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Global Payments Reports First Quarter Earnings
ATLANTA, October 2 /PRNewswire/ --
Global Payments Inc. (NYSE: GPN) today announced results for its fiscal
first quarter ended August 31, 2008. For the first quarter, revenues grew 30
percent to US$405.8 million compared to US$311.0 million in the prior year.
Excluding a prior period restructuring charge relating to a facility closure,
diluted earnings per share grew 31 percent to US$0.71 compared to US$0.54 in
the prior year quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO )
In accordance with GAAP, the prior year quarter included a restructuring
charge (see attached reconciliation schedule). For the three months ended
August 31, 2007, GAAP diluted earnings per share was US$0.53.
During the first quarter, the company began assessing its operating
performance using a new segment structure. The segments are now defined as
North America Merchant Services, International Merchant Services, and Money
Transfer (see attached segment schedule for historical financial results).
The company made this change as a result of its June 30, 2008 completion of a
joint venture with HSBC in the United Kingdom, in addition to anticipated
future international expansion.
Comments and Outlook
Chairman, President and CEO, Paul R. Garcia, stated, "We are delighted
with our strong first quarter financial performance. Our North America
segment reported strong revenue and earnings growth primarily driven by
successful pricing initiatives in Canada and a favorable foreign currency
exchange benefit. International merchant services results were primarily
driven by the favorable impact of our June 30, 2008 U.K. acquisition, in
addition to a continued benefit from our sales initiatives in our
Asia-Pacific region and a favorable foreign currency benefit in the Czech
Republic."
"Based on these results, we are raising our annual revenue guidance to a
range of US$1,640 million to US$1,680 million. This revenue guidance reflects
an expected 29 percent to 32 percent growth versus US$1,274.2 million in
fiscal 2008. In addition, we are raising our annual diluted earnings per
share guidance to a range of US$2.37 to US$2.45, or 20 percent to 24 percent
growth versus US$1.98 in fiscal 2008(1). Our fiscal 2009 guidance excludes
the impact of restructuring and other charges, as well as the impact of
future acquisitions, such as our recently announced agreement to acquire ZAO
United Card Service in the Russian Federation," said Garcia.
Conference Call
Global Payments will hold a conference call today, October 2, 2008 at
5:00 p.m. ET to discuss financial results and business highlights. Callers
may access the conference call via the company's Web site at
www.globalpaymentsinc.com by clicking the "Webcast" button; or callers may
dial +1-877-681-3378 and callers outside U.S. and Canada may dial
+1-719-325-4771. The pass code is "GPN." A replay of the call may be accessed
through the Global Payments' Web site through October 15, 2008.
(1) Fiscal 2008 diluted earnings per share was US$2.01 on a GAAP basis,
which includes restructuring and other charges, a favorable operating
tax item, and an unfavorable foreign currency item. For more
information, please see the company's quarterly earnings press
releases for fiscal 2008.
Global Payments Inc. (NYSE: GPN) is a leading provider of electronic
transaction processing services for consumers, merchants, Independent Sales
Organizations (ISOs), financial institutions, government agencies and
multi-national corporations located throughout the United States, Canada,
Latin America, Europe, and the Asia-Pacific region. Global Payments offers a
comprehensive line of processing solutions for credit and debit cards,
business-to-business purchasing cards, gift cards, electronic check
conversion and check guarantee, verification and recovery including
electronic check services, as well as terminal management. The company also
provides consumer money transfer services from the United States and Europe
to destinations in Latin America, Morocco, and the Philippines. For more
information about the company and its services, visit
www.globalpaymentsinc.com.
This announcement and comments made by Global Payments' management during
the conference call contain certain forward-looking statements within the
meaning of the "safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Statements that are not historical facts, including
revenue and earnings estimates and management's expectations regarding future
events and developments, are forward looking statements and are subject to
significant risks and uncertainties. Important factors that may cause actual
events or results to differ materially from those anticipated by such
forward-looking statements include the following: foreign currency risks
which become increasingly relevant as we expand internationally, development
difficulties, the effect of economic conditions and consumer spending, costs
of capital, the ability to consummate and integrate acquisitions, and other
risks detailed in the company's SEC filings, including the most recently
filed Form 10-Q or Form 10-K, as applicable. The company undertakes no
obligation to revise any of these statements to reflect future circumstances
or the occurrence of unanticipated events.
Contact: Jane M. Elliott
+1-770-829-8234 Voice
+1-770-829-8267 Fax
investor.relations@globalpay.com
(All amounts in US Dollars unless otherwise specified)
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended August 31,
2008 2007
Revenues $405,757 $310,980
Operating expenses:
Cost of service 144,177 116,309
Sales, general and administrative 168,483 127,436
Restructuring - 1,003
312,660 244,748
Operating income 93,097 66,232
Other income (expense):
Interest and other income 3,371 5,137
Interest and other expense (2,404) (1,873)
967 3,264
Income before income taxes and
minority interest 94,064 69,496
Provision for income taxes, net (28,216) (23,783)
Minority interest, net of tax (8,321) (2,138)
Net income $57,527 $43,575
Earnings per share:
Basic $0.72 $0.54
Diluted $0.71 $0.53
Weighted average shares outstanding:
Basic 79,462 80,501
Diluted 81,106 81,907
CONSOLIDATED BALANCE SHEETS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
August 31, May 31,
2008 2008
(Unaudited)
Assets
Cash and cash equivalents $287,721 $456,060
Accounts receivable, net 138,884 100,179
Claims receivable, net 1,852 1,354
Settlement processing assets 19,532 24,280
Inventory, net 6,576 3,821
Deferred income taxes 4,187 4,119
Prepaid expenses and other current
assets 25,968 27,597
Current assets 484,720 617,410
Property and equipment, net 153,533 141,415
Goodwill 762,493 497,136
Other intangible assets, net 285,590 175,636
Other assets 13,422 14,310
Total assets $1,699,758 $1,445,907
Liabilities and Shareholders' Equity
Lines of credit $10,633 $1,527
Current portion of term loan 25,000 -
Payable to money transfer
beneficiaries 13,904 9,276
Accounts payable and other accrued
liabilities 142,167 138,243
Settlement processing obligations 48,344 56,731
Income taxes payable 30,314 11,975
Current liabilities 270,362 217,752
Term loan 175,000 -
Deferred income taxes 70,780 75,001
Other long-term liabilities 14,752 11,612
Total liabilities 530,894 304,365
Commitments and contingencies
Minority interest in equity of
subsidiaries 42,203 14,724
Preferred stock - -
Common stock - -
Paid-in capital 387,918 380,741
Retained earnings 677,806 621,875
Accumulated other comprehensive
income 60,937 124,202
Total shareholders' equity 1,126,661 1,126,818
Total liabilities and
shareholders' equity $1,699,758 $1,445,907
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Three Months Ended August 31,
2008 2007
Cash flows from operating activities:
Net income $57,527 $43,575
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization of
property and equipment 9,553 6,663
Amortization of acquired
intangibles 7,243 3,566
Share-based compensation expense 3,291 3,147
Provision for operating losses
and bad debts 5,614 5,926
Minority interest in earnings 8,357 2,050
Deferred income taxes 934 (1,089)
Other, net (266) (20)
Changes in operating assets and
liabilities, net of the effects of
acquisitions:
Accounts receivable (41,189) (12,116)
Claims receivable (5,445) (6,265)
Settlement processing assets and
obligations, net (4,206) (569)
Inventory (2,500) (589)
Prepaid expenses and other
assets 2,502 (11,573)
Payables to money transfer
beneficiaries 4,628 1,355
Accounts payable and accrued
liabilities 3,392 (1,044)
Income taxes payable 18,339 5,122
Net cash provided by
operating activities 67,774 38,139
Cash flows from investing activities:
Business and intangible asset
acquisitions (442,123) (2,625)
Capital expenditures (7,663) (9,605)
Proceeds from sale of investment
and contractual rights 5,737 -
Net cash used in investing
activities (444,049) (12,230)
Cash flows from financing activities:
Net borrowings on lines of credit 9,106 133
Proceeds from term loan 200,000 -
Proceeds from stock issued under
share-based compensation plans 2,910 2,321
Tax benefit from share-based
compensation plans 976 2,831
Repurchase of common stock - (67,873)
Dividends paid (1,596) (1,622)
Contribution from minority interest
holder 8,857 -
Distributions to minority
interests, net (2,469) (2,372)
Net cash provided by (used
in) financing activities 217,784 (66,582)
Effect of exchange rate changes on
cash (9,848) 2,345
Decrease in cash and cash equivalents (168,339) (38,328)
Cash and cash equivalents, beginning
of period 456,060 308,872
Cash and cash equivalents, end of
period $287,721 $270,544
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
Reconciliation to Exclude Restructuring Charges from Normalized Results
(In thousands, except per share data)
Three Months Ended August 31, 2007
2008 Restruct-
GAAP Normalized uring(1) GAAP
Revenues $405,757 $310,980 $- $310,980
Operating expenses:
Cost of service 144,177 116,309 - 116,309
Sales, general and administrative 168,483 127,436 - 127,436
Restructuring - - 1,003 1,003
312,660 243,745 1,003 244,748
Operating income 93,097 67,235 (1,003) 66,232
Other income(expense):
Interest and other income 3,371 5,137 - 5,137
Interest and other expense (2,404) (1,873) - (1,873)
967 3,264 - 3,264
Income before income taxes and
minority interest 94,064 70,499 (1,003) 69,496
Provision for income taxes, net (28,216) (24,126) 343 (23,783)
Minority interest, net of tax (8,321) (2,138) - (2,138)
Net income $57,527 $44,235 $(660) $43,575
Diluted shares 81,106 81,907 - 81,907
Diluted earnings per share $0.71 $0.54 $(0.01) $0.53
(1) Restructuring charges consist of employee termination benefits
relating to a facility closure. Also reflects the related income
tax benefit.
DILUTED EARNINGS PER SHARE GUIDANCE RECONCILIATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
Low End of Fiscal High End of Fiscal
2009 Guidance 2009 Guidance
Q1 Q2-Q4 Total Q1 Q2-Q4 Total
Guid- Fore- Guid-
Actual Forecast ance Actual cast ance
Fiscal 2009 diluted earnings
per share
Constant currency(1) $0.68 $1.73 $2.41 $0.68 $1.81 $2.49
Foreign currency impact(2) 0.03 (0.07) (0.04) 0.03 (0.07) (0.04)
GAAP/Normalized(3) $0.71 $1.66 $2.37 $0.71 $1.74 $2.45
Growth compared to fiscal 2008
Constant currency(1) 26% 20% 22% 26% 26% 26%
Foreign currency impact(2) 5% (5%) (2%) 5% (5%) (2%)
Normalized 31% 15% 20% 31% 21% 24%
Restructuring and other items(4) 3% (3%) (2%) 3% (3%) (2%)
GAAP 34% 12% 18% 34% 18% 22%
Fiscal 2008
Q1 Q2-Q4 Total
Actual Actual Actual
Fiscal 2008 diluted earnings per
share
Normalized $0.54 $1.44 $1.98
Restructuring and other items (4) (0.01) 0.04 0.03
GAAP $0.53 $1.48 $2.01
(1) Reflects current period results on a pro forma basis as if foreign
currency rates did not change from the comparable prior year period.
The company added this disclosure in light of the recent volatility
in the foreign exchange markets.
(2) Reflects the impact of actual and forecasted changes in foreign
currency rates from the comparable prior year period.
(3) For fiscal 2009, GAAP results and Normalized results are assumed to
equal each other. This assumption is subject to change based on the
incurrence of unexpected non-recurring items during fiscal 2009.
(4) For more information, please see our earnings press releases for each
of these periods, which were included as exhibits to our respective
Form 8-Ks furnished to the SEC.
SEGMENT INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2007 Fiscal 2008
Total Q1 Q2 Q3
Revenues:
United States $604,899 $179,450 $176,115 $182,038
Canada 224,570 66,677 65,772 61,256
North America Merchant
Services 829,469 246,127 241,887 243,294
Europe 51,224 13,775 14,135 14,455
Asia-Pacific 48,449 16,064 18,426 18,977
International Merchant
Services 99,673 29,839 32,561 33,432
United States 115,416 29,581 28,415 28,007
Europe 16,965 5,433 5,913 5,908
Money Transfer 132,381 35,014 34,328 33,915
Total Revenues $1,061,523 $310,980 $308,776 $310,641
Operating Income:
North America Merchant
Services - Normalized $241,082 $70,970 $66,245 $60,744
Non-Recurring Item(1) - - - 7,048
North America Merchant
Services - GAAP 241,082 70,970 66,245 67,792
International Merchant
Services 18,588 5,136 4,847 4,326
Money Transfer 14,476 3,722 1,239 1,156
Corporate (52,969) (12,593) (13,586) (13,363)
Restructuring and Other(2) (3,088) (1,003) (314) -
Operating Income $218,089 $66,232 $58,431 $59,911
SEGMENT INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2009
Q4 Total Q1
Revenues:
United States $193,612 $731,215 $200,696
Canada 73,544 267,249 85,944
North America Merchant Services 267,156 998,464 286,640
Europe 17,413 59,778 61,602
Asia-Pacific 18,900 72,367 20,718
International Merchant Services 36,313 132,145 82,320
United States 33,016 119,019 29,380
Europe 7,347 24,601 7,417
Money Transfer 40,363 143,620 36,797
Total Revenues $343,832 $1,274,229 $405,757
Operating Income:
North America Merchant Services -
Normalized $70,349 $268,308 $83,069
Non-Recurring Item(1) - 7,048 -
North America Merchant Services -
GAAP 70,349 275,356 83,069
International Merchant Services 3,365 17,674 20,402
Money Transfer 7,518 13,635 4,478
Corporate (14,447) (53,989) (14,852)
Restructuring and Other(2) - (1,317) -
Operating Income $66,785 $251,359 $93,097
(1) Relates to the favorable impact of a non-recurring, non-cash
operating tax item of $7.0 million in the third quarter of fiscal
2008.
(2) For more information, please see our earnings press releases for each
of these periods, which were included as exhibits to our respective
Form 8-Ks furnished to the SEC.
EFFECTIVE TAX RATE INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2007 Fiscal 2008
Total Q1 Q2 Q3
Effective Tax Rate
Calculation - GAAP
Income before income taxes and
minority interest $226,331 $69,496 $61,902 $62,480
Minority interest, net (9,910) (2,138) (2,566) (3,160)
Tax provision (benefit) on minority
interest 696 88 (524) 506
Income before income taxes $217,117 $67,446 $58,812 $59,826
Provision for income taxes, net $73,436 $23,783 $21,023 $19,265
Tax provision (benefit) on minority
interest 696 88 (524) 506
Provision for income taxes $74,132 $23,871 $20,499 $19,771
Effective tax rate 34.1% 35.4% 34.9% 33.0%
Effective Tax Rate Calculation -
Normalized(1)
Income before income taxes and
minority interest $229,419 $70,499 $62,216 $55,432
Minority interest, net (9,910) (2,138) (2,566) (3,160)
Tax provision (benefit) on minority
interest 696 88 (524) 506
Income before income taxes $220,205 $68,449 $59,126 $52,778
Provision for income taxes, net $74,438 $24,126 $21,129 $16,936
Tax provision (benefit) on minority
interest 696 88 (524) 506
Provision for income taxes $75,134 $24,214 $20,605 $17,442
Effective tax rate 34.1% 35.4% 34.8% 33.0%
EFFECTIVE TAX RATE INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands) Fiscal 2009
Q4 Total Q1
Effective Tax Rate
Calculation - GAAP
Income before income taxes and
minority interest $67,525 $261,403 $94,064
Minority interest, net (197) (8,061) (8,321)
Tax provision (benefit) on minority
interest (770) (700) (35)
Income before income taxes $66,558 $252,642 $85,708
Provision for income taxes, net $26,517 $90,588 $28,216
Tax provision (benefit) on minority
interest (770) (700) (35)
Provision for income taxes $25,747 $89,888 $28,181
Effective tax rate 38.7% 35.6% 32.9%
Effective Tax Rate Calculation -
Normalized(1)
Income before income taxes and
minority interest $69,195 $257,342 $94,064
Minority interest, net (197) (8,061) (8,321)
Tax provision (benefit) on minority
interest (770) (700) (35)
Income before income taxes $68,228 $248,581 $85,708
Provision for income taxes, net $26,868 $89,059 $28,216
Tax provision (benefit) on minority
interest (770) (700) (35)
Provision for income taxes $26,098 $88,359 $28,181
Effective tax rate 38.3% 35.5% 32.9%
(1) For a reconciliation of GAAP to Normalized results, please see our
earnings press releases for each of these periods, which were
included as exhibits to our respective Form 8-Ks furnished to the
SEC.
Web site: http://www.globalpaymentsinc.com
Global Payments Inc.
Jane M. Elliott, +1-770-829-8234, or Fax, +1-770-829-8267, investor.relations@globalpay.com. Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO , AP Archive: http://photoarchive.ap.org , PRN Photo Desk, photodesk@prnewswire.com
Sunrise Telecom(R) Narrows Third Quarter Sales Range; Files Form 10-K for Fiscal Year 2007
SAN JOSE, Calif., Oct. 2 /PRNewswire-FirstCall/ -- Sunrise Telecom(R) Incorporated (BULLETIN BOARD: SRTI) , a leader in test and measurement solutions for telecom, wireless and cable networks, today narrowed its sales expectation for the third quarter to between $17.0 million and $19.0 million, as compared to the previous range of $16.0 million to $20.0 million. In addition, the company filed with the Securities and Exchange Commission (the "SEC") its Form 10-K for the fiscal year ended December 31, 2007.
"Our cost reduction actions started producing good results in the third quarter. We shut down our Montreal facility during the quarter, merging our telecom and broadband accounting, order entry, and manufacturing operations. We are actively reshaping and refocusing our business to run more effectively with a tighter range of business objectives," said Sunrise Telecom's President and CEO, Paul Marshall. He continued, "We are working diligently to achieve our objective of becoming current in our SEC filings by year-end, ending a painful and expensive chapter in the company's history."
The company will provide greater detail regarding its third quarter financial results during its third quarter earnings conference call near the end of October.
About Sunrise Telecom Incorporated
Sunrise Telecom develops and delivers high-quality communications test and measurement solutions for telecom, cable and wireless networks. The Company's robust portfolio of feature-rich, easy-to-use products enables service providers to deliver premium voice, video, data and next-generation digital multimedia services quickly, reliably, and cost-effectively. Based in San Jose, California, Sunrise Telecom distributes its products through a direct sales force and a global network of sales representatives and distributors. For more information, visit http://www.sunrisetelecom.com/ or email info@sunrisetelecom.com.
SUNRISE TELECOM, the "S" logo, and other trademarks are trademarks of Sunrise Telecom Incorporated and may not be used without permission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, material contained in quotations, sales expectations for the third quarter of 2008, expectations related to the implementation of a cost reduction program and ability to reduce operating expenses. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Specific factors that may cause results to differ include the following: a lack of acceptance or slower than anticipated acceptance for Sunrise Telecom's new or enhanced products and modules; slower than anticipated product development or introduction into the marketplace; unanticipated delays in product delivery schedules; lower than anticipated end-user demand for telecommunications services and a corresponding cutback in spending by customers; increased competitive pressures, including from former employees; rapid technological change within the telecommunications industry; Sunrise Telecom's dependence on a limited number of major customers; Sunrise Telecom's dependence on limited source suppliers; deferred or lost sales resulting from order cancellations or order changes; deferred or lost sales resulting from Sunrise Telecom's lengthy sales cycle; unanticipated difficulties associated with international operations; Sunrise Telecom's ability to manage growth and slowdowns; disproportionately high compliance costs relative to Sunrise Telecom's size; time spent by management reviewing alternative capital structure proposals and strategic, balance-sheet asset proposals to make the Company more successful; the loss of key employees; ineffective internal controls requiring remediation; the long-term impact of cost controls; the unknown effects of management changes; the ramifications of Sunrise Telecom's inability to file required reports with the SEC on a timely basis; any potential claims or proceedings related to such matters, including stockholder litigation and any action by the SEC; and protracted litigation, which could disrupt Sunrise Telecom's normal business operations. Some of these risks and uncertainties are described in more detail in Sunrise Telecom's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for the period ended December 31, 2007. Sunrise Telecom assumes no obligation to update the forward-looking statements included in this press release.
Sunrise Telecom Incorporated
CONTACT: Richard D. Kent, Chief Financial Officer, +1-408-363-8000, or Linda Rothemund, Investor Relations, +1-415-445-3236, both of Sunrise Telecom Incorporated
Web site: http://www.sunrisetelecom.com/
Interwoven Announces Preliminary Third Quarter 2008 Revenues in the Range of $65 to $66 MillionRevenue Results Expected to Exceed Guidance
SAN JOSE, Calif., Oct. 2 /PRNewswire-FirstCall/ -- Interwoven, Inc. , a global leader in content management solutions, today announced revenues for the period ended September 30, 2008 are expected to be higher than previously forecast for the period. Interwoven expects to report total revenue in the range of $65 to $66 million, compared to the range of $63 to $65 million it guided to early in the third quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO)
Interwoven plans to release complete third quarter financial results for the period ended September 30, 2008 after the market close on Thursday, October 23, 2008. The company will hold a conference call at 2:00 p.m. Pacific Daylight Time that day.
Conference Call Details:
Date: Thursday, October 23, 2008
Time: 2:00 p.m. PDT (5:00 p.m. EDT)
Live Dial-in #: 877-723-9502 or 719-325-4834
Replay Dial-in #: 888-203-1112 or 719-457-0820
Replay Passcode: 4131260
A live and archived webcast of the conference call will be available on Interwoven's website at http://www.interwoven.com/investors. A telephonic replay of the call will be available for one week starting on October 23, 2008 at approximately 5:00 p.m. PDT.
About Interwoven
Interwoven is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Nearly 4,400 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including adidas, Airbus, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 20,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit http://www.interwoven.com/.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Interwoven, Inc.'s preliminary estimate of revenue is a forward-looking statement, which is subject to further review and based on current information. The final results for the third quarter of 2008 of Interwoven, Inc. may differ from the preliminary estimate discussed above due to factors that include, but are not limited to, risks associated with final review of the results and preparation of quarterly financial statements and business and economic risks that could cause actual future results to differ materially from the estimates set forth above. Other factors that could cause Interwoven's actual results to differ materially from its expectations include the following: our ability to develop new products, services, features and functionality successfully and on a timely basis; customer acceptance of our solutions; changes in customer spending on enterprise content management initiatives; our ability to cross-sell and up-sell additional products into our installed base of customers; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; the timing and impact of acquisition- related costs or amortization costs for acquired intangible assets; the success of our strategic business alliances; intense competition in our markets; changes in key personnel; the introduction of new products or services by competitors; and the ongoing consolidation in our markets. These and other risks and uncertainties associated with Interwoven's business are described in its most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Forms 8-K, which are on file with the Securities and Exchange Commission and available through http://www.sec.gov/.
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Interwoven, Inc.
CONTACT: Keren Ackerman, +1-408-953-7284, keren.ackerman@interwoven.com, or Randy Cairns, +1-408-953-7111, rcairns@interwoven.com, both of Interwoven, Inc.
Web site: http://www.interwoven.com/
Global Payments Reports First Quarter Earnings
ATLANTA, Oct. 2 /PRNewswire-FirstCall/ -- Global Payments Inc. today announced results for its fiscal first quarter ended August 31, 2008. For the first quarter, revenues grew 30 percent to $405.8 million compared to $311.0 million in the prior year. Excluding a prior period restructuring charge relating to a facility closure, diluted earnings per share grew 31 percent to $0.71 compared to $0.54 in the prior year quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO )
In accordance with GAAP, the prior year quarter included a restructuring charge (see attached reconciliation schedule). For the three months ended August 31, 2007, GAAP diluted earnings per share was $0.53.
During the first quarter, the company began assessing its operating performance using a new segment structure. The segments are now defined as North America Merchant Services, International Merchant Services, and Money Transfer (see attached segment schedule for historical financial results). The company made this change as a result of its June 30, 2008 completion of a joint venture with HSBC in the United Kingdom, in addition to anticipated future international expansion.
Comments and Outlook
Chairman, President and CEO, Paul R. Garcia, stated, "We are delighted with our strong first quarter financial performance. Our North America segment reported strong revenue and earnings growth primarily driven by successful pricing initiatives in Canada and a favorable foreign currency exchange benefit. International merchant services results were primarily driven by the favorable impact of our June 30, 2008 U.K. acquisition, in addition to a continued benefit from our sales initiatives in our Asia-Pacific region and a favorable foreign currency benefit in the Czech Republic."
"Based on these results, we are raising our annual revenue guidance to a range of $1,640 million to $1,680 million. This revenue guidance reflects an expected 29 percent to 32 percent growth versus $1,274.2 million in fiscal 2008. In addition, we are raising our annual diluted earnings per share guidance to a range of $2.37 to $2.45, or 20 percent to 24 percent growth versus $1.98 in fiscal 2008(1). Our fiscal 2009 guidance excludes the impact of restructuring and other charges, as well as the impact of future acquisitions, such as our recently announced agreement to acquire ZAO United Card Service in the Russian Federation," said Garcia.
Conference Call
Global Payments will hold a conference call today, October 2, 2008 at 5:00 p.m. ET to discuss financial results and business highlights. Callers may access the conference call via the company's Web site at http://www.globalpaymentsinc.com/ by clicking the "Webcast" button; or callers may dial 1-877-681-3378 and callers outside U.S. and Canada may dial 1-719-325- 4771. The pass code is "GPN." A replay of the call may be accessed through the Global Payments' Web site through October 15, 2008.
(1) Fiscal 2008 diluted earnings per share was $2.01 on a GAAP basis,
which includes restructuring and other charges, a favorable operating
tax item, and an unfavorable foreign currency item. For more
information, please see the company's quarterly earnings press
releases for fiscal 2008.
Global Payments Inc. is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi- national corporations located throughout the United States, Canada, Latin America, Europe, and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the United States and Europe to destinations in Latin America, Morocco, and the Philippines. For more information about the company and its services, visit http://www.globalpaymentsinc.com/.
This announcement and comments made by Global Payments' management during the conference call contain certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management's expectations regarding future events and developments, are forward looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward- looking statements include the following: foreign currency risks which become increasingly relevant as we expand internationally, development difficulties, the effect of economic conditions and consumer spending, costs of capital, the ability to consummate and integrate acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.
Contact: Jane M. Elliott
770-829-8234 Voice
770-829-8267 Fax
investor.relations@globalpay.com
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands, except per share data)
Three Months Ended August 31,
2008 2007
Revenues $405,757 $310,980
Operating expenses:
Cost of service 144,177 116,309
Sales, general and administrative 168,483 127,436
Restructuring - 1,003
312,660 244,748
Operating income 93,097 66,232
Other income (expense):
Interest and other income 3,371 5,137
Interest and other expense (2,404) (1,873)
967 3,264
Income before income taxes and
minority interest 94,064 69,496
Provision for income taxes, net (28,216) (23,783)
Minority interest, net of tax (8,321) (2,138)
Net income $57,527 $43,575
Earnings per share:
Basic $0.72 $0.54
Diluted $0.71 $0.53
Weighted average shares outstanding:
Basic 79,462 80,501
Diluted 81,106 81,907
CONSOLIDATED BALANCE SHEETS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
August 31, May 31,
2008 2008
(Unaudited)
Assets
Cash and cash equivalents $287,721 $456,060
Accounts receivable, net 138,884 100,179
Claims receivable, net 1,852 1,354
Settlement processing assets 19,532 24,280
Inventory, net 6,576 3,821
Deferred income taxes 4,187 4,119
Prepaid expenses and other current
assets 25,968 27,597
Current assets 484,720 617,410
Property and equipment, net 153,533 141,415
Goodwill 762,493 497,136
Other intangible assets, net 285,590 175,636
Other assets 13,422 14,310
Total assets $1,699,758 $1,445,907
Liabilities and Shareholders' Equity
Lines of credit $10,633 $1,527
Current portion of term loan 25,000 -
Payable to money transfer
beneficiaries 13,904 9,276
Accounts payable and other accrued
liabilities 142,167 138,243
Settlement processing obligations 48,344 56,731
Income taxes payable 30,314 11,975
Current liabilities 270,362 217,752
Term loan 175,000 -
Deferred income taxes 70,780 75,001
Other long-term liabilities 14,752 11,612
Total liabilities 530,894 304,365
Commitments and contingencies
Minority interest in equity of
subsidiaries 42,203 14,724
Preferred stock - -
Common stock - -
Paid-in capital 387,918 380,741
Retained earnings 677,806 621,875
Accumulated other comprehensive
income 60,937 124,202
Total shareholders' equity 1,126,661 1,126,818
Total liabilities and
shareholders' equity $1,699,758 $1,445,907
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Three Months Ended August 31,
2008 2007
Cash flows from operating activities:
Net income $57,527 $43,575
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization of
property and equipment 9,553 6,663
Amortization of acquired
intangibles 7,243 3,566
Share-based compensation expense 3,291 3,147
Provision for operating losses
and bad debts 5,614 5,926
Minority interest in earnings 8,357 2,050
Deferred income taxes 934 (1,089)
Other, net (266) (20)
Changes in operating assets and
liabilities, net of the effects of
acquisitions:
Accounts receivable (41,189) (12,116)
Claims receivable (5,445) (6,265)
Settlement processing assets and
obligations, net (4,206) (569)
Inventory (2,500) (589)
Prepaid expenses and other
assets 2,502 (11,573)
Payables to money transfer
beneficiaries 4,628 1,355
Accounts payable and accrued
liabilities 3,392 (1,044)
Income taxes payable 18,339 5,122
Net cash provided by
operating activities 67,774 38,139
Cash flows from investing activities:
Business and intangible asset
acquisitions (442,123) (2,625)
Capital expenditures (7,663) (9,605)
Proceeds from sale of investment
and contractual rights 5,737 -
Net cash used in investing
activities (444,049) (12,230)
Cash flows from financing activities:
Net borrowings on lines of credit 9,106 133
Proceeds from term loan 200,000 -
Proceeds from stock issued under
share-based compensation plans 2,910 2,321
Tax benefit from share-based
compensation plans 976 2,831
Repurchase of common stock - (67,873)
Dividends paid (1,596) (1,622)
Contribution from minority interest
holder 8,857 -
Distributions to minority
interests, net (2,469) (2,372)
Net cash provided by (used
in) financing activities 217,784 (66,582)
Effect of exchange rate changes on
cash (9,848) 2,345
Decrease in cash and cash equivalents (168,339) (38,328)
Cash and cash equivalents, beginning
of period 456,060 308,872
Cash and cash equivalents, end of
period $287,721 $270,544
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
Reconciliation to Exclude Restructuring Charges from Normalized Results
(In thousands, except per share data)
Three Months Ended August 31, 2007
2008 Restruct-
GAAP Normalized uring(1) GAAP
Revenues $405,757 $310,980 $- $310,980
Operating expenses:
Cost of service 144,177 116,309 - 116,309
Sales, general and administrative 168,483 127,436 - 127,436
Restructuring - - 1,003 1,003
312,660 243,745 1,003 244,748
Operating income 93,097 67,235 (1,003) 66,232
Other income(expense):
Interest and other income 3,371 5,137 - 5,137
Interest and other expense (2,404) (1,873) - (1,873)
967 3,264 - 3,264
Income before income taxes and
minority interest 94,064 70,499 (1,003) 69,496
Provision for income taxes, net (28,216) (24,126) 343 (23,783)
Minority interest, net of tax (8,321) (2,138) - (2,138)
Net income $57,527 $44,235 $(660) $43,575
Diluted shares 81,106 81,907 - 81,907
Diluted earnings per share $0.71 $0.54 $(0.01) $0.53
(1) Restructuring charges consist of employee termination benefits
relating to a facility closure. Also reflects the related income tax
benefit.
DILUTED EARNINGS PER SHARE GUIDANCE RECONCILIATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
Low End of Fiscal High End of Fiscal
2009 Guidance 2009 Guidance
Q1 Q2-Q4 Total Q1 Q2-Q4 Total
Guid- Fore- Guid-
Actual Forecast ance Actual cast ance
Fiscal 2009 diluted earnings
per share
Constant currency(1) $0.68 $1.73 $2.41 $0.68 $1.81 $2.49
Foreign currency impact(2) 0.03 (0.07) (0.04) 0.03 (0.07) (0.04)
GAAP/Normalized(3) $0.71 $1.66 $2.37 $0.71 $1.74 $2.45
Growth compared to fiscal 2008
Constant currency(1) 26% 20% 22% 26% 26% 26%
Foreign currency impact(2) 5% (5%) (2%) 5% (5%) (2%)
Normalized 31% 15% 20% 31% 21% 24%
Restructuring and other items(4) 3% (3%) (2%) 3% (3%) (2%)
GAAP 34% 12% 18% 34% 18% 22%
Fiscal 2008
Q1 Q2-Q4 Total
Actual Actual Actual
Fiscal 2008 diluted earnings per
share
Normalized $0.54 $1.44 $1.98
Restructuring and other items (4) (0.01) 0.04 0.03
GAAP $0.53 $1.48 $2.01
(1) Reflects current period results on a pro forma basis as if foreign
currency rates did not change from the comparable prior year period.
The company added this disclosure in light of the recent volatility in
the foreign exchange markets.
(2) Reflects the impact of actual and forecasted changes in foreign
currency rates from the comparable prior year period.
(3) For fiscal 2009, GAAP results and Normalized results are assumed to
equal each other. This assumption is subject to change based on the
incurrence of unexpected non-recurring items during fiscal 2009.
(4) For more information, please see our earnings press releases for each
of these periods, which were included as exhibits to our respective
Form 8-Ks furnished to the SEC.
SEGMENT INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2007 Fiscal 2008
Total Q1 Q2 Q3
Revenues:
United States $604,899 $179,450 $176,115 $182,038
Canada 224,570 66,677 65,772 61,256
North America Merchant
Services 829,469 246,127 241,887 243,294
Europe 51,224 13,775 14,135 14,455
Asia-Pacific 48,449 16,064 18,426 18,977
International Merchant
Services 99,673 29,839 32,561 33,432
United States 115,416 29,581 28,415 28,007
Europe 16,965 5,433 5,913 5,908
Money Transfer 132,381 35,014 34,328 33,915
Total Revenues $1,061,523 $310,980 $308,776 $310,641
Operating Income:
North America Merchant
Services - Normalized $241,082 $70,970 $66,245 $60,744
Non-Recurring Item(1) - - - 7,048
North America Merchant
Services - GAAP 241,082 70,970 66,245 67,792
International Merchant
Services 18,588 5,136 4,847 4,326
Money Transfer 14,476 3,722 1,239 1,156
Corporate (52,969) (12,593) (13,586) (13,363)
Restructuring and Other(2) (3,088) (1,003) (314) -
Operating Income $218,089 $66,232 $58,431 $59,911
SEGMENT INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2009
Q4 Total Q1
Revenues:
United States $193,612 $731,215 $200,696
Canada 73,544 267,249 85,944
North America Merchant Services 267,156 998,464 286,640
Europe 17,413 59,778 61,602
Asia-Pacific 18,900 72,367 20,718
International Merchant Services 36,313 132,145 82,320
United States 33,016 119,019 29,380
Europe 7,347 24,601 7,417
Money Transfer 40,363 143,620 36,797
Total Revenues $343,832 $1,274,229 $405,757
Operating Income:
North America Merchant Services -
Normalized $70,349 $268,308 $83,069
Non-Recurring Item(1) - 7,048 -
North America Merchant Services -
GAAP 70,349 275,356 83,069
International Merchant Services 3,365 17,674 20,402
Money Transfer 7,518 13,635 4,478
Corporate (14,447) (53,989) (14,852)
Restructuring and Other(2) - (1,317) -
Operating Income $66,785 $251,359 $93,097
(1) Relates to the favorable impact of a non-recurring, non-cash operating
tax item of $7.0 million in the third quarter of fiscal 2008.
(2) For more information, please see our earnings press releases for each
of these periods, which were included as exhibits to our respective
Form 8-Ks furnished to the SEC.
EFFECTIVE TAX RATE INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands)
Fiscal 2007 Fiscal 2008
Total Q1 Q2 Q3
Effective Tax Rate
Calculation - GAAP
Income before income taxes and
minority interest $226,331 $69,496 $61,902 $62,480
Minority interest, net (9,910) (2,138) (2,566) (3,160)
Tax provision (benefit) on minority
interest 696 88 (524) 506
Income before income taxes $217,117 $67,446 $58,812 $59,826
Provision for income taxes, net $73,436 $23,783 $21,023 $19,265
Tax provision (benefit) on minority
interest 696 88 (524) 506
Provision for income taxes $74,132 $23,871 $20,499 $19,771
Effective tax rate 34.1% 35.4% 34.9% 33.0%
Effective Tax Rate Calculation -
Normalized(1)
Income before income taxes and
minority interest $229,419 $70,499 $62,216 $55,432
Minority interest, net (9,910) (2,138) (2,566) (3,160)
Tax provision (benefit) on minority
interest 696 88 (524) 506
Income before income taxes $220,205 $68,449 $59,126 $52,778
Provision for income taxes, net $74,438 $24,126 $21,129 $16,936
Tax provision (benefit) on minority
interest 696 88 (524) 506
Provision for income taxes $75,134 $24,214 $20,605 $17,442
Effective tax rate 34.1% 35.4% 34.8% 33.0%
EFFECTIVE TAX RATE INFORMATION
GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands) Fiscal 2009
Q4 Total Q1
Effective Tax Rate
Calculation - GAAP
Income before income taxes and
minority interest $67,525 $261,403 $94,064
Minority interest, net (197) (8,061) (8,321)
Tax provision (benefit) on minority
interest (770) (700) (35)
Income before income taxes $66,558 $252,642 $85,708
Provision for income taxes, net $26,517 $90,588 $28,216
Tax provision (benefit) on minority
interest (770) (700) (35)
Provision for income taxes $25,747 $89,888 $28,181
Effective tax rate 38.7% 35.6% 32.9%
Effective Tax Rate Calculation -
Normalized(1)
Income before income taxes and
minority interest $69,195 $257,342 $94,064
Minority interest, net (197) (8,061) (8,321)
Tax provision (benefit) on minority
interest (770) (700) (35)
Income before income taxes $68,228 $248,581 $85,708
Provision for income taxes, net $26,868 $89,059 $28,216
Tax provision (benefit) on minority
interest (770) (700) (35)
Provision for income taxes $26,098 $88,359 $28,181
Effective tax rate 38.3% 35.5% 32.9%
(1) For a reconciliation of GAAP to Normalized results, please see our
earnings press releases for each of these periods, which were included
as exhibits to our respective Form 8-Ks furnished to the SEC.
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Global Payments Inc.
CONTACT: Jane M. Elliott, +1-770-829-8234, or Fax, +1-770-829-8267, investor.relations@globalpay.com
Web site: http://www.globalpaymentsinc.com/
AT&T Helps Belmont University Get 'Tech-Ready' for the Upcoming 2008 Town Hall Presidential DebateExclusive Telecommunications Provider Readies Belmont University for the World Stage
NASHVILLE, Tenn., Oct. 2 /PRNewswire-FirstCall/ -- AT&T Inc. announced today that new communications technology systems have been deployed for the 2008 Town Hall Presidential Debate, to be held at Belmont University on Tuesday, October 7.
The nation's largest wireless carrier has added radios to cell sites surrounding the campus within a 1-mile radius to ensure enhanced network coverage and capacity is available for those attending the nationally televised debates.
The broadband system was also expanded to accommodate the participants, guests and media personnel expected in advance of the debate. AT&T will also have its 24/7 Network Operations Center monitoring the network with technicians and engineers on standby.
AT&T is delivering:
-- More than 1.3 miles of fiber-optic cable.
-- The media tent will have 1,200 access lines -- 600 Internet connections
and 600 voice lines for media.
-- Three 500 Mbps premium fixed metro Ethernet circuits.
-- One COW (Cell Site on Wheels) in the debate area to handle increased
wireless usage.
-- A dedicated team of AT&T technicians and engineers on-call for debate
week.
-- The new fiber-optic system and electronic equipment will provide
Belmont University with a greatly expanded network that will enhance
the campus now and into the future.
"AT&T Tennessee has doubled the network capacity at the Belmont University campus for this historical event," said Gregg Morton, president, AT&T Tennessee. "As the exclusive telecommunications provider for the 2008 Town Hall Presidential Debates, we're proud to play such a critical role in showcasing Nashville to the world."
Over the past 10 years, AT&T's planned investment in its wireless and wired networks in Tennessee has exceeded $3 billion. Since 2005, AT&T's planned investment in its wireless network has reached nearly $250 million.
Tom Brokaw, current host of "Meet the Press" and a special correspondent for NBC News, will moderate the 2008 Town Hall Presidential Debate. The debate is expected to attract more than 2,500 members of the media to Nashville, along with the candidates' campaigns and supporters, and will be viewed by millions worldwide.
About AT&T
AT&T Inc. is a premier communications holding company. Its subsidiaries and affiliates, AT&T operating companies, are the providers of AT&T services in the United States and around the world. Among their offerings are the world's most advanced IP-based business communications services and the nation's leading wireless, high speed Internet access and voice services. In domestic markets, AT&T is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the AT&T brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, AT&T is expanding its TV entertainment offerings. Additional information about AT&T Inc. and the products and services provided by AT&T subsidiaries and affiliates is available at http://www.att.com/.
(C) 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual Property and/or AT&T affiliated companies.
Note: This AT&T news release and other announcements are available as part of an RSS feed at http://www.att.com/rss. For more information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.
AT&T Inc.
CONTACT: Cathy Lewandowski of AT&T Inc., +1-615-214-5874, mobile, +1-615-804-6241, cathy.lewandowski@att.com
Web site: http://www.att.com/
Informatica Sets Date to Announce Third Quarter Results
REDWOOD CITY, Calif., Oct. 2 /PRNewswire-FirstCall/ -- Informatica Corporation , the leading independent provider of data integration software, today announced it will release its third quarter results on October 16, 2008 at 4:00 p.m. EDT. The company will host a conference call at 5:00 p.m. EDT to discuss the results. The call will be hosted by Sohaib Abbasi, chairman and CEO, and Earl Fry, executive vice president and CFO, and can be accessed on the company's Web site at http://www.informatica.com/investor.
About Informatica
Informatica Corporation is the leading independent provider of enterprise data integration software and services. With Informatica, organizations can gain greater business value by integrating all their information assets from across the enterprise. More than 3,300 companies worldwide rely on Informatica to reduce the cost and expedite the time to address data integration needs of any complexity and scale. For more information, call +1 650 385 5000 (+1 800 653 9871 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 Wiltshire, Public Relations, +1-650-862-5360, 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/
Johnson Controls Honors Its Top Suppliers With Performance and Leadership AwardsCompanies recognized during annual North American Supplier Performance Awards ceremony
PLYMOUTH, Mich., Oct. 2 /PRNewswire/ -- In honor of their dedication to superior products and service, Johnson Controls yesterday recognized its top performing automotive suppliers during its North American Supplier Performance Awards celebration held at The Inn at St. John's in Plymouth. A total of 35 awards were given to 33 supplier companies that demonstrated their commitment to the Johnson Controls Automotive Experience business.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070930/AQSU001LOGO)
"These honored suppliers are a key component to helping us provide exceptional products to our customers," said Terry Nadeau, vice president and general manager of Purchasing - North America for the Automotive Experience business of Johnson Controls. "As such, we are pleased to acknowledge their performance and dedication to quality throughout the past year."
Johnson Controls' North American Supplier Performance Awards are presented annually for top performance in the following key business areas: quality; cost; logistics; development; technology and service. This year, outstanding performance by the company's supply base was recognized on two levels -- gold and silver.
Recipients of the Gold 2008 Supplier Performance Award were:
-- Acoustek Nonwovens Statesville, N.C.
-- Alex Products Ridgeville Corners, Ohio
-- Argent International Inc. Plymouth, Mich.
-- Automatic Spring Products Inc. Grand Haven, Mich.
-- BAE Industries Auburn Hills, Mich.
-- Capro Willis, Texas
-- Concept Industries Grand Rapids, Mich.
-- Createc Corp. Indianapolis
-- Dudek & Bock Chicago
-- E & E Manufacturing Plymouth, Mich.
-- Ebcotech Products Palmerston, Ontario, Canada
-- Global Enterprises Huntington Woods, Mich.
-- Greenfield Research Greenfield, Ohio
-- Guelph Tool Inc. Guelph, Ontario, Canada
-- Kongsberg Automotive Farmington Hills, Mich.
-- Lakeside Plastics Oshkosh, Wis.
-- Manufacturers Industrial Group Lexington, Tenn.
-- Oakwood Products Dearborn, Mich.
-- OJI Intertech North Manchester, Ind.
-- Polimeros del Uretano Atizapan De Zaragoza, Mexico
-- Superior Roll Forming Co. Valley City, Ohio
-- Termax Corp. Lake Zurich, Ill.
-- The Gemini Group, Inc. Bad Axe, Mich.
-- Williamston Products Williamston, Mich.
Silver 2008 Supplier Performance Award recipients were:
-- Creative Foam Corp. Fenton, Mich.
-- Fisher Dynamics St. Clair Shores, Mich.
-- Gill Industries Inc. Grand Rapids, Mich.
-- Haartz Corp. Acton, Mass.
-- Kimball Electronics Group Jasper, Ind.
-- Parthenon Metal Works La Vergne, Tenn.
-- YKK North America Group Marietta, Ga.
Four additional performance awards were presented by Johnson Controls officials during the ceremony.
Johnson Controls recognized E & E Manufacturing with its Leadership Award for Community Partnership for the company's collaborative work with Johnson Controls to serve and support the local community.
The Environmental and Safety Award was awarded to Petoskey Plastics of Petoskey, Mich. for exemplifying excellence in the areas of safety for their employees, concern for the environment and use of recyclability throughout their manufacturing process.
CNI of Madison Heights, Mich. earned Johnson Controls' Minority Business Development Leadership Award for its level of diversity purchases and process of working with minority suppliers.
The Strategic Partnership Award, which is granted to the company that takes a leadership role and works closely with Johnson Controls to support the company's supplier enterprise strategy, was awarded to Williamston Products.
Johnson Controls is the global leader that brings ingenuity to the places where people live, work and travel. By integrating technologies, products and services, we create smart environments that redefine the relationships between people and their surroundings. Our team of 140,000 employees creates a more comfortable, safe and sustainable world through our products and services for more than 200 million vehicles, 12 million homes and one million commercial buildings. Our commitment to sustainability drives our environmental stewardship, good corporate citizenship in our workplaces and communities, and the products and services we provide to customers. For additional information, please visit http://www.johnsoncontrols.com/.
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Johnson Controls
CONTACT: Debra Lacey of Johnson Controls, +1-734-254-5735, debra.l.lacey@jci.com
Web site: http://www.johnsoncontrols.com/
Company News On-Call: http://www.prnewswire.com/comp/473547.html
Seamless Will Present at EQUITIES Magazine's Third Annual NASDAQ MarketSite Conference
LAS VEGAS, Oct. 2 /PRNewswire-FirstCall/ -- Seamless Corporation (BULLETIN BOARD: SMWF) will present at EQUITIES Magazine, Third Annual MarketSite Conference courtesy of the NASDAQ OMX Group on Friday October 10, 2008.
Seamless will be one of several public companies that will present to a group of fund managers, brokers, analysts, investment professionals, and sophisticated self-directed investors.
"I am is looking forward to presenting Seamless Corporation and our product offerings to the attendees of the Marketsite Conference," stated Albert Reda CEO of Seamless, "and it will confirm that we have finally made the transition from a development stage company to a production Company."
EQUITIES also has the following speakers for the conference: Kenneth Fisher, the CEO and Chief Investment Officer of Fisher Investments; Tobin Smith, a contributing market analyst for the FOX Business Network and a regular panelist on Bulls & Bears; Guy Adami, formerly an executive director at CIBC World Markets and currently a panelist on CNBC's Fast Money; and Bob McCooey of the NASDAQ OMX Group.
The presenting CEOs will also participate in NASDAQ's closing bell ceremony, which will be broadcast live on Bloomberg TV, CNBC, and Reuters, as well as on NASDAQ's seven-story MarketSite Tower in Times Square.
To register for this event, RSVP at: http://www.equitiesmagazine.com/conference/nasdaq08_conference.php. Live and archived webcasts of the event will be available at http://equitiesmagazine.com/.
About Seamless Corporation:
Seamless Corporation (http://www.slwf.net/) is a Las Vegas-based company quoted on the OTCBB: SMWF. Seamless develops and markets secure cutting-edge hardware and software Internet communications products and services through its three operating subsidiaries: Seamless TEK Ware Inc. develops hardware products such as the S-Gen, Mini notebooks and MP3/4 players, (http://www.seamlesstekware.com/), Seamless TEK LABS, Inc. develops secure internet software such as S-SIB and Phenom for secure internet conferencing (http://www.s-teklabs.com/), and Seamless Sales LLC that sells both subsidiaries products (http://www.seamlesssale.com/).
About EQUITIES Magazine
Since 1951, EQUITIES Magazine (http://www.equitiesmagazine.com/) has served both retail and institutional investors by examining industry trends, analyzing strategies and opportunities, and profiling financial leaders and emerging public companies. In recent years, we have expanded our editorial focus to include a wide range of issues that affect investors worldwide. Our global audience has increased dramatically owing to our EQUITIES Europe, EQUITIES Digital Edition, and our website, which provides free real-time market quotes and a free customizable, real-time portfolio-management interface. Now EQUITIES is one of only a select group of publications available on the Apple iPhone.
Since 1981, EQUITIES Corporate Conferences have been staples within the industry, pairing the most exciting emerging companies in the world with sophisticated audiences of institutional and private investors. EQUITIES has provided a voice and an audience to leaders in the global financial community for 57 years, and we remain the definitive investor's tool.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Seamless Corporation
CONTACT: Investor Relations of Seamless Corporation, 1-866-284-2835, info@e-mediadirect.com
Web site: http://www.slwf.net/ http://www.equitiesmagazine.com/
Masimo Announces $1 Million Performance GuaranteeLaunches 'Fact vs. Fiction' website.
IRVINE, Calif., Oct. 2 /PRNewswire-FirstCall/ -- Masimo Corporation , the inventor of Pulse CO-Oximetry and Measure-Through-Motion-and-Low-Perfusion pulse oximetry, today announced a $1 million performance guarantee and unveiled a new website aimed at separating fact from fiction. The 'Fact vs. Fiction' website, http://www.nellcorfiction.com/, will openly address and dissect erroneous and misleading information circulated by Nellcor, a division of Covidien.
The superior performance and clinical benefits of Masimo SET pulse oximetry technology are proven everyday at thousands of hospitals, and reinforced by more than 100 independent and objective studies demonstrating that Masimo provides the most reliable SpO2 and pulse rate measurements even under the most challenging clinical conditions, including patient motion and low peripheral perfusion.
Masimo is so confident in its ability to provide clinicians with the best performing pulse oximetry technology, the company is backing up its technology with a $1 million performance guarantee for hospitals planning to upgrade their pulse oximetry technology hospital-wide. If Masimo SET does not outperform Nellcor in an objective side-by-side clinical evaluation, Masimo will pay the hospital up to $1 million to acquire Nellcor's pulse oximetry. Additional performance guarantee details can be found online at http://www.masimo.com/.
Joe E. Kiani, Founder and CEO of Masimo, stated; "The Fact vs. Fiction website was developed in response to reports about Nellcor's constant and aggressive dissemination of false information to clinicians. The website exposes Nellcor fictions and delivers facts backed by proof. Our dedication and commitment to 'improving patient outcomes and reducing cost of care by taking noninvasive monitoring to new sites and applications' means that we not only owe it to care providers to innovate breakthroughs in noninvasive monitoring, but we must also do our part to educate, and sometimes even expose obfuscations and falsehoods."
About Masimo
Masimo develops innovative monitoring technologies that significantly improve patient care -- helping solve "unsolvable" problems. In 1995, the company debuted Measure-Through-Motion-and-Low-Perfusion pulse oximetry, known as Masimo SET, which virtually eliminated false alarms and increased pulse oximetry's ability to detect life-threatening events. More than 100 independent and objective studies demonstrate Masimo SET provides the most reliable SpO2 and pulse rate measurements even under the most challenging clinical conditions, including patient motion and low peripheral perfusion. In 2005, Masimo introduced Masimo Rainbow SET Pulse CO-Oximetry, a breakthrough noninvasive blood constituent monitoring platform that can measure many blood constituents that previously required invasive procedures. Rainbow SET continuously and noninvasively measures total hemoglobin (SpHb(TM)), oxygen content (SpOC(TM)), carboxyhemoglobin (SpCO(R)), methemoglobin (SpMet(R)), and PVI(TM), in addition to oxyhemoglobin (SpO2), pulse rate (PR), and perfusion index (PI), allowing early detection and treatment of potentially life-threatening conditions. Founded in 1989, Masimo has the mission of "Improving Patient Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications." Additional information about Masimo and its products may be found at http://www.masimo.com/.
Forward Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about future events affecting us and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond our control and could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements as a result of various risk factors, including, but not limited to: risks related to our belief that Masimo SET is superior to all other commercially-available pulse oximetry technologies, and risks related to our assumption that truths asserted in the 'Fact vs. Fiction' website (http://www.nellcorfiction.com/) will serve to substantially increase awareness of Nellcor fictions and/or Masimo's superiority, as well as other factors discussed in the "Risk Factors" section of our Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2008, filed with the Securities and Exchange Commission ("SEC") on August 5, 2008, which may be obtained for free at the SEC's website at http://www.sec.gov/. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. We do not undertake any obligation to update, amend or clarify these forward-looking statements or the "Risk Factors" contained in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2008, whether as a result of new information, future events or otherwise, except as may be required under the applicable securities laws.
Masimo, SET, Signal Extraction Technology, Improving Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications, Rainbow, SpHb, SpOC, SpCO, SpMet, PVI, Pulse CO-Oximetry and Pulse CO-Oximeter are trademarks or registered trademarks of Masimo Corporation.
Masimo Corporation
CONTACT: Media, Dana Banks, Manager, Public Relations of Masimo Corporation, +1-949-297-7348, dbanks@masimo.com
Web site: http://www.masimo.com/ http://www.nellcorfiction.com/
Lockheed Martin C4ISR Equipment Powered Up Onboard National Security Cutter Waesche
PASCAGOULA, Miss., Oct. 2 /PRNewswire/ -- The Lockheed Martin Coast Guard Systems team participated in the successful power up of the first set of electronic cabinets and consoles of the Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system onboard the U.S. Coast Guard's second National Security Cutter, Waesche (WMSL 751).
Lockheed Martin's C4ISR systems will provide Waesche's crew with a common operating picture to aid coordination among helicopters, aircraft, other ships and shore facilities. The system has an open architecture design and provides interoperability, assuring that the Coast Guard can work with multiple federal, regional and state agencies and organizations to maintain maritime domain awareness and accomplish homeland security missions.
In this week's significant milestone, known as Electronics Light-Off, six operations center consoles, the large-screen display and the vessel's local area network electronics cabinets were powered up, marking the beginning of the National Security Cutter's electronics test program. Light-off of the communications suite cabinets was also accomplished. All 28 electronics cabinets, which constitute the core of the C4ISR system, will be powered up this week.
"Waesche will sail with a highly sophisticated, proven system, which will aid the Coast Guard in carrying out missions efficiently and effectively to protect our nation," said Paul Klammer, director of Coast Guard C4ISR programs for Lockheed Martin. "The electronics light-off is a significant event as we move into the system test phase."
The 418-foot Waesche, built at Northrop Grumman Shipbuilding's Pascagoula shipyard and equipped by Lockheed Martin with fully-integrated communications, sensors and electronic systems, will be the second ship in a class of technologically-advanced, multi-mission cutters. The first ship in this class, also equipped with Lockheed Martin's C4ISR system, USCGC Bertholf, was commissioned on August 4, in Alameda, CA.
Headquartered in Bethesda, MD, Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2007 sales of $41.9 billion
For additional information, visit our website:
http://www.lockheedmartin.com/
Lockheed Martin
CONTACT: Kimberly Martinez of Lockheed Martin, +1-973-294-8981, kimberly.martinez@lmco.com
Web site: http://www.lockheedmartin.com/
Company News On-Call: http://www.prnewswire.com/comp/534163.html
New American Airlines Commercial Touts Its Business ClassNew Commercial Continues 'We Know Why You Fly' U.S. Campaign
FORT WORTH, Texas, Oct. 2 /PRNewswire-FirstCall/ -- Today American Airlines debuted the first in a series of new TV, out-of-home, and online video commercials to complement its We Know Why You Fly brand campaign.
(Photo: http://www.newscom.com/cgi-bin/prnh/20081002/LATH077)
TM advertising, American's long-standing agency of record, developed and produced the new work and enlisted renowned director, Jim Jenkins, and O Positive Films to support the project.
"As with all of our advertising, we wanted to develop the best story that relates to our customers," said Roger Frizzell, Vice President - Advertising and Corporate Communications for American Airlines. "This new commercial, a strong addition to our broadcast and online rotation, exemplifies the commitment that American makes to its business customers, giving them the product that they value."
The new work follows the story of a film producer and the obstacles that she faces while working in different international locations with a talented, yet challenging director. As in real life, American's global scope and new Business Class offerings are a pivotal part of the story of this resourceful professional who "just makes things happen."
"'We Know Why You Fly' is all about the spirit of empathy with our customers," said Bill Oakley, Worldwide Creative Director at TM Advertising. "This commercial highlights how we all work for difficult people from time to time. We hope American Airlines can, at times, serve as an escape."
Shot on location in Buenos Aires, Dallas and Shanghai, the new commercial will air as part of the airline's fall advertising push that includes national TV, sports and entertainment programming, and an array of online video opportunities.
This new commercial, along with additional work that will debut later in the month, will also be an integral part of American's out-of-home utilization of video. It is the first of a series that complements the current campaign, which includes "Team Building," a commercial that features two co-workers desperately trying to change their flights to an earlier departure so they can escape their team-building seminar. That commercial recently won a Cannes Bronze Lion.
The American Airlines advertising team worked with its Diverse Segment Marketing Team and Employee Resource Groups to coordinate this series of creative advertisements to be relevant to a large spectrum of American's customers.
This commercial will start airing today, and it is available on line at http://www.aa.com/whyyoufly or http://www.youtube.com/flyamericanairlines.
About TM Advertising
TM Advertising, headquartered in Dallas, with offices in Austin and Seattle, is an independently managed subsidiary of Interpublic Group, one of the world's largest marketing communications companies. Agency clients include the brands of American Airlines, Bell Helicopter, Discover Network, EDS, Group Health, Nationwide Insurance, Redhook Ale Brewery, Superpages.com and Texas Tourism. For more information, please visit http://www.tm.com/.
About American Airlines
American Airlines, American Eagle and the AmericanConnection(R) airlines serve 250 cities in 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA.com, provides users with easy access to check and book fares, plus personalized news, information and travel offers. American Airlines is a founding member of the oneworld(R) Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve nearly 700 destinations in over 140 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation. American Airlines, American Eagle, the AmericanConnection(R) airlines, AA.com, We know why you fly and AAdvantage are registered trademarks of American Airlines, Inc.
AmericanAirlines(R) We know why you fly(R)
Current AMR Corp. releases can be accessed on the Internet.
The address is http://www.aa.com
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20081002/LATH077 AP Archive: http://photoarchive.ap.org/ AP PhotoExpress Network: PRN20 PRN Photo Desk, photodesk@prnewswire.com
American Airlines
CONTACT: Billy Sanez, Corporate Communications of American Airlines, +1-817-967-1577, corp.comm@aa.com
Web site: http://www.aa.com/ http://www.tm.com/
Verizon Network Designers and Equipment Suppliers Continue to Raise the Quality Bar250 Participants to Gather at Verizon's 14th Annual Forum on Network Hardware Specifications, Standards and Testing
NEW YORK, Oct. 2 /PRNewswire/ -- Verizon is working with its suppliers and other industry stakeholders to meet the highest standards of performance excellence and environmental protection by hosting the 14th Annual Network Equipment Building System (NEBS) forum next week in Orlando, Fla.
"Verizon is focused on the energy efficiency, service quality, reliability and environmental impact of the networks we build and rebuild, so we take communications with our suppliers about the performance we expect of them and their equipment very seriously," said Chuck Graff, conference founder and director of NEBS compliance and quality assurance for Verizon. "This year, 250 participants from nine countries, representing more than 80 manufacturers and testing labs, will meet and commit to working with us to more quickly deploy the highest-quality, most efficient gear possible."
This year, new "topologies," or network design parameters, will be among the central topics of discussion. New network designs must reflect the growing use of fiber optics and other systems in delivering nontraditional services like video and multimedia content over transformed networks.
"When the purpose of the network evolves as new uses of networked data emerge, the overall picture in network design changes," Graff said. "As this happens, we have to continue to press for efficiency and quality. That's why this year's conference is key, and it's why it is totally sold out."
Presenters during the three-day event, which runs from October 8-10, will focus on topics as varied as equipment energy efficiency, banning hazardous materials in network gear, advancements in fiber optic components, and the importance of standards, certification and testing across the board.
Under Graff's guidance, Verizon last spring led the telecommunications industry with a bold requirement that suppliers selling equipment to be installed after Jan. 1, 2009, should provide new gear that is at least 20 percent more energy efficient than equipment already in place. Verizon established a series of formula-based Telecommunications Equipment Energy Efficiency Ratings that test the consumption of equipment in various operating conditions and settings.
Co-sponsor of the event, Underwriters Laboratories, will play a key role in the supplier orientation, including a keynote address by Keith Williams, CEO. "UL's participation helps emphasize the broad impact of energy, quality and safety standards," Graff said.
Graff, who manages compliance and operates an informational Web site at http://www.verizonnebs.com/, will also be Verizon's representative to a new group developing environmental standards for the industry under the auspices of ATIS, the industry's standard-setting body.
Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 69 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon employs a diverse workforce of more than 228,600 and last year generated consolidated operating revenues of $93.5 billion. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.
Verizon
CONTACT: Jim Smith, Verizon, +1-908-559-3477, james.albert.smith@verizon.com
Web Site: http://www.verizon.com/ http://www.verizonnebs.com/
Company News On-Call: http://www.prnewswire.com/comp/094251.html
Verizon Wireless Scores Highest in Latest J.D. Power and Associates Customer Satisfaction Study in West RegionTop ranking earned in more places, including Northern California
WALNUT CREEK, Calif., Oct. 2 /PRNewswire/ -- Verizon Wireless, the leader in customer loyalty among wireless carriers, ranked highest in customer satisfaction in the West region, which includes Northern California, in J.D. Power and Associates' 2008 Wireless Regional Customer Satisfaction Index Study(SM), Volume 2.
"The results of this most recent survey are important because they show our commitment to providing the best experience in wireless has led to a high level of customer satisfaction with Verizon Wireless in the Northern California and Nevada Region, and many more states across the nation," said Rich Garwood, regional president at Verizon Wireless.
Verizon Wireless ranked highest in customer satisfaction in the Northeast, Mid-Atlantic, North Central, Southeast and West regions. The J.D. Power and Associates study measures customer satisfaction based on six key factors that impact overall wireless carrier performance: call quality, customer service, service plan options, brand image, cost of service, and billing.
Verizon Wireless is committed to delivering the best customer experience in wireless. Verizon Wireless owns and operates the nation's most reliable wireless network and the nation's largest and most reliable 3G network, backed by its award-winning customer service -- online, over the phone and in person. The company has invested more than $45 billion -- on average $5.5 billion annually -- in its network since 2000 when the company was formed. In 2007, Verizon Wireless invested $650 million to expand and advance its network in California.
For more information on Verizon Wireless' products and services, please visit http://www.verizonwireless.com/.
About Verizon Wireless
Verizon Wireless operates the nation's most reliable wireless voice and data network, serving 68.7 million customers. Headquartered in Basking Ridge, N.J., with 70,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications and Vodafone (NYSE and LSE: VOD). For more information, go to: http://www.verizonwireless.com/. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at http://www.verizonwireless.com/multimedia.
Verizon Wireless
CONTACT: Heidi Flato of Verizon Wireless, +1-925-279-6545, Heidi.Flato@verizonwireless.com
Web site: http://www.verizonwireless.com/
Motorola Wins Dual Honors at WiMAX World 2008Motorola earns Industry Choice Award for second consecutive year; new USBw 100 named Best of WiMAX World in its category
CHICAGO, Oct. 2 /PRNewswire-FirstCall/ -- WiMAX World 2008 -- Motorola, Inc. today announced that its USBw 100 has won the Best of WiMAX World 2008 Award for devices/peripherals/application software and that it has been selected for the WiMAX World 2008 Industry Choice Award for the second consecutive year. Presented by xchange Magazine and Trendsmedia and judged by an independent panel of WiMAX industry experts, the Best of WiMAX World Awards honor the significant contributions of WiMAX industry leaders and their work in advancing the technology's adoption.
The Industry Choice Award is given to the product or deployment chosen by the WiMAX World 2008 delegates to be the most innovative and esteemed of the year. The 16 Industry Choice finalists were chosen by the selection committee, and online voting was held on the WiMAX World 2008 web site prior to the conference and then at the show during exhibit hours yesterday. Motorola received the Best of WiMAX World USA 2007 Award for the Motorola WiMAX CPEi 850 Series Desktop CPE.
"As WiMAX and other high-speed technologies continue to gain traction around the world, Motorola will continue to be in the forefront of designing innovative products and solutions that let consumers and enterprises enjoy the benefits of broadband everywhere," said Darren McQueen, vice president, Wireless Broadband Access Technologies, Motorola Home & Networks Mobility.
Shaped like a thumb drive, the USBw 100 offers indoor and outdoor mobile and nomadic wireless connectivity through WiMAX networks operating in the 2.3 GHz, 2.5 GHz and 3.5 GHz bands. The USBw 100 plugs into a USB port on a laptop and quickly connects to an available WiMAX network. Users on the go are free to surf the web, check emails, and stream video and audio files just as they would from a home computer. The USBw 100 is expected to be available in Q4 2008.
The award for the USBw 100 dongle and the 2008 Industry Choice Award are the latest honors for Motorola, which has often been recognized for its continued innovation in the development and deployment of WiMAX. During 2008, Motorola's WiMAX CPEi 750 was cited as a 2008 Emerging Technology Award Honoree at CTIA and captured the Infovision Broadband Award for Innovation presented by the International Engineering Consortium (IEC) at Broadband World Forum, Asia 2008.
Motorola's portfolio of WiMAX CPEs and devices offers antenna receive sensitivity exceeding industry standards by upwards of 5dB. The performance of Motorola's CPE, when coupled with its WiMAX access points, results in a lower total cost of ownership due to the better performance.
As a global leader in mobile WiMAX, Motorola is involved in WiMAX deployments, trials and customer engagement in 47 countries worldwide. It has 22 contracts for commercial WiMAX systems with customers in 17 countries and has shipped more than 5,000 access points and hundreds of thousands of CPE and PC cards.
About Motorola
Motorola is known around the world for innovation in communications. The company develops technologies, products and services that make mobile experiences possible. Our portfolio includes communications infrastructure, enterprise mobility solutions, digital set-tops, cable modems, mobile devices and Bluetooth accessories. Motorola is committed to delivering next generation communication solutions to people, businesses and governments. A Fortune 100 company with global presence and impact, Motorola had sales of US $36.6 billion in 2007. For more information about our company, our people and our innovations, please visit http://www.motorola.com/.
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. All other product or service names are the property of their respective owners.
Photo: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO http://www.newscom.com/cgi-bin/prnh/20020415/MOTNOTAGLOGO http://photoarchive.ap.org/ PRN Photo Desk photodesk@prnewswire.com/
Motorola, Inc.
CONTACT: Media, Kathi Haas, +1-480-748-6456, kathi.haas@motorola.com, or Industry Analysts, Kathy Wiesner, +1-847-875-0166, k.wiesner@motorola.com, both of Motorola Home & Networks Mobility
Web Site: http://www.motorola.com/
Critical Mass Expands Chicago Creative Team
CALGARY, Alberta and CHICAGO, Oct. 2 /PRNewswire/ -- Critical Mass (http://www.criticalmass.com/), an Omnicom digital marketing agency, has named Jon Andexler Creative Director, Vanessa Donley Art Director, and Rina Mallick Associate Creative Director. Andexler, Donley, and Mallick are all based in the company's Chicago office.
With over 11 years of interactive media experience, Andexler previously held posts at Avenue A/Razorfish, Digitas, and EURO RSCG Life. While a Creative Director at Avenue A/Razorfish, he led the development of http://www.upumpitup.com/, a social networking initiative for Crystal Light. In addition, he also directed the Oreo Double Stuff Virtual League for Kraft Foods -− http://www.dsrl.com/ -− which built a fan base around the product by inspiring consumers to compete against each other.
Over the course of his career, Andexler has handled a variety of accounts, including Allstate, Best Buy, Chicago Tribune, and Miami Visitors Bureau. His work has received such industry recognition as the RX Club Award, the RAC Gold Award, and the Miami ADDY Award.
Specializing in interactive executions, video production, layout and creative concepts, Donley has more than 12 years experience in the design and advertising industry. She was previously Senior Interactive Art Director at Abelson Taylor in Chicago, where she developed projects ranging from consumer web sites and broadcast commercial storyboards, to 3D and Flash-enabled animation, viral marketing, and game development for pharmaceutical brands.
For over three years there, Donley was lead designer for pharmaceutical brand Rozerem's interactive Web site, http://www.rozerem.com/. She also served as a Senior Designer at Proxicom, working on web initiatives for such clients as Nike, Toyota, and Procter & Gamble.
Prior to joining Critical Mass, Mallick was Associate Creative Director at Young & Rubicam's Wunderman. Serving as the creative lead for all Lincoln brand digital efforts, her extensive CGI work there included the Lincoln Reach Higher Web site that launched four new vehicles and the new Reach Higher brand campaign as a broadband experience.
Mallick also worked as a Designer at Organic, responsible for a broad range of Web initiatives for Jeep and Chrysler. Her projects included the 2002 award-winning J.D. Power Manufacturer Web site for Jeep.com and the 2002 Jeep 4x4Evo2 Game. Fourteen percent of Wrangler Rubicon sales resulted from game registrants within the first month of its release.
In 2008, Mallick co-organized the inaugural CGAM Conference, a global conference for marketing and advertising professionals focused on technology and the value of CGI in Hollywood, California.
"Jon, Vanessa, and Rina bring a wealth of creative experience to our growing Chicago team," said Dianne Wilkins, CEO, Critical Mass. "We strive to deliver, not only creative, but strategic, guidance to our clients. We believe that all of these individuals will bring the expertise and exceptional level of service that our clients have come to expect."
About Critical Mass
Critical Mass (http://www.criticalmass.com/), an Omnicom digital marketing agency, helps the world's leading companies use digital media to increase revenue, reduce costs, and deepen customer relationships. Founded in 1995, Critical Mass has offices in Calgary, Toronto, Chicago, New York, Las Vegas, Atlanta, Austin, Geneva, and London. For additional information, visit http://www.criticalmass.com/.
About Omnicom
Critical Mass is a part of Omnicom Group Inc. (http://www.omnicomgroup.com/). Omnicom is a leading global advertising, marketing, and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, interactive, direct and promotional marketing, public relations, and other specialty communications services to over 5,000 clients in more than 100 countries.
Contact:
Matthew Caldecutt / Tiffany Guarnaccia
Trylon SMR
212/725-2295
matthew@trylonsmr.com / tiffany@trylonsmr.com
Critical Mass
CONTACT: Matthew Caldecutt, matthew@trylonsmr.com, or Tiffany Guarnaccia, tiffany@trylonsmr.com, both of Trylon SMR, +1-212-725-2295
Web Site: http://www.criticalmass.com/ http://www.omnicomgroup.com/
Maxwell Technologies to Exhibit Ultracapacitor Products at American Public Transportation Association EXPO in San DiegoHigh-Efficiency, Cost-Effective, Energy Storage Solutions for Heavy Vehicles
SAN DIEGO, Oct. 2 /PRNewswire-FirstCall/ -- Maxwell Technologies, Inc. will exhibit its full line of BOOSTCAP(R) ultracapacitor products for heavy transportation energy storage applications October 6-8 in Booth 4907 at the American Public Transit Association EXPO in the San Diego Convention Center.
Michael Liedtke, Maxwell's vice president, sales and business development, said that the BOOSTCAP product line includes ultracapacitor cells and integrated multi-cell modules ranging from 16 to 125 volts that can be arrayed in series or parallel configurations to support electric and hybrid drive systems requiring up to 1,500 volts.
"In addition to meeting or exceeding demanding transportation and industrial application requirements for both watt-hours of energy storage and watts of power delivery per kilogram, BOOSTCAP products will perform reliably for more than one million discharge-recharge cycles," Liedtke said. "Our heavy transportation modules are specifically designed to meet end-user requirements for durability and maintenance-free operation."
BOOSTCAP ultracapacitor products deliver up to 10 times the power and longevity of batteries, require no maintenance and operate reliably in extreme temperatures. In transportation applications, they efficiently recuperate energy from braking for reuse in electric and hybrid drive trains, reducing fuel consumption and emissions. They also provide compact, lightweight, "life-of-the vehicle" solutions to stabilize automotive power networks and power new, all-electric subsystems, such as drive-by-wire steering. In mission critical industrial applications, where backup power is critical for continued operation or a soft shutdown in the event of power interruptions, they provide reliable, cost-effective, maintenance-free energy storage. In wind turbine blade pitch and braking systems and other industrial applications, they provide a simple, solid state, highly reliable, solution to buffer short-term mismatches between the power available and the power required.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: http://www.maxwell.com/.
Visit http://www.maxwell.com/ultracapacitors for further information on Maxwell Technologies BOOSTCAP(R) Ultracapacitors.
Maxwell Technologies, Inc.
CONTACT: Michael Sund of Maxwell Technologies, Inc., +1-858-503-3233, msund@maxwell.com
Web site: http://www.maxwell.com/
General Dynamics Board Authorizes Share Repurchases
FALLS CHURCH, Va., Oct. 2 /PRNewswire-FirstCall/ -- The board of directors of General Dynamics yesterday authorized management to repurchase up to 10 million shares of the company's issued and outstanding common stock on the open market. The share repurchases may be made at management's discretion.
Headquartered in Falls Church, Virginia, General Dynamics employs approximately 84,600 people worldwide and anticipates 2008 revenues of approximately $29.5 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available at http://www.generaldynamics.com/ .
General Dynamics
CONTACT: Rob Doolittle of General Dynamics, +1-703-876-3199, rdoolittle@gd.com
Web site: http://www.generaldynamics.com/
Agilysys Revises Fiscal 2009 Guidance- Fiscal 2009 Revenue Expected to be Approximately $810 Million to $825 Million- Adjusted EBITDA Guidance Revised to be Approximately $20 Million to $24 Million excl. restructuring charges
BOCA RATON, Fla., Oct. 2 /PRNewswire-FirstCall/ -- Agilysys, Inc. , a leading provider of innovative IT solutions, today announced revisions to the company's previously announced revenue and adjusted EBITDA guidance.
Agilysys now expects fiscal 2009 revenue of approximately $810 million to $825 million and adjusted EBITDA of approximately $20 million to $24 million, which excludes restructuring charges of $23.8 million related to both the severance costs of its first quarter cost reductions and the write-off of goodwill and intangible assets associated with The CTS Corporations, which was acquired in May 2005. In the company's fourth-quarter earnings release on June 2, 2008, the company stated it expected fiscal 2009 revenue of between $860 million and $900 million with adjusted EBITDA excluding restructuring charges of $27 million to $40 million.
"Previously, our customers had expectations for increased year-over-year spending in the latter half of 2008 and early 2009. As a result of the continued uncertainty on the macro-economic front, we expect capital spending and demand for IT investment to remain soft," said Arthur Rhein, chairman, president, and chief executive officer of Agilysys. "With the recent turmoil in the financial and credit markets, our guidance implies a flat to somewhat negative year-over-year second half as we believe projects are more likely to be reduced in scope or delayed."
Forward-Looking Language
Portions of this release, particularly the statements made by management and those that are not historical facts, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current assumptions and expectations, and are subject to risks and uncertainties, many of which are beyond the control of Agilysys. Many factors could cause Agilysys actual results to differ materially from those anticipated by the forward- looking statements. These factors include those referenced in the Annual Report on Form 10-K or as may be described from time to time in Agilysys subsequent SEC filings.
Potential factors that could cause actual results to differ materially from those expressed or implied by such statements include, but are not limited to, those relating to Agilysys long-term financial goals, anticipated revenue gains, revenue volume, margin improvements, cost savings, capital expenditures, depreciation and amortization, new product introductions and economic conditions.
In addition, this release contains time-sensitive information and reflects management's best analysis only as of the date of this release. Agilysys does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Information on the potential factors that could affect Agilysys actual results of operations is included in its filings with the SEC, including, but not limited to, its Annual Report on Form 10-K for the fiscal year ended March 31, 2007. Interested persons can obtain it free at the SEC's Web site, http://www.sec.gov/.
About Agilysys, Inc.
Agilysys is a leading provider of innovative IT solutions to corporate and public-sector customers, with special expertise in select markets, including retail and hospitality. The company uses technology - including hardware, software and services - to help customers resolve their most complicated IT needs. The company possesses expertise in enterprise architecture and high availability, infrastructure optimization, storage and resource management, identity management and business continuity; and provides industry-specific software, services and expertise to the retail and hospitality markets. Headquartered in Boca Raton, Fla., Agilysys operates extensively throughout North America, with additional sales offices in the United Kingdom and China. For more information, visit http://www.agilysys.com/ .
Investor contact:
Martin Ellis
Executive Vice President, Treasurer, and Chief Financial Officer
Agilysys, Inc.
440-519-8636
martin.ellis@agilysys.com
Media contact:
Shawn Turner
Communications manager
Agilysys, Inc.
440-519-8627
shawn.turner@agilysys.com
Agilysys, Inc.
CONTACT: Investors: Martin Ellis, Executive Vice President, Treasurer, and Chief Financial Officer, +1-440-519-8636, martin.ellis@agilysys.com, or Media: Shawn Turner, Communications manager, +1-440-519-8627, shawn.turner@agilysys.com, both of Agilysys, Inc.
Web site: http://www.agilysys.com/
MTS Announces $300,000 Private Equity Financing
RA'ANANA, Israel, October 2 /PRNewswire-FirstCall/ -- MTS - Mer Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a global provider of business support systems (BSS) for comprehensive telecommunication management and customer care & billing (CC&B) solutions, today announced a private placement of 263,388 of its ordinary shares at a price of $1.139 per share, or aggregate proceeds of $300,000, pursuant to an agreement dated as of September 28, 2008 with three of its principal shareholders, two of whom are also directors of the Company, and its chief executive officer. The price per share is equal to the average closing price of an ordinary share of the Company on the NASDAQ Capital Market during the 30 trading days prior to September 28, 2008. The Company raised the funds to strengthen its financial position and to provide it with additional working capital that will allow it to be opportunistic in the current market environment.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is a worldwide provider of innovative solutions for comprehensive telecommunications expense management (TEM) used by enterprises, and for business support sy |