Featured

Computer Software

ChinaEdu Corporation Announces Completion of Merger

Posted on 23 April 2014



















BEIJING, April 23, 2014 /PRNewswire/ — ChinaEdu Corporation (NASDAQ: CEDU) (the “Company”), a leading online educational services provider in China, today announced the completion of the merger contemplated by the previously announced Agreement and Plan of Merger dated December 31, 2013 (the “Merger Agreement”), by and among the Company, ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”). As a result of the merger, the Company became a wholly owned subsidiary of Holdings.

Under the terms and conditions of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on April 18, 2014, each of the Company’s ordinary shares, par value $0.01 per share (the “Shares”) (including Shares represented by American depositary shares (“ADSs”)) issued and outstanding immediately prior to the effective time of the merger has been cancelled in exchange for the right to receive $2.33 per Share or $7.00 per ADS, in each case, in cash, without interest and net of any applicable withholding taxes, except for (a) all Shares owned immediately prior to the effective time of the merger by Shawn Ding, Moral Known Industrial Limited, Julia Huang, South Lead Technology Limited, GegengTana, Mei Yixin, Pan Zhixin, Ellen Huang, InterVision Technology Ltd., MLP Holdings Limited, New Value Technology Limited, Lingyuan Furong Investment Mgmt Co., Ltd., McGraw-Hill Global Education Intermediate Holdings, LLC, Weblearning Company Limited and Guo Young (the “Rollover Shareholders”), which were subject to a contribution agreement whereby such shareholders agreed to contribute such Shares (except, in the case of McGraw-Hill Global Education Intermediate Holdings, LLC, limited to 3,377,336 Shares held by it) (the “Rollover Shares”) to Holdings, which contributed Rollover Shares, in accordance with the contribution agreement, were exchanged for the right to subscribe for the ordinary shares of Holdings, (b) Shares and ADSs beneficially owned immediately prior to the effective time of the merger by the Company as treasury shares, held in brokerage accounts in the Company’s name, or issued to The Bank of New York Mellon (“BNY Mellon”) and reserved for future grants under the Company’s 2010 Equity Incentive Plan, and (c) Shares owned by shareholders who have validly exercised and perfected and not effectively withdrawn or lost their appraisal or other rights pursuant to Section 238 of the Cayman Companies Law, as amended. The Company did not receive any notice of objection from any shareholder prior to the time of the extraordinary general meeting.

Registered holders of Shares and ADSs entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates or the certificates evidencing their ADSs (as applicable), respectively, in exchange for the merger consideration and should wait to receive the letter of transmittal before surrendering their certificates. Payment of the merger consideration will be made to surrendering ADS holders as soon as practicable after BNY Mellon, the Company’s ADS depositary, receives the merger consideration.

The Company also announced today that it requested that trading of its ADSs on NASDAQ to be suspended beginning on April 24, 2014. The Company requested that NASDAQ file a Form 25 with the Securities and Exchange Commission (the “SEC”) notifying the SEC of the delisting of its ADSs on NASDAQ and the deregistration of the Company’s registered securities. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended, by promptly filing a Form 15 with the SEC. The Company’s obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

About ChinaEdu Corporation

ChinaEdu Corporation is an educational services provider in China, incorporated as an exempted limited liability company in the Cayman Islands. Established in 1999, the Company’s primary business is to provide comprehensive services to the online degree programs of leading Chinese universities. These services include academic program development, technology services, enrollment marketing, student support services and finance operations. The Company’s other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services and providing marketing, support for international and elite curriculum programs and online learning community for adult students.

The Company believes it is the largest service provider to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported. The Company currently has entered into collaborative alliances with 13 universities, ranging from 15 to 50 years in length. The Company has also entered into technology agreements with 8 universities. Besides, ChinaEdu performs recruiting services for 23 universities through a nationwide learning center network.

Safe Harbor: Forward-Looking Statements

Certain statements contained in this announcement may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “if,” “will,” “expected,” and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Risks, uncertainties and assumptions are included in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement filed by the Company. These forward-looking statements reflect the Company’s expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company undertakes no ongoing obligation, other than that imposed by law, to update these statements.

For further information, please contact:

Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1-908-442-9395
E-mail: [email protected]

Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86-10-8418-7301
E-mail: [email protected]

SOURCE ChinaEdu Corporation

RELATED LINKS
http://ir.chinaedu.net/index.html

Source Article from http://www.prnewswire.com/news-releases/chinaedu-corporation-announces-completion-of-merger-256432451.html

Comments (0)

Computer Software

Intralinks Acquires Document Security Leader docTrackr

Posted on 23 April 2014

















NEW YORK, April 23, 2014 /PRNewswire/ – Intralinks® Holdings, Inc. (NYSE: IL), a global SaaS provider of inter-enterprise content management and collaboration solutions, today announced the acquisition of docTrackr, a leading provider of document security solutions. docTrackr’s innovative security and digital rights management (DRM) technology will be integrated into the Intralinks platform. In addition, Intralinks announced a new service that gives organizations exclusive control over their data encryption keys, further strengthening security and data privacy by ensuring that only the key holders can access files in a readable format.

“With the acquisition of docTrackr and the availability of customer managed encryption keys, Intralinks becomes the de facto standard for collaboration and file sharing of valuable information where security, privacy and regulatory compliance are key concerns,” said Ron Hovsepian, CEO Intralinks. “docTrackr’s unique technology requires no plug-ins or viewers, allowing organizations to expand significantly their use of DRM without compromising user experiences. With docTrackr’s technology integrated into the Intralinks platform, users have lifetime control over their data and always know how documents are being used and distributed.”

The acquisition of docTrackr reflects Intralinks’ commitment to supporting the most demanding use-cases with the industry’s strongest security and data privacy. docTrackr’s innovative technologies protect and track PDF, Word, Excel and PowerPoint documents, no matter where those documents are stored, shared or used. Uniquely, docTrackr combines rich document analytics, audit trails of all document activities, dynamic policy management (so that document rights can be updated, even for downloaded files) and a plug-in free deployment to ease user adoption and reduce operational support requirements. docTrackr technology is so easy to use that DRM can be used by default for every shared document. docTrackr has partnered with a number of companies, including serving as the security and DRM partner for storage and file sharing company Box and supporting DRM for Google Gmail.

“When we needed a collaboration solution for sharing sensitive financial and customer data, Intralinks was the obvious choice,” said Ashish Shah, CEO SNS Technology. “Digital rights management and customer-managed keys make sure we’re in control of our data at all times. A lot of companies talk about security and data privacy, but Intralinks actually delivers a solution we can trust.”

docTrackr’s technology will significantly enhance the DRM capabilities of the existing Intralinks platform and products, providing stronger document support, richer auditing capabilities, better controls and a much simpler user experience that will make DRM protection seamless for users.

“The combination of Intralinks and docTrackr will result in a unique solution that provides powerful protection for business documents wherever they travel,” said Clement Cazalot, CEO docTrackr. “Together, we will give enterprise CSOs and CTOs confidence so they can share their most valuable information with partners, customers and remote workers, and retain visibility and full control over their data at all times. Of all the companies offering collaboration and file sharing solutions, Intralinks was the right match because of their clear commitment to information security. We are very excited to join the Intralinks team.”

While DRM is critical to protecting content that has been shared beyond the enterprise boundary, customer-managed encryption keys (CMKs) allow enterprises to maintain full control of their hosted content without disrupting information sharing with customers and partners – a ‘best of both worlds’ for security and regulation-sensitive customers. With Intralinks CMK service, customers will be provisioned with dedicated encryption keys. Customers with their own encryption keys will be able to maintain total control of their content, while avoiding difficult on-premise application deployments that create IT complexity and operational expense.

Availability and Pricing
docTrackr is ready for beta today and will be generally available during summer 2014. Customer managed keys will be in beta in a few weeks and will also be generally available during summer 2014. For more information, contact us at [email protected].

About Intralinks

Intralinks Holdings, Inc. (NYSE: IL) is a leading, global technology provider of inter-enterprise content management and collaboration solutions. Through innovative Software-as-a-Service solutions, Intralinks solutions are designed to enable the secure and compliant exchange, control, and management of information between organizations when working through the firewall. More than 2.7 million professionals at 99% of the Fortune 1000 companies have depended on Intralinks’ experience. With a track record of enabling high-stakes transactions and business collaborations valued at more than $23.5 trillion, Intralinks is a trusted provider of easy-to-use, enterprise strength, cloud-based collaboration solutions. For more information, visit www.intralinks.com.

Forward Looking Statements

The forward-looking statements contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are express or implied statements that are not based on historical information and include, among other things, statements concerning Intralinks’ plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies.  These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from those contemplated in these forward-looking statements. Accordingly, there can be no assurance that the results or commitments expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof.  As such, Intralinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For a detailed list of the factors and risks that could affect Intralinks’ financial results, please refer to Intralinks public filings with the Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K for the year-ended December 31, 2013.  Intralinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Trademarks and Copyright

“Intralinks” and Intralinks’ stylized logo are the registered trademarks of Intralinks, Inc. This press release may also refer to trade names and trademarks of other organizations without reference to their status as registered trademarks.  Solely for convenience, the trademarks and trade names in this press release may be referred to without the ®, ™ and SM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. © 2014 Intralinks, Inc.  All rights reserved.

SOURCE Intralinks Holdings, Inc.

RELATED LINKS
http://www.intralinks.com

Source Article from http://www.prnewswire.com/news-releases/intralinks-acquires-document-security-leader-doctrackr-256428011.html

Comments (0)

Computer Hardware

TI reports 1Q14 financial results and shareholder returns

Posted on 23 April 2014














DALLAS, April 23, 2014 /PRNewswire/ – Texas Instruments Incorporated (TI) (NASDAQ: TXN) today reported first-quarter revenue of $2.98 billion, net income of $487 million and earnings per share of 44 cents.  Results include a gain of $37 million, which was not included in the company’s prior outlook and increased earnings by 2 cents per share, for sales of a site and other assets associated with previously announced restructuring actions. 

Regarding the company’s performance and returns to shareholders, Rich Templeton, TI’s chairman, president and CEO, made the following comments:

  • “Revenue and earnings for the quarter were in the upper half of the range we expected and marked a good start to the year. 
  • “We delivered 3 percent year-over-year revenue growth, or 11 percent when legacy wireless revenue is excluded.  Analog and Embedded Processing comprised 84 percent of first-quarter revenue. 
  • “Gross margin of 53.9 percent remained strong and reflects the quality of our Analog and Embedded Processing portfolio and the efficiency of our manufacturing strategy.  
  • “Our business model continues to generate strong cash flow from operations.  Free cash flow for the trailing twelve-month period was up 8 percent to $3.1 billion, or 25 percent of revenue.  This is consistent with our target of 20-30 percent, which we increased in the first quarter from our prior target of 20-25 percent. 
  • “We returned $4.2 billion to shareholders in the past twelve months through dividends paid and stock repurchases.  Our strategy to return to shareholders all free cash flow not needed for debt repayment, and to return proceeds from exercises of equity compensation, reflects our confidence in the long-term sustainability of our business model.  In the past twelve months, we returned 99 percent of this targeted amount.                                     
  • “Our balance sheet remains strong, with $4.0 billion of cash and short-term investments at the end of the quarter, 84 percent of which was owned by the company’s U.S. entities.  Inventory days were 112, consistent with our model of 105-115 days.
  • “TI’s outlook for the second quarter of 2014 is for revenue in the range of $3.14 billion to $3.40 billion and earnings per share between $0.55 and $0.63.  The midpoint of the revenue range would represent 7 percent year-over-year growth, or 13 percent excluding legacy wireless revenue.  The annual effective tax rate for 2014 is expected to be about 28 percent, up from our prior estimate of about 27 percent.”

Revenue excluding legacy wireless and free cash flow are non-GAAP financial measures.  Free cash flow is Cash flow from operations less Capital expenditures.

Earnings summary

Amounts are in millions of dollars, except per-share amounts. 

Cash generation

Amounts are in millions of dollars.

Capital expenditures for the past twelve months were 3 percent of revenue.

Cash return

Amounts are in millions of dollars.

Total cash returned over the past twelve months was 99 percent of the company’s targeted cash return model (free cash flow minus net debt retirement plus proceeds from exercises of equity compensation).

 

 

 

1Q14 segment results

Analog:  (includes High Volume Analog & Logic, Power Management, High Performance Analog and Silicon Valley Analog) 

  • Compared with the year-ago quarter, revenue increased in all product lines.  Power Management and High Performance Analog grew about equally, followed by Silicon Valley Analog and High Volume Analog & Logic. 
  • Operating profit increased from a year ago primarily due to higher revenue and associated gross profit.    

Embedded Processing:  (includes Processors, Microcontrollers and Connectivity)

  • Compared with the year-ago quarter, revenue increased in all product lines.  Microcontrollers grew the most, followed by Processors and Connectivity. 
  • Operating profit increased from a year ago due to higher revenue and associated gross profit. 

Other:  (includes DLP® products, custom ASIC products, calculators, royalties and legacy wireless products)

  • Compared with the year-ago quarter, revenue declined due to legacy wireless products.        
  • Operating profit increased from a year ago due to lower operating expenses, as well as lower restructuring charges/other.  These were partially offset by lower gross profit.  Restructuring charges/other in the quarter benefited from sales of a site and other assets.    

Non-GAAP financial information

Revenue excluding legacy wireless:

This release includes references to TI’s revenue and revenue outlook excluding legacy wireless products.  The company believes these measures, which were not prepared in accordance with generally accepted accounting principles in the United States (GAAP), provide investors with insight into TI’s underlying business results and are supplemental to the comparable GAAP measure.  Reconciliation to the most directly comparable GAAP-based measure is provided in the tables below.

Free cash flow and associated ratios:

This release also includes references to free cash flow and various ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP.  Free cash flow was calculated by subtracting Capital expenditures from the most directly comparable GAAP measure, Cash flow from operating activities (also referred to as Cash flow from operations). The various ratios in the release compare free cash flow to the following GAAP measures: Revenue, Dividends paid and Stock repurchases.

The company believes these non-GAAP measures provide insight into its liquidity, its cash-generating capability and the amount of cash potentially available to return to investors, as well as insight into its financial performance.  These non-GAAP measures are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP-based measures is provided in the tables below.

 

Safe Harbor Statement 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995.  These forward-looking statements generally can be identified by phrases such as TI or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import.  Similarly, statements herein that describe TI’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements.  All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. 

We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or its management:

  • Market demand for semiconductors, particularly in markets such as personal electronics, especially the mobile phone sector, and industrial;
  • TI’s ability to maintain or improve profit margins, including its ability to utilize its manufacturing facilities at sufficient levels to cover its fixed operating costs, in an intensely competitive and cyclical industry;
  • TI’s ability to develop, manufacture and market innovative products in a rapidly changing technological environment;
  • TI’s ability to compete in products and prices in an intensely competitive industry;
  • TI’s ability to maintain and enforce a strong intellectual property portfolio and obtain needed licenses from third parties;
  • Expiration of license agreements between TI and its patent licensees, and market conditions reducing royalty payments to TI;
  • Violations of or changes in the complex laws, regulations and policies to which our global operations are subject, and economic, social and political conditions in the countries in which TI, its customers or its suppliers operate, including security risks, health conditions, possible disruptions in transportation, communications and information technology networks and fluctuations in foreign currency exchange rates;
  • Natural events such as severe weather and earthquakes in the locations in which TI, its customers or its suppliers operate;
  • Availability and cost of raw materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology;
  • Changes in the tax rate applicable to TI as the result of changes in tax law, the jurisdictions in which profits are determined to be earned and taxed, the outcome of tax audits and the ability to realize deferred tax assets;
  • Changes in laws and regulations to which TI or its suppliers are or may become subject, such as those imposing fees or reporting or substitution costs relating to the discharge of emissions into the environment or the use of certain raw materials in our manufacturing processes;
  • Losses or curtailments of purchases from key customers and the timing and amount of distributor and other customer inventory adjustments;
  • Financial difficulties of our distributors or their promotion of competing product lines to TI’s detriment;
  • A loss suffered by a customer or distributor of TI with respect to TI-consigned inventory;
  • Customer demand that differs from our forecasts;
  • The financial impact of inadequate or excess TI inventory that results from demand that differs from projections;
  • Impairments of our non-financial assets;
  • Product liability or warranty claims, claims based on epidemic or delivery failure or recalls by TI customers for a product containing a TI part;
  • TI’s ability to recruit and retain skilled personnel;
  • Timely implementation of new manufacturing technologies and installation of manufacturing equipment, and the ability to obtain needed third-party foundry and assembly/test subcontract services;
  • TI’s obligation to make principal and interest payments on its debt;
  • TI’s ability to successfully integrate and realize opportunities for growth from acquisitions, and our ability to realize our expectations regarding the amount and timing of restructuring charges and associated cost savings; and
  • Breaches of our information technology systems. 

For a more detailed discussion of these factors, see the Risk Factors discussion in Item 1A of TI’s Form 10-K for the year ended December 31, 2013.  The forward-looking statements included in this release are made only as of the date of this release, and TI undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.

About Texas Instruments

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

TI trademarks:
            DLP
Other trademarks are the property of their respective owners.

TXN-F

SOURCE Texas Instruments Incorporated

RELATED LINKS
http://www.ti.com

Source Article from http://www.prnewswire.com/news-releases/ti-reports-1q14-financial-results-and-shareholder-returns-256419041.html

Comments (0)

Computer Hardware

New PXIe Backplane from Elma Bustronic Integrates PCIe into the PXI Architecture

Posted on 23 April 2014



















FREMONT, Calif., April 23, 2014 /PRNewswire/ – Elma Bustronic has designed a new 3U 17-slot backplane to meet the PXI Express Hardware Specification Revision 1.0 (with X1 PCIe connections).

Designed for OEM embedded control and highly integrated test and measurement applications, the backplane integrates PCIe in to the PXI architecture. Specific uses include automated test equipment, GPIB-based modular instrumentation, signal generation and analysis as well as high channel-count measurement and data acquisition and control.

The new PXIe backplane features one system slot controller and one timing controller slot as well as 15 peripheral slots, each with a PCIe Gen 1 1X lane to the controller.  PXI Express, based on PCI Express, offers high-bandwidth PCI Express connections to modules, enabling up to 2.5 GB/s per direction to PXI Express and CompactPCI Express modules.

“Elma’s expertise in signal integrity and complex designs enables us to develop one of the first PXIe backplanes,” said Boris Micha, Product Line Manager Backplanes. “This solid design will accommodate the higher performance our customers require for their next generation system designs.”

In addition to the PXIe backplane, Elma offers chassis platforms and PXI compatible boards, and integration services.

For more information, please contact [email protected] or call (510) 656-3400.

17-Slot PXIe Backplane: http://www.elma.com/en/products/backplanes/other-architectures/product-pages/pxi-e-axi-e/pxi-e-detail/

For high res download and full text:
http://www.simongroup.com/PressRoom/press-release.php?Job=ESP-A-8335

Read our news: http://feeds.feedburner.com/PressRoom-Elma
Get our updates: http://www.linkedin.com/company/elma-electronic
Follow us: http://twitter.com/Elma_Electronic
Become a fan: http://www.facebook.com/ElmaElectronic
Check out our pins: http://pinterest.com/elmaelectronic

Upcoming Elma Tradeshows: http://www.elma.com/en/events/

READER SERVICE INQUIRIES: Sales Department; Elma Electronic Inc.; (510) 656-3400; [email protected]

About Elma Electronic Inc.
Elma Electronic Inc. is a global manufacturer of commercial, industrial and rugged electronic products for the embedded systems market – from components, storage boards, backplanes and chassis platforms to fully integrated subsystems. Elma Bustronic is the company’s backplane division.

With one of the widest product ranges available in the embedded industry, Elma also offers standard and custom cabinets and enclosures as well as precision components such as rotary switches/encoders, LEDs, front panels and small cases. 

Elma leverages proven technology based on VITA, PICMG, and other standards-based architectures (i.e. VME, OpenVPX, CPCI, CompactPCI Serial, ATCA, MicroTCA and COM Express). Elma is also actively engaged in designing solutions for applications requiring smaller footprints.

Elma Electronic manages entire projects from initial system architecture to specification, design, manufacturing and test through its worldwide production facilities and sales offices. The company serves the mil/aero, industrial, research, telecom, medical and commercial markets and is certified to ISO 9001 and AS 9100.

With U.S. headquarters in Fremont, Calif., the company maintains multiple sales, engineering and manufacturing operations in Atlanta, Ga., and Philadelphia, Pa.

Editorial Contact:
The Simon Group, Inc.
Beth Smith or Christina Sanchez
Phone: (215) 453-8700
E-mail: [email protected]

Photo – http://photos.prnewswire.com/prnh/20140423/77760

SOURCE Elma Electronic Inc.

Source Article from http://www.prnewswire.com/news-releases/new-pxie-backplane-from-elma-bustronic-integrates-pcie-into-the-pxi-architecture-256416971.html

Comments (0)

Security

AVG Technologies N.V. Sets Date to Announce First Quarter 2014 Financial Results

Posted on 23 April 2014














AMSTERDAM and SAN FRANCISCO, April 23, 2014 /PRNewswire/ – AVG Technologies N.V. (NYSE: AVG) today announced it will report its first quarter 2014 financial results for the period ended March 31, 2014 following the close of market on May 7, 2014.  On that day, management will hold a conference call and webcast at 5:00 p.m. ET/2:00 p.m. PT to review and discuss the Company’s results.

About AVG Technologies (AVG)
AVG is the online security company for devices, data and people.  AVG’s mission is to simplify, optimize and secure the Internet experience, providing peace of mind in a connected world. By choosing AVG’s software and services, users become part of a trusted global community that benefits from inherent network effects, mutual protection and support. AVG has grown its user base to 177 million active users as of December 31, 2013 and offers a protection, performance and privacy products and services suite to consumers and small businesses including Internet security, performance optimization, mobile security, online backup, identity protection and family safety software.

Android™ is a trademark of Google, Inc.  iOS® is a registered trademark of Cisco, Inc. and licensed to Apple, Inc.  All other trademarks are the property of their respective owners.

www.avg.com

Logo – http://photos.prnewswire.com/prnh/20120306/SF65434LOGO

SOURCE AVG Technologies N.V.

RELATED LINKS
http://www.avg.com

Source Article from http://www.prnewswire.com/news-releases/avg-technologies-nv-sets-date-to-announce-first-quarter-2014-financial-results-256416681.html

Comments (0)

Networks

Exar Corporation Schedules Fiscal 2014 Fourth Quarter Financial Results Conference Call for May 5, 2014

Posted on 23 April 2014














FREMONT, Calif., April 23, 2014 /PRNewswire/ – Exar Corporation (NYSE: EXAR), a leading supplier of high-performance analog mixed-signal components, and video and data management solutions, will report fiscal 2014 fourth quarter financial results on Monday, May 5, 2014, before the open of market.

The Company will hold a conference call on the same day at 10:30 a.m. EDT (7:30 a.m. PDT). To access the conference call, please dial (877) 941-2068 or (480) 629-9712.  In addition, a live webcast will be available on Exar’s Investor webpage.

An archive of the conference call webcast will be available on Exar’s Investor webpage after the conference call’s conclusion.

About Exar

Exar Corporation designs, develops and markets high performance, analog mixed-signal integrated circuits and advanced sub-system solutions for the Networking & Storage, Industrial & Embedded Systems, and Communications Infrastructure markets.  Exar’s product portfolio includes power management and connectivity components, communications products, and network security and storage optimization solutions. Exar has locations worldwide providing real-time customer support.  For more information about Exar, visit http://www.exar.com.

SOURCE Exar Corporation

RELATED LINKS
http://www.exar.com

Source Article from http://www.prnewswire.com/news-releases/exar-corporation-schedules-fiscal-2014-fourth-quarter-financial-results-conference-call-for-may-5-2014-256414891.html

Comments (0)

Computer Software

Varian Medical Systems Reports Results for Second Quarter of Fiscal Year 2014

Posted on 23 April 2014




















PALO ALTO, Calif., April 23, 2014 /PRNewswire/ – Varian Medical Systems (NYSE: VAR) today is reporting net earnings of $0.88 per diluted share in the second quarter of fiscal year 2014, including a $0.16 charge per diluted share related to a previously announced settlement of patent litigation.  Varian’s company-wide revenues totaled $779 million for the second quarter of fiscal year 2014, up 1 percent from the year-ago quarter.  Varian ended the second quarter with a $2.8 billion backlog, up 2 percent from the end of the second quarter of fiscal year 2013.

“Gross orders rose strongly in our imaging components and proton businesses on top of mid-single-digit gains in Oncology Systems,” said Dow R. Wilson, CEO of Varian Medical Systems.  “Revenues came in slightly ahead of expectations versus a strong year-ago comparison, and our overall growth strategy remained on track.”

The company finished the second quarter of fiscal year 2014 with $939 million in cash and cash equivalents and $469 million of debt.  Cash flow from operations for the fiscal second quarter was $126 million.  During the quarter, the company spent $159 million to repurchase approximately 2 million shares of its common stock.

Oncology Systems
Oncology Systems’ second quarter revenues totaled $603 million, up 4 percent from the same quarter of fiscal year 2013.  Second-quarter gross orders were $613 million, up 6 percent versus the year-ago quarter, with a 3 percent gain in North America and a 9 percent gain outside North America. Markets outside North America represented 58 percent of Oncology gross orders for the second quarter of fiscal year 2014. 

“Gross orders rose versus the year-ago quarter in North America with the help of good service growth.  New multi-year agreements with large hospital systems also contributed to gains in Oncology products and services,” Wilson said.  “International orders increased with particular strength in Latin America and Australia that offset softness in Asia.  Initiatives to expand our radiosurgery business and stimulate replacement of aging Siemens units gained traction during the quarter.”

Imaging Components
During the second quarter, the company consolidated its X-Ray Products and Security and Inspection Products businesses into a single Imaging Components segment to conform to an organizational change. Second quarter revenues for Imaging Components were $169 million, up 2 percent from the year-ago quarter.  Imaging Components second quarter gross orders were $205 million, up 14 percent from the year-ago quarter. “Strong panel business drove order and revenue growth for Imaging Components, offsetting weakness in the security and tube businesses,” Wilson said. (For comparison purposes, a quarterly breakout of the Imaging Components segment financials for fiscal years 2014, 2013 and 2012 is attached.)

Other
The company’s Other category, including the Varian Particle Therapy business and the Ginzton Technology Center, recorded second quarter revenues of $6 million versus $20 million in the year-ago quarter.  Gross orders for the Other category were $60 million for the second quarter, up from less than $1 million in the year-ago quarter.  The company recorded orders for proton installations at the Cincinnati Children’s Hospital Medical Center in Ohio and at the Paul Scherrer Institute in Switzerland.  “This business gained good momentum during the quarter,” Wilson said.

Outlook
“The company is continuing to execute well, and our businesses remain on track to reach our fiscal year 2014 growth targets,” said Wilson.  “For the fiscal year, we continue to believe that total company revenues could increase by about six to eight percent over the prior fiscal year.  We expect net earnings per diluted share for the fiscal year, including the $0.16 effect of the patent litigation settlement, to be in the range of $4.06 to $4.18. We expect total company revenues for the third quarter of fiscal year 2014 to increase in the range of five to six percent.  We expect net earnings per diluted share for the third quarter to be in the range of $1.06 to $1.10.”

Investor Conference Call
Varian Medical Systems is scheduled to conduct its second quarter fiscal year 2014 conference call at 2 p.m. PT today.  To hear a live webcast or replay of the call, visit the investor relations page on the company’s web site at www.varian.com/investor where it will be archived for a year.  To access the call via telephone, dial 1-877-869-3847 from inside the U.S. or 1-201-689-8261 from outside the U.S.  The replay can be accessed by dialing 1-877-660-6853 from inside the U.S. or 1-201-612-7415 from outside the U.S. and entering confirmation code 13578961.  The telephone replay will be available through 5 p.m. PT, Friday, April 25, 2014.

Varian Medical Systems, Inc., of Palo Alto, California, is the world’s leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes, digital detectors, and image processing software and workstations for X-ray imaging in medical, scientific, and industrial applications and also supplies high-energy X-ray devices for cargo screening and non-destructive testing applications.  Varian Medical Systems employs approximately 6,500 people who are located at manufacturing sites in North America, Europe, and China and approximately 70 sales and support offices around the world. For more information, visit http://www.varian.com or follow us on Twitter.

Forward-Looking Statements
Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning industry outlook, including growth drivers; the company’s future orders, revenues, backlog, or earnings growth; future financial results; market acceptance of or transition to new products or technology such as our Edge™ radiosurgery system, TrueBeam™ and radiographic flat panel detectors, image-guided radiation therapy, stereotactic radiosurgery, filmless X-rays, proton therapy, and security and inspection, and any statements using the terms “could,” “should,” “believe,” “expect,” “continue,” “maintain,” “outlook,” “targets,” or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company’s actual results to differ materially from those anticipated. Such risks and uncertainties include global economic conditions; the impact of  the Affordable Health Care for America Act (including excise taxes on medical devices) and any further healthcare reforms (including changes to Medicare and Medicaid), and/or changes in third-party reimbursement levels; currency exchange rates and tax rates; demand for the company’s products; the company’s ability to develop, commercialize, and deploy new products such as the TrueBeam platform; the company’s ability to meet Food and Drug Administration (FDA) and other regulatory requirements for product clearances or to comply with FDA and other regulatory regulations or procedures; changes in the regulatory environment, including with respect to FDA requirements; challenges associated with the successful commercialization of the company’s particle therapy business; the effect of adverse publicity; the company’s reliance on sole or limited-source suppliers; the impact of reduced or limited demand by purchasers of certain X-ray products, including those located in Japan; the company’s ability to maintain or increase margins; the impact of competitive products and pricing; the potential loss of key distributors or key personnel; challenges to public tender awards and the loss of such awards or other orders; and the other risks listed from time to time in the company’s filings with the Securities and Exchange Commission, which by this reference are incorporated herein. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

A summary of earnings and other financial information follows.

 

 

 

 

 

 

FOR INFORMATION CONTACT:

Elisha Finney (650) 424-6803
[email protected]

Spencer Sias (650) 424-5782
[email protected]

SOURCE Varian Medical Systems

RELATED LINKS
http://www.varian.com

Source Article from http://www.prnewswire.com/news-releases/varian-medical-systems-reports-results-for-second-quarter-of-fiscal-year-2014-256414931.html

Comments (0)

Computer Software

Fusion-io Reports Fiscal Third Quarter 2014 Results

Posted on 23 April 2014



















SALT LAKE CITY, April 23, 2014 /PRNewswire/ — Fusion-io (NYSE: FIO) today announced its financial results for its fiscal third quarter ended March 31, 2014. 

  • Revenue: $100.5 million
  • GAAP Gross Margin of 51.0% and Non-GAAP Gross Margin of 52.4%
  • GAAP Net Loss per Diluted Share: $0.29
  • Non-GAAP Net Loss per Diluted Share: $0.10
  • Cash and Cash Equivalents: $225.1 million

FISCAL THIRD QUARTER 2014 GAAP FINANCIAL RESULTS
Fusion-io reported revenue of $100.5 million for the fiscal third quarter of 2014, compared to $87.7 million for the same quarter of 2013. Net loss for the fiscal third quarter of 2014 was $30.7 million, or a net loss per diluted share of $0.29, compared to a net loss of $20.0 million, or a net loss per diluted share of $0.21, in the fiscal third quarter of 2013. Gross margin for the fiscal third quarter of 2014 was 51.0%. Operating margin for the fiscal third quarter of 2014 was a negative 30.1%.

FISCAL THIRD QUARTER 2014 NON-GAAP FINANCIAL RESULTS  
Non-GAAP net loss for the fiscal third quarter of 2014 was $10.5 million, or a net loss per diluted share of $0.10, compared to non-GAAP net loss of $3.2 million, or a net loss per diluted share of $0.03 in the same quarter of 2013. Non-GAAP gross margin for the fiscal third quarter of 2014 was 52.4%. Non-GAAP operating margin for the fiscal third quarter of 2014 was a negative 16.7%. A complete reconciliation of GAAP to non-GAAP results is set forth in the attachment to this press release.

“We are pleased to deliver 6% sequential revenue growth this quarter while making investments in the team, technology and partnerships that we believe will drive the business forward,” said Shane Robison, Fusion-io chairman and chief executive officer. ”In Q3, we evolved our solutions-based go-to-market strategy through close collaboration with our OEM and ISV partners to offer our customers significant performance gains while lowering their datacenter operating expense.” 

Ted Hull, Fusion-io chief financial officer, added: “We have a healthy balance sheet with $225 million in cash and cash equivalents that gives us strategic flexibility to invest in our market-leading in-server acceleration solutions as well as in the growth of our all-flash and hybrid appliances. Our ability to offer end-to-end flash memory solutions creates value for customers and differentiates us in the industry, while further diversifying our business.”

OTHER FINANCIAL HIGHLIGHTS

  • Cash and cash equivalents totaled $225.1 million at the end of fiscal third quarter 2014, a decrease of $18.8 million from the prior quarter-end.
  • Inventory was $72.7 million at the end of fiscal third quarter 2014, a decrease of $7.7 million from the prior quarter-end.
  • Capital expenditures were $2.9 million in fiscal third quarter 2014 and $8.7 million fiscal year-to-date.
  • Cash used in operations was $18.8 million in fiscal third quarter 2014 and $22.9 million fiscal year-to-date.

RECENT BUSINESS HIGHLIGHTS

  • On April 15, Fusion-io announced collaboration with Microsoft to optimize performance for new in-memory capabilities built into Microsoft SQL Server 2014.  Fusion ioMemory fits natively with SQL Server 2014 to provide a 4x improvement in transactions per second and a significant reduction in data latencies that translates to faster insights at lower costs for Microsoft customers.
  • On April 2, Fusion-io announced collaboration with Oracle on the development of flash-aware interfaces for MySQL, including NVM Compression and Atomic Writes, interfaces which allow MySQL to deliver up to 4x more flash endurance by streamlining commands to help optimize databases for persistent flash memory architectures.
  • On April 2, Fusion-io also announced partnerships with Percona and MariaDB/SkySQL and the availability of NVM Compression, a breakthrough software feature unique to Fusion-io that enables applications like databases to leverage the native capabilities of flash as a memory to reduce the amount of space needed to store data without hindering performance. 
  • In early February, Fusion-io announced the general availability of Fusion ioVDI software for VMware Horizon View hosted virtual desktop environments, as well as comprehensive updates to its suite of virtualization solutions which maximize performance and efficiency from in-server to hybrid flash acceleration. 
  • On February 6, Fusion-io announced that the all-flash ION Accelerator appliance and ioControl Hybrid Storage appliance are being offered as fully integrated solutions from Fusion-io value added resellers (VARs) for accelerating enterprise applications including Oracle, SAP HANA, and Microsoft SQL Server, as well as virtualization workloads.

BUSINESS OUTLOOK 
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements supersede all prior statements regarding fiscal 2014 financial results.

Fourth quarter of fiscal year 2014:

  • Revenue is expected to be in-line to slightly up sequentially.
  • Non-GAAP gross margin is expected to be 52 to 54%.
  • Non-GAAP operating margin of approximately negative 13 to 17%.
  • Diluted shares outstanding are expected to be approximately 108 million shares.

NON-GAAP FINANCIAL MEASURES
Fusion-io uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. Reconciliation between non-GAAP and GAAP measures can be found in the accompanying tables and on the investor relations page of our website at www.fusionio.com. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures differ from GAAP measures with the same captions, may differ from non-GAAP financial measures with the same or similar captions that are used by other companies, and do not reflect a comprehensive system of accounting.

Fusion-io’s management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of Fusion-io’s comparative operating performance and future prospects, and utilizes these measures in its internal financial statements for purposes of its internal budgets and financial goals. Management also believes that the exclusion of the items described below provides an additional measure of the company’s operating results and facilitates comparisons of Fusion-io’s core operating performance against prior periods and business model objectives. Management believes that investors should have access to the same set of tools that management uses to analyze Fusion-io’s results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Fusion-io endeavors to compensate for the limitation of the non-GAAP measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP measures.  

For all periods presented:

  • Non-GAAP gross margin is calculated as non-GAAP gross profit divided by GAAP revenue. Non-GAAP gross profit consists of GAAP gross profit excluding the effects of stock-based compensation expense, amortization of intangible assets, and litigation settlement related expenses.
  • Non-GAAP operating margin is calculated as non-GAAP (loss) income from operations divided by GAAP revenue. Non-GAAP (loss) income from operations consists of GAAP loss from operations excluding the effects of stock-based compensation expense, amortization of intangible assets, acquisition related expenses, and litigation settlement related expenses.
  • Non-GAAP net (loss) income is calculated as GAAP net loss excluding the effects of stock-based compensation expense, amortization of intangible assets, acquisition related expenses, tax provision adjustments related to stock-based awards, and litigation settlement related expenses.
  • Non-GAAP net (loss) income per diluted share is calculated as non-GAAP net (loss) income divided by GAAP weighted-average diluted shares outstanding for the three months ended March 31, 2013 and for the three and nine months ended March 31, 2014 and is calculated as non-GAAP net (loss) income divided by non-GAAP weighted-average diluted shares outstanding for the nine months ended March 31, 2013. Non-GAAP weighted-average diluted shares outstanding is calculated as GAAP weighted-average diluted shares outstanding including the dilutive impact due to stock options, restricted stock awards, and restricted stock units.

The accompanying tables provide more details on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures. With respect to our expectations under “Business Outlook” above, reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. The effects of stock-based compensation expense specific to non-employee common stock options are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant impact on our GAAP financial results.

RECLASSIFICATION 
Certain expense amounts previously reported as cost of revenue, sales and marketing, research and development, and general and administrative expenses have been reclassified within those categories to conform to fiscal year 2014 presentation. The reclassifications did not change amounts previously reported as income (loss) from operations and net income (loss).

TODAY’S CONFERENCE CALL 
Fusion-io will host an investor conference call and live webcast today, Wednesday, April 23, 2014, at 5:00 p.m. EDT to discuss these financial results. To access the conference call, dial 1.888.771.4371 or 1.847.585.4405 for international callers. The access code is 3700 4909.  A listen-only live webcast will be accessible on the investor relations page of our website at www.fusionio.com and will be archived and available on this site for at least three months. A telephone replay of the conference call will be available through Wednesday, April 30, 2014. To access the replay, please dial 1.888.843.7419 or 1.630.652.3042 for international callers. The access code is 3700 4909. This press release and the financial information discussed on today’s conference call are available on the investor relations page of our website at www.fusionio.com.

ABOUT FUSION-IO 
Fusion-io delivers the world’s data faster. Our Fusion ioMemory platform and software defined storage solutions accelerate virtualization, databases, cloud computing, big data and performance applications. From e-commerce retailers to the world’s social media leaders and Fortune Global 500 companies, our customers are improving the performance and efficiency of their data centers with Fusion-io technology to accelerate the critical applications of the information economy.

NOTE ON FORWARD-LOOKING STATEMENTS 
Certain statements in this release may constitute “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 are not limited to, statements concerning financial guidance for our fourth quarter of our fiscal year 2014, our progress on our go-to-market strategy, the effect of our efforts to diversify our customer base, our strategic flexibility, our expectations as to recent management changes, our sales execution efforts, our expectations regarding the market opportunity, expectations concerning our product portfolio and our strategic partnerships, and benefits and value of our products and solutions to our customers and end users. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially from those contained, anticipated, or implied in any forward-looking statement, including, but not limited to, risks associated with changes in the demand for our products, our expectation that large and concentrated purchases by a limited number of customers will continue to represent a substantial majority of our revenue and our ability to sustain or increase our revenue from our large customers or offset the discontinuation of concentrated purchases by our larger customers with purchases by new or existing customers, the risk that expected large transactions anticipated to close in one fiscal quarter may be delayed until a subsequent quarter or indefinitely, the continued adoption by customers of our ioMemory platform products, growing our sales through OEMs, resellers and channel partners and maintaining our relationships with OEMs, resellers and channel partners, including the timely qualification of our products for promotion and sale by our OEMs, long and unpredictable sales cycles, changes in the competitive dynamics of our markets, including the potential for increased pressure on the pricing of our products, reduced gross margins, increased sales and marketing expenses, the potential that we or our customers may not realize the benefits we currently expect from our acquisitions of ID7 and NexGen Storage, our ability to develop or acquire new products to meet customer needs and expectations, including additional software solutions to be integrated with our storage memory products, our acquisition and strategic partner strategy and disruptions in our business, operations and financial results as a result of acquisitions and strategic partner relationships, as well as the risks inherent in the integration and combination of complex products and technologies from acquisitions, undetected errors, defects or security vulnerabilities in our products, worldwide economic conditions and the impact these conditions have on levels of spending on datacenter technology like ours, our ability to recruit and retain new executive officers, and such other risks set forth in the registration statements and reports that Fusion-io files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.fusionio.com. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or will occur. Fusion-io undertakes no obligation to update publicly any forward-looking statement for any reason after the date of this press release.

Logo – http://photos.prnewswire.com/prnh/20130612/SF30606LOGO

Contacts

Fusion-io, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended

Nine Months Ended

March 31,

March 31,

2013

2014

2013

2014

Revenue

$    87,650

$   100,528

$  326,334

$  281,322

Cost of revenue (1), (2), (5)

39,521

49,291

133,734

127,319

Gross profit

48,129

51,237

192,600

154,003

Operating expenses:

Sales and marketing (1), (2)

33,584

39,334

88,837

109,621

Research and development (1), (2)

26,035

30,548

71,767

86,746

General and administrative (1), (3), (5)

16,977

11,617

45,120

36,660

Total operating expenses

76,596

81,499

205,724

233,027

Loss from operations

(28,467)

(30,262)

(13,124)

(79,024)

Other income (expense):

 Interest income

82

23

295

92

 Interest expense

(44)

(45)

(92)

(157)

 Other (expense) income

(40)

(27)

(54)

182

Loss before income taxes

(28,469)

(30,311)

(12,975)

(78,907)

Income tax benefit (expense) (4)

8,422

(343)

(1,407)

(944)

Net loss

$  (20,047)

$    (30,654)

$   (14,382)

$   (79,851)

Net loss per common share:

Basic

$      (0.21)

$        (0.29)

$       (0.15)

$       (0.77)

Diluted

$      (0.21)

$        (0.29)

$       (0.15)

$       (0.77)

Weighted-average number of shares:

Basic

96,805

106,541

95,621

103,736

Diluted

96,805

106,541

95,621

103,736

(1) Includes stock-based compensation expenses, as follows:

Cost of revenue

$         132

$          156

$         269

$         469

Sales and marketing

2,663

3,062

7,370

8,016

Research and development

4,891

4,453

13,979

12,519

General and administrative

5,422

3,758

19,308

12,814

Total stock-based compensation expenses

$    13,108

$     11,429

$    40,926

$    33,818

(2) Includes amortization of intangible assets, as follows:

Cost of revenue

$           75

$       1,306

$           75

$      3,918

Sales and marketing

-

81

-

243

Research and development

656

656

1,968

1,968

Total amortization of intangible assets

$         731

$       2,043

$      2,043

$      6,129

(3) Includes acquisition related expenses

$         559

$             -

$         559

$           36

(4) Includes tax provision adjustments related to stock-based awards

$    (4,377)

$       6,706

$   (10,572)

$    16,368

(5) Includes litigation settlement related expenses, as follows:

Cost of revenue

$      4,052

$             -

$      4,052

$            -

General and administrative

2,805

-

2,805

-

Total litigation settlement related expenses

$      6,857

$             -

$      6,857

$            -

SOURCE Fusion-io

RELATED LINKS
http://www.fusionio.com

Source Article from http://www.prnewswire.com/news-releases/fusion-io-reports-fiscal-third-quarter-2014-results-256415091.html

Comments (0)

Computer Software

LSI Reports First Quarter 2014 Results

Posted on 23 April 2014















SAN JOSE, Calif., April 23, 2014 /PRNewswire/ — LSI Corporation (NASDAQ: LSI) today reported results for its first quarter ended March 30, 2014.

On December 15, 2013, LSI entered into a definitive agreement with Avago Technologies Limited (NASDAQ: AVGO) under which Avago has agreed to acquire LSI for $11.15 per share in an all-cash transaction valued at approximately $6.6 billion. In anticipation of this transaction, which is expected to close in early May, LSI will not issue financial guidance for the upcoming quarter or conduct a first quarter results conference call. LSI has also discontinued its quarterly dividend and stock repurchases.

First Quarter 2014 Financial Highlights

  • First quarter 2014 revenues of $569 million
  • First quarter 2014 GAAP* net income of $0.06 per diluted share
  • First quarter 2014 non-GAAP** net income of $0.17 per diluted share
  • First quarter 2014 operating cash flows of $43 million
  • First quarter 2014 operating expenses of $266 million on a GAAP basis and $223 million on a non-GAAP basis

First quarter 2014 revenues were $569 million, compared to $569 million in the first quarter of 2013 and $605 million in the fourth quarter of 2013.

First quarter 2014 GAAP net income was $33 million or $0.06 per diluted share, compared to first quarter 2013 GAAP net income of $18 million or $0.03 per diluted share. Fourth quarter 2013 GAAP net income was $45 million or $0.08 per diluted share.

First quarter 2014 GAAP net income included a net charge of $66.5 million from special items, consisting primarily of approximately $30 million of amortization of acquisition-related items, $21 million of stock-based compensation expense, and $15.5 million of net restructuring and other items, including merger-related costs.

First quarter 2014 non-GAAP net income was $100 million or $0.17 per diluted share, compared to first quarter 2013 non-GAAP net income of $94 million or $0.17 per diluted share. Fourth quarter 2013 non-GAAP net income was $113 million or $0.20 per diluted share.

Cash and short-term investments totaled approximately $883 million at quarter end. LSI did not repurchase any shares in the first quarter.

Forward-Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the risk that the conditions to the closing of the merger of LSI and a subsidiary of Avago are not satisfied; litigation relating to the merger; uncertainties as to the ability of each of LSI and Avago to consummate the merger; risks that the proposed transaction disrupts the current plans and operations of LSI; the ability of LSI to retain and hire key personnel; competitive responses to the proposed merger; unexpected costs, charges or expenses resulting from the merger; the failure by Avago to obtain the necessary debt financing arrangements set forth in the commitment letters received in connection with the merger; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; legislative, regulatory and economic developments; our ability to achieve anticipated synergies and to develop integrated new products following our acquisition of SandForce; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; and general industry and macro-economic conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company’s most recent report on Form 10-K. LSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About LSI
LSI Corporation (NASDAQ: LSI) designs semiconductors and software that accelerate storage and networking in datacenters, mobile networks and client computing. Our technology is the intelligence critical to enhanced application performance, and is applied in solutions created in collaboration with our partners. More information is available at www.lsi.com.

LSI, the LSI & Design logo and Storage.Networking.Accelerated. are trademarks or registered trademarks of LSI Corporation in the United States and/or other countries.

All other brand or product names may be trademarks or registered trademarks of their respective companies.

 

 

 

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

March 30,

December 31,

March 31,

2014

2013

2013

Revenues

$      569,066

$             605,067

$      568,636

    Cost of revenues

254,618

272,284

256,511

    Amortization of acquisition-related intangibles

20,865

19,746

19,746

    Stock-based compensation expense

2,458

2,203

2,875

       Total cost of revenues

277,941

294,233

279,132

Gross profit 

291,125

310,834

289,504

    Research and development

163,818

162,691

158,896

    Stock-based compensation expense

10,295

9,628

12,409

       Total research and development

174,113

172,319

171,305

    Selling, general and administrative

58,736

62,437

69,350

    Amortization of acquisition-related intangibles

9,200

9,883

9,883

    Stock-based compensation expense

8,232

8,757

10,262

       Total selling, general and administrative

76,168

81,077

89,495

    Restructuring of operations and other items, net

15,473

17,405

20,452

Income from operations

25,371

40,033

8,252

    Interest income and other, net

2,669

2,746

7,880

Income before income taxes 

28,040

42,779

16,132

Benefit from income taxes

(5,193)

(2,264)

(2,300)

Net income

$        33,233

$               45,043

$        18,432

Net income per share:

    Basic 

$            0.06

$                   0.08

$            0.03

    Diluted

$            0.06

$                   0.08

$            0.03

Shares used in computing per share amounts:

    Basic

558,490

547,347

550,227

    Diluted

588,455

570,206

567,092

Reconciliations of certain GAAP measures to non-GAAP measures are included below.

Three Months Ended

March 30,

December 31,

March 31,

Reconciliation of GAAP net income to non-GAAP net income:

2014

2013

2013

GAAP net income

$        33,233

$               45,043

$        18,432

Special items:

a)   Stock-based compensation expense – cost of revenues

2,458

2,203

2,875

b)   Stock-based compensation expense – R&D

10,295

9,628

12,409

c)   Stock-based compensation expense – SG&A

8,232

8,757

10,262

d)   Amortization of acquisition-related intangibles – cost of revenues  

20,865

19,746

19,746

e)   Amortization of acquisition-related intangibles – SG&A

9,200

9,883

9,883

f)   Restructuring of operations and other items, net

15,473

17,405

20,452

     Total special items

66,523

67,622

75,627

Non-GAAP net income 

$        99,756

$             112,665

$        94,059

Non-GAAP income per share: 

    Basic

$            0.18

$                   0.21

$            0.17

    Diluted 

$            0.17

$                   0.20

$            0.17

Shares used in computing non-GAAP per share amounts:

    Basic

558,490

547,347

550,227

    Diluted

588,455

570,206

567,092

Reconciliation of GAAP operating expenses to non-GAAP operating expenses:

Operating expenses- GAAP

$      265,754

$             270,801

$      281,252

Special items:

a)   Stock-based compensation expense – R&D

10,295

9,628

12,409

b)   Stock-based compensation expense – SG&A

8,232

8,757

10,262

c)   Amortization of acquisition-related intangibles – SG&A

9,200

9,883

9,883

d)   Restructuring of operations and other items, net

15,473

17,405

20,452

Operating expenses- Non-GAAP

$      222,554

$             225,128

$      228,246

 

 

Logo – http://photos.prnewswire.com/prnh/20120222/SF57952LOGO

SOURCE LSI Corporation

RELATED LINKS
http://www.lsi.com

Source Article from http://www.prnewswire.com/news-releases/lsi-reports-first-quarter-2014-results-256414021.html

Comments (0)

Computer Software

Datawatch Announces Second Quarter 2014 Financial Results

Posted on 23 April 2014





















CHELMSFORD, Mass., April 23, 2014 /PRNewswire/ — Datawatch Corporation (NASDAQ-CM: DWCH), a leading global provider of visual data discovery solutions, today announced that total revenue for its second fiscal quarter ended March 31, 2014 was $8.00 million, an increase of 17% from revenue of $6.83 million in the second quarter a year ago.  License revenue for the second quarter of fiscal 2014 was $4.38 million, an increase of 2% from the $4.30 million recorded in the comparable quarter a year ago.  Net loss for the second quarter of fiscal 2014 was ($6.74) million, or ($0.70) per diluted share, compared to a net loss of ($626,000), or ($0.10) per diluted share, for the year ago period.  Excluding the effects of the non-cash amortization associated with the purchase of certain intellectual property and other intangible assets, non-cash stock compensation costs, and a one-time non-cash charge related to the payoff of debt, the Company’s non–GAAP net loss for its second fiscal quarter of 2014 was ($2.78) million, or ($0.29) per diluted share, compared to net income of $420,000, or $0.06 per diluted share in the second fiscal quarter of 2013.

On April 10, 2014, Datawatch announced preliminary results for the second quarter of 2014, and these final results are consistent with those preliminary expectations.

“Our performance in the second fiscal quarter this year is unacceptable in light of our potential, and as we stated a few weeks ago, we have re-dedicated ourselves to effective and improved sales execution,” said Michael A. Morrison, president and chief executive officer of Datawatch.  “The efforts we’ve undertaken thus far are already paying off in early results that we expect will enable us to deliver much improved performance in the second half of fiscal 2014.  We remain confident that there is a large market opportunity available to us, that our operating plans and business strategy are sound, and that our technology assets are unrivaled.  Our sales and marketing teams are singularly focused on sound execution and achieving our business goals.”

Second Quarter Business Highlights

  • Datawatch expanded its partner channel in the Big Data ecosystem by entering into new alliance relationships with Cloudera, MongoDB, Teradata, Informatica and Diyotta.
  • Datawatch entered into a global OEM agreement with Thomson Reuters to supply real-time visualization solutions on streaming data in motion from the Accelus Risk Manager comprehensive risk management solution.
  • Datawatch continued to build out its presence in the Asia Pacific market with new customer wins at CSL Limited in Hong Kong, Employment Provident Fund of Malaysia and HSBC in Singapore, and by expanding its go-to-market channel with the addition of new partners Tridant and Mindmap in Australia, Catena Technologies and Fritz and Macziol in Singapore and HK GTA Data Limited in Greater China.
  • The U.S. Naval War College selected the Datawatch visualization solution to support maritime security cooperation and combat readiness through war games analytics.  The College trains its students with extensive war-gaming exercises that involve pre- and post-game planning and analytics utilizing rich visualizations of structured and semi-structured data formats.
  • Datawatch furthered its strong position in the financial services industry with important wins at highly recognized leaders, including Fidelity, Cowen & Company, Royal Bank of Canada, JPMorgan and Bank of America. 

Second Quarter Financial Highlights

  • Cash and short-term investments were $53.92 million at March 31, 2014, up 577% from $7.97 million at December 31, 2013 and up 457% from $9.68 million at March 31, 2013.  In February 2014, Datawatch raised approximately $57.5 million through an underwritten secondary offering of approximately 2 million shares of common stock.  Net proceeds to the Company were approximately $53.6 million, after commissions and other related costs.
  • Gross margin (excluding IP amortization expense) for the second fiscal quarter of 2014 was 88%, compared to 87% for the first fiscal quarter of 2014 and 90% for the second fiscal quarter of 2013.
  • Days sales outstanding were 57 days at March 31, 2014, compared to 57 days at December 31, 2013 and 57 days at March 31, 2013.
  • The percentage of license revenue from partners in the second fiscal quarter of 2014 was 14%, as compared to 10% in the first fiscal quarter of 2014. 
  • There were 5 six-figure deals in the second fiscal quarter of 2014, as compared to 5 six-figure deals in the second fiscal quarter of 2013
  • During the quarter, Datawatch paid off and discharged in full its outstanding indebtedness obligations to both Silicon Valley Bank and Massachusetts Capital Resource Company (“MCRC”), in the aggregate amount of approximately $4.7 million.  The  Company incurred a “one-time”, non-cash charge of approximately $821,000 at the time of payoff  for the unamortized debt discount relating to the warrants previously issued to MCRC under the MCRC Agreement.

Investor Conference Call and Webcast

The senior management of Datawatch will host a conference call and webcast to discuss the second quarter results tomorrow, Thursday, April 24, 2014 at 8:30 am ET.  To access the call, please dial 1-877-407-0782.  Internationally, the call may be accessed by dialing 1-201-689-8567. The conference call will be broadcast live on the Internet at: http://www.investorcalendar.com/IC/CEPage.asp?ID=172343.  It is recommended that listeners register to participate and download any necessary audio software from the website 15 minutes prior to the scheduled call. The webcast will be available as a replay starting one hour after the call is completed at the same location.

ABOUT DATAWATCH CORPORATION

Datawatch Corporation (NASDAQ-CM: DWCH) provides visual data discovery software that optimizes any data – regardless of its variety, volume, or velocity – delivering next generation analytics to reveal valuable insights for improving business. Its unique ability to integrate structured, unstructured, and semi-structured sources like reports, PDF files and EDI streams with real-time streaming data into visually rich analytic applications allows users to dynamically discover key factors that impact any operational aspect of their business. This ability to perform visual discovery against any data sets Datawatch apart in the big data and visualization markets. Organizations of every size, worldwide use Datawatch products, including 99 of the Fortune 100. Datawatch is headquartered in Chelmsford, Massachusetts with offices in New York, London, Munich, Stockholm, Singapore, Sydney and Manila, and with partners and customers in more than 100 countries worldwide. See the Whole Story for yourself by downloading the free trial at www.datawatch.com/trial.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements, including but not limited to those relating to results of operations, contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: risks associated with the continuing weak global economy; risks associated with fluctuations in quarterly operating results due, among other factors, to the size and timing of large customer orders; risks associated with acquisitions, including the acquisition of intellectual property from Math Strategies and the acquisition of Panopticon; the volatility of Datawatch’s stock price; limitations on the effectiveness of internal controls; rapid technological change; Datawatch’s dependence on the introduction of new products and possible delays in those introductions; competition in the software industry generally, and in the markets for next generation analytics in particular; Datawatch’s dependence on its principal products, proprietary software technology and software licensed from third parties; risks associated with international sales and operations; risks associated with indirect distribution channels and co-marketing arrangements, many of which were only recently established; the adequacy of Datawatch’s sales returns reserve; risks associated with a subscription sales model; Datawatch’s dependence on its ability to hire and retain skilled personnel; disruption or failure of Datawatch’s technology systems that may result from a natural disaster, cyber-attack or other catastrophic event; and uncertainty and additional costs that may result from evolving regulation of corporate governance and public disclosure. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013 and quarterly report on Form-10Q for the quarter ended December 31, 2013. Any forward-looking statements should be considered in light of those factors.

Investor Contact:
Datawatch Investor Relations 
[email protected] 
Phone: (978) 441-2200 ext. 8323

Media Contact:
Sarah Bernardi
Datawatch Corporation
[email protected] 
Phone: (978) 441-2200 ext. 8387
Twitter: @datawatch

 

© 2014 Datawatch Corporation. Datawatch and the Datawatch logo are trademarks or registered trademarks of Datawatch Corporation in the United States and/or other countries. All other names are trademarks or registered trademarks of their respective companies.

 

DATAWATCH CORPORATION

Condensed Consolidated Statements of Operations

Amounts in Thousands (except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

 March 31,

 March 31,

2014

2013

2014

2013

 REVENUE:

 Software licenses 

$         4,375

$         4,297

$         9,807

$         8,627

 Maintenance

3,127

2,300

6,121

4,633

 Professional services

498

234

881

392

           Total revenue

8,000

6,831

16,809

13,652

 COSTS AND EXPENSES:

 Cost of software licenses 

1,024

531

2,014

1,052

 Cost of maintenance and services

634

565

1,483

1,095

 Sales and marketing

7,573

4,218

14,957

7,994

 Engineering and product development

2,513

749

4,888

1,602

 General and administrative

2,147

1,246

4,816

2,437

           Total costs and expenses

13,891

7,309

28,158

14,180

 (LOSS) INCOME FROM OPERATIONS

(5,891)

(478)

(11,349)

(528)

 Other expense

(1,169)

(154)

(1,326)

(317)

 (LOSS) INCOME BEFORE INCOME TAXES

(7,060)

(632)

(12,675)

(845)

 Income tax (benefit) provision

(323)

(6)

(323)

3

 NET (LOSS) INCOME

$        (6,737)

$           (626)

$      (12,352)

$           (848)

 Net (loss) income per share – Basic

$          (0.70)

$          (0.10)

$          (1.37)

$          (0.13)

 Net (loss) income per share – Diluted

$          (0.70)

$          (0.10)

$          (1.37)

$          (0.13)

 Weighted Average Shares Outstanding – Basic

9,565

6,428

9,041

6,403

 Weighted Average Shares Outstanding – Diluted

9,565

6,428

9,041

6,403

 Non-GAAP Disclosure – Reconciliation of Net (Loss) Income to Net Income Excluding
the Effects of Certain Items:

 GAAP Net (Loss) Income

$        (6,737)

$          (626)

$      (12,352)

$           (848)

    Add-back Amortization of Intangibles & IP 

870

431

1,740

862

    Add-back Share-Based Compensation

2,100

585

4,818

1,162

    Add-back Severance & unamortized debt discount

983

30

1,003

78

 Subtotal of additions

3,953

1,046

7,561

2,102

 Net income (non-GAAP)

$        (2,784)

$            420

$        (4,791)

$         1,254

 Net income per share – Basic

$          (0.29)

$           0.07

$          (0.53)

$           0.20

 Net income per share – Diluted

$          (0.29)

$           0.06

$          (0.53)

$           0.18

 Weighted Average Shares Outstanding – Basic

9,565

6,428

9,041

6,403

Weighted Average Shares Outstanding – Diluted

9,565

6,841

9,041

6,869

 

 

Logo- http://photos.prnewswire.com/prnh/20121015/NE92833LOGO

SOURCE Datawatch Corporation

RELATED LINKS
http://www.datawatch.com

Source Article from http://www.prnewswire.com/news-releases/datawatch-announces-second-quarter-2014-financial-results-256414161.html

Comments (0)

SEE MORE ARTICLES IN THE ARCHIVE

Advertise Here
Advertise Here