differ from interests of other holders of our common stock; and impairment of our business by third-party intellectual property rights. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2015, which is filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.

    Source: SiriusXM

    Contact for SiriusXM:

    Hooper Stevens
    212-901-6718
    Hooper.Stevens@siriusxm.com

    Chris Leal
    212-584-5236
    Chris.Leal@siriusxm.com

    Logo - http://photos.prnewswire.com/prnh/20101014/NY82093LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/david-frear-to-speak-at-upcoming-investor-conferences-300269273.html

    Photo: http://photos.prnewswire.com/prnh/20101014/NY82093LOGO Sirius XM Holdings Inc.

    Web site: http://www.siriusxm.com/




    Acorn International Files 2015 Annual Report on Form 20-F

    SHANGHAI, May 16, 2016 /PRNewswire/ -- Acorn International, Inc. ("Acorn" or the "Company") today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2015 with the Securities and Exchange Commission on May 16, 2016. The annual report can be accessed on the Company's investor relations website at http://www.acorninternationalir.com.

    Acorn will provide a hard copy of its annual report for the fiscal year ended December 31, 2015, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company's IR representatives, or in writing to Acorn International, Inc., 19/F, 20th Building, No. 487 Tianlin Road, Shanghai, 200233, PRC.

    About Acorn International, Inc.
    Acorn is a marketing and branding company in China with a proven track record of developing, promoting and selling a diverse portfolio of proprietary- branded products, as well as well-established and promising new products from third parties. Its business is currently comprised of two main divisions, its direct sales platforms and its nationwide distribution network. For more information visit www.acorninternationalir.com.

    Contact: Acorn International, Inc. Compass Investor Relations Mr. Samuel Patterson Ms. Elaine Ketchmere, CFA Phone: +86-21-5151-8888 Phone: +1-310-528-3031 Email: sam@chinadrtv.com Email: Eketchmere@compass-ir.com www.acorninternationalir.com www.compassinvestorrelations.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/acorn-international-files-2015-annual-report-on-form-20-f-300269142.html

    Acorn International, Inc.

    Web site: http://www.acorninternationalir.com/




    Arria NLG patent opens up automated analysis and reporting to interactive querying and modification -- the artificial intelligence innovations protected by the new patent provide users of the Arria NLG Platform with an added level of control to query their data to achieve a deeper understanding

    NEW YORK, May 16, 2016 /PRNewswire/ -- Arria NLG Arria NLG plc (AIM: NLG), a technology leader in the development and deployment of Natural Language Generation ("NLG"), is to be granted a patent on its Method, Apparatus, and Computer Program Product for User-Directed Reporting from the US Patent and Trademark Office, its eighth patent to date. The Company's Chief Development Scientist, Dr. Somayajulu Sripada, created this important new feature, part of the Arria NLG Platform.

    Photo - http://photos.prnewswire.com/prnh/20160516/368072 [http://photos.prnewswire.com/prnh/20160516/368072]
    Logo - http://photos.prnewswire.com/prnh/20160203/329543LOGO [http://photos.prnewswire.com/prnh/20160203/329543LOGO]

    The patent covers a new feature of Arria NLG's products, which automates real-time data analysis and generates reports using language that follows intuitive rules for how humans communicate and comprehend information.

    The innovations protected by the new patent provide users of the Arria NLG Platform with an added level of control to query their data to achieve a deeper understanding.

    Users can direct the report output by changing the data parameters to refine its focus and apply the embedded subject matter expertise to quickly interrogate their data at the click of a mouse. For example, financial analyst who receive an NLG report analysing an entire year of sales data can use an interface to focus the report on the most recent quarter or on one or a combination of geographic regions, or by using any other search criteria that they specify. With one click, the NLG Platform searches the data afresh, conducts pre-programmed analysis and produces an amended report responding to the new query.

    This, Arria's eighth patent, covers flexible modification of search parameters not only for reports that may be generated with Arria NLG's advanced artificial intelligence technology, but also with more rudimentary, template based NLG systems offered by several of Arria NLG's competitors.

    The new patent is part of a broad diversification plan that Arria NLG has instituted to enhance versatility and improve ease of use, as well as to increase the analytic power and actionable conclusions of its NLG products.

    Beginning with the Arria NLG Engine that was capable of applying pre-programmed subject matter expertise to analysis and narrative reporting on a prescribed data set, the team behind the Arria NLG Platform has built features into the Platform that now permit:

    1 user modification of reporting parameters (this 8(th) patent);
    2 the generation of graphs with NLG annotations;
    3 integration of annotated graphs and charts into NLG narrative reports;
    4 user drill-down into the data and analytics supporting the automated report; and
    5 recursive looping of analytic results to enable variance analysis.

    The Directors expect that later this year, Arria NLG will launch Recount, its first software as a service ("SaaS") product offering these features and others to accountants and financial managers worldwide. The Company also expects to introduce Software Development Kit (SDK) 5.0, an automated NLG report-generating software toolkit permitting developers, without NLG training, to embed Arria NLG analytics and reporting into their software and websites.

    Stuart Rogers, Chairman of Arria NLG, stated:

    "This Arria NLG patent opens up automated analysis and reporting to interactive querying and modification so that a user can shape the NLG report to their 'up-to-the-minute' needs.

    The ultimate goals of our current product development effort are to automate the generation of natural language narratives within websites and to enable professionals in numerous fields to increase their analytical power and reach by creating their own applications for automated analysis and reporting from structured data. Just as today's professionals need to apply their subject matter expertise and report their conclusions persuasively, in the future these same professionals will be able to raise the power of their expertise by automating the analysis and reporting of many of their key functions, increasing expert productivity and enhancing their value to their enterprise.

    We continue to invest in patenting our IP, with this our eighth patent to date and fifth in 2016. Protecting our products and critical processes safeguards our position as one of the leading developers of AI and NLG innovations and illustrates our dedication to securing long-term value for our shareholders."

    To learn more about Arria NLG, visit arria.com [http://www.arria.com/ibm-watson-health/]

    Media Contact: Sharon Daniels +1-973-820-7005
    Sharon.daniels@arria.com [mailto:Sharon.daniels@arria.com]

    Photo: https://photos.prnewswire.com/prnh/20160516/368072
    http://photos.prnewswire.com/prnh/20160203/329543LOGO Arria NLG

    Web site: http://www.arria.com/




    Social Reality Posts 36% Year-over-Year Revenue Growth for Q1 2016Company Provides Revenue Guidance of $40M for Full Year 2016, a 33% increase over 2015

    LOS ANGELES, May 16, 2016 /PRNewswire/ -- Social Reality, Inc. (OTCQB: SCRI), an Internet advertising and platform technology company that provides tools to automate the digital advertising market, announced today its first quarter 2016 financial results. Revenues for the first quarter ended March 31, 2016 were $5,469,335, an increase of 36% over the first quarter of 2015.

    http://photos.prnewswire.com/prnvar/20141110/157515LOGO

    Christopher Miglino, Social Reality CEO and Chairman said, "We've spent the past year laying the foundation for the business and investing in our technology and our team to strengthen our core services to provide unique tools in improving advertising performance for our clients across all digital platforms. As a result, we now have a strong offering designed to grow as we identify new market segments that can leverage our SRAX Solution platform engine. Despite the seasonality within the industry which typically sees lower first quarter revenues, we are pleased to report double digit year-over-year growth of 36%. Most recently, we added to our executive leadership team with the appointment of our Chief Financial Officer Rahul Thumati to oversee our financial reporting, investor relations, corporate finance and financing strategies. In addition, we remain committed to driving strong levels of growth and are providing revenue guidance of $40 million for the full year of 2016."

    First Quarter 2016 Financial Highlights

    --  Revenue of $5,469,335 represents a 36% increase over the first quarter
    of 2015
    --  Gross Profit of $2,288,773, up 29% from first quarter of 2015
    --  Adjusted EBITDA of $(982,000)
    

    Recent Operational Highlights

    --  Appointment of Rahul Thumati as Chief Financial Officer in April 2016
    --  Reported a 44% increase in active customers during the three months
    ended March 31, 2016 compared to the same period last year
    

    Three-month financial results for the period ended March 31, 2016

    Revenues for the three months ended March 31, 2016 were $5,469,335 compared to $4,021,284 reported for the three months ended March 31, 2015. Gross profit increased to $2,288,773 for the three months ended March 31, 2016 compared to $1,778,809 for the same period of 2015. Gross margin for the quarter ended March 31, 2016 was 41.8% as compared to 44.2% for the same period in 2015.

    For the quarter ended March 31, 2016, adjusted EBITDA was ($982,000) compared to ($709,000) in the first quarter of 2015. The increase in the adjusted EBITDA loss was due to an increase in operating expenses which is comprised of salaries, commissions, marketing and general overhead expenses. Operating expense increased 30.8% for the first quarter of 2016 from the comparable period in 2015.

    The company also reported a net loss of $2,401,655, or $0.08 per share, for the three months ended March 31, 2016, compared to a net loss of $2,054,461, or $0.08 per share, for the corresponding period of 2015.

    Balance Sheet as of March 31, 2016

    Cash and cash equivalents totaled $1,600,356 at March 31, 2016. Current assets and total assets were $6,914,607 and $25,035,497, respectively, and current liabilities and total liabilities were $12,099,508 and $20,383,373 respectively. At March 31, 2016 the company had stockholders' equity of $4,652,124.

    Conference call information:
    Date: Monday, May 16, 2016
    Time: 4:15 P.M. Eastern Time (ET)
    Dial in Number for U.S. & Canadian Callers: (877) 407-8293
    Dial in Number for International Callers (Outside of the U.S. & Canada): (201) 689-8349

    Participating on the call will be Social Reality's Chief Executive Officer Christopher Miglino and Chief Financial Officer Rahul Thumati, who will be providing a financial and operational summary of the first quarter 2016. To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.

    If you are unable to participate in the call at this time, a replay will be available for 14 days starting on May 16, 2016 at approximately 10:30 P.M. ET. To access the replay, please dial 877-660-6853 in the U.S. and 201-612-7415 for international callers. The conference ID# is 13637035.

    About Social Reality

    Social Reality, Inc. is an Internet advertising company that provides tools to automate the digital advertising market. The company has built technologies and leveraged partner technologies that service social media and the Real Time Bidding (RTB) markets. For more information, please visit www.socialreality.com.

    Forward-Looking Statements

    This press release may contain forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, including, without limitation: our ability to grow our revenues and manage our gross margins; our history of losses; our limited operating history; the terms of our financing agreement with Victory Park Management, LLC as agent for the lenders; the impact of our debt obligations on our liquidity and financial conditions; the impact of the earn out payment to Mr. Steel; our possible need for additional financing; risks associated with loss of access to the Facebook platform; risks associated with loss of access to RTB inventory buyers; the continued appeal of digital advertising; our dependence on our publishers; risks related to possible future acquisitions; the limited market for our Class A common stock; and the impact of penny stock rules on the trading in our Class A common stock, among others, all as set forth in our Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission, and our other filings with the SEC. Except for our ongoing obligations to disclose material information under the Federal securities laws, Social Reality undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

    [Financial Tables to Follow]

    SOCIAL REALITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Month Periods Ended March 31, --------------- 2016 2015 ---- ---- Revenues $5,469,335 $4,021,284 Cost of revenue 3,180,562 2,242,475 --------- --------- Gross profit 2,288,773 1,778,809 Operating expense 3,805,101 2,910,000 --------- --------- Loss from operations before other expense (1,516,328) (1,131,191) Interest income (expense) (885,327) (923,270) -------- -------- Loss from operations (2,401,655) (2,054,461) Provision for income taxes - - --- --- Net loss $(2,401,655) $(2,054,461) =========== =========== Net loss per share, basic and diluted $(0.08) $(0.08) ====== ====== Weighted average shares outstanding 29,536,146 27,029,749 ========== ==========

    SOCIAL REALITY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2016 2015 ---- ---- (Unaudited) Assets Current assets: Cash and cash equivalents $1,600,356 $1,091,186 Accounts receivable, net 4,999,896 7,056,298 Prepaid expenses 303,678 309,436 Other current assets 10,677 36,090 ------ ------ Total current assets 6,914,607 8,493,010 Property and equipment, net of accumulated depreciation of $51,772 and $42,295 34,459 43,936 Goodwill 16,314,957 16,314,957 Intangible assets, net 1,521,861 1,611,744 Prepaid stock based compensation 214,954 373,567 Other assets 34,659 34,659 ------ ------ Total assets $25,035,497 $26,871,873 =========== =========== Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $4,208,541 $5,138,807 Notes payable, current portion, net of unamortized costs of $994,654 and $1,076,633 2,699,346 1,378,367 Unearned revenue 3,265 1,295 Contingent consideration payable to related party 3,704,413 7,585,435 Put liability 1,483,943 1,436,282 --------- --------- Total current liabilities 12,099,508 15,540,186 Notes payable, net of unamortized costs of $365,262 and $578,140 8,283,865 7,455,758 --------- --------- Total liabilities 20,383,373 22,995,944 ---------- ---------- Stockholders' equity: Preferred stock, authorized 50,000,000 shares, $0.001 par value, no shares issued and outstanding - - Class A common stock, authorized 250,000,000 shares, $0.001 par value, 29,977,925 and 28,110,229 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively 29,978 28,110 Class B common stock, authorized 9,000,000 shares, $0.001 par value, no shares issued and outstanding - - Additional paid in capital 17,165,572 13,989,590 Accumulated deficit (12,543,426) (10,141,771) ----------- ----------- Total stockholders' equity 4,652,124 3,875,929 --------- --------- Total liabilities and stockholders' equity $25,035,497 $26,871,873 =========== ===========

    SOCIAL REALITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2016 AND 2015 (Unaudited) Three Month Periods Ended March 31, --------------- 2016 2015 ---- ---- Cash flows from operating activities: Net loss $(2,401,655) $(2,054,461) Adjustments to reconcile net loss to net cash used by operating activities: Amortization of stock based prepaid fees 158,613 158,613 Stock based compensation 277,849 258,166 Amortization of debt issue costs 294,857 319,936 PIK interest expense accrued to principal 120,284 88,667 Accretion of contingent consideration 118,978 220,901 Accretion of put liability 47,661 41,345 Depreciation and amortization 99,360 4,779 Bad debt expense 5,330 7,207 Changes in operating assets and liabilities: Accounts receivable 2,051,072 (208,216) Prepaid expenses 5,758 45,008 Other current assets 25,413 4,993 Other assets - (4,390) Accounts payable and accrued expenses (930,265) 303,164 Unearned revenue 1,970 (17,200) ----- ------- Cash used by operating activities (124,775) (831,488) -------- -------- Cash flows from investing activities: Purchase of equipment - - --- --- Cash used by investing activities - - --- --- Cash flows from financing activities: Sale of common stock 500,000 - Proceeds from warrant offering - 6,921 Payment of contingent consideration (1,600,000) - Proceeds from notes payable 2,100,000 Repayments of note payable (366,055) (315,801) -------- -------- Cash provided (used) by financing activities 633,945 (308,880) ------- -------- Net increase (decrease) in cash 509,170 (1,140,368) Cash, beginning of period 1,091,186 1,843,393 --------- --------- Cash, end of period $1,600,356 $703,025 ========== ======== Supplemental Schedule of Cash Flow Information: Cash paid for interest $325,828 $221,669 ======== ======== Cash paid for taxes $20,000 $ - ======= === === Non-cash financial activities: Common stock issued for payment of contingent consideration $2,400,000 $ -

    Use of Non-GAAP Measure - Adjusted EBITDA

    Social Reality's management evaluates and makes operating decisions using various financial metrics. In addition to the company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income before income taxes, depreciation and amortization expenses, plus stock-based compensation and interest expense. Management believes that this non-GAAP measure provides useful information about Social Reality's operating results. The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. This non-GAAP measure should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

    Reconciliation of Adjusted EBITDA to GAAP ----------------------------------------- For the Three Months Ended March 31, --------- (unaudited, in thousands) 2016 2015 ---- Net income (loss) $(2,402) $(2,054) plus: Equity based compensation 436 417 --- --- Adjusted net income (loss) $(1,966) $(1,637) Interest expense 885 923 Depreciation and amortization 99 5 --- --- Adjusted EBITDA $(982) $(709) ===== =====

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    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/social-reality-posts-36-year-over-year-revenue-growth-for-q1-2016-300269351.html

    Photo: http://photos.prnewswire.com/prnh/20141110/157515LOGO Social Reality, Inc.

    CONTACT: Robert Haag, Managing Director, IRTH Communications,
    SCRI@irthcommunications.com, 1-866-976-4784

    Web site: http://www.socialreality.com/




    Canon U.S.A. Displays Teleretinal Solution at American Telemedicine Conference

    MELVILLE, N.Y., May 16, 2016 /PRNewswire/ -- In today's healthcare environment, it is essential to invest in solutions that help streamline workflows while having features that can assist healthcare professionals with their compliance efforts. Canon U.S.A., Inc., a leader in digital imaging solutions, will showcase its solution designed to address Teleretinal imaging during this year's American Telemedicine Conference at the Minneapolis Convention Center from May 15-17, 2016.

    http://photos.prnewswire.com/prnvar/20160119/323578LOGO

    On display in the Canon booth (#918) will be the Canon CR-2 PLUS AF Digital Non-Mydriatic Retinal camera (the "CR-2 PLUS AF camera"), including imageSPECTRUM Image Management System software(1), an intuitive software solution offering image management and portability to help improve workflow. With imageSPECTRUM Image Management Software, healthcare professionals can perform retinal screenings on the CR-2 PLUS AF camera, then quickly transmit the images to doctors' offices thousands of miles away, both domestic and abroad(2), to assist in making a diagnosis.

    In addition to the CR-2 PLUS AF camera's high-resolution color retinal photography, the imageSPECTRUM software solution incorporates a set of digital RGB filters for the more critical viewing of suspect pathologies. The camera includes a non-invasive Fundus Autofluorescence imaging mode that provides the reviewer with the ability to quickly assess the condition of the RPE layer.

    Visitors to the booth will have the opportunity to interact with the Canon Teleretinal imaging solution that includes the Canon CR-2 PLUS AF Digital Non-Mydriatic Retinal Camera and imageSPECTRUM Image Management Software. The CR-2 PLUS AF camera captures ultra-high resolution images -- quickly, efficiently, and automatically. Designed around advanced Canon EOS optics and CMOS image-capture technology, the CR-2 PLUS AF camera features a customized 18 megapixel digital camera with advanced imageSPECTRUM Image Management software. With the press of a button, users can switch between auto and manual focusing for ultimate control and ease-of-use. The Auto Capture function determines the appropriate moment to capture an image by analyzing when exposure and alignment are ideal.

    For more information about Canon ophthalmic devices and solutions, please visit https://www.usa.canon.com/internet/portal/us/home/products/groups/eyecare/.

    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 pr@cusa.canon.com.

    **Based on weekly patent counts issued by United States Patent and Trademark Office.

    (1) Requires Windows(R) 7 operating system. Windows is either a registered trademark or trademark of Microsoft Corporation in the United States and/or other countries.

    (2) Requires internet access and imageSPECTRUM Image Management software to both send and receive data.

    Canon U.S.A. Web site:
    http://www.usa.canon.com

    Logo - http://photos.prnewswire.com/prnh/20160119/323578LOGO

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canon-usa-displays-teleretinal-solution-at-american-telemedicine-conference-300269122.html

    Photo: http://photos.prnewswire.com/prnh/20160119/323578LOGO Canon U.S.A., Inc.

    CONTACT: Editorial Contact: Kim Tucker, Canon U.S.A., Inc., 631.330.4605,
    kitucker@cusa.canon.com or For sales information/customer support:
    1-800-970-7227

    Web site: http://www.usa.canon.com/




    Implant Sciences Reports Third Quarter Fiscal 2016 Financial Results- Quarterly revenue increased 230.5% to $10.9 million- Nine months revenue increased 386.8% to $35.6 million

    WILMINGTON, Mass., May 16, 2016 /PRNewswire/ -- Implant Sciences Corporation (OTCQB:IMSC), a leading manufacturer of explosives trace detection (ETD) and drugs trace detection solutions for homeland security applications, today announced financial results for the three and nine months ended March 31, 2016.

    Revenues for the three months ended March 31, 2016 increased 230.5%, to $10.9 million, from $3.3 million for the comparable prior year period. Our net loss for the three months ended March 31, 2016 was $4.1 million as compared with a net loss of $5.7 million for the comparable prior year period, a decrease of $1.6 million.

    Revenues for the nine months ended March 31, 2016 increased 386.8%, to $35.6 million, from $7.3 million for the comparable prior year period. Our net loss for the nine months ended March 31, 2016 was $8.3 million as compared with a net loss of $17.4 million for the comparable prior year period, a decrease of $9.1 million.

    Earnings before interest, income taxes, depreciation and amortization, stock-based compensation, warrants issued to non-employees and common stock issued to consultants ("Adjusted EBITDA"), which is reconciled to net income in this press release, was a loss of $994,000 in the three months ended March 31, 2016, compared to a loss of $2,266,000 in the comparable prior year period and for the nine months ended March 31, 2016, adjusted EBITDA income of $1,023,000, compared to a loss of $8,108,000 in the comparable prior year period.

    Dr. William McGann, CEO of Implant Sciences, commented, "We are pleased with the results of our recently completed quarter, a quarter in which we recorded revenues of $10.9 million and have achieved nine month revenues of $35.6 million. We're equally pleased with the improvement in our operations which have resulted in substantial reductions in net operating losses of $1.6 million and $9.1 million, in the quarter and the nine month period, respectively. The improvement in our operating results are tempered somewhat by costs associated with our strategic alternative review and other one-time charges, which amounted to $559,000 and $908,000 in the three month and nine month periods, respectively. Shipments under the delivery order with the Transportation Security Administration are ongoing and on schedule. During the just concluded quarter we delivered QS-B220's to the Canadian Air Transport Security Authority, the significance of which cannot be dismissed. With this win, we believe that we are now the leading provider of ETD in North America. The production ramp continues unabated, demonstrating our capabilities from not only a manufacturing and supply chain perspective, but also from a working capital management perspective. Our execution in all facets is not perfect, but we are striving for and demonstrating continuous improvement in managing this exponential growth. We continue to generate the cash flow required from internal operations to fund the significant working capital required to deliver the record revenues being reported today. We're continuing to invest and expect to increase our investment in technology, with the intent to introduce new product that will increase the size of the security market we can penetrate."

    Details for the three and nine months ended March 31, 2016 follow below.

    Three Months Ended March 31, 2016 vs. March 31, 2015

    --  Revenues for the three months ended March 31, 2016 were $10,923,000 as
    compared with $3,305,000 for the comparable prior year period, an
    increase of $7,618,000, or 230.5%. The increase in revenue is due
    primarily to a 664.6% increase in the number of QS-B220 desktop units
    sold in the three months ended March 31, 2016, due to the shipments
    under our delivery order with the U.S. Transportation Security
    Administration, shipments to the Canadian Air Transport Security
    Authority and increased shipments to Asia in the current three month
    period, offset partially by a 38.6% decrease in the average unit sales
    prices, which resulted in a 369.7% increase in QS-B220 revenues. Factors
    impacting our average unit sales prices are mainly due to the
    competitive market conditions and $25,000 in early payment discounts in
    the three months ended March 31, 2016. QS-H150 handheld units sold in
    the three months ended March 31, 2016, decreased 32.7 %, compared to the
    prior period, due to decreased shipments to Europe and by an 8.6%
    decrease in the average unit sales prices, which resulted in a 38.5%
    decrease in QS-H150 revenues.  Sales of parts and supplies and service
    revenues increased 360.0% and 157.4%, respectively, in the three months
    ended March 31, 2016, due primarily to increased sales of consumables
    and other supplies that shipped with the QS-B220 desktop units and
    increased training and warranty revenue in the current three month
    period.
    
    --  Gross margin for the three months ended March 31, 2016 was $3,232,000 or
    29.6% of revenues as compared with $1,176,000 or 35.6% of revenues for
    the comparable prior year period. The decrease in gross margin as a
    percent of revenues is primarily due to a decrease in the average unit
    sales price on sales of our QS-B220 units of 38.6%. and an 8.6% decrease
    in the average unit sales price on sales of our QS-H150, and an increase
    in manufacturing overhead costs.
    
    --  Research and development expense for the three months ended March 31,
    2016 was $1,040,000 as compared with $1,347,000 for the comparable prior
    year period, a decrease of $307,000 or 22.8%. The decrease in research
    and development expense is due primarily to a $104,000 decrease in
    stock-based compensation expense, a $48,000 decrease in materials and
    prototype expense, the relocation of the San Diego, CA advanced
    technology office, which resulted in a $78,000 decrease in rent expense
    and a $52,000 decrease in payroll and related fringe benefits.
    
    --  Selling, general and administrative expenses for the three months ended
    March 31, 2016 were $3,811,000 as compared with $3,318,000 for the
    comparable prior year period, an increase of $493,000, or 14.9%. The
    increase in selling, general and administrative expenses is due
    primarily to a $640,000 increase in payroll and related benefits due
    primarily to the provision of $487,000 for incentive compensation, a
    $284,000 increase in consulting expenses due to the issuance of shares
    of our common stock to two advisors for services rendered under the
    advisory and consulting services agreements and investment banker
    advisor fees, a $263,000 increase in legal fees attributable to our
    ongoing review of strategic alternatives, a $183,000 increase in
    variable selling expenses, and a $142,000 increase in travel expenses,
    partially offset by a $680,000 decrease in stock-based compensation on
    employee stock options, due primarily to additional stock-based
    compensation expense resulting from the amendments to our former CEO's
    existing vested stock options and to the accelerated vesting of certain
    options issued on July 2, 2014 in the prior year period, $274,000 of
    charges incurred pursuant to our Letter Agreement with Luveti in the
    prior year period and a $52,000 decrease in rent expense.
    
    --  For the three months ended March 31, 2016, other expense was $2,477,000
    as compared with other expense of $2,242,000, for the comparable prior
    year period, an increase of $235,000, or 10.5%. The increase is due to
    increased interest expense on higher borrowings under our credit
    facilities with DMRJ and, to a lesser extent, the 1% increase in the BAM
    interest rate which took effect on April 1, 2015.
    
    --  Our net loss for the three months ended March 31, 2016 was $4,096,000 as
    compared with a net loss of $5,731,000 for the comparable prior year
    period, a decrease of $1,635,000, or 28.5%. The decrease in net loss is
    primarily due to increased revenues and gross margin, partially offset
    by increased operating expenses and an increase in interest expense.
    

    Nine Months Ended March 31, 2016 vs. March 31, 2015

    --  Revenues for the nine months ended March 31, 2016 were $35,608,000 as
    compared with $7,315,000 for the comparable prior year period, an
    increase of $28,293,000, or 386.8%. The increase in revenue is due
    primarily to a 1,010.2% increase in the number of QS-B220 desktop units
    sold in the nine months ended March 31, 2016, due to increased shipments
    to European airports, shipments under our delivery order with the U.S.
    Transportation Security Administration, shipments to the Canadian Air
    Transport Security Authority and increased shipments to Asia, Africa and
    South America in the current nine month period, offset partially by a
    32.2% decrease in the average unit sales prices, which resulted in a
    652.5% increase in QS-B220 revenues. Factors impacting our average unit
    sales prices are mainly due to the competitive market conditions and our
    decision to offer early payment discounts to certain distributors to
    hasten collection of our accounts receivable, which discounts in the
    aggregate amounted to $325,000 in the nine months ended March 31, 2016.
    QS-H150 handheld units sold in the nine months ended March 31, 2016,
    increased 12.6 %, compared to the prior period, due to increased
    shipments to Asia and Africa, which is partially offset by a 4.9%
    decrease in the average unit sales prices, which resulted in a 7.0%
    increase in QS-H150 revenues. Sales of parts and supplies and service
    revenues increased 511.1% and 446.9%, respectively, in the nine months
    ended March 31, 2016, due primarily to increased sales of consumables
    and other supplies that shipped with the QS-B220 desktop units and
    increased training and warranty in the current nine month period.
    
    --  Gross margin for the nine months ended March 31, 2016 was $13,342,000 or
    37.5% of revenues as compared with $2,158,000 or 29.5% of revenues for
    the comparable prior year period. The increase in gross margin as a
    percent of revenues is primarily due to increased manufacturing overhead
    absorption, due to increased QS-B220 unit volume and lower material
    costs for the QS-B220 due to volume purchasing price reductions,
    partially offset by a 32.2% decrease in the average unit sales price on
    sales of our QS-B220 units and by a decrease in the average unit sales
    price on sales of our QS-H150 units of 4.9% and an increase in
    manufacturing overhead costs.
    
    --  Research and development expense for the nine months ended March 31,
    2016 was $3,024,000 as compared with $3,919,000 for the comparable prior
    year period, a decrease of $895,000 or 22.8%. The decrease in research
    and development expense is due primarily to the relocation of the San
    Diego, CA advanced technology office, which resulted in a $303,000
    decrease in payroll and benefit costs, a $200,000 decrease in materials
    and prototype expenses, a $215,000 decrease in stock-based compensation,
    a $62,000 decrease in regulatory testing expenses, and a $93,000
    decrease in rent expense, offset partially by a $41,000 increase in
    travel expenses incurred in support of the ECAC system deployments in
    the current period.
    
    --  Selling, general and administrative expenses for the nine months ended
    March 31, 2016 were $11,067,000 as compared with $9,188,000 for the
    comparable prior year period, an increase of $1,879,000, or 20.5%. The
    increase in selling, general and administrative expenses is due
    primarily to a $1,931,000 increase in payroll and benefit costs, due to
    the provision of $1,440,000 for incentive compensation and a $200,000
    sign on bonus for Mr. Liscouski, our President, a $1,041,000 increase in
    variable selling expenses due to increased revenues, a $872,000 increase
    in consulting expenses due to the issuance of shares of our common stock
    to two advisors for services rendered under the advisory and consulting
    services agreements and investment banker advisor fees, a $221,000
    increase in travel expense incurred to support QS-B220 system
    installations domestically and in Europe, the $76,000 charge recorded
    for the plaintiff's counsel fee and expenses, resulting from the Miller
    litigation, a $255,000 increase in legal fees attributable to our
    ongoing review of strategic alternatives and an $86,000 increase in
    business insurance, due to increased revenues, offset partially by
    separation benefits of $725,000 provided to our former CEO due to his
    resignation in the prior year period, a $1,086,000 decrease in
    stock-based compensation on employee stock options, due primarily to
    additional stock-based compensation expense resulting from the
    amendments to our former CEO's existing vested stock options and to the
    accelerated vesting of certain options issued on July 2, 2014 in the
    prior year period, $274,000 of charges incurred pursuant to our Letter
    Agreement with Luveti in the prior year period, a $207,000 decrease in
    stock-based compensation expense on non-employee warrants, a $54,000
    decrease in bad debt expense, and a $98,000 decrease in rent expense.
    
    --  For the nine months ended March 31, 2016, other expense was $7,571,000
    as compared with other expense of $6,401,000, for the comparable prior
    year period, an increase of $1,170,000, or 18.3%. The increase is due to
    increased interest expense on higher borrowings under our credit
    facilities with DMRJ and, to a lesser extent, the 1% increase in the BAM
    interest rate which took effect on April 1, 2015.
    
    --  Our net loss for the nine months ended March 31, 2016 was $8,320,000 as
    compared with a net loss of $17,350,000 for the comparable prior year
    period, a decrease of $9,030,000, or 52.0%. The decrease in the net loss
    is primarily due to increased revenues and gross margin, partially
    offset by increased operating expenses and an increase in interest
    expense.
    

    Company Webcast and Conference Call

    The Company will host a webcast and conference call on Monday, May 16, 2016 at 4:15 PM Eastern time to review financial results for the quarter ended March 31, 2016. Following the Company's prepared remarks, there will be a Q&A session. The call can be accessed by dialing: 877-381-5456 within the U.S. or 262-558-6161 outside the U.S. The conference ID or passcode is 11555976. Participants are asked to call the assigned number approximately 5 minutes before the conference call begins. A replay of the conference call will be available approximately two hours after the call for seven days by dialing: 855-859-2056 within the U.S. or 404-537-3406 U.S. The conference ID or passcode to access the conference call replay is 11555976. The conference call will also be available live over the Internet at the "Webcasts" page of the Investor Relations section of Implant Sciences' website at www.implantsciences.com. A replay of the webcast will be available for seven days after the call.

    About Implant Sciences

    Implant Sciences is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The Company's team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 60 countries worldwide. The Company's ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., ECAC in Europe, CAAC and the Ministry of Public Safety in China, Russia FSB, STAC in France, and the German Ministry of the Interior. It has also received the 2015 GSN Airport/Seaport/Border Security Award for "Best Security Checkpoint". All Implant Sciences products are recognized as Qualified Anti-Terrorism Technologies by the Department of Homeland Security. For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release and any statements of employees, representatives and partners of Implant Sciences Corporation (the "Company") related thereto contain or may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. Such statements are based on management's current expectations and are subject to significant risks and uncertainties (many of which are beyond the Company's control) that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that we will be required to repay substantially all of our indebtedness to our secured lenders by June 30, 2016 and will be required to repay the remainder of our indebtedness by December 30, 2016; if we are unable to satisfy our obligations to our secured lenders and to raise additional capital to fund operations, our lenders may seize our assets and our business may fail; we continue to incur substantial operating losses and may never be profitable; our independent registered public accounting firm has expressed substantial doubt as to our ability to continue as a going concern; there is no guaranty that the Transportation Security Administration (TSA) or any other U.S. or foreign government and law enforcement agencies or commercial consumers will purchase any of our explosives detection products or that any new products we may develop will be accepted by the TSA or by such other governments, agencies or consumers; economic, our backlog does not necessarily represent actual future shipments since orders, including our delivery order with the TSA, may be delayed or cancelled by our customers without financial penalty. The rate of customer order cancellations can vary quarter to quarter and year to year. Customers may also reject nonconforming products; political and other risks associated with international sales and operations could adversely affect our sales; liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; our business is subject to intense competition; our markets are subject to rapid technology change and our ability to generate revenue and profit will depend on our ability to develop and introduce new products; we may not be able to retain our management and key employees or identify, hire and retain additional personnel as needed; we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. In light of these risks and uncertainties, readers are cautioned that actual results may differ significantly from those described or anticipated in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.

    Contact:
    Implant Sciences Corporation
    Company Contact:
    Robert Liscouski, President
    978-752-1700 x 116

    Investor Relations Contact:
    Barry Kaplan Associates
    Andrew Kaplan
    732-747-0702

    Implant Sciences Corporation Condensed Consolidated Balance Sheets (In thousand except share and per share amounts) March 31, June 30, 2016 2015 (Unaudited) (Audited) ---------- -------- ASSETS Current assets: Cash and cash equivalents $280 $1,985 Restricted cash and investments 367 367 Accounts receivable-trade, net 6,468 872 Inventories, net 5,981 5,244 Prepaid expenses and other current assets 1,609 946 ----- --- Total current assets 14,705 9,414 Property and equipment, net 840 880 Other non-current assets 98 98 Total assets $15,643 $10,392 ======= ======= LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Senior secured promissory note -BAM $20,000 $20,000 Senior secured convertible promissory note -Montsant Partners 5,284 3,184 Senior secured promissory note -DMRJ 1,000 1,000 Second senior secured convertible promissory note -DMRJ 18,970 12,000 Third senior secured convertible promissory note -DMRJ 17,523 12,000 Line of credit - DMRJ 17,662 16,662 Current maturities of obligations under capital lease 17 45 Accrued expenses 13,179 17,080 Accounts payable 4,977 2,855 Deferred revenue 1,049 3,454 Total current liabilities 99,661 88,280 Long-term liabilities: Long-term obligations under capital lease, net of current maturities 12 20 Accrued expenses, net of current - 48 Deferred revenue, net of current 539 221 Total long-term liabilities 551 289 --- --- Total liabilities 100,212 88,569 ------- ------ Commitments and contingencies Stockholders' deficit: Common stock; $0.001 par value; 200,000,000 shares authorized; 79,036,165 and 79,025,620 shares issued and outstanding at March 31, 2016 and 75,113,665 and 75,103,120 shares issued and outstanding at June 30, 2015 79 75 Preferred stock; no stated value; 5,000,000 shares authorized Series G Convertible Preferred Stock, no stated value; 650,000 shares authorized, no shares issued and outstanding - - Series H Convertible Preferred Stock, no stated value; 22,500 shares authorized, no shares issued and outstanding - - Series I Convertible Preferred Stock, no stated value; 21,000 shares authorized, no shares issued and outstanding - - Series J Convertible Preferred Stock, no stated value; 6,500 shares authorized, no shares issued and outstanding - - Additional paid-in capital 113,883 112,613 Accumulated deficit (197,749) (189,429) Deferred compensation (730) (1,366) Other comprehensive income 21 3 Treasury stock, 10,545 common shares, at cost (73) (73) Total stockholders' deficit (84,569) (78,177) ------- ------- Total liabilities and stockholders' deficit $15,643 $10,392 ======= =======

    Implant Sciences Corporation Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands except share and per share amounts) (Unaudited) For the Three Months Ended For the Nine Months Ended March 31, March 31, --------- --------- 2016 2015 2016 2015 ---- ---- ---- ---- Revenues Product Government $3,932 $ - $7,194 $ - Commercial 6,816 3,237 27,539 7,155 10,748 3,237 34,733 7,155 ------ ----- ------ ----- Services Government 40 - 465 - Commercial 135 68 410 160 175 68 875 160 --- --- --- --- Total revenues 10,923 3,305 35,608 7,315 Cost of revenues 7,691 2,129 22,266 5,157 Gross margin 3,232 1,176 13,342 2,158 ----- ----- ------ ----- Operating expenses: Research and development 1,040 1,347 3,024 3,919 Selling, general and administrative 3,811 3,318 11,067 9,188 Total operating expenses 4,851 4,665 14,091 13,107 ----- ----- ------ ------ (Loss) income from operations (1,619) (3,489) (749) (10,949) ------ ------ ---- ------- Other income (expense), net Interest income - 1 - 1 Interest expense (2,477) (2,243) (7,571) (6,402) ------ ------ ------ ------ Total other expense, net (2,477) (2,242) (7,571) (6,401) ------ ------ ------ ------ Net loss (4,096) (5,731) (8,320) (17,350) Comprehensive income, net of tax: Foreign currency translation adjustments - (1) (19) 1 Comprehensive loss $(4,096) $(5,732) $(8,339) $(17,349) ======= ======= ======= ======== Net loss per share, basic and diluted $(0.05) $(0.08) $(0.11) $(0.25) ====== ====== ====== ====== Weighted average shares used in computing net loss per common share, basic and diluted 78,878,953 72,677,287 77,871,509 69,454,343 ========== ========== ========== ==========

    Implant Sciences Corporation Consolidated Sales by Product (In thousands) (Unaudited) For the Three Months Ended For the Three Months Ended March 31, 2016 March 31, 2015 -------------- -------------- Amount Mix Amount Mix Change % ------ --- ------ --- ------- Product QS-B220 $9,343 85.6% $1,989 60.2% 369.7% QS-H150 669 6.1% 1,088 32.9% (38.5)% Parts & supplies 736 6.7% 160 4.8% 360.0% --- --- --- --- 10,748 98.4% 3,237 97.9% 232.0% Services 175 1.6% 68 2.1% 157.4% $10,923 100.0% $3,305 100.0% 230.5% ======= ===== ====== ===== For the Nine Months Ended For the Nine Months Ended March 31, 2016 March 31, 2015 -------------- -------------- Amount Mix Amount Mix Change % ------ --- ------ --- ------- Product QS-B220 $29,391 82.5% $3,906 53.4% 652.5% QS-H150 3,081 8.7% 2,879 39.3% 7.0% Parts & supplies 2,261 6.3% 370 5.1% 511.1% ----- --- --- --- 34,733 97.5% 7,155 97.8% 385.4% Services 875 2.5% 160 2.2% 446.9% $35,608 100.0% $7,315 100.0% 386.8% ======= ===== ====== =====

    Implant Sciences Corporation Earnings Before Interest, Income Taxes, Depreciation, Amortization, Stock-Based Compensation, Fair Value of Warrants and Fair Value of Common Stock Issued ("Adjusted EBITDA") (In thousands) (Unaudited) For the Three Months Ended For the Nine Months Ended March 31, March 31, --------- --------- 2016 2015 2016 2015 ---- ---- ---- ---- Net loss $(4,096) $(5,731) $(8,320) $(17,350) Interest expense, net 2,477 2,242 7,571 6,401 Income taxes - - - - Depreciation 49 45 153 126 Stock-based compensation 313 1,154 982 2,381 Warrants issued to non-employees 15 24 58 265 Common stock issued to consultants 248 - 579 68 Adjusted EBITDA (1) $(994) $(2,266) $1,023 $(8,109) ===== ======= ====== ======= (1) Adjusted EBITDA is defined as net loss plus interest expense, net of interest income, income taxes, depreciation and amortization, stock-based compensation, fair value of warrants issued to non-employees and the fair value of common stock issued to consultants. EBITDA is commonly used in the technology industry, and we present Adjusted EBITDA to enhance your understanding of our financial performance. We use Adjusted EBITDA as an internal performance measurement and believe that it provides investors and analysts with a measure of operating results unaffected by differences in capital structures and capital investment among otherwise comparable companies and improves comparability of results of operations. Management uses this supplemental measure to evaluate performance over a period of time and to analyze underlying trends in the Company's business and to establish operational goals and forecast that are used in allocating resources. We expect to compute our non-GAAP financial measure, using the same consistent method from quarter to quarter and year to year. While we believe that Adjusted EBITDA is a useful measure for investors, it is not a measurement presented in accordance with accounting principles generally accepted in the United States, or GAAP. You should not consider Adjusted EBITDA in isolation or as a substitute for net income, cash flows from operations, or any other performance measures calculated in accordance with GAAP. In addition, Adjusted EBITDA has inherent material limitations as a performance measure. It does not include interest expense, but because we have borrowed money, interest expense is a necessary element of our costs. In addition, Adjusted EBITDA does not include depreciation. Since we have capital assets, depreciation expense is a necessary element of our costs. Adjusted EBITDA does not include stock-based compensation, which is a necessary element of our costs since we issue stock awards to employees as an important incentive to maximize overall company performance and as a benefit of employment with the company. Adjusted EBITDA does not include the fair value of warrants issued to non-employees, which is a necessary element of our costs since we have issued warrants to non-employees and as part of our financing strategy. Finally, Adjusted EBITDA does not include the fair value of common stock issued to consultants, which is a necessary element of our costs since we have issued shares of our common stock in lieu of cash payments to consultants we have retained. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/implant-sciences-reports-third-quarter-fiscal-2016-financial-results-300269288.html

    Implant Sciences Corporation

    Web site: http://www.implantsciences.com/




    Arduino Primo Base Board to Feature Native Bluetooth Low Energy Wireless Connectivity and NFC Touch-to-Pair Using Nordic nRF52832 SoCs

    OSLO, Norway, May 16, 2016 /PRNewswire/ --

    The Arduino Primo integrates Bluetooth low energy, NFC 'Touch-to-Pair', Wi-Fi, and infrared connectivity, eliminating the cost and complexity of shields  

    Nordic Semiconductor today announces that Arduino - the world's most successful open-source ecosystem for education, Maker, and Internet of Things (IoT) markets - has specified the Nordic's nRF52832 Bluetooth(R) low energy (previously known as Bluetooth Smart) System-on-Chip (SoC) for a new low cost IoT-targeted single board computer (or 'base board').

    (Photo: http://photos.prnewswire.com/prnh/20160516/368046 )

    The Arduino Primo base board features native Bluetooth low energy wireless connectivity and also includes NFC, Wi-Fi and infrared (IR) technologies. Previously users were required to add "shields" to upgrade Arduino to Bluetooth low energy technology.

    In addition to being able to connect to Bluetooth low energy sensors, the Arduino Primo acts as a TCP / IP Internet client and server over Wi-Fi; uses the nRF52832 SoC's integrated Near Field Communication (NFC) for secure authentication and 'Touch-to-Pair'.

    For all but the most advanced projects, programming will be done via the established Arduino Integrated Development Environment (IDE) programming interface - designed to make electronics design easy for everyone regardless of experience.

    For example, the nRF5 SDK for IoT allows more experienced users to develop IPv6 over Bluetooth low energy applications on the nRF52832 SoC, enabling the Arduino Primo to communicate with other Internet-connected "things" without requiring the resources of a Wi-Fi router or smartphone.

    "Our passion at Arduino is to provide the tools to encourage passionate people to build out their ideas and bring them into the world. Adding wireless connectivity from our partnership with Nordic provides even more options," says Federico Musto, CEO & President of Arduino S.r.L. "Ease-of-use is one of our core strengths, and this makes the Nordic chip a perfect match for the Arduino Primo," adds Musto.

    "It was an easy decision when Arduino asked us to supply the nRF52832 SoC to form the heart of its first native Bluetooth low energy technology base board," comments Geir Langeland, Nordic Semiconductor's Director of Sales & Marketing. "Considering the popularity of the Arduino ecosystem I predict it won't be long before we see many innovative IoT applications using the Arduino Primo."

    About Arduino [http://www.arduino.org ]

    About nRF52832 [http://tinyurl.com/nRF52832 ]

    About the nRF5 SDK for IoT [http://tinyurl.com/nRF5-SDK-for-IoT ]

    About Nordic Semiconductor ASA [http://tinyurl.com/NordicSemi ]  Website: http://www.nordicsemi.com

    Photo: http://photos.prnewswire.com/prnh/20160516/368046

    Photo: http://photos.prnewswire.com/prnh/20160516/368046 Nordic Semiconductor

    CONTACT: Marketing contact: Anne Strand, Phone: +47 22 51 10 62, E-mail:
    Anne.Strand@nordicsemi.no / Arduino PR contact: Kelly Brieger,
    Kelly@kbpr.net, 650-704-1748




    Stoneridge Appoints Anthony Moore As Vice President Of Operations

    WARREN, Ohio, May 16, 2016 /PRNewswire/ -- Stoneridge, Inc. today announced that Anthony (Tony) L. Moore has joined the Stoneridge management team as Vice President of Operations. In this role, Moore will have responsibility for the continued development and implementation of Stoneridge's worldwide integrated manufacturing strategy as well as the deployment of lean and continuous improvement tools across the Company's global network. He will report to Jonathan B. DeGaynor, President and Chief Executive Officer.

    Moore succeeds Richard P. Adante, who plans to retire at the end of this year. Adante will remain with Stoneridge to ensure a smooth leadership transition and to work on special projects until his retirement.

    "Tony Moore brings deep experience in our industry along with strong capabilities in operations, integrated supply chain, product engineering and strategic development. He will play an important role at Stoneridge as we continue to enhance our operations and strengthen our manufacturing position," DeGaynor said. "We also thank Rick Adante for his leadership and guidance in helping improve Stoneridge's operational capabilities and customer focus, and we wish him well in his retirement."

    Since 2015, Moore has been Global Vice President of Integrated Supply Chain and Operations for Ingersoll Rand, Compressed Air Systems, a manufacturer serving global commercial, industrial and residential markets. From 2012 until 2015, he was Chief Product Development and Supply Chain Officer for Remington Outdoor Company, a designer and manufacturer of firearms, ammunition and related products. From 2008 until 2012, he was with Cooper Industries, Inc., most recently as Global Vice President of Supply Chain, Strategic Sourcing, Transportation, Distribution and Trade Compliance for the Bussmann Division. Moore has also held positions with BHM Technologies, Inc., DaimlerChrysler, Toyota Motor Manufacturing and General Electric Company.

    Moore received a master's degree from Michigan State University and a bachelor's degree in industrial technology from the University of Kentucky.

    About Stoneridge, Inc.
    Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge, Inc. can be found at www.stoneridge.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stoneridge-appoints-anthony-moore-as-vice-president-of-operations-300269303.html

    Stoneridge, Inc.

    CONTACT: For more information, contact: Kenneth A. Kure, Corporate
    Treasurer and Director of Finance, 330/856-2443

    Web site: http://www.stoneridge.com/




    Verizon's executive briefing program wins top industry awardAssociation of Briefing Program Managers recognizes Verizon's world-class status in every category

    NEW YORK, May 16, 2016 /PRNewswire/ -- Verizon Enterprise Solutions was awarded the "2016 World Class Briefing Program of the Year" by the Association of Briefing Program Managers (ABPM). This is the industry's highest honor and recognizes Verizon's overall excellence in management, customer experience, measurement and planning. In fact, in addition to winning Program of the Year, the company achieved World Class status in each of the above categories.

    "This award recognizes the quality and value of a program that brings together thought leaders and business leaders to drive better results for our clients," said Stacy Cummings, director of customer engagement for Verizon Enterprise Solutions. "The doors to our executive briefing centers are always open and provide the perfect environment to work side by side with our clients to map out their futures."

    Verizon operates five executive briefing centers located in San Francisco, Ashburn, Va., Basking Ridge, N.J., and Waltham, Mass.; as well as London. The company also has four technical centers focused on network and IT capabilities in Miami, Pittsburgh, Cary, N.C., and Culpeper, Va. These centers can be completely customized to provide clients with exclusive access to Verizon's latest products and services, and the ability to directly collaborate with Verizon and other industry-leading technology companies on potential new, innovative technology solutions that transform industries and drive faster business results. Verizon hosts approximately 600 hundred customer briefings each year at these facilities.

    The ABPM fosters world-class standards, collaboration, insight and thought leadership for the briefing program industry and comprises more than 400 members from more than 100 Fortune 500 companies. The ABPM's Advisory Board develops, monitors and continually revises the characteristics that constitute a world-class briefing program. Award criteria for this year were raised and there were a record number of entrants.

    For more information on the Executive Briefing Program, visit: http://www.verizonenterprise.com/about/executivebriefingprogram/.

    To read more about Verizon's recognition by the ABPM, visit: http://news.verizonenterprise.com/2016/05/verizon-qa-executive-briefing-program/.

    Verizon Communications Inc. , headquartered in New York City, generated nearly $132 billion in 2015 revenues. Verizon operates America's most reliable wireless network, with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.

    Verizon's Online News Center: News releases, feature stories, executive biographies and media contacts are available at Verizon's online News Center at www.verizon.com/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

    Verizon Enterprise Online News Room: News releases, blog posts, media contacts and other information are available at Verizon Enterprise Solutions News & Insights (news.verizonenterprise.com). News from Verizon Enterprise Solutions is also available through an RSS feed at http://www.verizonenterprise.com/rss-options/.

    Media contacts:
    Kevin H. King
    +1.908-559.3491
    kevin.king@verizon.com
    Twitter: @kvnhkng

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/verizons-executive-briefing-program-wins-top-industry-award-300269359.html

    Verizon

    Web site: http://www.verizon.com/

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