Companies news of 2008-04-30 (page 1)
Allscripts Reports First Quarter 2008 Results
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Allscripts Reports First Quarter 2008 Results
CHICAGO, April 30 /PRNewswire-FirstCall/ -- Allscripts, the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare, today announced results for the three months ended March 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061005/ALLSCRIPTSLOGO-b)
Total revenue for the three months ended March 31, 2008 was $72.1 million, compared to $65.0 million for the same period last year, increasing by 11%. Revenue from software and related services for the three months ended March 31, 2008 was $58.6 million, compared to $51.2 million for the same period last year, increasing by approximately 14%.
Gross margin percentage was 50.0% for the first quarter of 2008, compared to 49.6% during the first quarter of 2007.
Net income for the three months ended March 31, 2008 was $0.1 million, or $0.00 per diluted share, compared to net income of $4.5 million, or $0.08 per diluted share, for the same period last year. Non-GAAP adjusted earnings for the three months ended March 31, 2008 were $5.0 million, or $0.09 per diluted share, compared to non-GAAP adjusted earnings of $6.4 million, or $0.11 per diluted share for the same period last year. Non-GAAP adjusted earnings for the three months ended March 31, 2008 and 2007 are comprised of net income giving effect to the add-back of acquisition-related amortization of $2.1 million and $1.5 million, respectively, or $0.04 and $0.02 per diluted share, respectively, net of tax, and total stock-based compensation expense of $1.2 million and $0.4 million, respectively, or $0.02 and $0.01 per diluted share, respectively, net of tax. Non-GAAP adjusted earnings for the three months ended March 31, 2008 also give effect to the add-back of transaction-related expenses of $1.6 million, or $0.03 per diluted share, net of tax. Please see "Explanation of Non-GAAP Financial Measures" below for a discussion of non-GAAP adjusted earnings and earnings per share.
As of March 31, 2008, the Company had cash and marketable securities of $61.4 million.
"Allscripts delivered a solid sales performance during the first quarter of 2008 and we continue to make progress in deploying our TouchWorks electronic health record," said Glen Tullman, Chief Executive Officer of Allscripts. "When you consider that the first quarter is traditionally the slowest of the year, our sales performance demonstrates the strength of the market, the strength of the Allscripts brand, and the confidence our clients and prospects have in our company and our commitment to improving healthcare."
Explanation of Non-GAAP Financial Measures
Allscripts reports its financial results in accordance with generally accepted accounting principles, or GAAP. To supplement this information, Allscripts presents in this press release non-GAAP net income (and related per share amounts), which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. Non-GAAP net income consists of GAAP net income, excluding acquisition-related amortization, stock-based compensation expense under SFAS No. 123R, and transaction-related expenses, in each case net of any related tax benefit.
-- Acquisition-Related Amortization. Acquisition-related amortization
expense is a non-cash expense arising from the acquisition of
intangible assets in connection with acquisitions or investments.
Allscripts excludes acquisition-related amortization expense from
non-GAAP net income because it believes (i) the amount of such
expenses in any specific period may not directly correlate to the
underlying performance of Allscripts business operations and (ii) such
expenses can vary significantly between periods as a result of new
acquisitions and full amortization of previously acquired intangible
assets. Investors should note that the use of these intangible assets
contributed to revenue in the periods presented and will contribute to
future revenue generation and should also note that such expense will
recur in future periods.
-- Stock-Based Compensation Expense. Stock-based compensation expense is
a non-cash expense arising from the grant of stock awards to
employees. Allscripts excludes stock-based compensation expense from
non-GAAP net income because it believes (i) the amount of such
expenses in any specific period may not directly correlate to the
underlying performance of Allscripts business operations and (ii) such
expenses can vary significantly between periods as a result of the
timing of grants of new stock-based awards, including grants in
connection with acquisitions. Investors should note that stock-based
compensation is a key incentive offered to employees whose efforts
contributed to the operating results in the periods presented and are
expected to contribute to operating results in future periods and
should also note that such expense will recur in future periods.
-- Transaction-Related Expenses. Transaction-related expenses are fees
and expenses, including legal, investment banking and accounting fees,
incurred in connection with announced transactions. Allscripts
excludes transaction-related expenses from non-GAAP net income because
it believes (i) the amount of such expenses in any specific period may
not directly correlate to the underlying performance of Allscripts
business operations and (ii) such expenses can vary significantly
between periods.
Management also believes that non-GAAP net income (and related per share amounts) provides useful supplemental information to management and investors regarding the underlying performance of the Company's business operations and facilitates comparisons to our historical operating results. Management also uses this information internally for forecasting and budgeting as it believes that the measure is indicative of the Company's core operating results. Note however, that non-GAAP net income is a performance measure only, and it does not provide any measure of the Company's cash flow or liquidity. Non-GAAP financial measures are not in accordance with, or an alternative for, measures of financial performance prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Allscripts results of operations as determined in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with GAAP financial measures contained within the attached condensed consolidated financial statements.
Allscripts will conduct a conference call on Wednesday, April 30, 2008 at 4:30 PM Eastern Time. The conference call can be accessed by dialing (800) 374-1376 and requesting the Allscripts earnings call, or via the Internet at http://www.allscripts.com/. A recording of the conference call will be available for two weeks following the call at http://www.allscripts.com/ or by calling (800) 642-1687, ID # 44636385.
About Allscripts
Allscripts is the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare. The company's unique solutions inform, connect and transform healthcare, delivering improved care at lower cost. More than 40,000 physicians and thousands of other healthcare professionals in clinics, hospitals and extended care facilities nationwide utilize Allscripts to automate everyday tasks such as writing prescriptions, documenting patient care, managing billing and scheduling, and safely discharging patients, as well as to connect with key information and stakeholders in the healthcare system. To learn more, visit Allscripts at http://www.allscripts.com/.
This news release may contain forward-looking statements within the meaning of the federal securities laws. Statements regarding future events, developments, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, actual results may vary materially from those anticipated by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; undetected errors or similar problems in our software products; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry; possible regulation of the Company's software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; maintaining our intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers; our ability to obtain, use or successfully integrate third-party licensed technology; breach of our security by third parties; and the risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including our 2007 Annual Report on Form 10-K available through the Web site maintained by the Securities and Exchange Commission at http://www.sec.gov/. The Company undertakes no obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
March 31, December 31,
Assets 2008 2007
Current assets:
Cash and cash equivalents $43,721 $43,785
Marketable securities 10,196 5,759
Accounts receivable, net 80,997 81,351
Deferred taxes, net 17,700 16,650
Inventories 6,300 4,178
Prepaid expenses and other
current assets 19,534 17,401
Total current assets 178,448 169,124
Long-term marketable securities 7,464 13,459
Fixed assets, net 21,209 18,238
Software development costs, net 25,509 24,115
Intangible assets, net 104,070 107,503
Goodwill 240,545 240,452
Other assets 4,498 5,252
Total assets $581,743 $578,143
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $14,284 $15,911
Accrued liabilities 23,615 22,707
Accrued acquisition obligation - 8,946
Deferred revenue 55,589 45,940
Current portion of long-term debt 285 279
Other current liabilities - 274
Total current liabilities 93,773 94,057
Long-term debt 135,089 135,162
Deferred income taxes 8,236 6,179
Other liabilities 2,198 2,105
Total liabilities 239,296 237,503
Stockholders' equity 342,447 340,640
Total liabilities and
stockholders' equity $581,743 $578,143
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2008 2007
Revenue:
Software and related services $58,618 $51,240
Prepackaged medications 9,595 10,229
Information services 3,876 3,553
Total revenue 72,089 65,022
Cost of revenue:
Software and related services 25,919 22,382
Prepackaged medications 7,613 8,308
Information services 2,516 2,059
Total cost of revenue (a) 36,048 32,749
Gross profit 36,041 32,273
Operating expenses:
Selling, general and administrative
expenses (b) 31,393 22,374
Amortization of intangibles 3,439 2,576
Income from operations 1,209 7,323
Interest expense (1,644) (933)
Interest income 570 1,049
Other expense, net (5) (12)
Income before income taxes 130 7,427
Income taxes (50) (2,960)
Net income $80 $4,467
Net income per share - basic $0.00 $0.08
Net income per share - diluted $0.00 $0.08
Weighted average shares of common stock
outstanding used in computing basic net
income per share 56,503 54,639
Weighted average shares of common stock
outstanding used in computing diluted net
income per share (c) 57,503 64,462
(a) Includes stock-based compensation of $347 and $82 for the three
months ended March 31, 2008 and 2007, respectively.
(b) Includes stock-based compensation of $1,612 and $574 for the three
months ended March 31, 2008 and 2007, respectively.
(c) Weighted average diluted shares for the three months ended March 31,
2007 include 7,329 common shares related to the Company's 3.5%
Senior Convertible Notes. Such shares were antidilutive for the
three months ended March 31, 2008. Interest expense, net of tax,
totaling $522 has been added back to net income for the net income
per diluted share calculation for the three months ended March 31,
2007.
Allscripts Healthcare Solutions, Inc.
Reconciliation of Non-GAAP Adjusted Earnings and Non-GAAP Adjusted
Earnings Per Share
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2008 2007
Net Income $80 $4,467
Stock compensation expense (tax effected
at 39% for 2008 and 40% for 2007) 1,195 393
Deal-related amortization (tax effected at
39% for 2008 and 40% for 2007) 2,098 1,545
Transaction-related expenses (tax effected
at 39% for 2008) 1,621 -
Non-GAAP Adjusted Earnings $4,994 $6,405
Weighted average shares of common stock
outstanding used in computing diluted
non-GAAP adjusted earnings per share (a) 57,503 64,462
Non-GAAP Adjusted Earnings Per Share - diluted $0.09 $0.11
(a) Weighted average diluted shares for the three months ended March 31,
2007 include 7,329 common shares related to the Company's 3.5% Senior
Convertible Notes. Such shares were antidilutive for the three
months ended March 31, 2008. Interest expense, net of tax, totaling
$522 has been added back to net income for the net income per diluted
share calculation for the three months ended March 31, 2007.
Photo: http://www.newscom.com/cgi-bin/prnh/20061005/ALLSCRIPTSLOGO-b AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
Allscripts Healthcare Solutions, Inc.
CONTACT: Dan Michelson, Chief Marketing Officer, +1-312-506-1217, dan.michelson@allscripts.com, or Bill Davis, Chief Financial Officer, +1-312-506-1211, bill.davis@allscripts.com, or Todd Stein, Senior Manager-Public Relations, +1-312-506-1216, todd.stein@allscripts.com, all of Allscripts
Web site: http://www.allscripts.com/
MICROS Reports Fiscal 2008 Third Quarter ResultsRecord Third Quarter Revenue, Net Income and EPS
COLUMBIA, Md., April 30 /PRNewswire-FirstCall/ -- MICROS Systems, Inc. , a leading supplier of information systems to the hospitality and retail industries, today announced the results for its fiscal 2008 third quarter ended March 31, 2008.
FINANCIAL HIGHLIGHTS
-- On February 5, 2008, the Company effected a two-for-one stock split of
the Company's common stock in the form of a stock dividend of one share
for each share held by shareholders on record as of January 22, 2008.
Earnings per share (EPS) below reflect the two-for-one stock split.
-- Revenue for the quarter was $237.2 million, an increase of
$36.6 million, or 18.3%, over the same period last year.
-- Revenue for the nine-month period was $697.6 million, an increase of
$133.5 million, or 23.7% over the same period last year.
-- GAAP net income for the quarter was $25.1 million, an increase of
$5.7 million, or 29.3%, over the same period last year.
-- GAAP net income for the nine-month period was $70.5 million, an
increase of $18.0 million, or 34.2%, over the same period last year.
GAAP diluted EPS, was $0.30 per share, an increase of $0.07, or 30.4%,
over the same period last year.
-- GAAP diluted EPS for the nine-month period was $0.84, an increase of
$0.20, or 31.3%, over the same period last year.
-- Non-GAAP financial results, excluding the effect of Financial
Accounting Standard (FAS) No. 123 (R), which requires us to record the
share-based payment charge, are as follows:
-- Non-GAAP net income for the quarter was $28.0 million, an increase
of $5.6 million, or 25.1%, over the year ago period.
-- Non-GAAP net income for the nine-month period was $80.7 million, an
increase of $20.8 million, or 34.7%, over the year ago period.
-- Non-GAAP diluted EPS for the quarter was $0.34, an increase of
$0.07, or 25.9%, over the year ago period.
-- Non-GAAP diluted EPS for the nine-month period was $0.97, an
increase of $0.24, or 32.9%, over the year ago period.
-- MICROS's financial results were Company records for the third fiscal
quarter.
Tom Giannopoulos, MICROS's Chairman and CEO, stated: "We are pleased with the financial results for the third quarter and the first nine months of our fiscal year as demand for our products and services remained strong. We look forward to the fourth quarter and beyond as we continue certain large deployments and prepare for the release of new, innovative products."
Revenue guidance for the fiscal year 2008 ending June 30, 2008 is projected to be more than $930.0 million. This guidance is an increase from the August 2007 revenue guidance of $910.0 million to $915.0 million. Earnings guidance for the fiscal year 2008 ending June 30, 2008 is for non-GAAP net income of at least $111.0 million, excluding the projected share-based payment charge, or non-GAAP earnings per diluted share of $1.32. Guidance for GAAP net income is at least $97.5 million, or earnings per diluted share of $1.16.
MICROS's stock is traded through NASDAQ under the symbol MCRS. Some of the statements contained herein not based on historic facts are forward-looking statements that involve risks and uncertainties. An example of a forward looking statement includes the statements in the paragraphs above where MICROS provides guidance for its fiscal year ending June 30, 2008. MICROS is subject to, among others, the following uncertainties and risks: product demand and market acceptance; impact of competitive products and pricing on margins; product development delays and technological difficulties; controlling expenses as MICROS continues to expand; the ability to obtain on acceptable terms the right to incorporate in MICROS's products and services technology patented by others; the risk that there are actual or perceived security vulnerabilities in MICROS's products; adverse results in legal disputes resulting in liabilities that exceed reserves; unanticipated tax liabilities; the effects of terrorist activity and armed conflict; the effects of major environmental disasters, such as hurricanes and tsunamis; weakening in general economic conditions that adversely affect demand for computer hardware or software; and currency fluctuations.
All information in this release is as of April 30, 2008. MICROS undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in MICROS's expectations.
For further information regarding risks and uncertainties associated with MICROS's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business and Investment Risks" sections of MICROS's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting MICROS's investor relations department at 443-285-8059 or at MICROS's website at http://www.micros.com/.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share amounts)
Third quarter ended Nine months ended
March 31, March 31,
2008 2007 2008 2007
Revenue:
Hardware $65,289 $58,541 $197,384 $168,144
Software 37,910 34,032 113,278 94,540
Service 133,988 107,983 386,958 301,448
Total revenue 237,187 200,556 697,620 564,132
Cost of sales:
Hardware 42,882 37,745 127,105 107,981
Software 7,648 7,597 25,671 21,593
Service 62,398 50,199 180,783 142,020
Total cost of sales 112,928 95,541 333,559 271,594
Gross margin 124,259 105,015 364,061 292,538
Selling, general and
administrative expenses 72,465 62,316 213,948 177,773
Research and development
expenses 10,139 8,761 28,675 23,412
Depreciation and amortization 3,280 2,961 10,755 9,122
Stock option expense (*) 3,616 3,763 13,444 9,273
Total operating expenses 89,500 77,801 266,822 219,580
Income from operations 34,759 27,214 97,239 72,958
Non-operating income, net 3,329 2,731 10,504 7,357
Income before taxes, minority
interests, and equity in net
earnings of affiliates 38,088 29,945 107,743 80,315
Income tax provision 12,378 10,156 35,862 26,893
Income before minority
interests and equity in net
earnings of affiliates 25,710 19,789 71,881 53,422
Minority interests and equity
in net earnings of affiliates (564) (339) (1,342) (844)
Net income $25,146 $19,450 $70,539 $52,578
Net income per common
share - diluted $0.30 $0.23 $0.84 $0.64
Weighted-average number of
shares outstanding -
diluted 83,174 83,347 83,532 82,391
Reconciliation of GAAP Net Income and EPS, and Net Income and EPS before
share-based payment charge, i.e. stock option expense
Net income $25,146 $19,450 $70,539 $52,578
Add back: Stock option
expense (*)
Selling, general and
administrative expenses 3,373 3,581 12,645 8,851
Research and development
expenses 243 182 799 422
Total stock option expense 3,616 3,763 13,444 9,273
Subtract: Total tax effect on
stock option expense 801 867 3,315 1,981
Net income (before share-based
payment charge) $27,961 $22,346 $80,668 $59,870
Net income per common share-
diluted (before share-based
payment charge): $0.34 $0.27 $0.97 $0.73
We believe the inclusion of the above non-GAAP measure, excluding the
effect of share-based payment charge, will be useful to investors because
it will enhance the comparability of our results in recent periods to
results in periods prior to our adoption of FAS 123(R). We also believe
inclusion of this measure will enhance comparability of our results to
results of our competitors, particularly those who did not adopt FAS
123(R) during one or more periods included in their public filings, and to
the analysts' forecasts because the analysts continue to forecast
excluding the effect of share-based payment charge, the non-GAAP measure.
In addition, our management uses this measure to evaluate our operating
performance and compare our results to our competitors. Management also
uses this measure as a metric to measure performance under our executive
compensation program.
The Company notes that non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles. Instead, they are
based on subjective determinations by management designed to supplement
our GAAP financial measures. They are subject to a number of important
limitations and should be considered only in conjunction with our
consolidated financial statements prepared in accordance with GAAP. Among
the limitations on the use of the non-GAAP measure are the following:
-- The exclusion of non-cash share-based payment charges can have a
significant impact on reported GAAP net income and diluted net income
per share.
-- Other companies may utilize non-cash share-based payments to a
significantly greater or lesser degree in relation to overall
compensation than MICROS.
-- Other companies may calculate non-GAAP net income and non-GAAP net
income per share differently than MICROS does, limiting the usefulness
of those measures for comparative purposes.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
March 31, June 30,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $374,802 $242,702
Short-term investments 0 86,950
Accounts receivable, net 193,124 180,203
Inventory, net 61,475 47,790
Deferred income taxes 17,513 16,683
Prepaid expenses and other current assets 32,910 27,650
Total current assets 679,824 601,978
Investment, non-current 69,650 0
Property, plant and equipment, net 29,053 27,955
Deferred income taxes, non-current 22,831 23,145
Goodwill 156,319 138,332
Intangible assets, net 16,400 14,509
Purchased and internally developed
software costs, net 33,519 36,296
Other assets 6,929 4,541
Total assets $1,014,525 $846,756
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank lines of credit $1,053 $2,308
Accounts payable 49,644 43,126
Accrued expenses and other current
liabilities 127,431 117,142
Income taxes payable 1,588 8,094
Deferred service revenue 122,220 86,742
Total current liabilities 301,936 257,412
Income taxes payable, non-current 16,665 0
Deferred income taxes, non-current 15,419 15,934
Other non-current liabilities 18,362 17,554
Total liabilities 352,382 290,900
Minority interests and minority ownership
put arrangement 7,103 4,723
Commitments and contingencies
Shareholders' equity:
Common stock 510 507
Capital in excess of par 147,843 149,089
Retained earnings 450,197 382,785
Accumulated other comprehensive income 56,490 18,752
Total shareholders' equity 655,040 551,133
Total liabilities and shareholders'
equity $1,014,525 $846,756
MICROS Systems, Inc.
CONTACT: Peter J. Rogers, Jr., Executive Vice President, Investor Relations of MICROS Systems, Inc., +1-443-285-8059, progers@micros.com
Web site: http://www.micros.com/
NAVTEQ Reports Record First Quarter Revenue and Operating Income
CHICAGO, April 30 /PRNewswire-FirstCall/ -- NAVTEQ Corporation , a leading global provider of digital map data for vehicle navigation and location-based solutions, today reported record first quarter revenue and operating income for the quarter ended March 30, 2008.
First quarter revenue rose 40% over the same period in 2007 to $224.5 million. Excluding the impact of foreign currency rate fluctuation, revenue for the first quarter grew 32%. Operating income was $40.8 million, a 6% increase over last year's first quarter. Net income in the quarter grew 9% over the prior year to $32.9 million. Earnings per diluted share in the quarter of $0.32 grew 4% over the same period in 2007.
"We are quite pleased with the company's first quarter revenue growth, particularly in this uncertain economic environment," said Judson Green, president and chief executive officer. "The first quarter was also the beginning of a very important investment year for the company as we continue to develop the next generation products and services our customers demand. As we anticipated, first quarter earnings growth was dampened by a planned increase in spending on capabilities we consider essential to our future success."
Revenue from NAVTEQ's Europe, Middle East & Africa (EMEA) region totaled $114.5 million in the quarter, up 31% from the first quarter of 2007. Excluding the impact of foreign currency rate fluctuation, EMEA revenue for the first quarter grew 17%. Revenue for the Americas region was $108.9 million in the quarter, a 54% increase over the first quarter of 2007. Asia Pacific revenue was $1.1 million in the quarter, a decline of 43% from the first quarter of 2007.
Cash and marketable securities totaled $532.2 million at March 30, 2008. Net cash provided by operating activities for the first quarter was $76.8 million.
Supplementary Information
In lieu of a conference call, management has provided a PowerPoint document containing supplementary information on the results, which is available in the 'News & Events' section of our IR website at investor.navteq.com.
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has over 3,500 employees located in 174 offices in 32 countries.
NAVTEQ is a trademark in the U.S. and other countries. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO)
NAVTEQ CORPORATION
Condensed Consolidated Statements of Income
(In thousands, except per share data)
Quarter Ended
April 1, March 30,
2007 2008
(Unaudited) (Unaudited)
Net revenue:
Digital map licensing and related
revenues $150,703 208,837
Advertising 6,228 10,956
Other 3,020 4,657
Total net revenue 159,951 224,450
Operating costs and expenses:
Database creation and delivery costs 74,255 115,423
Selling, general, and administrative
expenses 47,353 68,274
Total operating costs and expenses 121,608 183,697
Operating income 38,343 40,753
Other income 3,787 5,366
Income before income taxes 42,130 46,119
Income tax expense 11,881 13,236
Net income $30,249 32,883
Earnings per share of common stock -
Basic $0.32 0.33
Diluted $0.31 0.32
Weighted average shares of common
stock outstanding -
Basic 94,802 98,709
Diluted 97,265 101,951
NAVTEQ CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
Dec. 31, March 30,
2007 2008
Assets (Unaudited)
Current Assets:
Cash and cash equivalents $159,857 231,968
Short-term marketable securities 226,126 171,710
Accounts receivable, net 193,505 141,269
Deferred income taxes, net 39,872 36,696
Prepaid expenses and other
current assets 32,752 40,283
Total current assets 652,112 621,926
Property and equipment, net 111,687 121,379
Capitalized software development
costs, net 27,084 27,510
Long-term deferred income taxes,
net 204,840 204,758
Long-term marketable securities 76,855 128,537
Goodwill and acquired intangible
assets, net 247,956 247,799
Deposits and other assets 7,503 9,767
Total assets $1,328,037 1,361,676
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $32,175 32,224
Accrued payroll and related
liabilities 48,935 39,413
Other accrued expenses 52,362 43,730
Accrued rebates 62,279 58,697
Deferred revenue 45,582 41,611
Total current liabilities 241,333 215,675
Long-term deferred revenue 45,148 45,885
Long-term deferred taxes, net 6,220 6,264
Other long-term liabilities 28,762 31,179
Total liabilities 321,463 299,003
Stockholders' equity 1,006,574 1,062,673
Total liabilities and
stockholders' equity $1,328,037 1,361,676
NAVTEQ CORPORATION
Condensed Consolidated Statements of Cash Flows
(In thousands)
Quarter Ended
April 1, March 30,
2007 2008
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $30,249 32,883
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 9,108 12,437
Deferred income taxes 470 4,611
Stock compensation expense 4,329 5,614
Provision for doubtful receivables 3 1,156
Noncash other 3 2,289
Changes in operating assets and
liabilities, net of effects of
acquisitions 34,895 17,806
Net cash provided by
operating activities 79,057 76,796
Cash flows from investing activities:
Acquisition of property and equipment (6,602) (14,071)
Capitalized software development
costs (5,175) (4,339)
Net (purchases) sales of marketable
securities (31,688) 7,211
Payments for acquisitions, net of
cash acquired (46,368) (176)
Net cash used in investing
activities (89,833) (11,375)
Cash flows from financing activities:
Issuance of common stock and other
equity transactions 2,233 (2,138)
Net cash provided by (used
in) financing activities 2,233 (2,138)
Effect of exchange rate changes on cash 840 8,828
Net increase (decrease) in
cash and cash equivalents (7,703) 72,111
Cash and cash equivalents at beginning
of period 122,335 159,857
Cash and cash equivalents at end of
period $114,632 231,968
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
NAVTEQ
CONTACT: Editorial, Jennifer Schuh of NAVTEQ Corporation, +1-312-894-3913, jennifer.schuh@navteq.com; or Bob Richter, +1-212-802-8588, bob@richtermedia.com, for NAVTEQ Corporation; or Investor Relations, Thomas R. Fox of NAVTEQ Corporation, +1-312-894-7500, investorrelations@navteq.com
Web site: http://www.navteq.com/
Hologic to Present at the Deutsche Bank 33rd Annual Healthcare Conference
BEDFORD, Mass., April 30 /PRNewswire-FirstCall/ -- Hologic, Inc. today announced that Glenn Muir, Chief Financial Officer, will be presenting at the Deutsche Bank 33rd Annual Healthcare Conference being held May 5 - 7, 2008, at the InterContinental Hotel in Boston, MA.
Interested parties are invited to listen to a live audio webcast of Hologic's investor presentation on Monday, May 5, 2008, at 4:40 p.m., Eastern Time on the investor section of the Company's website at http://www.hologic.com/investor. An archive of the presentation will be available for replay following the conference.
About Hologic, Inc.
Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostics, medical imaging systems and surgical products dedicated to serving the healthcare needs of women. Hologic leads the industry in digital mammography systems and offers the most advanced technology for breast imaging and breast biopsy. Hologic's core business units are focused on breast health, diagnostics, GYN surgical, and skeletal health. Hologic provides a comprehensive suite of technologies with products for mammography and breast biopsy, radiation treatment for early-stage breast cancer, cervical cancer screening, treatment for menorrhagia, osteoporosis assessment, preterm birth risk assessment, and mini C-arm for extremity imaging. For more information visit http://www.hologic.com/.
Contact: Glenn P. Muir Frances Doria
Executive Vice President & CFO Director, Investor Relations
Hologic, Inc. Hologic, Inc.
(781) 999-7300 (781) 999-7377
Hologic, Inc.
CONTACT: Glenn P. Muir, Executive Vice President & CFO, +1-781-999-7300, or Frances Doria, Director, Investor Relations, +1-781-999-7377, both of Hologic, Inc.
Web site: http://www.hologic.com/ http://www.hologic.com/investor
RightNow Technologies Announces First Quarter 2008 Financial Results
BOZEMAN, Mont., April 30 /PRNewswire-FirstCall/ -- RightNow(R) Technologies, Inc. , today announced results for the first quarter ended March 31, 2008. Total revenue in the first quarter of 2008 was $32.9 million, a 28% increase over $25.7 million in the first quarter of 2007. Net loss in the first quarter of 2008 was $(3.4) million or $(0.10) per share, compared to a net loss of $(6.0) million, or $(0.18) per share, in the first quarter of 2007. Non-GAAP net loss per share in the first quarter of 2008, which excludes stock-based compensation charges of $1.3 million, was $(0.06), compared to $(0.14) in the first quarter of 2007.
New, renewed and expanded customer relationships during the first quarter of 2008 included Applied Biosystems, Cabela's, Concur, Corel, eHarmony, Guthy Renker, Hawaiian Airlines, Nike China, Reader's Digest, Scholastic, Telstra BigPond, and Vodafone.
"With first quarter revenue and earnings ahead of guidance we are off to a great start to the year," stated Greg Gianforte, founder and CEO. "Our customers tell us that the ease of use and rapid deployment of RightNow 8 enables them to quickly generate return on investment from our solutions. RightNow 8 leverages our competitive edge in solution innovation and we believe this is creating new opportunities around the world to grow our business."
"Our strategy to land new business quickly and then expand throughout large organizations is driving more predictable, recurring revenue growth," said Jeff Davison, CFO. "Our international business contributed more than 30% of revenue in the first quarter of 2008, which demonstrates our global presence and the multi-lingual capabilities of RightNow 8. We remain positive about the growth opportunities we see in 2008 and are raising our full year guidance to reflect our strong first quarter performance."
Guidance
* For the full year 2008, the Company expects revenue in the range of
$136 to $141 million, with recurring revenue growth of approximately
25%.
* Net loss per share for the full year 2008 is expected to be in the
range of $(0.32) to $(0.25). Non-GAAP net loss per share, which
excludes stock-based compensation, is expected to be in the range of
$(0.12) to $(0.05).
* Cash from operations for the full year 2008 is expected to be in the
range of $25 to $30 million.
* For the second quarter of 2008, revenue is anticipated to be in the
range of $34 to $35 million. The second quarter net loss per share is
expected to be in the range of $(0.12) to $(0.10). Non-GAAP net loss
per share, which excludes stock-based compensation, is expected to be
in the range of $(0.07) to $(0.05).
Quarterly Conference Call
RightNow Technologies will discuss its quarterly results via teleconference at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time.) To access the call, please dial 877-419-6600, or outside the U.S. 719-325-4908, at least five minutes prior to the 2:30 p.m. MT start time. A live webcast of the call will also be available at http://www.shareholder.com/rnow under the Investor Webcasts menu. An audio replay will be available between 5:30 p.m. MT April 30, 2008 and 9:59 p.m. MT May 14, 2008 by calling 888-203-1112 or 719-457-0820, with passcode 4964096. The replay will also be available on our website at http://www.shareholder.com/rnow.
About RightNow Technologies
RightNow delivers the high-impact technology solutions and services organizations need to cost-efficiently deliver a consistently superior customer experience across their frontline service, sales and marketing touch-points. Approximately 1,800 corporations and government agencies worldwide depend on RightNow to achieve their strategic objectives and better meet the needs of those they serve. RightNow is headquartered in Bozeman, Montana. For more information, please visit http://www.rightnow.com/.
RightNow is a registered trademark of RightNow Technologies, Inc. NASDAQ is a registered trademark of the NASDAQ Stock Market.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management's future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, risks associated with our business model; our ability to develop or acquire, and gain market acceptance for, new products in a cost-effective and timely manner; the market success of our RightNow 8 product; the gain or loss of key customers; competitive pressures; our ability to expand operations; fluctuations in our earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; our ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; our ability to manage and expand our partner relationships; and our ability to expand, retain and motivate our employees and manage our growth. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.
FRNOW
RightNow Technologies, Inc.
Consolidated Balance Sheets
(In thousands) (Unaudited)
March 31, Dec 31,
2008 2007
Assets
Cash and cash equivalents $44,591 $43,681
Short-term investments 36,585 52,644
Accounts receivable 27,503 29,480
Term receivables, current 9,616 13,069
Allowance for doubtful accounts (2,056) (1,918)
Net receivables 35,063 40,631
Deferred commissions 3,485 3,336
Prepaid and other current assets 3,288 2,643
Total current assets 123,012 142,935
Long-term investments 17,810 --
Property and equipment, net 10,807 10,856
Term receivables, non-current 8,059 9,859
Intangible assets, net 7,606 7,996
Deferred commissions, non-current 1,962 1,680
Other 448 460
Total Assets $169,704 $173,786
Liabilities and Stockholders' Equity
Accounts payable $6,148 $4,386
Commissions and bonuses payable 3,531 5,044
Other accrued liabilities 11,998 11,404
Current portion of long-term debt 44 43
Current portion of deferred revenue 73,575 76,995
Total current liabilities 95,296 97,872
Long-term debt, less current portion 57 68
Deferred revenue, net of current portion 38,079 37,665
Stockholders' equity:
Common stock 34 33
Additional paid-in capital 97,107 95,377
Accumulated other comprehensive loss (536) (292)
Accumulated deficit (60,333) (56,937)
Total stockholders' equity 36,272 38,181
Total Liabilities Stockholders' Equity $169,704 $173,786
RightNow Technologies, Inc.
Consolidated Operating Statements
(In thousands, except per share amounts) (Unaudited)
Three Months Ended
March 31,
2008 2007
Revenue:
Software, hosting and support
Recurring * $24,412 $19,225
Perpetual 144 594
Professional services 8,342 5,883
Total revenue 32,898 25,702
Cost of revenue:
Software, hosting and support 5,035 4,394
Professional services 7,285 5,171
Total cost of revenue 12,320 9,565
Gross profit 20,578 16,137
Operating expenses:
Sales and marketing 16,818 15,727
Research and development 4,486 4,296
General and administrative 3,516 2,860
Total operating expenses 24,820 22,883
Loss from operations (4,242) (6,746)
Interest and other income, net 938 828
Loss before income taxes (3,304) (5,918)
Provision for income taxes (92) (84)
Net loss $(3,396) $(6,002)
Net loss per share:
Basic $(0.10) $(0.18)
Diluted $(0.10) $(0.18)
Shares used in the computation:
Basic 33,532 32,858
Diluted 33,532 32,858
Supplemental information of stock-based
compensation expense included in:
Cost of software, hosting and support $77 $58
Cost of professional services 153 125
Sales and marketing 538 658
Research and development 235 226
General and administrative 263 235
Total stock-based compensation $1,266 $1,302
* Recurring revenue includes software, hosting and support revenue from
term license and subscription agreements, and post contract support
services.
RightNow Technologies, Inc.
Consolidated Statements of Cash Flow
(In thousands) (Unaudited)
Three Months Ended
March 31,
2008 2007
Operating activities:
Net loss $(3,396) $(6,002)
Non-cash adjustments:
Depreciation and amortization 1,954 1,675
Stock-based compensation 1,266 1,302
Provision (recoveries) for losses
on accounts receivable 89 (69)
Changes in operating accounts:
Receivables 7,447 15,427
Prepaid expenses (448) (584)
Deferred commissions (404) (887)
Accounts payable 1,758 (1,133)
Commissions and bonuses payable (1,523) (1,171)
Other accrued liabilities 534 2,881
Deferred revenue (3,434) (6,056)
Other (173) (23)
Cash provided by operating activities 3,670 5,360
Investing activities:
Net change in investments (1,970) 1,549
Acquisition of property and equipment (1,509) (1,987)
Other (15) (29)
Cash (used in) investing activities (3,494) (467)
Financing activities:
Proceeds from issuance of common stock 414 643
Excess benefit of stock options exercised 53 49
Payments on long-term debt (11) (7)
Cash provided by financing activities 456 685
Effect of foreign exchange rates on cash
and cash equivalents 278 113
Increase in cash and cash equivalents 910 5,691
Cash and cash equivalents at beginning
of period 43,681 39,208
Cash and cash equivalents at end of
period $44,591 $44,899
RightNow Technologies, Inc.
Reconciliation of Non-GAAP Measurements
(Amounts in thousands, except per share amounts) (Unaudited)
Diluted Earnings Per Share Reconciliation
Three Months Ended
March 31,
2008 2007
Net loss as reported $(3,396) $(6,002)
Add stock-based compensation ("SBC") 1,266 1,302
Net loss before SBC $(2,130) $(4,700)
Net loss per share, as reported $(0.10) $(0.18)
Net loss per share, before SBC $(0.06) $(0.14)
Shares outstanding, as reported 33,532 32,858
Shares outstanding, excluding the
effect of SBC 33,532 32,858
Forward-Looking Guidance Reconciliation
GAAP Guidance Non-GAAP Guidance
Quarter ending From To Adjustment From To
June 30, 2008
Net loss $(3,500) $(4,200) $ 1,900 [a] $(1,600) $(2,300)
EPS $(0.10) $(0.12) $(0.05) $(0.07)
Shares 33,800 33,800 33,800 33,800
Year ending
December 31, 2008
Net loss $(8,400) $(10,800) $ 6,600 [a] $(1,800) $(4,200)
EPS $(0.25) $(0.32) $(0.05) $(0.12)
Shares 34,000 34,000 34,000 34,000
[a] Estimated stock-based compensation expense to be recorded for the
periods indicated in accordance with Statement of Financial
Accounting Standards No. 123R, Share-Based Payments, ("SFAS 123R")
which is effective for periods beginning January 1, 2006.
About Non-GAAP Financial Measures
Non-GAAP net loss and diluted net loss per share are supplemental measures of our performance that are not required by, or presented in accordance with GAAP. These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for net loss and net loss per share or any other performance measure determined in accordance with GAAP. We present non-GAAP net loss and net loss per share because we consider each to be an important supplemental measure of our performance.
Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company's performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance when planning, forecasting and analyzing future periods. Our stock-based compensation expenses are expected to vary depending on the number of new grants issued, changes in our stock price, stock market volatility, expected option lives and risk-free rates of return, all of which are difficult to estimate. In calculating non-GAAP net loss and net loss per share, management excludes stock-based compensation expenses to facilitate its review of the comparability of the Company's operating performance on a period-to-period basis because such expenses are not, in management's view, related to the Company's ongoing operating performance. Management uses this view of its operating performance for purposes of comparison with its business plan and individual operating budgets and resource allocation.
Management further believes that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision making. We believe that the use of non-GAAP net loss and net loss per share also facilitate a comparison of RightNow's underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.
Calculating non-GAAP net loss and net loss per share have limitations as an analytical tool, and readers should not consider these measures in isolation or as substitutes for GAAP net loss and GAAP net loss per share. In the future, we expect to incur additional stock-based compensation expenses and the exclusion of these expenses in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, which include:
* Other companies inside and outside of our industry may calculate
non-GAAP net loss and net loss per share differently than we do,
limiting their usefulness as a comparative tool; and
* The Company's income tax expense or benefit will be ultimately based
on its GAAP taxable income and actual tax rates in effect, which may
differ significantly from the effective tax rate used in our non-GAAP
financial measures.
In addition, the adjustments to our GAAP financial measures reflect the exclusion of stock-based compensation expenses that are recurring and will be reflected in the Company's financial results for the foreseeable future. The Company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The Company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. The Company evaluates the non-GAAP financial measures together with the most directly comparable GAAP financial measures.
Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net loss and net loss per share. For more information, see the consolidated operating statements and reconciliation of non-GAAP measurements contained in this press release.
RightNow Technologies, Inc.
CONTACT: Investor Relations, Todd Friedman, todd@blueshirtgroup.com, or Stacie Bosinoff, stacie@blueshirtgroup.com, both of The Blueshirt Group, +1-415-217-7722, for RightNow Technologies; or Corporate Communications, Kathleen O'Boyle of RightNow Technologies, +1-406-556-3428, or cell, +1-415-407-8308, kathleen.oboyle@rightnow.com
Web site: http://www.rightnow.com/
Atmel Reports First Quarter 2008 Financial ResultsRecord Microcontroller Revenues Rise 8% Sequentially and 21% Compared to the Year-Ago Quarter
SAN JOSE, Calif., April 30 /PRNewswire-FirstCall/ -- Atmel(R) Corporation today announced financial results for the quarter ended March 31, 2008.
Revenues for the first quarter of 2008 were $411.2 million, a 3.4% decrease compared to $425.6 million for the fourth quarter of 2007 and a 5.1% increase compared to $391.3 million for the first quarter ended March 31, 2007. Microcontrollers, a core business, continued solid revenue growth and rose 8% sequentially and 21% compared to the year-ago quarter, primarily driven by the Company's proprietary AVR(R) and standard ARM(R) products.
Net income for the first quarter of 2008 totaled $6.8 million or $0.02 per diluted share. This compares to net income of $1.7 million or $0.00 per diluted share for the fourth quarter of 2007 and net income of $28.9 million or $0.06 per diluted share for the year-ago quarter. Non-GAAP net income for the first quarter of 2008 totaled $13.3 million or $0.03 per diluted share compared to $20.0 million or $0.04 per diluted share for the fourth quarter of 2007 and $33.7 million or $0.07 per diluted share for the year-ago quarter. Non-GAAP net income excludes charges (credits) related to stock-based compensation, acquisitions, grant repayments, and restructuring activities, as well as the gain on sale of assets and the income tax effect of these excluded items. A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.
"We are pleased to have achieved the upper end of our revenue guidance and record microcontroller revenues," said Steven Laub, Atmel's President and Chief Executive Officer. "These results reflect the strength of our product offering and the benefits we are realizing from refocusing Atmel's business operations on areas that offer the best opportunity for profitable growth. As we move forward, I have confidence that our product innovation and technology leadership, further strengthened by our recent acquisition of Quantum Research Group, positions Atmel for continued success."
Gross profit, as a percent of revenue, was 35.5% for the first quarter of 2008. This compares to gross profit of 35.2% for the fourth quarter of 2007 and 35.8% for the year-ago quarter. Gross profit for the first quarter of 2008 was negatively impacted by underutilization as production activity ended at our manufacturing facility in North Tyneside, United Kingdom and by the continuing weakness of the dollar against the euro.
Operating profit was $15.4 million for the first quarter of 2008, or 3.7% of revenue, which includes net non-recurring charges of $0.9 million related to the sale of the North Tyneside assets as well as charges resulting from the Quantum Research Group acquisition completed during the quarter. This compares to an operating profit of $6.4 million for the fourth quarter of 2007 and $12.8 million for the first quarter of 2007. Included in the 2007 operating results were non-recurring charges of $13.0 million for the fourth quarter related to North Tyneside restructuring charges and $1.8 million for the first quarter of 2007 related to restructuring charges for employee severances at other locations. Stock-based compensation expense was $6.3 million for the first quarter of 2008, compared to $5.1 million for the fourth quarter of 2007 and $3.3 million for the year-ago quarter.
Income tax provision was $3.2 million for the first quarter of 2008. This compares to an income tax provision of $5.8 million for the fourth quarter of 2007 and a net income tax benefit of $15.2 million for the first quarter of 2007. The Company recognized a tax benefit of approximately $3.2 million and $20.0 million from the receipt of French R&D tax credits in the first quarters of 2008 and 2007, respectively.
Combined cash balances (cash and cash equivalents plus short-term investments) totaled $336.8 million at the end of the first quarter of 2008, a decrease of $93.1 million from the end of the prior quarter and a $141.9 million decrease from $478.7 million at March 31, 2007. During the first quarter of 2008, the Company used approximately $89.0 million for the purchase of Quantum Research Group. Cash used in operations totaled approximately $41.0 million for the first quarter of 2008 compared to cash provided from operations of $90.4 million for the fourth quarter of 2007 and $59.2 million for the first quarter of 2007. Cash used in operations in the first quarter of 2008 included approximately $54.0 million of cash used for repayment of grants and other restructuring charges related to the closure of North Tyneside. Separately, the Company received approximately $82.0 million of proceeds from the sale of North Tyneside fabrication equipment classified as proceeds from investing activities.
The Company's effective average exchange rate in the first quarter of 2008 was approximately $1.47 to the euro, compared to $1.43 to the euro in the fourth quarter of 2007 and $1.32 to the euro in the year-ago period. A $0.01 increase in the dollar/euro exchange rate reduced operating income by approximately $0.6 million during the first quarter of 2008.
First Quarter 2008 and Recent Highlights
-- Completed Acquisition of Quantum Research Group Ltd.
-- Completed Sale and Transfer of North Tyneside Land and Property
-- AVR32 Recognized as a Top 100 Hot Product of 2007 by EDN and Number One
Product by Germany's Elektronik Magazine and Chosen as Most Innovative
Architecture by Embedded World Nuremburg
-- Introduced AVR XMEGA Family of High Performance and Ultra Low Power AVR
Microcontrollers
-- Introduced AVR Microcontrollers for Automotive Motor Control
Applications
-- CAP Customizable Microcontroller Named 2007 Product of the Year by EPC
Magazine
-- Announced Appointment of Charles Carinalli and Dr. Edward Ross as new
Independent Directors
Business Outlook
Consistent with business seasonality and general market trends, the Company anticipates second quarter 2008 revenues will be up 0% to 3% on a sequential basis.
Conference Call
Atmel will hold a teleconference at 2:00 p.m. PT today to discuss the first quarter 2008 financial results. The conference call will be webcast live and can also be monitored by dialing 1-800-374-0405 or 1-706-634-5185. The conference ID number is 42968627 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 2:00 p.m. PT start time to ensure a timely connection. The webcast can be accessed at http://www.atmel.com/ir/ and will be archived for 12 months.
A replay of the April 30, 2008 conference call will be available today at approximately 5:00 p.m. PT and will run for 48 hours. The replay access numbers are 1-800-642-1687 within the U.S. and 1-706-645-9291 for all other locations. The access code is 42968627.
About Atmel
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about new product introductions, markets for our products, the effects of our strategic transactions and second quarter business outlook. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or Company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, the inability to realize the anticipated benefits of our recent strategic transactions, restructuring plans and other initiatives in a timely manner or at all, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, the market price of our common stock and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2007, filed on February 29, 2008, and our subsequent Form 10-Q reports.
Investor Contact: Media Contact:
Robert Pursel Barrett Golden / Mike Cuneo
Director of Investor Relations Joele Frank, Wilkinson Brimmer Katcher
408-487-2677 212-355-4449
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31,
2008 2007
Current assets
Cash and cash equivalents $308,365 $374,130
Short-term investments 28,455 55,817
Accounts receivable, net 223,615 209,189
Inventories 348,603 357,301
Current assets held for sale 47,414 -
Prepaids and other current assets 99,665 88,781
Total current assets 1,056,117 1,085,218
Fixed assets, net 499,717 579,566
Goodwill and intangible assets 93,969 -
Other assets 63,804 37,969
Total assets $1,713,607 $1,702,753
Current liabilities
Current portion of long-term debt $135,558 $142,471
Trade accounts payable 113,335 191,856
Accrued and other liabilities 291,885 266,987
Deferred income on shipments to
distributors 21,334 19,708
Total current liabilities 562,112 621,022
Long-term debt less current portion 20,251 20,408
Other long-term liabilities 253,809 237,844
Total liabilities 836,172 879,274
Stockholders' equity 877,435 823,479
Total liabilities and stockholders'
equity $1,713,607 $1,702,753
Atmel Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2008 2007 2007
Net revenues $411,237 $425,580 $391,313
Operating expenses
Cost of revenues 265,183 275,962 251,376
Research and development 66,377 71,867 67,299
Selling, general and administrative 63,562 58,353 58,059
Acquisition-related charges 3,711 - -
Charges for (credit from) grant
repayments (119) 275 -
Restructuring charges 27,908 12,711 1,782
Gain on sale of assets (30,758) - -
Total operating expenses 395,864 419,168 378,516
Income from operations 15,373 6,412 12,797
Interest and other income (expense),
net (5,387) 1,088 979
Income from continuing operations
before income taxes 9,986 7,500 13,776
Provision for income taxes (3,198) (5,786) 15,164
Net income $6,788 $1,714 $28,940
Basic net income per share:
Net income $0.02 $0.00 $0.06
Weighted-average shares used in basic
net income per share calculations 444,670 446,003 488,842
Diluted net income per share:
Net income $0.02 $0.00 $0.06
Weighted-average shares used in
diluted net income per share
calculations 447,643 449,136 494,198
Atmel Corporation
Reconciliation of GAAP to Non-GAAP Net Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2008 2007 2007
GAAP net income $6,788 $1,714 $28,940
Special items:
Stock-based compensation 6,307 5,146 3,310
Acquisition-related charges 3,711 - -
Charges for (credit from) grant
repayments (119) 275 -
Restructuring charges 27,908 12,711 1,782
Gain on sale of assets (30,758) - -
Income tax effect of non-GAAP items (500) - (300)
Total special items 6,549 18,132 4,792
Non-GAAP net income $13,337 $19,846 $33,732
Diluted non-GAAP net income per share:
Net income $0.03 $0.04 $0.07
Weighted-average shares used in
diluted non-GAAP net income per
share calculations 447,643 449,136 494,198
Notes to Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP, Atmel uses non-GAAP financial measures, including non-GAAP net income and non-GAAP net income per diluted share, which are adjusted from the most directly comparable GAAP financial measures to exclude certain items, as shown above and described below. Management believes that these non-GAAP financial measures reflect an additional and useful way of viewing aspects of Atmel's operations that, when viewed in conjunction with Atmel's GAAP results, provide a more comprehensive understanding of the various factors and trends affecting Atmel's business and operations.
Atmel uses each of these non-GAAP financial measures for internal purposes and believes that these non-GAAP measures provide meaningful supplemental information regarding operational and financial performance. Management uses these non-GAAP measures for strategic and business decision making, internal budgeting, forecasting and resource allocation processes.
Atmel believes that providing these non-GAAP financial measures, in addition to the GAAP financial results, is useful to investors because the non-GAAP financial measures allow investors to see Atmel's results "through the eyes" of management as these non-GAAP financial measures reflect Atmel's internal measurement processes. Management believes that these non-GAAP financial measures enable investors to better assess changes in each key element of Atmel's operating results across different reporting periods on a consistent basis. Thus, management believes that each of these non-GAAP financial measures provides investors with another method for assessing Atmel's operating results in a manner that is focused on the performance of its ongoing operations. In addition, these non-GAAP financial measures facilitate comparisons to Atmel's historical operating results and comparisons to competitors' operating results.
There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, non-GAAP financial measures may be limited in value because they exclude certain items that may have a material impact upon Atmel's reported financial results. Management compensates for these limitations by providing investors with reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures. The non-GAAP financial measures supplement, and should be viewed in conjunction with, GAAP financial measures. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in above.
As presented in the "Reconciliation of GAAP to Non-GAAP Net Income" tables above, each of the non-GAAP financial measures excludes one or more of the following items:
-- Stock-based compensation expense.
Stock-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Atmel's control. As a result, management excludes this item from Atmel's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure Atmel's core performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.
-- Acquisition-related charges.
Acquisition-related charges include: (1) in-process research and development, which relates to projects in process as of the acquisition date that have not reached technological feasibility and are immediately expensed, (2) amortization of intangibles, which include acquired intangibles such as customer relationships, backlog, core developed technology, trade name and non-compete agreement, and (3) contingent compensation expense, which include compensation resulting from the employment retention of certain key employees established in accordance with the terms of the acquisitions. In most cases, these acquisition-related charges are not factored into management's evaluation of potential acquisitions or Atmel's performance after completion of acquisitions, because they are not related to Atmel's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Atmel against the performance of other companies without the variability caused by purchase accounting.
-- Charges for (credit from) grant repayments.
Grant repayments primarily relate to contractual obligations to repay incentive amounts recorded in prior periods (including interest) as a result of restructuring activity. Atmel excludes these amounts from non-GAAP financial measures primarily because these costs are not incurred on an on-going basis, consistent with restructuring charges and other non-recurring types of charges included in the consolidated statements of operations.
-- Restructuring charges.
Restructuring charges primarily relate to expenses necessary to make infrastructure-related changes to Atmel's operating costs. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities and such costs have not historically occurred in each year. Although Atmel has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Atmel's non-GAAP financial measures, as it enhances the ability of investors to compare Atmel's period-over-period operating results from continuing operations.
-- Gain on sale of assets.
Atmel recognizes gains resulting from the sale of certain non-strategic business assets that no longer align with Atmel's long-term operating plan. Atmel excludes these items from its non-GAAP financial measures primarily because these gains are one-time in nature and generally not reflective of the ongoing operating performance of Atmel's business and can distort the period-over-period comparison.
-- Income tax effect of non-GAAP financial measures.
Atmel adjusts for the income tax effect resulting from the non-GAAP adjustments as described above.
Atmel Corporation
CONTACT: Investors, Robert Pursel, Director of Investor Relations of Atmel Corporation, +1-408-487-2677; or Media, Barrett Golden or Mike Cuneo, both of Joele Frank, Wilkinson Brimmer Katcher, for Atmel Corporation, +1-212-355-4449
Web site: http://www.atmel.com/
Informatica to Host Financial Analyst Meeting and Webcast at Informatica World 2008
REDWOOD CITY, Calif., April 30 /PRNewswire-FirstCall/ -- Informatica Corporation , a leading provider of data integration software, today announced that its executive management team will host a financial analyst meeting at Informatica World 2008, Informatica's tenth annual user conference, on Tuesday, June 3, 2008 at 4:00 p.m. PDT. A live audio Web cast and archive of the event will be available at http://www.informatica.com/investor.
About Informatica
Informatica Corporation is a leading provider of enterprise data integration software. Using Informatica products, companies can access, integrate, migrate and consolidate enterprise data across systems, processes and people to reduce complexity, ensure consistency and empower the business. More than 3,000 companies worldwide rely on Informatica for their end-to-end enterprise data integration needs. For more information, call 650-385-5000 (800-653-3871 in the U.S.), or visit http://www.informatica.com/.
Note: Informatica is a registered trademark of Informatica Corporation in the United States and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.
Informatica Corporation
CONTACT: Deborah Wilthsire, Public Relations, +1-650-385-5360, dwiltshire@informatica.com, or Stephanie Wakefield, Investor Relations, +1-650-385-5261, swakefield@informatica.com, both of Informatica Corporation
Web site: http://www.informatica.com/
Mervyns Switches to SmartCircular for Localized Online Promotional AdsShopLocal's Industry-leading Solution Enables Improved Functionality for Shoppers and Promotional Opportunities
CHICAGO, April 30 /PRNewswire/ -- ShopLocal, the leader in multi-channel shopping and marketing services, and Mervyns, a family-friendly department store, today announced an agreement to use ShopLocal's SmartCircular service to deliver highly interactive, targeted and localized promotions to Mervyns' customers on Mervyns.com. The industry-leading solution also provides Mervyns with analytics on shopper behavior and weekly online circular activity, and the SmartCircular software enables future opportunities for Mervyns to distribute its local advertisements anywhere on the Internet.
"We decided to select SmartCircular because of its superior features and ShopLocal's reputation for top-notch customer service," said Susan Mesec, Mervyns' senior vice president of Marketing. "Additionally, we have the option to use ShopLocal's SmartDelivery functionality -- giving us a broader platform to more efficiently localize our marketing efforts across the Internet."
ShopLocal's SmartCircular allows shoppers to browse by brand, department or page and includes local store information such as maps, directions and store hours. In addition to the pre-shopping functionality, Mervyns' customers can print a shopping list of items they chose from their neighborhood Mervyns online circular.
"Mervyns can now provide its shoppers with the most interactive and informative local promotions solution available on the Internet today," said Bob Armour, CMO at ShopLocal. "We are thrilled to be part of their new Web site, and we look forward to the prospect of helping them attract more customers with our SmartDelivery solutions."
About ShopLocal
ShopLocal, the leader in multi-channel localized shopping and advertising services, offers a complete suite of solutions that connect advertisers and consumers -- online and in-store. ShopLocal's industry leading SmartProduct business solutions (SmartCircular, SmartMedia, SmartDelivery and SmartCatalog) enable more than one hundred of the nation's top retailers, including Target, Best Buy, Home Depot, CVS and Sears, to deliver highly interactive, targeted and localized promotions to shoppers anywhere on the Internet and in mobile applications.
The Company's consumer shopping site ShopLocal.com is the leading multi- channel marketplace on the Web, providing consumers with choice and control in their shopping experience by offering millions of timely online and in-store offers on one easy to use site. ShopLocal.com powers multi-channel shopping for hundreds of major newspaper, online yellow pages and shopping sites, including Los Angeles Times, Arizona Republic, Miami Herald, Superpages.com, Switchboard and Local.com. ShopLocal is owned by Gannett Co., Inc. , Tribune Company and The McClatchy Company . For more information, visit http://www.aboutshoplocal.com/.
About Mervyns
Mervyn's LLC, headquartered in the San Francisco Bay Area, is a family- friendly promotional neighborhood department store offering trend-right fashions and home decor for the entire family at affordable prices. Mervyns has a well-earned reputation for its extensive selection of national and private-label fashions and housewares. Community giving has been a cornerstone of the company's business since 1949, with a focus on improving the lives of children and families by giving back to its communities by way of volunteerism and through its award-winning ChildSpree(R) program. Mervyns has more than 175 locations in seven states. For more information, go to http://www.mervyns.com/.
ShopLocal, ShopLocal.com, SmartCircular, SmartCatalog, SmartMedia and SmartDelivery are trademarks of ShopLocal. Other company and product names may be trademarks of their respective owners.
ShopLocal
CONTACT: Marcy Dockery of ShopLocal, +1-312-768-7523, mdockery@shoplocal.com; or Michele Murphy of Mervyn's LLC, +1-510-727-5668, michele.murphy@mervyns.com
Web site: http://www.shoplocal.com/
QUEPASA Corporation Announces Investor Update Conference Call
WEST PALM BEACH, Fla., April 30 /PRNewswire-FirstCall/ -- Quepasa Corporation , one of the world's largest, bicultural, Latino online communities, will host a conference call on May 7, 2008 to update investors on progress the online Hispanic social network has made since the new management team arrived in November 2007 and future enhancements planned for the website.
The call will be held on Wednesday, May 7, 2008 at 5:00 p.m. EDT / 2:00 p.m. PDT. John Abbott, Chief Executive Officer, and Mike Matte, Executive Vice President and Chief Financial Officer, will discuss the company's achievement and website plans. This call will be listen only, but we hope to be able to answer questions in future updates. If you would like to participate in the conference call, please dial-in five minutes prior to the start time at:
When: Wednesday May 7, 2008, at 5:00pm EDT/ 2pm PDT
Dial-in: U.S. and Canada: (888) 684-1278
Outside of the U.S.: (913) 981-5530
Conference call title: Quepasa Corp IR Call
Confirmation number: 1314088
An audio file of this call will also be available on Quepasa's corporate site http://www.quepasacorp.com/
About Quepasa Corporation
Quepasa Corporation , headquartered in West Palm Beach, FL (with offices in Los Angeles, Scottsdale, Miami and Hermosillo, MX), owns Quepasa.com, one of the world's largest, bicultural, Latino online communities committed to providing fun, competitive, interactive, and easy to use social tools, and rich multimedia content to embrace Latinos, and empower them to connect on-line, and share their interests, ideas, and activities.
Contact:
Mike Matte, Chief Financial Officer
Quepasa Corporation
(561) 317-1315
Quepasa Corporation
CONTACT: Mike Matte, Chief Financial Officer of Quepasa Corporation, +1-561-317-1315
Web site: http://www.quepasacorp.com/
IBM and Certicom Sign Technology Agreement
MISSISSAUGA, ON, April 30 /PRNewswire-FirstCall/ -- Certicom Corp. (TSX: CIC) today announced that it has signed a multi-year, multi-million dollar technology agreement with IBM.
About Certicom
Certicom protects the value of content, applications and devices with government-approved security. Adopted by the National Security Agency (NSA) for government communications, Elliptic Curve Cryptography (ECC) provides the most security per bit of any known public-key scheme. As the global leader in ECC, Certicom security offerings are currently licensed to more than 300 customers including General Dynamics, Motorola, Oracle, Research In Motion and Unisys. Founded in 1985, Certicom's corporate offices are in Mississauga, Ontario, Canada with worldwide sales and marketing headquarters in Reston, Virginia and offices in the U.S., Canada, Europe and China. Visit http://www.certicom.com/.
Certicom, Certicom Security Architecture, Certicom Trust Infrastructure, Certicom CodeSign, Certicom KeyInject, Security Builder, Security Builder API, Security Builder BSP, Security Builder Crypto, Security Builder ETS, Security Builder GSE, Security Builder IPSec, Security Builder NSE, Security Builder PKI and Security Builder SSL are trademarks or registered trademarks of Certicom Corp. All other companies and products listed herein are trademarks or registered trademarks of their respective holders. Information subject to change.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Forward-looking information includes information concerning the Company's future financial performance, business strategy, plans, goals and objectives. When used in such documents, the words "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "will", "believes" or variations of such words and phrases often, but not always, identify forward looking statements. Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits; the ability of the Company to develop, promote and protect its proprietary technology security breaches or defects in the Company's products; competitive conditions in the businesses in which the Company participates; changes in consumer spending; the outcome of legal proceedings as they arise; general economic conditions and normal business uncertainty; consolidation in the Company's industry and by its customers; customer preferences towards product offerings; the risk that customers may cancel their contracts with the Company; reliance on a limited number of customers; demand for ECC-based technology; performance of the Company's management team and the Company's ability to attract and retain skilled employees; operating the Company's business profitably; fluctuations in revenue and foreign currency exchange rates; interest rate fluctuations and other changes in borrowing costs; the ability to develop and maintain strategic relationships; and other factors identified under the heading "Risk Factors" in the Company's annual information form dated July 26, 2007 and filed on SEDAR at http://www.sedar.com/.
Certicom Corp.
CONTACT: Investors and Financial Analysts: Herve Seguin, Chief Financial Officer, Certicom Corp., (905) 501-3827, hseguin@certicom.com; Media: John Callahan, Director, Public Relations & Marketing Communications, Certicom Corp., (703) 234-2357, jcallahan@certicom.com
Tyco Electronics to Present at Merrill Lynch Technology Conference 2008
BERWYN, Pa., April 30 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. today announced that its Chief Financial Officer Terrence Curtin will present at the Merrill Lynch Technology Conference 2008 in New York on Tuesday, May 6, 2008 at 10:30 a.m. EDT.
An audio webcast of the presentation will be available and can be found at Tyco Electronics' website: http://investors.tycoelectronics.com/. An audio replay of the webcast will be available beginning within 24 hours after the conclusion of Merrill Lynch's live event on May 6, 2008 and ending at 11:59 p.m. on June 6, 2008 and can be accessed at the same website.
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, wireless systems and undersea telecommunications systems and services, with 2007 sales of US$13.5 billion to customers in more than 150 countries. We design, manufacture and market products for customers in industries from automotive, appliances and aerospace and defense to telecommunications, computers and consumer electronics. With approximately 8,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is our customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/.
Tyco Electronics
CONTACT: Media Relations: Sheri Woodruff, Office: +1-610-893-9555, Mobile: +1-609-933-9243, swoodruff@tycoelectronics.com, or Investor Relations: John Roselli, +1-610-893-9559, john.roselli@tycoelectronics.com, or Keith Kolstrom, +1-610-893-9551, keith.kolstrom@tycoelectronics.com, all of Tyco Electronics
Web site: http://www.tycoelectronics.com/ http://investors.tycoelectronics.com/
The McGraw-Hill Companies Declares Quarterly Dividend
NEW YORK, April 30 /PRNewswire-FirstCall/ -- The Board of Directors of The McGraw-Hill Companies today approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.22 is payable on June 11, 2008, to shareholders of record on May 28, 2008.
The McGraw-Hill Companies has paid a dividend each year since 1937 and is one of fewer than 30 companies in the S&P 500 that has increased its dividend annually for the last 35 years. The annualized rate of $0.88 per share, which includes a 7.3% increase approved by the Board in January of 2008, represents an average compound annual dividend growth rate of 10.3% since 1974.
Since 1996, the Corporation has returned approximately $8.6 billion to shareholders through dividend payments and share repurchases.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com/.
Homepage: http://www.mcgraw-hill.com/
News: http://www.mcgraw-hill.com/news/overview.shtml
Investor Relations: http://www.mcgraw-hill.com/investor_relations
Corporate Responsibility: http://www.mcgraw-hill.com/cr/overview.shtml
Get news direct from McGraw-Hill via RSS:
http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=newsRSS
Release issued: April 30, 2008
The McGraw-Hill Companies
CONTACT: Media Relations Contacts: Frank Briamonte Senior Director, Corporate Communications (212) 512-4145 (office) (201) 725-6133 (mobile) frank_briamonte@mcgraw-hill.com Jason Feuchtwanger Senior Manager, Corporate Communications (212) 512-3151 (office) (347) 419-4169 (mobile) jason_feuchtwanger@mcgraw-hill.com Investor Relations Contact: Donald S. Rubin Senior Vice President, Investor Relations (212) 512-4321 (office) (212) 512-3840 (fax) donald_rubin@mcgraw-hill.com
Web site: http://www.mcgraw-hill.com/
InfoLogix to Report First Quarter Results on April 30, 2008 - Conference Call Information
HATBORO, Pa., April 30 /PRNewswire-FirstCall/ -- InfoLogix, Inc. , a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries, will host a conference call with the financial community at 4:30 p.m. (EST) today to discuss the Company's First Quarter 2008 financial results and provide an update on business developments.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071101/NETH165LOGO )
Interested parties may participate in the conference call by dialing (888) 680-0879 or (617) 213-4856 for international callers. When prompted, ask for the "First Quarter InfoLogix Earnings Conference Call" and enter passcode 71378019.
A telephonic replay of the conference call may be accessed approximately two hours after the call through May 7, 2008, by dialing (888) 286-8010 or (617) 801-6888 for international callers and entering the replay access code 28250282. You may pre-register for this call by clicking https://www.theconferencingservice.com/prereg/key.process?key=PD9U646FR
Pre-registration provides quick access to the call by bypassing the operator upon connection. You will be given a personalized pin number to enter when you dial in to the call with no hold times.
The conference call will be webcast simultaneously; it can be reached by clicking the following link: http://phx.corporate-ir.net/playerlink.zhtml?c=198199&s=wm&e=1835059 or on the InfoLogix website at http://www.infologix.com/ under Investors: Event Calendar. The webcast replay will be archived for 3 months.
About InfoLogix
InfoLogix is a leading provider of technology and RFID based intelligence solutions that enable the mobile enterprise. InfoLogix uses the industry's most advanced technologies to increase the efficiency, accuracy, and transparency of complex business and clinical processes for the healthcare industry and the commercial marketplace. With 19 issued patents, InfoLogix provides mobile managed solutions, on-demand software applications, mobile infrastructure products, and strategic consulting services to over 2,000 clients in North America including Kraft Foods, Merck and Company, General Electric, Kaiser Permanente, MultiCare Health System and Stanford School of Medicine. Founded in 2001 and headquartered in suburban Philadelphia, PA, InfoLogix has been named the sixth fastest growing new business in the United States for the last three years by Entrepreneur Magazine. InfoLogix is a publicly-traded company NASDAQ: IFLG. For more information, visit http://www.infologix.com/
Photo: http://www.newscom.com/cgi-bin/prnh/20071101/NETH165LOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, photodesk@prnewswire.com
InfoLogix, Inc.
CONTACT: Thomas Walsh of Alliance Advisors, +1-212-398-3486, twalsh@allianceadvisors.net, for InfoLogix, Inc.
Web site: http://www.infologix.com/
AVIATION WEEK's David Fulghum on Syria-North Korea Nuclear ReactorBackground information on Israeli air raid and technology on AviationWeek.com
WASHINGTON, April 30 /PRNewswire/ -- On Wednesday, April 23, the CIA released photographs of the nuclear reactor facility in Syria attacked by an Israeli air raid on September 6, 2007. For a deeper understanding of this event's significance, visit AviationWeek.com. Articles by David A. Fulghum and others explore the situations in Syria and North Korea, explain the technology used for Israel's attack, and provide expert insight into the relationships between key players.
Israel Shows Electronic Prowess (11/25/2007), http://www.aviationnow.com/avnow/news/channel_defense_story.jsp?view=story&id= news/aw112607p2.xml (Due to the length of these URLs, please copy and paste into browser) - Attack on Syria shows Israelis master of the high-tech battle.
U.S. Electronic Surveillance Monitored Israeli Attack on Syria(11/21/2007), http://www.aviationnow.com/avnow/news/channel_defense_story.jsp?view=story&id= news/ISRA112107.xml - The U.S. provided Israel with information about Syrian air defenses before Israel attacked a suspected nuclear site.
New Satellite Surveillance System Was Key Israeli Tool in Syria Raid (11/2/2007), http://www.aviationnow.com/avnow/news/channel_defense_story.jsp?view=story&id= news/ISRA110207.xml - Israel pulled out all the stops technologically in its recent raid on Syria, employing several new intelligence-gathering and strike systems in a chain of events stretching from satellite observations to precision bombing.
Israel Used Electronic Attack in Air Strike Against Syrian Mystery Target (10/8/2007), http://www.aviationnow.com/avnow/news/channel_defense_story.jsp?view=story&id= news/aw100807p2.xml - Mysteries still surround Israel's air strike against Syria.
Why Syria's Air Defenses Failed to Detect Israelis (10/3/2007), http://www.aviationweek.com/aw/blogs/defense/index.jsp?plckController=Blog&plc kScript=blogScript&plckElementId=blogDest&plckBlogPage=BlogViewPost&plckPostId =Blog%3a27ec4a53-dcc8-42d0-bd3a-01329aef79a7Post%3a2710d024-5eda-416c-b117- ae6d649146cd - Blog post by David A. Fulghum.
Washington Mulling Response to North Korea's Nuclear Test Claim (10/10/2006), http://www.aviationnow.com/avnow/news/channel_defense_story.jsp?view=story&id= news/NKOR10106.xml - Reactions to North Korea's claim of a successful underground nuclear test included calls to bolster U.S. missile defense, naval and air capabilities, although President Bush and others continue to prioritize weapons proliferation as the main threat.
David Fulghum is the senior military editor at Aviation Week & Space Technology with expertise in operations, science, radar and intelligence. He has worked at AW&ST since 1990. Fulghum received an undergraduate journalism degree followed by graduate studies in military history at Texas A&M University and diplomatic history at Georgetown University. He is available for comment and can be reached at davef@aviationweek.com or +1-202-383-2308.
About AVIATION WEEK
AVIATION WEEK, a division of The McGraw-Hill Companies, is the largest multimedia information and services provider to the global aviation, aerospace and defense industries, and includes the publications Aviation Week & Space Technology, Defense Technology International, Business & Commercial Aviation, Overhaul & Maintenance, ShowNews, Aviation Daily, The Weekly of Business Aviation, Aerospace Daily & Defense Report and the World Aerospace Database. The group's website, http://www.aviationweek.com/, offers the industry's most reliable news, information, search and online community tools. Premium content services include the Aviation Week Intelligence Network, an integrated business tool for managers, business developers, buyers and technical professionals, and MRO Prospector, a unique web-based suite of data and tools for business development and benchmarking in maintenance, repair and overhaul. The group also produces prominent conferences, exhibitions and management forums around the world.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands including Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com/.
AVIATION WEEK
CONTACT: Joe D'Andrea +1-212-904-3780, joseph_dandrea@aviationweek.com or Lisa Jaycox +1-212-512-3272 +1-718-964-7404 lisa_jaycox@mcgraw-hill.com
Web site: http://www.aviationweek.com/ http://www.mcgraw-hill.com/
Design Within Reach to Open New York FlagshipModern Design Retailer Expands in SoHo
SAN FRANCISCO, April 30 /PRNewswire-FirstCall/ -- Design Within Reach announces that it will open its first DWR Flagship Studio on Friday, May 23, 2008, in the SoHo neighborhood of New York City. The new Studio will occupy the ground floor of the SoHo Building at 110 Greene Street between Prince and Spring Streets. The 4,000 square foot space will feature large storefront windows, high ceilings and an open floor plan that will serve as the ideal showcase for the furniture, lighting and other modern classics that will fill it.
Ray Brunner, CEO of Design Within Reach, states, "Our new flagship Studio places DWR in the heart of the world-renowned SoHo shopping district. This exceptional location, 110 Greene Street, will provide an improved retail layout with a greater selection of our products on display and much higher visibility and foot traffic. Based on these factors, we anticipate improved performance over our existing SoHo Studio, which is already one of the company's top-producing locations."
Built in 1906 as a department store warehouse, and at 13 stories the neighborhood's tallest building before the SoHo Grand Hotel went up in 1996, 110 Greene Street is a landmark building in the SoHo Cast-Iron Historic District. A notable feature of the new flagship will be the subway map embedded in the sidewalk outside the Studio's front door. In 1986, the Belgian artist and architect Francoise Schein created "Subway Map Floating on a New York Sidewalk," consisting of 87 feet of half-inch-wide stainless steel bars with recessed lights indicating subway stops. Inside the Studio, the subway theme will be continued with a large graphic of Massimo Vignelli's iconic, though short-lived, New York City Subway map from 1972. The flagship will also feature fixtures and other wall graphics that have not been used in any existing Design Within Reach Studio.
Design Within Reach will close its existing SoHo Studio, at 142 Wooster Street, at 7pm on May 22. The company will repurpose the 3,500 square foot space for a new retail concept to be launched in September, 2008.
About Design Within Reach, Inc.
Design Within Reach, Inc., founded in 1998 and headquartered in San Francisco, California, is the source for fully licensed classics, offering the best in modern design. The company markets and sells its products to both residential and contract customers through http://www.dwr.com, its San Francisco-based phone sales team at 1.800.944.2233 and over 68 retail Studios in the United States and Canada.
Design Within Reach, Inc.
CONTACT: Kimberly Oliver, PR Manager of Design Within Reach , +1-347-330-8322, koliver@dwr.com
Web site: http://www.dwr.com/
comScore Plan Metrix Tightly Links Consumers' Online Media Usage to Their Offline Behavior With Enhanced Monthly ReportingBehavioral and Local Market Segmentations Help Marketers Target the Right Audience
RESTON, Va., April 30 /PRNewswire-FirstCall/ -- comScore, Inc. , a leader in measuring the digital world, today announced several enhancements to its comScore Plan Metrix service which improve its timeliness and audience segmentation capabilities. comScore Plan Metrix is used by advertising agencies, marketers, and publishers to link consumers' offline behavior and attitudes with their online activity. This allows advertisers to use the Internet to accurately target consumer segments that are defined on the basis of offline characteristics. The specific enhancements to the service include:
(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/COMSCORELOGO)
-- Monthly Data Release -- new rolling 12-month reports are available on a
monthly basis instead of semi-annually.
-- Behavioral Segmentation -- segments based on online behavior, such as
heavy, medium and light searchers, are now included.
-- Local Market Segmentation -- data for the top 30 local markets are now
available.
-- Mean and Median Reporting -- mean and median age and household income
are reported for all audiences.
"comScore Plan Metrix is a vital online media planning tool already used by more than 200 of the largest advertisers and marketers," said Jack Flanagan, comScore executive vice president. "We've responded to our clients' needs by creating an even more timely, relevant, and powerful audience targeting tool than we offered previously."
New Behavioral Segmentation Helps Identify Valuable Target Segments
The new behavioral segmentation capabilities in comScore Plan Metrix provide an added dimension to marketing analysis and include such segments as searching intensity. Heavy searchers, defined as the top 20 percent of searchers by search volume, are a particularly attractive target segment for marketers because they represent a way to identify and reach consumers who are in an active buying process.
To illustrate how a marketer might use an analysis of this nature, comScore examined the online behavior of heavy searchers who also own a high- definition (HD) TV. This segment represents potentially fertile ground for marketers offering complementary products and services, such as Blu-Ray DVD players or HD cable service. Interestingly, this segment of individuals was at least 4 times more likely than average to visit several financial news/information sites, with four of them -- Bloomberg.com (index of 577), Hoovers.com (index of 520), Reed Business Information (index of 441), and TheStreet.com (index of 416) -- represented within the top ten.
Top Ad Focus Entities Visited by High-Def TV Owners that are Heavy
Searchers
January 2008
Total U.S. Age 18+ - Home/Work/University Locations
Source: comScore Plan Metrix
Composition
Index*
Total Internet 100
BLOOMBERG.COM 577
HOOVERS.COM 520
MYSIMON.COM 515
MEDSCAPE.COM 476
BREAK.COM 453
Reed Business Information 446
DIGG.COM 434
DOITYOURSELF.COM 434
THESTREET.COM |