2007'12.05.Wed
Professor Lawrence J. Lau Joins Achievo's Board of Directors
November 15, 2007
Renowned Economist Advises Businesses, Governments and
Educational Institutions Throughout Asia and the U.S.
SAN RAMON, Calif., Nov. 15 /Xinhua-PRNewswire/ --
Achievo(R) Corporation, the leading global software and
information technology outsourcing provider with a local
front-end and China back-end service model, today announced
that Professor Lawrence (Larry) J. Lau has joined the
company's board of directors. Professor Lau is president
and vice-chancellor of The Chinese University of Hong Kong
and Kwoh-Ting Li professor emeritus in economic development
at Stanford University in Palo Alto, California.
(Logo: http://www.xprn.com.cn/xprn/sa/200611291032.jpg
)
Professor Lau is an expert on economic dynamics, and
specializes in the economic development, growth and
economies of East Asia. In 1966, he developed one of the
first econometric models of China, which is revised and
updated regularly to reflect current trends.
Professor Lau also serves as vice president of the
China Science Center of the International Eurasian Academy
of Sciences and vice chairman of the China Society for
Finance and Banking. He is an international adviser to the
National Bureau of Statistics in mainland China, and a board
director of the Chiang Ching-Kuo Foundation for
International Scholarly Exchange in Taiwan. He is
concurrently Ralph and Claire Landau professor of economics
at The Chinese University of Hong Kong.
"We are fortunate to have an individual of Larry's
expertise, intellect and international reputation join our
board," said Dr. Robert P. Lee, Achievo's chairman and
CEO. "Competitive companies representing almost every
industry are outsourcing a percentage of their software and
IT projects as part of their business strategy. The timely
availability of quality software solutions, increasingly
leveraged by the cost advantages of software outsourcing,
has become a factor not just for the success of these
companies, but as a driver for the macro economic
development of countries.
"Larry's long-term analysis on how economics
affect and impact growth and performance will be
instrumental in helping us grow our business. With an
extensive and diversified background in advising private
and public companies, local and state governments, and
higher education institutions, Larry will assist us to
achieve our goal of becoming one of the largest and best
software and IT outsourcing companies in the world."
Born in mainland China, Professor Lau has a bachelor's
degree in physics and economics from Stanford University,
and master's and doctorate degrees in economics from the
University of California at Berkeley. Last year, Professor
Lau was named Kwoh-Ting Li professor emeritus in economic
development at Stanford after being appointed the first
Kwoh-Ting Li professor in 1992.
Professor Lau has a 40-plus year affiliation with
Stanford that began in 1964 when he graduated from the
university. Two years later he became a faculty member in
the university's economics department. He later served as
co-director of the Asia-Pacific Research Center and as
director of the Stanford Institute for Economic Policy
Research.
He was awarded an honorary doctorate in social sciences
by the Hong Kong University of Science and Technology in
1999. This year he received honorary doctorates from Soka
University and Waseda University. Both universities are
located in Tokyo, Japan.
"This is an exceptional opportunity for me to
utilize my knowledge and associations to help Achievo meet
its goals and objectives," said Professor Lau.
"I shall try to connect Achievo to the best schools
and introduce Achievo to partners that will help it to
expand its business."
In addition to extensive professional affiliations and
fellowships, Professor Lau provides academic and
professional consultation to a wide variety of institutions
and serves on numerous corporate boards.
Professor Lau is a board director of the Hong Kong
Science and Technology Parks Corporation, the city's
technology hub that includes international and local
companies in the areas of electronics, biotechnology,
engineering, IT and telecommunications; CNOOC Limited,
China's largest producer of offshore crude oil and natural
gas and one of the largest independent oil and gas
exploration and production companies in the world; Far
EasTone Telecommunications, a leading wireless service
provider in Taiwan; and Shin Kong Financial Holdings
Corporation, a publicly-held company on the Taiwan Stock
Exchange that provides insurance, banking, securities,
asset management and insurance brokerage services.
In addition, Professor Lau is an honorary professor at
many universities and institutions in China including the
Institute of Systems Science at the Chinese Academy of
Sciences; Jilin University; Nanjing University; Renmin
University of China; Shantou University; Southeast
University, and the School of Economics and Management at
Tsinghua University.
He also serves the Hong Kong community as a member of
the Hong Kong Special Administrative Region government's
commission on strategic development; the advisory committee
on corruption of the Independent Commission Against
Corruption; the steering committee on innovation and
technology; and the Exchange Fund advisory committee.
Professor Lau joins fellow Achievo directors Robert P.
Lee Ph.D., Sandy Wai-Yan Chau (co-founder of Achievo
Corporation), Julio Leung (chief financial officer of
Achievo Corporation) and Herbert Chang (chairman and
co-founder of BCD Semiconductor Manufacturing Ltd.).
About Achievo
Achievo is a global offshore software and information
technology outsourcing provider with a local front-end and
China back-end service model. With expertise in diverse
technologies including Java/J2EE, .NET and embedded
platforms, the CMM- and ISO- certified company offers
improved efficiencies, scale, diversification, and a
combined talent pool to deliver cost-effective,
quality-centric, and scalable IT outsourcing services to
customers and partners worldwide. Customers include
Accela, Audi, BMO Bank of Montreal, CA, China Mobile,
Chrysler, Daimler, Hitachi, Honda, Mitsubishi, Nomura,
Siemens, Toyota and Vidient. Headquartered in the Silicon
Valley, Achievo has offices in the United States, Canada,
Germany, China and Japan. For information on the company
and its services, visit http://www.achievo.com .
(C) 2007 Achievo Corporation. All rights reserved.
Achievo is a registered trademark of Achievo Corporation in
the United States and in other countries. All other
trademarks are the property of their respective owners.
For more information, please contact:
Jayme Curtis, Public Relations,
Achievo Corporation
Tel: +1-408-892-8661
Email: jayme.curtis@achievo.com
PR
2007'12.05.Wed
Virtela Achieves Major Milestones In Asia Pacific Region
November 15, 2007
Global Channel Success Contributes to Surpassing Financial
and Business Goals for 2007
DENVER, Nov. 15 /Xinhua-PRNewswire/ -- Virtela, the
global network solutions company, today announced the
company has achieved quadruple revenue growth in the Asia
Pacific region, which has contributed to achieving several
significant company milestones ahead of business plan.
Virtela's channel sales organization added a number of
strategic new partners since the beginning of the year,
helping to triple monthly recurring revenues from new
orders in Asia as well as double them in Europe --
altogether fueling a 23% increase in overall channel
revenues.
"With Virtela's ability to offer secure, turn-key
global managed solutions for system integrators and service
providers with zero capex investment, we added four new
strategic channel partners in Asia alone," said Ronald
Brouwers, Virtela's vice president for Asia Pacific, based
in the company's regional headquarters in Singapore.
"As Asian enterprises rapidly expand their global
requirements, we've seen the north Asian market enjoying
the highest growth. We serve some of the region's largest
multinationals through our channel partners, and we expect
to see continued strong growth building on those strong
relationships."
Virtela's channel sales momentum helped contribute to
the privately-held company's record results since the
beginning of the calendar year, most notably becoming cash
flow positive from recurring operations for the last three
quarters. This major financial milestone is in addition to
reaching five consecutive quarters of profitability.
"We've had unprecedented success this year in
attracting large carriers and systems integrators wanting
to easily and quickly fill gaps in their geographical reach
and service portfolios," added John Powell, vice
president of global channels. "As a result, we're well
on our way to achieving yet another record-setting year for
new business orders."
Virtela's partner program enables systems integrators,
communications carriers and other service providers to
leverage Virtela as their global delivery arm for
integrated business solutions comprised of network,
security and IT infrastructure services. Partners can
instantly gain a competitive edge by extending their reach
and service portfolio without any capital investments.
Partners have access to the full suite of Virtela
services and capabilities on a global basis via a single
point of contact, including:
-- Custom MPLS, IP and DSL VPN Solutions
-- Managed WAN Acceleration
-- SaaS Application Delivery
-- Managed Security Solutions, such as SSL, Firewall,
and Intrusion
Prevention
-- Pandemic Capacity Planning
-- Network Optimization for Mergers, Acquisitions and
Divestitures
(NOMAD)
Virtela aggregates and integrates the best local,
regional and global networks around the world to offer
unparalleled geographic reach. By adding a unique layer of
intelligence that performs optimal routing and automatic
fail-over between networks, Virtela's multi-carrier Global
Service Fabric infrastructure gives enterprises an
inherently higher performing, more reliable and cost
effective alternative than single carrier networks. Virtela
is the single point of contact for expert design,
implementation, 24x7 monitoring and management of customer
networks.
Virtela's solutions are available in more than 190
countries and are being used by enterprises across a wide
variety of industries -- from consumer products and
manufacturing firms to high-tech firms and not-for-profit
organizations.
About Virtela
Virtela Communications Inc. delivers award-winning
network and security solutions to many of the world's
largest and fastest-growing multinational companies.
Currently serving customers across six continents,
Virtela's network reach spans more than 190 countries.
Virtela's unique Global Service Fabric(SM) offers the
foundation for delivering critical applications via the
company's acclaimed service methodology, with a services
suite that includes MPLS- and IP-based virtual private
networks (VPNs), security services, remote monitoring and
management of WAN/LAN infrastructure, and converged
services (data, video, voice).
Virtela is headquartered in Denver, Colorado, with a
second Network Operations Center in Mumbai, India. Virtela
is a member of Juniper Networks (Nasdaq: JNPR) Managed
Network Solutions Preferred Alliance Program. For more
information, please call +1 (720) 475-4000 or visit
http://www.virtela.net .
For more information, please contact:
Jane Morrissey
Virtela Communications
Tel: +1-720-475-4012
Email: jmorrissey@virtela.net
2007'12.05.Wed
Spirit AeroSystems and Progresstech Enter Into Joint Venture
November 15, 2007
WICHITA, Kan., Nov. 15 /Xinhua-PRNewswire/ -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) and Progresstech LTD
of Moscow, Russia, today announced they have signed an
agreement to enter a joint venture. The new company will be
known as Spirit-Progresstech LLC. Initial work to be
performed is engineering consulting services. The
Spirit-Progresstech LLC Branch Office will be located in
Moscow.
"Our partnership is mutually beneficial to both
companies, in growing our business and supporting our
customers around the world," said Spirit President and
CEO Jeff Turner. "For Spirit, it will bring access to
engineering talent and developing technologies."
"We are excited about the prospects that this
venture opens up for our company," said Progresstech
Chairman of the Board Vladimir Kulchitsky. "Spirit
AeroSystems has worked with Progresstech for several years
and this joint venture is a continuation of that teamwork
and success. We will be able to expand global presence and
realize new opportunities."
Spirit AeroSystems is the world's largest independent
supplier of structures for commercial aircraft. Spirit
designs and builds commercial aircraft components and
assemblies, and designs and builds aircraft production
tooling. In addition, the company does work in military and
general aviation.
Progresstech Group of Companies was founded on Jan. 3,
1991, and has grown from a small firm specializing in
engineering services, research studies, and airfield
construction into an up-to-date multi-profile company. JV
partner Progresstech LTD, a member of Progresstech Group of
Companies, is one of the largest engineering services
suppliers in Eastern Europe.
On the Net: http://www.spiritaero.com
http://www.progresstech.ru/about_company.html
For more information, please contact:
Debbie Gann
Spirit AeroSystems
Tel: +1-316-519-7340
Ekaterina N. Vasilieva
Progresstech
Tel: +1-495-632-2685
Mobile: +7-917 550-3483
2007'12.05.Wed
Telegent Wins GSM Association's Asia Mobile Innovation Award
November 15, 2007
Award Validates Free-to-Air Mobile TV as High Growth Market
Segment
SUNNYVALE, Calif., Nov. 15 /Xinhua-PRNewswire/ --
Telegent Systems, the company that makes television
mobile with its high-performance single-chip mobile TV
solutions, announced that it has won GSMA's Asia Mobile
Innovation Award in the category of "Most Innovative
Wireless Device-centric Technology." Telegent was
among a group of finalists presenting in an open session at
the Mobile Innovation Summit held this week in Macau to an
international panel of judges consisting of senior
executives from several leading mobile operators. Telegent
was announced the category winner last night at the event's
Gala Party.
"By delivering single-chip mobile TV receivers
supporting free-to-air and paid mobile TV standards,
Telegent has created a new market segment around
free-to-air mobile TV that is accelerating consumer
adoption," said Weijie Yun, president & CEO of
Telegent Systems. "We are delighted that the mobile
industry has recognized the market impact of our technology
and its value to consumers, operators and handset
OEMs."
Telegent has experienced rapid adoption of its
technology, with more than 40 handset models currently
available throughout Asia, Europe, the Middle East and
Africa. For consumers, free-to-air mobile TV provides
mobile access to the television content that they already
know and enjoy on their television sets at home. For
operators, free-to-air mobile TV can be readily integrated
into existing mobile TV strategies with zero investment,
while delivering access to television content that is
already available. For handset OEMs, Telegent's solution
is easy to design in, manufacture and leverages an existing
ecosystem of spectrum, standards, infrastructure and
content.
The Asia Mobile Innovation Awards were created by the
GSMA, the global trade association of mobile operators, as
part of its Mobile Innovation Programme to help companies
with breakthrough technology to reach mobile operators and
bring their innovative products and services to end-users.
About Telegent Systems, Inc.
Telegent Systems is a leading fabless CMOS
semiconductor company providing high performance,
single-chip solutions enabling free-to-air and pay-per-view
mobile TV in mobile handsets, portable devices, and consumer
electronics. Telegent's solutions make television mobile,
delivering both analog and digital broadcast reception with
unparalleled sensitivity and picture quality in mobile
environments, ultra-low power consumption and a small
footprint simplifying mobile device design and manufacture.
Telegent Systems is headquartered in Sunnyvale, California,
with a subsidiary in China. For more information, visit
http://www.telegent.com.
Telegent Systems and the Telegent Systems logo are
trademarks of Telegent Systems. Other company names and
trademarks are trademarks of their respective companies.
For more information, please contact:
Roberta Silverstein
MediaBridge PR
Tel: +1-408-416-6501
Email: rsilverstein@mbipr.com
2007'12.05.Wed
KONE to Supply Elevators for the Commercial Development Area at Jupiter Mills in Mumbai
November 15, 2007
CHENNAI, India, Nov. 14 /Xinhua-PRNewswire/ --
KONE has received a major order from Indiabulls
Properties Pvt Ltd for the design, supply and installation
of 40 elevators for the Jupiter Mills high-end commercial
development area in South Mumbai in India. The project
involves the construction of two signature buildings, which
are designed by the renowned architect Hafeez Contractor.
"This order is an important indication of KONE's
strong presence in the high-end segment in India. We are
delighted to continue participation in the re-development
of Mumbai as a modern city," says Pekka Kemppainen,
KONE EVP and Area Director for the Asia-Pacific region.
The Jupiter Mills development is the first of its kind
in Mumbai's emerging central business district and thus
represents the start of a new phase of development in
Mumbai City. The project comprises two towers of 92 meters
and one of 84 meters. The development will include a large
central landscaped plaza, fine dining restaurants,
recreation areas and world-class office premises.
10 of the installed elevators will be customized glass
elevators. The installation of the equipment is expected to
begin in December 2007 and to be completed in June 2008.
KONE has been present in India since the early 1980s,
and today it is one of the leading suppliers of elevators
and escalators in the country. Earlier this year, KONE was
chosen to supply all elevators for the second phase of the
construction process of the Delhi Metro in India.
Indiabulls Properties is a Mumbai-based real estate
company focusing on high-end commercial spaces, premium
residential developments, malls and special economic
zones.
About KONE
KONE is one of the world's leading elevator and
escalator companies. It provides its customers with
industry-leading elevators and escalators, with innovative
solutions for their maintenance and modernization. KONE
also provides maintenance of automatic building doors. In
2006, KONE had annual net sales of EUR 3.6 billion and
approximately 29,000 employees. Its class B shares are
listed on the OMX Nordic Exchange in Helsinki, Finland.
http://www.kone.com
For more information, please contact:
KONE
Minna Mars, SVP
Corporate Communications & IR
Tel: +358(0)50-384-9440 or +358(0)204-75-4501
2007'12.05.Wed
Canadian Solar Reports Third Quarter 2007 Results
November 14, 2007
-- Q3 net revenues of $97.4 million, a 61% increase
over Q2 net
revenues of $60.4 million
-- Q3 earnings per diluted share of $0.02 compared to
Q2 loss per
diluted share of $0.11
-- Full year 2007 net revenue guidance increased to
$285-$295 million
from previous guidance of $255-$265 million
-- Full year 2008 net revenue expected to be $650-$750
million and
shipments expected to be 200-220MW
JIANGSU, China, Nov. 14 /Xinhua-PRNewswire/ -- Canadian
Solar Inc. ("the Company," "CSI," or
"we") (Nasdaq: CSIQ) today reported its
preliminary unaudited US GAAP financial information for the
third quarter of 2007 ended September 30, 2007.
Net revenues for the quarter were $97.4 million,
including $3.8 million of silicon material sales, compared
to net revenues of $17.8 million for the third quarter of
2006 and $60.4 million for the second quarter of 2007. Net
revenues for the second quarter of 2007 included $2.7
million of silicon material sales. Net income for the
quarter was $0.5 million, or $0.02 per diluted share,
compared to net income of $0.24 million, or $0.01 per
diluted share, for the third quarter of 2006 and net loss
of $2.9 million, or $0.11 per diluted share, for the second
quarter of 2007. Excluding share-based compensation
expenses of $2.4 million, non-GAAP net income for the
quarter would have been $3.0 million, or $0.11 per diluted
share.
Dr. Shawn Qu, Chairman and CEO of CSI, commented:
"Q3 was another strong quarter for us as we achieved
revenues above our guidance for the second quarter in a
row. Our return to profitability was achieved through
continued sales momentum, improved production yields,
better inventory controls, improved cash management and
stable pricing. As a result, we were able to increase our
product shipments and improve our profit margins as
forecast despite modest price increases in materials from
some suppliers. Our second 25MW solar cell manufacturing
line is now operating at full production capacity. In
addition, we have completed the installation of our third
and fourth lines, and expect to bring our total internal
solar cell manufacturing capacity to 100MW starting next
month. During the quarter, we also added new members to
our Board of Directors and expanded our executive
management team to help manage the next phase of our
growth. Our strengthened supply situation and execution
have led to increased confidence in our forecasts for
revenue growth and margin improvement in Q4 and
2008."
Bing Zhu, CFO of CSI, noted: "As expected, our
gross margins improved in Q3 due to the combination of
continued sales growth and effective cost controls, as well
as our increased in-house solar cell manufacturing
capability. Our current progress in Q4 gives us confidence
that we will be able to continue our pace of growth and
profitability improvement in 2008."
Revenue by Geography (US $ thousands)
Q307 Q207
Q306
Region Revenue % Revenue %
Revenue %
Asia 4,097 4.20% 2,959 4.90%
569 3.20%
Europe 93,036 95.48% 57,282 94.82%
16,613 93.33%
Americas -- -- 142 0.23%
575 3.23%
Other 304 0.32% 30 0.05%
43 0.24%
Total Net Revenue 97,437 100.00% 60,413 100.00%
17,800 100.00%
Note: Asian revenue included $3.8 million of silicon
materials sales in
the third quarter of 2007 and $2.7 million of silicon
materials sales in
the second quarter of 2007.
Recent Developments
The construction of our new Changshu solar module plant
is currently on schedule. We expect the new plant, which
will have 24,000 square meters of production and training
space, to open in January 2008, bringing our total annual
solar module production capacity to 400MW.
We have commenced work on two new projects:
-- Expansion of our solar cell manufacturing capacity
from 100MW to 250 MW.
We expect to complete this project by the summer of
2008; and
-- Construction of a solar ingot and wafer plant in the
City of Luoyang,
China. We expect to complete Phase One of this
project by the summer
of 2008, which will give us an annual solar wafer
capacity of 40-60MW.
Outlook
Dr. Qu continued: "We recently announced sales
contracts in Spain, the U.S. and Germany, all of which are
important solar industry growth markets. Customer demand
remains strong and our operational structure is now much
leaner. We are positioned for further growth as we
demonstrate the successful leveraging of our operating
model."
Based on current market conditions, our order backlog
and our production capacity, we are increasing our prior
guidance of net revenues for the full year 2007 to
$285-$295 million from the previous guidance of $255-$265
million. The total annual shipments are expected to be
about 80MW, including some OEM tolling business.
Net revenue for the fourth quarter of 2007 is expected
to be $110-$120 million, with non-GAAP operating income,
determined by excluding share based compensation expenses
expected to be in the range from $8.0-$8.5 million.
Shipments for the fourth quarter of 2007 are expected to be
approximately 35 MW.
Based on current customer orders and market forecasts,
we expect net revenue for 2008 to be $650-$750 million.
The Company intends to continue its long-term supply chain
strategy, which combines internal solar wafer and cell
production and direct purchasing from a selected number of
long-term strategic wafer and cell suppliers. The Company
believes that it has contractually secured 90% of its
silicon or cell requirements to support module production
of 200-220MW in 2008. The Company continues to evaluate
new technologies, including the use of metallurgical
silicon (UMG) products, which, if successful, would have
the potential to increase total shipments by 30-40MW in
2008.
Investor Conference Call / Webcast Details
A conference call has been scheduled for 10:00 p.m. on
Wednesday, November 14, 2007 (in Jiangsu). This will be
9:00 a.m. on Wednesday, November 14, 2007 in New York.
During the call, time will be set aside for analysts and
interested investors to ask questions of senior executive
officers of the Company.
The call may be accessed by dialing: +1-800-435-1398
(domestic) or +1-617-614-4078 (international). The
passcode to access the call is: 74227024. A replay of the
call will be available starting one hour after the call and
continuing until 12:00 a.m. on Thursday, November 22, 2007
(in Jiangsu) or 11:00a.m. on Wednesday, November 21, 2007
(in New York) at http://www.csisolar.com and by telephone
at +1-888-286-8010 (domestic) or +1-617-801-6888
(international). The passcode to access the replay is:
90058052.
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a
vertically integrated manufacturer of solar cell, solar
module and custom-designed solar application products
serving customers worldwide. CSI is incorporated in Canada
and conducts all of its manufacturing operations in China.
Backed by years of experience and knowledge in the solar
power market and the silicon industry, CSI has become a
major global provider of solar power products for a wide
range of applications. For more information, please visit
http://www.csisolar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release including
statements regarding expected future financial and industry
growth are forward-looking statements that involve a number
of risks and uncertainties that could cause actual results
to differ materially. These statements are made under the
"Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by such terms
as "believes," "expects,"
"anticipates," "intends,"
"estimates," the negative of these terms, or
other comparable terminology. Factors that could cause
actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power;
future shortage or availability of the supply of
high-purity silicon; demand for end-use products by
consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers,
including customers of our silicon materials sales; changes
in demand from major markets such as Germany; changes in
customer order patterns; changes in product mix; capacity
utilization; level of competition; pricing pressure and
declines in average selling price; delays in new product
introduction; continued success in technological
innovations and delivery of products with the features
customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20-F originally filed on May 29, 2007. Although the
Company believes that the expectations reflected in the
forward looking statements are reasonable, it cannot
guarantee future results, level of activity, performance,
or achievements. You should not place undue reliance on
these forward-looking statements. All information provided
in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to
update such information, except as required under
applicable law.
Canadian Solar Inc.
Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, except share
and per share data and unless otherwise stated)
9
Months 9 Months
Q3 2007 Q3 2006
2007 2006
Net revenues:
Net revenues - product 97,437 17,799
175,339 43,773
Net revenues - others --
-- 68
Total net revenues 97,437 17,799
175,339 43,841
Cost of revenues:
Cost of revenues - product 91,088 12,977
166,172 31,533
Cost of revenues - others --
-- 68
Total cost of sales 91,088 12,977
166,172 31,601
Gross profit 6,349 4,822
9,167 12,240
Operating expenses:
Selling expenses 2,214 1,147
4,560 1676
General and administrative
expenses 4,527 2,733
11,378 4,483
Research and development
expenses 287 70
677 115
Total operating expenses 7,028 3,950
16,615 6,274
Income/(loss) from
operations (679) 872
(7,448) 5,966
Other income (expenses):
Interest expenses (601) (346)
(943) (1,980)
Interest income 70 38
396 91
Loss on change in fair value
of derivatives -- --
-- (6,997)
Loss on change in fair value
of instruments related
to convertible notes -- --
-- (1,190)
Others - net 1,716 (12)
1,716 (13)
Income (loss) before taxes 506 552
(6,279) (4,123)
Income taxes 16 (313)
77 (202)
Net income (loss) 522 239
(6,202) (4,325)
Basic gain (loss) per share 0.02 0.01
(0.23) (0.25)
Basic weighted average
outstanding shares 27,290,298 20,970,000
27,279,021 17,275,330
Diluted gain (loss) per
share 0.02 0.01
(0.23) (0.25)
Diluted weighted average
outstanding shares 27,416,859 20,998,334
27,279,021 17,275,330
Canadian Solar Inc.
Reconciliation of US GAAP Gross Profit, Operating
Income (Loss) and Net
Income (Loss) to
Non-US GAAP Gross Profit, Operating Income (Loss) and
Net Income (Loss)
(Unaudited)
Use of Non-GAAP Financial Information
To supplement its condensed consolidated financial
statements presented in accordance with GAAP, CSI uses the
following measures as defined as non-GAAP financial
measures by the SEC: adjusted gross profit, adjusted
operating income (loss) and adjusted net income (loss),
each excluding share-based compensation and other one-time
non-cash charges, expenses or gains, which we refer to as
special items. CSI believes that non-GAAP adjusted gross
profit, adjusted operating income (loss) and adjusted net
income (loss) measures indicate the company's baseline
performance before subtracting those charges. In addition,
these non-GAAP measures are among the primary indicators
used by the management as a basis for its planning and
forecasting of future periods. The presentation of these
non-GAAP measures is not intended to be considered in
isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP.
Q3 2007
Q3 2006
Gross Operating Net Gross
Operating Net
Profit Income Income Profit
Income Income
(Loss) (Loss)
(Loss) (Loss)
US GAAP Profit
(Loss) 6,349 (679) 522 4,822
872 239
Share-based
compensation 36 2,428 2,428 73
2,904 2,904
Total Special Items 36 2,428 2,428 73
2,904 2,904
Non-US GAAP Profit
(Loss) 6,385 1,749 2,950 4,895
3,776 3,143
Non-US GAAP Gain
(Loss) per
Diluted Share 0.11
0.15
Adjusted Gross
Margin 6.55%
27.50%
Adjusted Operating
Margin 1.80%
21.21%
9 Months 2007 9
Months 2006
Gross Operating Net Gross
Operating Net
Profit Income Income Profit
Income Income
(Loss) (Loss)
(Loss) (Loss)
US GAAP Profit
(Loss) 9,167 (7,448) (6,202) 12,240
5,966 (4,325)
Convertible Note
charge
8,893
Share-based
compensation 162 7,018 7,018 97
3,494 3,494
Total Special Items 162 7,018 7,018 97
3,494 12,387
Non-US GAAP Profit
(Loss) 9,329 (430) 816 12,337
9,460 8,062
Non-US GAAP Gain
(Loss) per
Diluted Share 0.03
0.47
Adjusted Gross
Margin 5.32%
28.14%
Adjusted Operating
Margin (0.25)%
21.58%
Non-US GAAP adjusted condensed consolidated statements
of operations are intended to present the Company's
operating results, excluding special items.
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance
Sheets
(In Thousands of U.S. Dollars)
September 30 December 31
2007 2006
ASSETS
Current assets:
Cash and cash equivalents
27,402 40,911
Restricted cash
3,357 825
Accounts receivable, net
49,061 17,344
Inventories
65,918 39,700
Value added tax recoverable
7,926 2,281
Advances to suppliers
18,731 13,484
Prepaid and other current assets
2,473 2,398
Total current assets
174,868 116,943
Property, plant and equipment, net
31,688 7,910
Intangible assets
91 39
Prepaid lease payments
1,178 1,103
Deferred tax assets - non current
3,837 3,639
TOTAL ASSETS
211,662 129,634
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Short term borrowings
51,651 3,311
Accounts payable
14,919 6,874
Other payables
5,189 993
Advances from suppliers and customers
9,496 3,225
Income tax payable
509 112
Amounts due to related parties
202 149
Other current liabilities
1,330 1,191
Total current liabilities
83,296 15,855
Accrued warranty costs
2,552 875
Long term debt
10,003
TOTAL LIABILITIES
95,851 16,730
Stockholders' equity
Common shares
97,354 97,302
Additional paid in capital
24,352 17,334
Accumulated deficit
(9,597) (2,783)
Accumulated other comprehensive income
3,702 1,051
TOTAL STOCKHOLDERS' EQUITY
115,811 112,904
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
211,662 129,634
For more information, please contact:
In Jiangsu, P.R. China
Bing Zhu, Chief Financial Officer
Canadian Solar Inc.
Tel: +86-512-6269-6755
Email: ir@csisolar.com
In the U.S.
David Pasquale
The Ruth Group
Tel: +1-646-536-7006
Email: dpasquale@theruthgroup.com
2007'12.05.Wed
SearchBoth.com Enables Users to Search Both Google and Yahoo or Your Choice of Any Two Search Engines, and Any Two Travel Sites at the Same Time by Placing Both Sites on a Split Screen. Users Can Do a Search and See the Results of Both Sites, Side by Side
November 14, 2007
LOS ANGELES, Nov. 14 /Xinhua-PRNewswire/ --
SearchBoth.com today announced the launch of several new
services. The site no longer searches just Google and Yahoo
side by side on one split screen. It has added 9 other
search engines including Ask.com and the ability to search
any two travel sites as well starting off with the top 12
travel sites including Expedia.com and Travelocity.com.
Also, AT&T's YellowPages.com and Verizon's
SuperPages.com can viewed as well.
SearchBoth.com places websites side by side on one
split screen in order to make comparing the results of any
two websites simple and easy. The site started out with
just Google and Yahoo but now offers Ask.com, MSN, DogPile,
MetaCrawler, Alta Vista, LookSmart and WebSearch as well.
Users can select any two search engines and view them side
by side on one split screen.
SearchBoth.com has also included the ability to search
travel sites side by side as well with the top 12 travel
sites. Users can search Hotels.com, Expedia, Travelocity,
HotWire, CheapTickets, SideStep, Kayak, CheapFlights,
Travelation, TravelZoo, PriceLine, Orbitz, and CheapOAir
side by side as well.
The site also includes AT&T's YellowPages.com and
Verizon's SuperPages.com side by side as well. The company
plans to include YouTube.com and the new competitor
Hulu.com once Hulu gains more popularity.
SearchBoth.com currently offers a toolbar plugin for
the FireFox browser and will be offering a toolbar plugin
for Internet Explorer by the end of the month.
About SearchBoth.com
SearchBoth.com is operated by InternetLabz.com; an
internet incubation company with popular websites such as
http://www.YELLOWPAGES.travel which searches the top 12
travel sites with one click and also
http://www.YellowPagesMessenger.com which is a suite of
services such as YellowPages and Dictionary over AOL and
MSN instant messenger using the screen names
"FreeYellowPages" and "MyDictionary."
For more information, please contact:
Stephen Dillon
Internet Times
Tel: +1-866-848-3392
2007'12.05.Wed
Breakthrough in High Sensitivity Tuberculosis and Malaria Diagnostics
November 14, 2007
GOERLITZ, Germany, Nov. 14 /Xinhua-PRNewswire/ -- At
this year's 39th World Forum for Medicine in Dusseldorf
(MEDICA, November 14-17), Partec, a globally leading
developer, manufacturer and provider of dedicated
diagnostic solutions in the response to HIV/AIDS,
Tuberculosis and Malaria is presenting a breakthrough
innovation for high sensitivity TB and Malaria diagnostics
in low- and middle-income countries.
Until today, efforts in the challenge to address the
urgent needs for increasing patient coverage suffered from
the massive bottleneck of missing available diagnostic
tools, which would be feasible for routine use in regions
with low or difficult infrastructure. By combining the
worldwide first battery-operated and mobile fluorescence
microscope "CyScope," developed by Partec, with
dedicated test kits, for the first time diagnostic services
are being offered in high burden countries also to those
patients living far from the few capital and large cities
in remote areas.
"The prerequisite for any improvement of treatment
programmes in the TB and Malaria field is the availability
of diagnostic solutions adapted to the specific regional
situation and infrastructure, especially in developing
countries. By having successfully introduced an entirely
new class of highly affordable, ultracompact as well as
robust and easy-to-use mobile fluorescence microscopes, it
is now possible to reach the many infected individuals who
previously have stayed almost completely uncovered from any
testing for TB and Malaria," said Roland Gohde, Chief
Executive Officer of Partec Essential Healthcare. "Due
to the development in modern component technology it was
possible to design a unique compact microscope unit based
on an innovative optical system and new ultra-bright
light-emitting diodes (LEDs), offering significant benefits
not only in terms of sensitivity, durability and robustness,
but in addition making available fluorescence microscopy at
instrument cost below EUR 1000." Conventional
fluorescence microscopes usually are in the range of above
EUR 15.000.
Besides the fluorescence microscopes, also the required
TB and Malaria test kits, approved for in vitro diagnostic
use (IVD), are available from Partec. For the TB reagents,
a cooperation with Merck in Darmstadt, Germany, has been
entered. Merck, producing highly suitable TB staining kits,
is a globally leading pharmaceutical and chemical company
with a tradition of over 300 years.
The CyScope is already widely in use in Africa, Asia
and Europe and has been clinically validated with very
positive results, both for TB and Malaria, by different
international research groups, e.g. in Ghana, Benin, French
Guyana, Nigeria and by the worldwide renowned and reputable
Bernhard-Nocht-Institute for Tropical Medicine in Hamburg.
In June 2007, the CyScope was honoured with the IQ
Innovation Award Central Germany.
Picture is available via EPA (European Pressphoto
Agency) and can be downloaded free of charge at:
http://www.presseportal.de/pm/44047/partec_gmbh/
For more information, please contact:
Partec GmbH
Mrs. Claudia Khmel
Tel: +49-3581-8746-0
Email: c.khmel@partec.com
Web Site: http://www.partec.com
2007'12.05.Wed
GSM Association Announces Asia Mobile Awards Winners
November 14, 2007
Mobile Awards Winners Announced in Asia's Entertainment
Capital - Macau
MACAU, China, Nov. 14 /Xinhua-PRNewswire/ -- The GSM
Association (GSMA), the global trade association for mobile
operators, today announced the winners of the Asia Mobile
Awards 2007, as well as the category winners and the
overall winner of the Asia Mobile Innovation Awards, which
were contested today at the Mobile Asia Congress in Macau.
The awards, hosted by Taiwanese actor, VJ and TV star,
David Wu, were announced last night at a glittering
industry Gala Party at the new Venetian Hotel in Macau
where the Mobile Asia Congress is taking place this week.
The evening's awards - centered around the burgeoning
mobile entertainment sector - featured live entertainment
from International 'RnB' star Craig David, and Taiwanese
'pop princess' Elva, kindly sponsored by Warner Music
International.
The GSMA created the new Asia Mobile Awards as a
platform to showcase leadership and diversity for mobile
content, products and services across Asia. A specialist
panel of independent analysts, journalists and industry
experts judged the winners. The Asia Mobile Awards are open
to operators, vendors and the broad value chain from across
the mobile industry that provide products and services that
are commercially available in at least one Asian market.
"We are delighted with this year's Asian Mobile
Awards - they recognise the sheer pace of progress that's
been made right across the region's mobile communication
market. Our congratulations to the winners and nominees and
our thanks to everyone who participated," said Rob
Conway, CEO of the GSM Association.
The winners of the Asia Mobile Awards 2007 are:
Best Mobile Game
- Gameloft - Real Football 2007
Best Mobile Music Service
- PCCW Mobile HK - MOOV on Mobile
Best Mobile Advertising
- Zad Mobile/Smart Communications/Pepsi - 1-IN-5 Panalo
Summer Promotion
Best Mobile Social Networking Service
- BuzzCity - myGamma
Best Mobile Broadband Handset / Device
- Motorola - MOTORAZR2 V9
- Highly Commended - LG Electronics for Shine
The Mobile Asia Congress, Gala Party & Awards were
kindly sponsored by the Macau Government Tourist Office.
More information about the Asia Mobile Award 2007 winners
can be found at: www.asiamobileawards.com .
The Asia Mobile Innovation Awards were created by the
GSMA as part of its Mobile Innovation Programme to
encourage breakthrough technology, applications and
services in the mobile industry by bringing together small
and medium-sized companies developing innovative mobile
products, industry investors and mobile operators.
Yesterday, at the Mobile Innovation Programme Summit in
Macau, each of the eight finalists from across four
categories pitched their products and services to senior
executives from several leading mobile operators, who
selected the eventual winners. The four category winners
were announced yesterday at the Summit, and the overall
Mobile Innovation Award winner was announced at the
industry Awards Gala Party at the Venetian Hotel last
night.
The four category winners for the Asia Mobile
Innovation awards are:
Most Innovative Wireless Device-centric Technology
- Telegent Systems, USA
Most Innovative Carrier Infrastructure or Platform
- 3ple-Media, Netherlands
Most Innovative Mobile Application in a Vertical
Market
- Integra Micro Systems, India
Most Innovative Consumer Application or Service
- Consilient Technologies Corporation, Canada
And the overall winner for the Asia Mobile Innovation
Awards is:
- Consilient Technologies Corporation, Canada
More information on the GSMA Mobile Innovation
Programme can be found at:
http://www.mobileinnovation.org
About the GSMA:
The GSMA (The GSM Association) is the global trade
association representing more than 700 GSM mobile phone
operators across 218 countries and territories of the
world. In addition, more than 200 manufacturers and
suppliers support the Association's initiatives as key
partners.
For more information, please contact:
Mark Smith
GSM Association
Tel: +44-78-50-22-97-24
Email: press@gsm.org
David Pringle
GSM Association
Tel: +44-79-57-55-60-69
Email: press@gsm.org
2007'12.05.Wed
Texas Instruments Introduces Low-Power Microcontroller with Complete Signal Chain for Portable Medical Diagnostic Equipments
November 14, 2007
New MSP430 MCU with System-on-Chip Integration Helps Make
Handheld Measurement and Monitoring Systems More
Affordable
DALLAS, Nov. 14 /Xinhua-PRNewswire/ -- Low-power
embedded technology reaches a new level of integration and
affordability as Texas Instruments Incorporated (TI) (NYSE:
TXN) today announces a system-on-chip (SoC) microcontroller
unit (MCU) that provides a complete signal chain for
handheld medical applications. The new MSP430FG4270 MCU
integrates a comprehensive range of functions needed to
design low cost portable medical diagnostic equipment. The
generous on-chip memory and a full suite of integrated
analog peripherals keep component costs and system space to
a minimum in portable applications such as personal blood
pressure monitors, spirometers, pulsoximeters and heart
rate monitors. (For more information, see
http://www.ti.com/msp430fg4270-pr )
(Logo:
http://www.xprn.com/xprn/sa/20061107170439-20-min.jpg )
Medical diagnostics are changing rapidly, aided by a
new generation of equipment and handheld devices that can
be carried to the patient's bedside. Processing solutions
for such equipments must not only offer high performance
and low power consumption, but also minimize board space
and component counts through SoC integration. In order to
measure, monitor and display analog physiological input
signals such as temperature, blood pressure and other vital
signs, the ultra-low power MSP430FG4270 MCU integrates the
complete analog and digital signal chain. This includes
signal conditioning techniques such as amplification,
filtering and digital conversion.
The MSP430FG4270's 16-bit RISC architecture is designed
for optimized performance and extended battery life -- key
care abouts of designers of portable applications. Five
low-power modes, with a standby power consumption of only
1.1 uA, conserve power, while a wake-up from standby to
active mode of less than 6 us provides excellent response
when the equipment is needed. On-chip functions that save
external components include a high-performance 16-bit
sigma-delta analog to digital converter (ADC) with internal
reference and five differential analog inputs, 12-bit
digital to analog converter (DAC), two configurable
operational amplifiers, 16-bit timer, 16-bit registers, 32
I/O pins, zero-power brown-out reset, and a liquid crystal
display (LCD) driver with contrast control for up to 56
segments.
The MCU's power savings and SoC integration can also
benefit other types of applications, including analog and
digital sensor systems, portable medical devices, digital
motor control, remote controls, thermostats, digital timers
and handheld meters.
"As the world of medical diagnostics becomes
increasingly portable and cost competitive, equipment
manufacturers require processing solutions that not only
reduce development complexity and time, but also help
minimize space and cost in the finished product," said
Cornelia Huellstrunk, product marketing manager, MSP430,
Texas Instruments. "TI's MSP430FG4270 MCU addresses
this need with low power consumption, a full signal chain
on chip, and outstanding development support-all at an
affordable price."
To speed time to market, MSP430 Development Kits
include everything required to complete an entire project,
including the IAR Embedded Workbench(TM) and Code Composer
Studio Essentials(TM) Integrated Development Environments
(IDEs), a USB debugging and programming interface, and an
MSP430-based target board.
Availability, Packaging and Pricing
The new MSP430FG4270 MCU is now available in volume
from TI and TI Authorized Distributors. Customers can
select a 48-pin SSOP or 48-pin QFN package. Suggested
resale pricing for the MSP430FG4270 is $3.78 per unit in
quantities of 10,000.
TI Enables Innovation with a Broad Range of
Controllers
From ultra low power MSP430 and 32-bit general purpose
TMS470 ARM7(R)-based MCUs to high performance
TMS320C2000(TM) digital signal controllers, TI offers
designers a broad range of embedded control solutions.
Designers can also accelerate their design to market by
tapping into TI's complete software and hardware tools,
extensive third party offerings and technical support. For
more information on the broad range of TI's controllers,
see http://www.ti.com/mcu .
Texas Instruments
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company includes the Education
Technology business. TI is headquartered in Dallas, Texas,
and has manufacturing, design or sales operations in more
than 25 countries. Texas Instruments is traded on the New
York Stock Exchange under the symbol TXN. More information
is located on the World Wide Web at http://www.ti.com .
Trademarks
TMS320C28x, TMS320C2000 and Code Composer Studio
Essentials are trademarks of Texas Instruments. ARM7 is a
trademark of ARM Ltd. All other registered trademarks are
the property of their respective owners.
For more information, please contact:
Otilia Ayats-Mas
Texas Instruments
Tel: +1-214-480-3435
Email: o-ayats-mas@ti.com
Ramona Layne Long
GolinHarris
Tel: +1-972-341-2532
Email: rlayne@golinharris.com
2007'12.05.Wed
Corning Celebrates Sullivan Park Expansion Groundbreaking
November 14, 2007
Governor Applauds Commitment to Continued Investment in New
York
CORNING, N.Y., Nov. 14 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) broke ground on Nov 13, 2007 on a
previously announced $300 million facility improvement plan
for the company's Sullivan Park Research and Development
campus near Corning, N.Y. New York Governor Eliot Spitzer
helped lead the ceremonial groundbreaking, along with
Corning leadership, employees and invited dignitaries.
(Logo: http://www.xprn.com/xprn/sa/200708141205-min.jpg
)
The expansion plan at Corning's world-leading research
center includes significant renovation of an existing
research and development building and construction of a new
facility. Results are expected to include increased
operational efficiency, flexibility, space utilization and
energy efficiency. All phases of this project are expected
to be completed by 2013, with expenditures phased over the
course of this six-year period.
Corning Chairman and Chief Executive Officer Wendell P.
Weeks set the stage as he spoke to Corning's long history of
successful innovation. Next year marks 100 years of
dedicated research at Corning -- an achievement that only
five U.S. companies can claim. "Today's
groundbreaking represents an important milestone in our
continuing commitment to excellence in research and
development, and to the southern tier of New York
State," Weeks said.
Weeks traced Corning's history of research
breakthroughs from developing the glass envelope to
commercialize Thomas Edison's electric light bulb, to
cathode ray tubes that enabled the growth of television, to
today's newest game-changing technology, ultra-bendable
fiber.
"Today's announcement demonstrates that great
companies like Corning are investing in Upstate New York's
innovation economy because they understand its
potential," said Governor Spitzer. "These are
the type of key projects that will continue to drive the
revival of the Upstate economy and the Southern Tier."
Corning Chief Technology Officer Dr. Joseph A. Miller
spoke of Corning as an organization that thrives on
creating first-of-a-kind, life-changing innovations. He
attributed Corning's ongoing success in research and
development to a special recipe: a centralized and
collaborative R&D environment, a vibrant innovation
heritage, and a community of talented employees to whom
Miller dedicated the event. "They are delivering the
inventions and innovations that will not only grow Corning,
but will contribute to the well-being of this region,"
Miller said.
Assistance for this expansion project has been offered
by the Empire State Development Corporation, the New York
State Energy Research and Development Authority, and the
New York State Department of Transportation in the forms
of: a $1.5 million capital grant; up to $1.5 million in
project funding; and up to $750,000 in Industrial Access
Program funding, respectively. The Industrial Access
Program funding is to be applied for by the town or county.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is the
world leader in specialty glass and ceramics. Drawing on
more than 150 years of materials science and process
engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications
and life sciences. Our products include glass substrates
for LCD televisions, computer monitors and laptops; ceramic
substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug
discovery; and other advanced optics and specialty glass
solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and metrology.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes or fluctuations in global economic
and political conditions; tariffs, import duties and
currency fluctuations; product demand and industry
capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of
critical components and materials; new product development
and commercialization; order activity and demand from major
customers; capital spending by larger customers in the
liquid crystal display industry and other businesses;
changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs;
possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability
or major health concerns; ability to obtain financing and
capital on commercially reasonable terms; adequacy and
availability of insurance; capital resource and cash flow
activities; capital spending; equity company activities;
interest costs; acquisition and divestiture activities; the
level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product
and components performance issues; changes in key
personnel; stock price fluctuations; and adverse litigation
or regulatory developments. These and other risk factors
are identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.
For more information, please contact:
Kelli Hopp-Michlosky
Tel: +1-607-974-1657
Email: hoppkc@corning.com
2007'12.05.Wed
Och-Ziff Capital Management Group LLC Announces Pricing of Initial Public Offering
November 14, 2007
NEW YORK, Nov. 14 /Xinhua-PRNewswire/ -- Och-Ziff
Capital Management Group LLC ("Och-Ziff")
announced today that its initial public offering of
36,000,000 Class A shares representing Class A limited
liability company interests priced at $32.00 per share. The
shares are expected to begin trading tomorrow, November 14,
2007, on the New York Stock Exchange under the symbol
"OZM." Och-Ziff has granted the underwriters the
option to purchase up to an additional 5,400,000 Class A
shares from Och-Ziff at the initial public offering price
less the underwriting discount.
Och-Ziff intends to use the proceeds from the initial
public offering and the concurrent sale of $1.15 billion of
Class A shares to Dubai International Capital LLC to acquire
interests in its business from its existing owners,
including members of Och-Ziff's senior management. All of
Och-Ziff's current partners will then invest 100% of their
after-tax proceeds into certain funds managed by Och-Ziff.
Goldman, Sachs & Co. and Lehman Brothers served as
global coordinators for the offering. Merrill Lynch &
Co., Morgan Stanley, Citi, Deutsche Bank Securities and
JPMorgan served as bookrunners.
The initial public offering is being made solely by
means of a prospectus which may be obtained from the
Prospectus Department of Goldman, Sachs & Co., 85 Broad
Street, New York, New York 10004, fax number (212) 902-9316
or email prospectus-ny@ny.email.gs.com; or from Lehman
Brothers Inc., c/o Broadridge, 1155 Long Island Avenue,
Edgewood, New York 11717, fax number (631) 254-7140 or
email qiana.smith@broadridge.com.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification
under the securities laws of any such state or
jurisdiction.
About Och-Ziff Capital Management Group LLC
Och-Ziff, founded by Daniel Och in 1994, is a leading
institutional alternative asset management firm and one of
the largest alternative asset managers in the world, with
approximately $30.1 billion of assets under management for
over 700 fund investors as of September 30, 2007.
For more information, please contact:
Steve Bruce or Chuck Dohrenwend
The Abernathy MacGregor Group
Tel: +1-212-371-5999
2007'12.05.Wed
Violino Implements ABAS ERP Successfully
November 14, 2007
HONG KONG, Nov. 14 /Xinhua-PRNewswire/ -- ABAS Business
Solutions (PRC) Ltd. announced today that the Company's ABAS
ERP software has been successfully implemented in Violino
Limited.
Founded in 1986, Violino Limited started to design and
produce sofas with the brand name Violino in 1990. After a
development of about 20 years, Violino employs 1,800 workers
with a leather stock of $9 million and a delivery of 800
containers every month averagely. In recent years, its
sofa business developed rapidly and products were sold to
Europe and America, etc.
Rapid business development brings higher demand to
production management. Miss Connie Ko, ERP Project Manager
of Violino said, "To meet our current and new
customers' requirements, we need to deal with lots of data,
arrange better production process, so error is not allowed.
Due to the limited functions of existing accounting system,
our management team decided to upgrade it to ERP system for
company future development." Actually, the increase of
production also brought many problems; such as, customers'
loss due to long production cycle; many urgent orders on
hand, but materials and parts could not arrive on time,
thus affect the production schedule and customer
satisfaction, etc.
Violino hopes that, ERP could help them optimize
production and management process, lighten the continuous
increasing manpower load and financial expense; avoid the
situation that problems increase while production scale
enlarges.
In early 2006, Violino started searching for ERP system
suitable for them. After comparison, they chose German ABAS
ERP software. The Implementation Team constituted by ABAS
professional consultants divided the entire implementation
process into seven stages and mapped out developing stage
goals, combining with aperiodic project meetings to
understand customer requirements and assure the project's
successful implement. The project lasted for nearly one
year. Violino started to use ABAS system in Jul. 2007
after all data being imported into the system.
Great convenience appeared after using Abas ERP. Miss
Connie Ko said, "Firstly, ABAS ERP helps us to achieve
data consistence and sharing. We have correct, reliable and
synchronous data finally; Secondly, employees can search the
data they want quickly, thus improve greatly the working
efficiency. Our sales can login system at any time to get
the latest products information for quotation; furthermore,
they can find if the sofa's pattern, colour and material
could be changed, which increase chances to receive orders;
Finally, ABAS ERP helps us arrange efficiently material
using, production cycle, machines load, personnel
arrangement, and optimize our production and management
process. It's just what we want."
About Abas
Abas Business Solutions (PRC) Ltd. is a recognized
leader in delivering collaborative ERP solution. It was
founded in Hong Kong in 2003 and established branches in
Shenzhen and Shanghai afterward. It aims to provide
comprehensive ERP software and IT services from consulting
to software development to SMEs in China. There're over
1900 Abas customers with 36000 users worldwide. For
details, please visit: http://www.abas-prc.com .
For more information, please contact:
Ms. Helen Fan
Tel: +852-2882-2949
Email: helen.fan@abas-prc.com
2007'12.05.Wed
International Diabetes Experts Call for Stepped-Up Action and Shared Responsibility to Curb Rising Global Diabetes Epidemic and Impact
November 14, 2007
To Mark First-Ever United Nations World Diabetes Day,
Experts Publish Practical Guidance to Help Achieve Mission
of UN Resolution on Diabetes
NEW YORK, Nov. 14 /Xinhua-PRNewswire/ -- The Global
Partnership for Effective Diabetes Management today called
for an overhaul in the world's attitude and approach toward
diabetes treatment and prevention in order to reverse the
rising diabetes epidemic recently recognised by the first
United Nations (UN) World Diabetes Day. In a new
publication titled UN Resolution on Diabetes: "Time to
Put Fine Words into Action," the Global Partnership
urges national governments, the general population and the
global diabetes community to take action and share
responsibility in the global fight against diabetes. The
new publication appears in the December issue of the
International Journal of Clinical Practice and is currently
available online at the journal's Web site
(http://www.blackwell-synergy.com/toc/ijcp/61/s157).
"The UN Resolution is a major milestone as it
recognises diabetes as a serious, growing and costly threat
to individual and world health. The staggering statistics
of this disease show that there is absolutely no room for
complacency," said Martin Silink, International
Diabetes Federation President and campaign lead for the UN
Resolution on Diabetes. "In order for the UN
Resolution to have true significance and real-world impact,
we must join together to effectively implement proactive
initiatives such as those outlined in the Global
Partnership's publication."
Comprised of leading international diabetes experts,
the Global Partnership is a global task force committed to
providing practical advice to improve diabetes care. In
the new publication, the experts respond to the UN
Resolution's call to action by offering practical guidance
to inspire and empower all members of the diabetes
community to take action to improve diabetes care -- from
healthcare providers, to patients, to national governments.
These examples highlight the benefits of early and
intensive intervention to prevent diabetes complications;
focus on the value of a team approach to disease management
with the patient at the centre for better results; and
underscore the need for changes in health policy and
practice to deliver a long-term, lasting impact on patient
and public health worldwide.
"If we don't take action now, by 2025 almost 400
million people will be living with diabetes globally.
Clearly, current approaches to diabetes prevention and care
are not working well enough," said Professor Stefano
Del Prato, chair of the Global Partnership and professor of
endocrinology at the University of Pisa, Italy. "No
single patient, physician, government or region is equipped
to confront diabetes alone. It is critical to address this
public health crisis in a shared, multidisciplinary way to
motivate and to empower individuals with diabetes to take
control of their condition."
UN Resolution on Diabetes: "Time to Put Fine Words
into Action"
To bring about a positive, meaningful impact on the
global diabetes epidemic, the international experts
advocate for the following actions from key stakeholders in
diabetes care. These principles alone are not radical, but
if implemented and sustained globally, they lay the
groundwork for a worldwide revolution in diabetes
prevention and management.
PRINCIPLES FOR POSITIVE CHANGE IN DIABETES CARE
* Diabetes should be prioritized as a public health
initiative.
* There is a need for unified policies to facilitate
exchange of best
practice, raise awareness and implement effective
prevention
programmes.
* Collaborative efforts between global and regional
diabetes
associations and governments enable improved,
earlier and more
intensive diabetes care with improved outcomes.
Non-governmental
organisations can be an important third pillar
supporting the
foundation for a change in diabetes care.
* Improved public understanding is critical for early
diagnosis and
prevention of diabetes.
* Successful public awareness in primary prevention
measures should
adopt a holistic, multidisciplinary approach with
comprehensive
diabetes training for healthcare professionals to
ensure consistency
of information.
* A patient-centred management strategy has proven
successful in
motivating individuals to actively self-manage their
condition.
* Prevention programmes should encompass the wider
problem of obesity
and sedentary lifestyles and involve other sectors
including food
industries.
* Regular reporting and benchmarking are important to
assess the impact
of new strategies.
"By changing the way we approach diabetes, we can
make a difference in preventing this disease, slowing its
progression and reducing its devastating
complications," stressed Professor Del Prato.
"By building understanding of diabetes, fostering a
multidisciplinary team approach with shared goals and
responsibilities backed by a supportive infrastructure; and
implementing coordinated campaigns of complementary
activities, we can build long-term improvements in diabetes
care."
Global Prevalence of Diabetes
Worldwide, diabetes currently affects 246 million
people. By 2025, it is expected to affect almost 400
million and the World Health Organisation (WHO) estimates
increases in diabetes rates will occur in developing
countries because of population growth, ageing, unhealthy
diets, obesity and sedentary lifestyles. Further, WHO
estimates that in 2025, most people with diabetes in
developed countries will be aged 65 years or older, while
in developing countries most people aged 35 to 64 will be
affected in their most productive years. The International
Diabetes Federation (IDF) predicts that in this same time
frame, the largest prevalence of diabetes will be in
developing countries.
About World Diabetes Day
World Diabetes Day, organized by IDF and supported by
WHO, is the primary global awareness campaign of the
diabetes world. It brings together millions of people in
more than 160 countries and was introduced in response to
concern over the escalating incidence of diabetes around
the world.
About The Global Partnership for Effective Diabetes
Management
The Global Partnership for Effective Diabetes
Management is a multidisciplinary taskforce of
internationally respected diabetes experts from leading
institutions and diabetes organisations, committed to
improving treatment outcomes for people with type 2
diabetes. Through educational initiatives, the group aims
to provide healthcare professionals with the guidance and
support to help increase the proportion of their patients
who achieve recommended treatment goals for glucose
control.
About GlaxoSmithKline
GlaxoSmithKline -- one of the world's leading
research-based pharmaceutical and healthcare companies --
is committed to improving the quality of human life by
enabling people to do more, feel better and live longer.
For company information, visit http://www.gsk.com.
For further information, please contact:
Bora Lee
Cohn & Wolfe
Tel: +1-212-798-9522
Fax: +1-212-329-9900
Email: bora_lee@cohnwolfe.com
2007'12.05.Wed
TNS Predicts China's Market Research Industry Will Overtake Japan Around 2012 to Become Fifth Largest Globally
November 14, 2007
Volume of Market Research Business Generated by Chinese
Companies to Continue Growing Faster than Multinational
Spends
SHANGHAI, Nov. 14 /Xinhua-PRNewswire/ -- In 2009,
China's fast-growing market research industry will have
grown by as much as 70% from its 2006 annual value of
US$600 million* to become worth more than US$1 billion. By
around 2012, China will overtake Japan and will be the
world's 5th largest market for market research.
These two key predictions were made today by Tony
Cowling, President of TNS and President of Gallup
International Association, at the China Europe Business
Meeting Frankfurt, where top business leaders from Europe
and China are exploring current and future relationships.
During the last 5 years, money spent with market
research agencies in China has doubled, and over the past
10 years it has quadrupled with China's market research
industry today worth US$600 million.
"A country which did virtually no commercial
research 15 years ago is now in 8th place globally, and at
current growth rates (nearly 25% absolute and 17% net of
inflation), has already overtaken Spain and will pass Italy
in 2008 to become 6th largest in the world," said Mr
Cowling.
"It is realistic to expect market research to show
15% to 20% real growth in the next five years, and certainly
double-digit real growth for the next 10 years."
Even when China eclipses Japan, there will still be
significant room for growth based on annual market research
spend per capita. While China will then be the second
largest market in the world for advertising, China's annual
market research per capita will stand at US$3 in 2012,
against the US$30 that will be seen for the US and Germany,
and nearly US$40 in France and the UK.
For many years, western global brands drove demand for
market research but Tony Cowling said this has changed.
"Over the past three or four years, the volume of
market research generated by Chinese companies has been
growing much faster than the multinational spend. China's
leading market research agencies are finding that the
volume of business they receive from Chinese companies is
approaching 50% of turnover. Our partner in China for
continuous and syndicated business -- CTR Market Research
-- is certainly seeing more rapid growth on the Chinese
side of its business."
Tony Cowling emphasised the future importance of
China's `local' agencies, especially given the growing
importance of China's 2nd tier and 3rd tier cities.
"As is well known, development in China is
happening in many centres simultaneously. In the 2nd tier
and 3rd tier cities, the domestic Chinese market research
companies are at an advantage owing to their local
knowledge, unique culture, and the difficulties western
global brands have in extending distribution networks and
targeting the right consumers."
Tony Cowling completed his speech in Frankfurt by
saying that, looking ahead five years or more, market
research agencies in Europe can expect more business coming
out of China's borders -- in the same way that countries
such as Japan and the United States have always been big
buyers of research in Europe.
"Currently, the bulk of Chinese exports are not
`China branded' -- they are components or semi-produced
items, or `made to order' products for Western branding.
But through our own consumer panels and media measurement
panels, we have many examples of the recent growth and
strength of Chinese brands. As Chinese companies start to
look overseas for higher sales and greater brand share,
they will come to Europe and the United States. This will
be good for the big market research agencies who have
already built up relationships with these companies in
China. The big agencies in London, Paris, Berlin and New
York will be required to help China's brands understand
Europe and the United States, and successfully market and
advertise their way into western markets."
* Source: ESOMAR.
For more information, please contact:
Cindy Liu
Marketing & Communications Manager
TNS China
Tel: +86-21-6360-0808 x156
Fax: +86-21-6360-0908
Email: cindy.liu@tns-global.com
Website: http://www.tns-global.com
2007'12.05.Wed
Shrink Costs the World's Retailers U.S. $98.6 Billion
November 14, 2007
Large Figure Equivalent to an Annual 'Tax' on Honest
Consumers of U.S. $283.61 and U.S. $195.05 per Household in
the World and Asia-Pacific Respectively
HONG KONG, Nov. 14 /Xinhua-PRNewswire/ -- The first
edition of the Global Retail Theft Barometer, conducted by
the Center for Retail Research in Nottingham, United
Kingdom, and sponsored by Checkpoint Systems, Inc., offers
the first attempt to put a price tag on retail theft across
the globe. The study reveals new facts about actual levels
of retail shrinkage and crime in 32 countries around the
world, including 25 countries in Western and Central
Europe, as well as the U.S., Canada, Australia, India,
Japan, Singapore and Thailand.
(Logo: http://www.xprn.com/xprn/sa/200701241626.jpg )
Eight hundred and twenty retail companies, operating
138,603 stores with sales of U.S. $948 billion, provided
the data used in this study. The retailers taking part
represented 16% of total European retail sales, 13% of
North American retail sales and 5% retail sales in
Asia-Pacific.
The results from the 32 countries surveyed show that
global retail shrinkage (stock loss from crime or waste
expressed as a percentage of retail sales) cost retailers
U.S. $98.6 billion, representing an annual `tax' on honest
consumers of U.S. $283.61 and U.S. $195.05 per household in
the world and Asia-Pacific respectively.
At the same time, the global costs of retail crime (the
cost of theft by customers, disloyal employees, and
suppliers and vendors, plus the cost of loss prevention)
were US $108.1 billion.
The largest source of shrinkage was customer theft
(shoplifting), responsible for 42.0% of losses, or U.S.
$41.5 billion. Employee theft accounted for 35.2% (U.S.
$34.6 billion), while 16.5% (U.S. $16.2 billion) of the
global cost was caused by internal errors and
administrative failures (e.g., pricing or accounting
mistakes). Supplier or vendor theft and fraud are
responsible for the remaining 6.3% (U.S. $6.2 billion). In
the U.S., Canada and Australia, retailers reported that
employee theft was higher than theft committed by
customers.
Retailers have apprehended almost 6 million store
thieves during this year, and 87.5% of these thieves were
customers. North American retailers apprehended the largest
number of employee thieves, while the majority of customer
thieves (3,481,490) were caught in Europe. In
Asia-Pacific, there were 119,649 retail thieves apprehended
and 90.9% of them were customers.
"The results show that in all countries there are
retailers who have managed to reduce shrink, while shrink
has risen for others, regardless of regional
location," explains Joshua Bamfield, Director of the
Centre for Retail Research. "This suggests that lower
rates are the outcome of strategy, policy and investment,
not of factors related to the national environment."
"The phenomenon of shrink must be taken seriously
in the context of a global economy," notes George Off,
CEO, Checkpoint Systems, Inc. "Shrink cost has an
immediate impact on the margins of the global retail
industry -- an industry on which the world's economy,
particularly in many developing or recently developed
regions, depends for growth and stability. Retailers
worldwide are coming to the same conclusion: investing in
shrink management solutions is seen as a priority and can
provide a significant return on investment."
The Most Frequently Stolen Merchandise From Global
Retailers
Top 5 N. America Europe
Asia-Pacific
Merchandise Average Average
Average
1. Cosmetics Alcohol
Alcohol
& Skincare
2. Ladies' Apparel Cosmetics
Cosmetics
& Skincare
& skincare
3. Perfumes & Ladies'
Ladies'
Fine Fragrances Apparel
Apparel
4. Alcohol Perfumes &
Perfumes &
Fine Fragrances
Fine Fragrances
5. Designer Apparel Razor Blades
High Cost &
Specialty Food
(e.g. meat,
cheese, seafood)
Internal Theft
North American retailers apprehended a larger total and
proportion of employee thieves than retailers elsewhere. The
number of retail thieves in North America was 2.3 million
(28.6% were fraudulent employees). Asia-Pacific retailers
apprehended 110,000 thieves (9.1% of which were dishonest
employees) and European retailers apprehended 3.55 million
thieves (only 1.9% of which were dishonest employees).
The average cost of admitted or proven theft for
shoplifters in North America was U.S. $622. In Europe and
Asia-Pacific, it was U.S. $112 and U.S. $54 respectively.
However, the average employee theft incident in Europe cost
U.S. $5,145 (reflecting large financial frauds), compared
with U.S. $206 for employee thieves apprehended by
Asia-Pacific retailers. During the survey period, theft and
fraud by employees (internal fraud) cost U.S. retailers U.S.
$18.33 billion and Canadian retailers U.S. $1.6 billion.
Responses from Asia-Pacific retailers indicated that
33.1% of internal theft was believed to take place at the
checkout or cash desk, 33.6% on the sales floor, and 33.4%
in the back office, delivery bay or stockroom.
Security Costs
Global loss prevention costs were U.S. $25.6 billion,
or 0.35% of retail sales. Loss prevention spending in North
America was U.S. $12.77 billion, equivalent to 29.3% of
total shrink. U.S. operating expenses dedicated to loss
prevention (LP) were U.S. $8.2 billion, while capital
expenses were U.S. $3.67 billion; in Canada the figures
were U.S. $0.7 billion and U.S. $0.27 billion,
respectively. U.S. retailer spending on loss prevention
represented 0.45% of retail sales and 0.40% in Canada.
These figures exceed LP spending in most other countries --
for example, European loss prevention spending was 0.34% of
retail sales.
Asia-Pacific retailers spent U.S. $1.3 billion on
revenue costs (payroll and services) and a significant
percentage of their security budget went to capital costs
(security equipment, IT and other long-term assets) of U.S.
$877 million. As a percentage of sales, revenue spending was
0.11% of sales, with capital spending representing 0.07%.
Merchandise Protection
By the end of the decade, 69.3% of large retailers in
Europe, 68.7% in North America and 47.3% in Asia-Pacific
are expected to source tag merchandise. This is a dramatic
increase from the percentage of retailers in the survey who
currently use source tagging technology: 45.2% in North
America, 39.7% in Europe and 27.4% in Asia-Pacific
(including 40% in Australia).
The average number of product lines that were source
tagged was 396 in North America (accounting for 21.3% of
retail sales), 219 in Europe (15.9% of retail sales) and 97
in Asia-Pacific (6.1% of retail sales).
The Centre For Retail Research
The first edition of the Global Retail Theft Barometer
has been produced by Professor Joshua Bamfield, the
Director the Centre for Retail Research (
http://www.retailresearch.org ) with the cooperation of
Checkpoint Systems, Inc. The CRR is an independent
organization providing research and consultancy for the
retail sector dealing with the changing face of retailing
and focusing upon retail fraud and crime. It has carried
out extensive studies dealing with the costs of crime and
the application of electronic and computerized systems to
combat shop theft and fraud in many parts of the world.
Checkpoint Systems, Inc.
Checkpoint Systems, Inc. is the leading supplier of
retail shrink management solutions. Checkpoint's global
team helps retailers -- and their suppliers -- reduce
theft, increase inventory visibility and provide consumers
with greater merchandise availability through the company's
rapidly evolving RF technology, expanding shrink management
offerings and Check-Net labeling solutions. Checkpoint has
more than one million RF devices installed in stores today
and has secured more than 100 billion products. Scaling
cost efficiently, Checkpoint's solutions provide increased
revenues and profits to a fast-growing community of
successful retailers, and a superior experience for their
consumers. Listed on the NYSE (NYSE: CKP), Checkpoint
operates in every geographic market and employs 3,200
people worldwide. For more information, visit
http://www.checkpointasiapac.com .
Notes for Editors:
For additional information, a PDF of the report, theft
images for TV, pictures and interviews, please contact
Checkpoint's press relations department.
For more information, please contact:
Checkpoint Systems, Inc.
Asia Pacific
Natalie Chan
Tel: +852-2995-8350
Email: natalie.chan@checkpt.com
Web: http://www.checkpointasiapac.com
2007'12.05.Wed
VIDEO from Medialink and Mattel: Making Every Word Count
November 14, 2007
NEW YORK, Nov. 14 /Xinhua-PRNewswire/ -- For the first
time in history, India played host to the 9th World
Scrabble(R) Championship in November 2007. Brought to
India under the aegis of Mattel Toys (India) Pvt. Ltd, the
World Scrabble(R) Championship had over 110 players
representing 42 countries vying for the coveted title. The
three-day championship kick-started in Mumbai on November 9
and culminated with a mega final on November 12.
(See video from Mattel (NYSE: MAT) at:
http://media.medialink.com/WebNR.aspx?story=34098 )
Initiated in 1991, the World Scrabble(R) Championship
(WSC) is held every second year. During WSC's 16-year
history, participation in this prestigious tournament has
increased rapidly from 48 players representing 19 countries
in 1991 in London to 42 countries and 110 players in the
current 9th edition of WSC in Mumbai.
Announcing the itinerary of the three-day extravaganza,
Mr. Sanjay Luthra, managing director, Mattel Toys said,
"Scrabble(R) stands for `Every Word Counts,' thus
illustrating the competitive, fun personality of
Scrabble(R) and the degree to which players engage in the
game. We are very excited by this opportunity given to
India to host the World Scrabble(R) Championship for the
first time and feel that this will take India's number one
word game to even greater heights."
Invented in 1948 by architect Alfred Mosher Butts in
the USA, the game took the country and the world by storm.
It has continued to grow in popularity ever since --
reaching a near-unassailable status by being sold in 121
countries and translated into 29 languages. Scrabble(R) is
backed by years of strong heritage, and will proudly
celebrate its 60th anniversary next year.
For more information, please visit
http://www.wscgames.com .
Anyone interested in acquiring MPEG-2 files for
broadcast use should go to
http://www.mediaseed.tv/Story.aspx?story=34098 . You will
need to create an account in order to download files.
Registered journalists can access video, audio, text,
graphics and photos for free and unrestricted use at
http://www.mediaseed.tv .
11NY07-0141
For more information, please contact:
Medialink New York
Tel: +1-888-560-5578
Email: mediadesk@medialink.com
2007'12.05.Wed
AGF's Zhuhai Station Successfully Comes to a Close
November 14, 2007
Race Cars Economic Platform Formed
ZHUHAI, Nov. 14 /Xinhua-PRNewswire/ -- On November
11th, 2007 AGF Asian Formula International Open Competition
Zhuhai station successfully came to a close. After intense
competition, Daiwei, Hu An Zhu and Zhi Qiang Zhang
respectively won the honor of champion, second-place
winner, and third-place winner. Cao Ying, the first woman
driver in the event and a welcome newcomer, participated in
AGF with CY family and acquired the cup of excellent women
in the competition.
During the two-day period, over 10,000 viewers attended
the competition, participating in on-the-spot lotteries and
the Karting challenge competition. The loud cheering of
viewers from all over the world, the participation of star
drivers, the extremely high speed of formula racing cars,
and the flying colorful flags of sponsors, all made people
feel that China's independent formula sports industry has
found its footing.
China lacks a strong automobile culture. Car racing is
not an Olympic sport, and without that support has remained
rather exotic and obscure. In recent years, however, along
with the developing economy and the increase in automobile
output, the number of private cars in China has increased
greatly. More and more matches are being independently held
in China, though the increase has mainly been in rally
matches and civilian car competitions.
In 2003, F1 established Shanghai station and formally
entered the market of China. "Souvenir caps worth 300
Yuan were sold out on the first day, tickets and set
tickets worth several thousand Yuan were all booked ...
" Foreigners of F1 Organization Committee were
surprised at the calling of formula sports in China, and
felt the broad potential of the formula market in China.
The emergence of F1 originates from brand competition.
Each year, different brands invest several hundred millions
of dollars in providing their most advanced industrial
technology to racing teams. However, it is not realistic to
mechanically apply this international mode in China. Some F1
manufacturers exclusively produce racing cars and sports
cars, whose needs are contrary to safety requirements and
modern comfort. At present, civilian automobiles are still
a growing market and so sports cars and racing cars have
not yet branched out.
Foreign racing teams have occasionally been introduced
to jumpstart the field, with the unintended side effect of
perhaps stifling independent formula sports, but some
growth has been organic. Several years ago, Geely
automobile intended to produce formula cars for formula
sports. Geely acted as the automobile provider of AGF Asian
Formula International Open Competition and used that event
as a promotion platform for their automobiles.
The huge value of formula sports and the high-end
orientation of consumers are connecting well with many
internationally famous brands and domestic emerging brands.
At the beginning of AGF's investment period, advertisement
sites for racing cars and driver costumes were completely
booked. Michelin, Stanley, Aigo, Baidu and other well-known
brands became the designated products of the competition or
sponsored racing teams.
Great expense gives formula racing a reputation of
being the sport of "burning money". China as a
whole is not a wealthy country and racing competitions
needs to be popularized to continue. Compared with the 1
million dollar-expense necessary to cultivate a formula
driver, AGF drivers are more attainable in China. An AGF
driver only requires less than 100,000 Yuan and training by
the Organization Committee to have a chance to participate
in the competition.
Many qualified Chinese drivers have been constrained
until now. While strictly inspecting the sponsor level, and
guaranteeing the high frequency and high level of the
competition platform, AGF also invested towards reducing
driver expense, enabling more civil drivers to realize
their dream on the stage of AGF.
Some people have said that AGF's low price is suicide.
However, AGF knows that China's independent formula sports
are still in their infancy and need to further explore and
experiment. The operation mode has no previous mode to
follow. AGF needs to bravely break out into the field and
enlighten fellow countrymen's enthusiasm on formula racing.
At present, in light of the star driver Cao Ying's
participation, unprecedented media reports, and broad
notice of the event across social fields, AGF has found a
road towards the pursuit of popularizing the formula sport.
The last station is set for Shanghai on December 8th and
9th, which hints at AGF's decision on running the F1
circuit and pursuing an international breakthrough. It's
believed that, in the future competition seasons, AGF will
more and more connect with commerce and entertainment, and
a China-centered Asian racing sport brand and commercial
platform will be primarily formed.
For more information, please contact:
Eric Zhang P.R. News Manager
Asian Formula International Open Competition
Tel: +86-10-8233-4882 x8822
Email: coo520@163.com
Web: http://www.agformula.com
Address:
Xueyuan International Tower,
Zhichun Road, No.1
Room 606
Haidian District, Beijing, China
100083
2007'12.05.Wed
Xinhua Finance Media Announces Strong Financial Results for The Third Quarter 2007
November 14, 2007
BEIJING, Nov. 13 /Xinhua-PRNewswire-FirstCall/ --
Xinhua Finance Media Limited ("XFMedia" or
"the Company"; Nasdaq: XFML), China's leading
diversified financial and entertainment media company,
today announced its unaudited financial results for the
quarter ended September 30, 2007.
Third Quarter 2007 Highlights
-- Net revenue for the third quarter of 2007 was $40.7
million, up 118%
year-over-year from $18.7 million in the third
quarter of 2006 or up
41% sequentially from $29.0 million in the second
quarter of 2007.
The increase in revenue was driven by strong
organic business growth
and contribution from new acquisitions.
-- EBITDA (non-GAAP), defined as earnings before
interest expense,
taxes, depreciation, amortization and share-based
compensation
expenses, for the third quarter of 2007 was $14.7
million, up 199%
year-over-year from $4.9 million in the third
quarter of 2006 or up
62% sequentially from $9.1 million in the second
quarter of 2007.
-- Net income for the third quarter of 2007 was $9.0
million, up 964%
year-over-year from $0.8 million in the third
quarter of 2006 or up
301% sequentially from $2.3 million in the second
quarter of 2007.
-- Adjusted net income (non-GAAP), defined as net
income before
amortization of intangible assets, imputed interest
and share-based
compensation expenses, for the third quarter of
2007 was $14.9
million, up 424% year-over-year from $2.8 million
in the third
quarter of 2006 or up 87% sequentially from $7.9
million in the
second quarter of 2007.
-- Net income and adjusted net income per ADS and per
share are shown in
the following table:
Net income per ADS - basic * 0.14
Net income per ADS - diluted * 0.13
Adjusted net income per ADS - basic * 0.23
Adjusted net income per ADS - diluted * 0.21
Net income per share - basic * 0.07
Net income per share - diluted * 0.06
Adjusted net income per share - basic * 0.12
Adjusted net income per share - diluted * 0.10
* Weighted average number of ADS - basic: 63.5
million; weighted
average number of ADS - diluted: 71.4 million;
weighted average
number of share - basic: 126.9 million;
weighted average number
of share - diluted: 142.8 million.
"We are pleased to report strong financial results
for the third quarter of 2007 that came from strong business
growth in advertising revenue," said Ms Fredy Bush,
XFMedia's Chief Executive Officer, "demonstrating our
ability to capitalize on the growing advertising market in
China. We look forward to progress across our business
groups as we continue to leverage the prospects generated
by China's dynamic development."
Third Quarter 2007 Financial Results
Net revenue for the third quarter of 2007 was $40.7
million, up 118% year-over-year from $18.7 million in the
third quarter of 2006 or up 41% sequentially from $29.0
million in the second quarter of 2007.
Net Revenues by type and segment
The following is a summary of net revenue relating to
each segment reconciled to amounts on the accompanying
consolidated financial statements for the third quarter of
2007:
Advertising
Broadcast Print
Net revenues:
Media production $ -- $
-- $ --
Advertising sales 3,801,931
4,993,633 3,551,108
Advertising services 18,763,878
3,693,157 2,110,687
Publishing services --
-- 291,072
Total net revenues $22,565,809
$8,686,790 $5,952,867
Production
Research Total
Net revenues:
Media production $ 2,073,675 $
-- $ 2,073,675
Advertising sales --
-- 12,346,672
Advertising services --
1,445,257 26,012,979
Publishing services --
-- 291,072
Total net revenues $ 2,073,675 $
1,445,257 $40,724,398
Advertising Group
Net revenue for the Advertising Group for the third
quarter of 2007 was $22.6 million, up 99% year-over-year
from $11.4 million in the third quarter of 2006 or up 48%
sequentially from $15.3 million in the second quarter of
2007.
Television Advertising
Net revenue for Television for the third quarter of
2007 was $3.8 million, up 84% year-over-year from $2.0
million in the third quarter of 2006 or down 21%
sequentially from $4.8 million in the second quarter of
2007. The sequential decrease was due to seasonality of the
business. In addition, a higher portion of television
programming during the quarter focused on the coverage of
the 17th Party Congress and resulted in a mix of television
advertisement that generated on average a lower level of
revenue.
Print/Online Advertising
Net revenue for Print for the third quarter of 2007 was
$9.5 million, up 92% year-over-year from $4.9 million in the
third quarter of 2006 or up 59% sequentially from $6.0
million in the second quarter of 2007.
Outdoor/Other Advertising Services
Net revenue for Outdoor/Other for the third quarter of
2007 was $5.7 million, up 29% year-over-year from $4.4
million in the third quarter of 2006 or up 52% sequentially
from $3.7 million in the second quarter of 2007.
We completed the acquisition of Convey Advertising
Company Limited ("Convey") on July 2, 2007.
Convey contributed $3.8 million in post-acquisition net
revenue for the third quarter of 2007. The acquisition of
Convey expands XFMedia's outdoor advertising network
significantly by adding to it billboards along key transit
routes linking mainland China with Hong Kong and Macau.
Excluding the contribution from Convey, net revenue was
down by 50% sequentially due primarily to a lower level of
event marketing activities conducted during the period
leading up to the 17th Party Congress.
Below-The-Line Marketing
Net revenue for Below-The-Line Marketing for the third
quarter of 2007 was $3.6 million, up 363% sequentially from
$0.8 million in the second quarter of 2007. There was no
comparable revenue for the Below-The-Line Marketing
business in the third quarter of 2006 as this business was
acquired in June of 2007. The sequential increase was
primarily due to full quarter consolidation of Shanghai
Singshine Marketing Service Ltd.
Broadcast Group
Net revenue for the Broadcast Group for the third
quarter of 2007 was $8.7 million, up 4655% year-over-year
increase from $0.2 million in the third quarter of 2006 or
up 107% sequentially from $4.2 million in the second
quarter of 2007. The year-over-year increase was primarily
due to revenue contribution from the television business
which was acquired in September of 2006.
Television
Net revenue for the television business for the third
quarter of 2007 was $3.5 million, up 1806% year-over-year
from $0.2 million in the third quarter of 2006 or up 48%
sequentially from $2.3 million in the second quarter of
2007.
Radio
Net revenue for the radio business for the third
quarter of 2007 was $1.9 million, up 61% sequentially from
$1.2 million in the second quarter of 2007. There was no
comparable revenue for the radio business in the third
quarter of 2006 as the radio business was acquired in
September 2006 and only started to generate revenue in the
fourth quarter of 2006.
Mobile Services
Net revenue for the mobile services business for the
third quarter of 2007 was $3.3 million, up 388%
sequentially from $0.7 million in the second quarter of
2007. There was no comparable revenue for the mobile
services business in the third quarter of 2006 as this
business was acquired in the second quarter of 2007. The
sequential increase was partially due to full quarter
consolidation of Beijing Mobile Interactive Co., Ltd, which
was acquired in June, 2007.
Print Group
Net revenue for the Print Group for the third quarter
of 2007 was $6.0 million, up 57% year-over-year from $3.8
million in the third quarter of 2006 or up 19% sequentially
from $5.0 million in the second quarter of 2007. The Print
Group consists of the advertising business in newspapers
and magazines.
Newspaper
Net revenue for the newspaper business for the third
quarter of 2007 was $2.5 million, up 45% year-over-year
from $1.7 million in the third quarter of 2006 or up 17%
sequentially from $2.2 million in the second quarter of
2007.
Magazine
Net revenue for the magazine business for the third
quarter of 2007 was $3.4 million, up 68% year-over-year
from $2.0 million in the third quarter of 2006 or up 21%
sequentially from $2.8 million in the second quarter of
2007.
Production Group
Net revenue for the Production Group for the third
quarter of 2007 was $2.1 million, down 22% year-over-year
from $2.7 million in the third quarter of 2006 or down 32%
sequentially from $3.1 million in the second quarter of
2007. The decrease was primarily due to seasonality of
distribution of TV drama series.
Research Group
Net revenue for the Research Group for the third
quarter of 2007 was $1.4 million, up 100% year-over-year
from $0.7 million in the third quarter of 2006 or down 1%
sequentially from $1.5 million in the second quarter of
2007.
Cost of Revenues
Cost of revenues for the third quarter of 2007 was
$23.3 million, up 113% year-over-year from $11.0 million in
the third quarter of 2006 or up 36% sequentially from $17.2
million in the second quarter of 2007. The increase in cost
of revenues was in line with the increase in net revenues,
which increased by 118% year-to-year or 41% sequentially.
Adjusted cost of revenue (non-GAAP), defined as cost of
revenues before amortization of intangible assets, for the
third quarter of 2007 was $20.4 million, up 95 %
year-over-year from $10.5 million in the third quarter of
2006 or up 42% sequentially from $14.4 million in the
second quarter of 2007.
The cost of revenues for the five business segments are
as follows:
Advertising
Broadcast Print
Cost of revenues:
Media production $ -- $
202,884 $ --
Advertising sales 1,636,063
2,664,941 747,933
Advertising services 12,739,178
2,993,949 80,054
Publishing services --
-- 283,714
Total cost of revenues $14,375,241 $
5,861,774 $1,111,701
Amortization of intangible assets (237,557)
(2,381,048) (307,220)
Adjusted cost of revenues $14,137,684 $
3,480,726 $ 804,481
Production
Research Total
Cost of revenues:
Media production $ 1,302,047 $
-- $ 1,504,931
Advertising sales --
-- 5,048,937
Advertising services --
696,800 16,509,981
Publishing services --
-- 283,714
Total cost of revenues $ 1,302,047 $
696,800 $23,347,563
Amortization of intangible assets --
-- (2,925,825)
Adjusted cost of revenues $ 1,302,047 $
696,800 $20,421,738
Operating Expenses
Operating expenses for the third quarter of 2007 were
$11.1 million, up 91% year-over-year from $5.8 million in
the third quarter of 2006 or up 24% sequentially from $9.0
million in the second quarter of 2007.
Total operating expenses were composed of selling and
marketing expenses and general and administrative expenses.
Selling and marketing expenses for the third quarter of 2007
were $4.3 million, up 167% year-over-year from $1.6 million
in the third quarter of 2006 or up 37% sequentially from
$3.2 million in the second quarter of 2007.
General and administrative expenses for the third
quarter of 2007 were $6.8 million, up 61% year-over-year
from $4.2 million in the third quarter of 2006 or up 17%
sequentially from $5.8 million in the second quarter of
2007. Included in the general and administrative expenses
were share-based compensation expenses of US$0.5 million,
resulting from grants made in 2006.
EBITDA (non-GAAP)
EBITDA (non-GAAP), defined as earnings before interest
expense, taxes, depreciation, amortization and share-based
compensation expenses, for the third quarter of 2007 was
$14.7 million, up 199% year-over-year from $4.9 million in
the third quarter of 2006 or up 62% sequentially from $9.1
million in the second quarter of 2007.
The following is a summary of EBITDA (non-GAAP)
relating to each segment for the third quarter of 2007:
Advertising
Broadcast Print
Segment EBITDA (non-GAAP) $ 6,512,142 $
3,850,243 $ 4,090,007
Less: net head office expenses
EBITDA (non-GAAP)
Production
Research Total
Segment EBITDA (non-GAAP) $ 481,723 $
375,829 $ 15,309,944
Less: net head office expenses
(613,022)
EBITDA (non-GAAP)
$14,696,922
* Net head office expenses represent corporate expenses
of $3.6 million
less interest income of $2.4 million and other income
of $0.6 million.
Net Income and Adjusted Net Income (non-GAAP)
Net income for the third quarter of 2007 was $9.0
million, up 964% year-over-year from $0.8 million in the
third quarter of 2006 or up 301% sequentially from $2.3
million in the second quarter of 2007.
Adjusted net income (non-GAAP), defined as net income
before amortization of intangible assets, imputed interest
and share-based compensation expenses, for the third
quarter of 2007 was $14.9 million, up 424% year-over-year
from $2.8 million in the third quarter of 2006 or up 87%
sequentially from $7.9 million in the second quarter of
2007.
Outlook for 2007
XFMedia maintains its full year revenue guidance of
US$128 to 133 million. Fourth quarter revenue is expected
to be US$42 to 47 million. This forecast reflects XFMedia's
current and preliminary view, which is subject to change.
Conference Call Information
Following the earnings announcement, Xinhua Finance
Media's senior management will host a conference call on
November 13, 2007 at 5:00 PM (New York) / November 14, 2007
at 6:00 AM (Beijing) to review the results and discuss
recent business activity.
Interested parties may dial into the conference call
at:
(US) +1-480-293-1744
(UK) +44-20-7190 1232
(Asia Pacific) +852-3009-5027
A telephone replay will be available shortly after the
call for one week at:
(US) +1-303-590-3030 (Passcode: 3800017#)
(UK) +44-207-154-2833 (Passcode: 3800017#)
(Asia Pacific) +852-2287-4304 (Passcode: 124110#)
A real-time webcast and replay will be also available
at: http://www.xinhuafinancemedia.com/earnings
About Xinhua Finance Media Limited
Xinhua Finance Media ("XFMedia"; NASDAQ:
XFML) is China's leading diversified financial and
entertainment media company targeting high net worth
individuals nationwide. The company reaches its target
audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic
business groups, Advertising, Broadcast, Print, Production
and Research, XFMedia offers a total solution empowering
clients at every stage of the media process and keeping
people connected and entertained.
Headquartered in Beijing, the company has offices and
affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more
information, please visit
http://www.xinhuafinancemedia.com.
Safe Harbor
This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates" and similar
statements. Among other things, the outlook for fourth
quarter and full year 2007 and quotations from management
in this announcement, as well as XFMedia's strategic and
operational plans, contain forward-looking statements.
XFMedia may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities
and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or
employees to third parties. Statements that are not
historical facts, including statements about XFMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual
results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our growth strategies; our future business
development, results of operations and financial condition;
our ability to attract and retain customers; competition in
the Chinese advertising and media market; changes in our
revenues and certain cost or expense items as a percentage
of our revenues; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to
copyright and other intellectual property rights; the
expected growth of the Chinese advertising and media
market; and Chinese governmental policies relating to
advertising and media. Further information regarding these
and other risks is included in our registration statement
on Form F-1, as amended, filed with the Securities and
Exchange Commission. XFMedia does not undertake any
obligation to update any forward-looking statement, except
as required under applicable law.
Non-GAAP Financial Measures
To supplement XFMedia's consolidated financial results
presented in accordance with U.S. GAAP, XFMedia uses the
following non-GAAP financial measures: adjusted cost of
revenue, EBITDA and adjusted net income. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the
financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP
financial measures, please see the table captioned
"Reconciliations of GAAP and non-GAAP results"
set forth at the end of this release.
XFMedia believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity. XFMedia believes that both
management and investors benefit from referring to these
non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. To
provide investors with a better understanding of our
underlying operational and financial performance, starting
from this quarter, XFMedia has adopted the measure
"adjusted cost of revenue", defined as cost of
revenue excluding amortization of intangible assets, and
has changed the methodology of presenting "adjusted
net income", by defining adjusted net income as net
income excluding amortization of intangible assets, imputed
interest and share-based compensation. XFMedia believes
these non-GAAP financial measures are useful to investors
in allowing for greater transparency with respect to
supplemental information used by management in its
financial and operational decision making. A limitation of
using non-GAAP measures which exclude share-based
compensation expenses is that share-based compensation
expenses have been and will continue to be a significant
recurring expense in our business. A limitation of using
non-GAAP adjusted cost of revenue, EBITDA and adjusted net
income is that they do not include all items that impact
our net income for the period. Management compensates for
these limitations by providing specific information
regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying tables have more details on the
reconciliations between GAAP financial measures that are
most directly comparable to non-GAAP financial measures.
Reconciliations of GAAP and non-GAAP results (in USD
thousands, unaudited)
Three months ended Three
months ended
September 30, 2007
September 30, 2006
GAAP Adjustment Non-GAAP GAAP
Adjustment Non-GAAP
Results Results Results
Results
Cost of revenue (*) 23,348 (2,926) 20,422 10,976
(482) 10,494
Operating Profit (**) 6,248 8,449 14,697 1,909
3,004 4,913
Net Income (***) 9,038 5,814 14,852 849
1,985 2,834
Three months ended June 30, 2007
GAAP Adjustment Non-GAAP
Results Results
Cost of revenue (*) 17,209 (2,855) 14,354
Operating Profit (**) 2,757 6,316 9,073
Net Income (***) 2,254 5,680 7,934
(*) The adjustments are for amortization for intangible
assets.
(**) The adjustments are for share-based compensation
expenses, interest
income, depreciation, and amortization for
intangible assets.
(***) The adjustments are for amortization of intangible
assets, imputed
interest, and share-based compensation expenses.
Xinhua Finance Media Limited
Condensed Consolidated Balance Sheets
(In U.S. dollars) September 30,
December 31,
2007
2006
Unaudited
(Note 1)
Assets
Current assets: $75,350,743
$36,353,547
Cash
Restricted cash (Note 2) 37,202,191
12,579,822
Short-term investment 40,700,000
--
Accounts receivable (Note 3) 40,657,189
17,403,632
Prepaid program expenses 8,455,823
8,597,935
Other current assets 27,579,563
22,114,480
Total current assets 229,945,509
97,049,416
Content production deposit and cost,
net 6,836,842
5,854,271
Property and equipment, net 8,674,224
4,367,329
Intangible assets, net (Note 4) 215,891,059
176,201,528
Goodwill 136,597,341
83,670,010
Investment 500,000
500,000
Deposits for acquisition of
subsidiaries 25,634,000
29,246,500
Deposits for acquisition of
intangible asset --
2,561,246
Other long-term asset 8,563,980
--
Total assets $632,642,955
$399,450,300
Liabilities and shareholders' equity
Current liabilities:
Bank borrowings $33,704,539
$11,218,256
Bank overdrafts 1,525,086
--
Other current liabilities 42,124,072
163,848,633
Total current liabilities 77,353,697
175,066,889
Deferred tax liabilities 33,344,407
41,168,035
Convertible loan --
14,017,289
Long term payables, non-current
portion 72,189,021
64,937,958
Total liabilities 182,887,125
295,190,171
Minority Interests 4,121,929
3,010,407
Shareholders' equity:
Class A common shares and nonvested
shares (par value $0.001; 69,035,751
as of December 31, 2006 and 143,822,874
as of September 30, 2007 shares
authorized; 32,011,154 as of December 31,
2006 and 88,017,922 as of September 30,
2007 shares issued and outstanding) 88,020
32,011
Class B common shares (par value
$0.001; 50,054,619 as of December
31, 2006 and September 30, 2007
shares authorized; 50,054,618 as of
December 31, 2006 and September 30,
2007 shares issued and outstanding) 7,442
7,442
Convertible preferred shares (par
value $0.001;15,600,000 as of
December 31, 2006 shares authorized;
15,585,254 as of December 31, 2006
shares issued and outstanding and
nil as of September 30, 2007 shares
issued and outstanding) --
15,585
Additional paid-in capital 423,842,031
103,155,391
Retained earnings (deficits) 19,746,440
(2,797,112)
Accumulated other comprehensive
income 1,949,968
836,405
Total shareholders' equity 445,633,901
101,249,722
Total $632,642,955
$399,450,300
Xinhua Finance Media Limited
Condensed Consolidated Statements of Operations
(in U.S. Dollars) Three months Three months Three
months Nine months
ended ended
ended ended
September September
June 30, September
30, 2007 30, 2006
2007 30, 2007
Unaudited Unaudited
Unaudited Unaudited
Net revenues:
Advertising services 26,012,979 12,974,827
19,165,786 54,253,721
Content production 2,073,675 2,668,838
3,050,899 5,904,289
Advertising sales 12,346,672 2,592,625
6,477,426 25,447,053
Publishing services 291,072 482,516
265,422 758,924
Total net revenues 40,724,398 18,718,806
28,959,533 86,363,987
Cost of revenues:
Advertising services 16,509,981 8,879,575
12,073,200 35,910,052
Content production 1,504,931 1,025,106
1,341,785 3,113,566
Advertising sales 5,048,937 32,968
3,613,015 12,567,865
Publishing services 283,714 1,037,963
180,902 615,540
Total cost of revenues 23,347,563 10,975,612
17,208,902 52,207,023
Operating expenses:
Selling and
distribution 4,337,558 1,621,663
3,165,211 9,082,225
General and
administrative 6,791,370 4,212,367
5,828,831 17,608,426
Total operating expenses 11,128,928 5,834,030
8,994,042 26,690,651
Other operating income
(Note 5) -- --
-- 2,261,788
Income from operations 6,247,907 1,909,164
2,756,589 9,728,101
Other income (expense):
Interest expense
(Note 7) (375,093) (915,523)
(2,086,990) (3,673,022)
Interest income 2,431,529 617,994
1,858,221 4,746,584
Other, net 730,850 201,012
158,401 926,989
Income before provision
for income taxes 9,035,193 1,812,647
2,686,221 11,728,652
and minority interest
Provision for income
taxes (Note 8) (232,016) 128,307
202,457 (12,944,939)
Net income before
minority interest 9,267,209 1,684,340
2,483,764 24,673,591
Minority interest 229,467 782,908
229,355 791,706
Equity in loss of an
investment -- 52,211
-- --
Net income 9,037,742 849,221
2,254,409 23,881,885
Dividend on redeemable
convertible
preferred shares -- 2,169,227
-- 1,338,333
Net income (loss)
attributable to holders
of common shares 9,037,742 (1,320,006)
2,254,409 22,543,552
Net income per share:
Basic - Common shares 0.071 (0.029)
0.018 0.227
Basic - American
Depositary Shares 0.142 (0.058)
0.036 0.454
Diluted - Common
shares 0.063 (0.029)
0.016 0.193
Diluted - American
Depositary Shares 0.126 (0.058)
0.032 0.386
Xinhua Finance Media Limited
Condensed Consolidated Statements of Cash Flows
Three months Three
months Three months
ended
ended ended
September
September June 30,
(in U.S. Dollars) 30, 2007 30,
2006 2007
(Unaudited)
(Unaudited) Unaudited)
Net cash provided by operating
activities 1,550,989
6,489,492 41,081
Net cash used in investing
activities (9,536,253)
(59,548,936) (97,768,365)
Net cash provided by financing
activities 1,660,617
2,449,972 2,660,996
Effect of exchange rate changes 263,683
144,605 546,121
Net decrease in cash (6,060,964)
(50,464,867) (94,520,167)
Cash, as at beginning of the
period 81,411,707
62,195,089 175,931,874
Cash, as at end of the period 75,350,743
11,730,222 81,411,707
Notes to Financial Information
1) 2006 condensed consolidated balance sheets
Information was extracted from the audited financial
statements
included in the prospectus on Form-1 of the Company
filed with the
Securities and Exchange Commission on March 8,
2007.
2) Restricted cash
Restricted cash is US dollar cash deposits pledged
for the RMB loan
facilities granted by banks for RMB working capital
purposes.
3) Accounts receivables and debtors turnover
Debtors turnover for the second quarter and third
quarter of 2007 was
97 days and 92 days respectively. Our business
groups generally
granted 90 days to 180 days average credit period to
major customers,
which is in line with the industry practices in the
PRC.
4) Intangible assets
Net book value for intangible assets as of September
30, 2007 was
$215.9 million. It mainly represents the fair value
of the long term
advertising agreements for the Broadcast and Print
Group. The net book
value of the intangible assets were primarily
composed of $99.8
million advertising license agreement for our TV
business, $59.8
million exclusive advertising agreement for our
newspaper business,
and $7.7 million exclusive advertising agreements we
entered for radio
advertising operations in Shanghai, Beijing and
Guangdong. There is
derecognition of the intangible assets of $40.7
million for one of our
radio exclusive advertising agreements upon
clarification of the terms
of one of our exclusive radio advertising
agreements. We are in the
process of obtaining third-party valuations of
certain identifiable
intangible assets for the acquisitions we completed
in the second and
third quarters and hence the net book value for
intangible assets is
preliminary and subject to revision once we complete
the valuation
exercise.
5) Other operating income
Other operating income of $2.3 million represents
reimbursement of IPO
related expenses by Bank of New York in the first
quarter of 2007.
Those expenses, all of which had been recorded in
the 2006 income
statement as operating expenses because they were
not considered to be
directly related to the sale of securities, related
primarily to audit
fees and fees paid to consultants during the listing
process.
6) Amortization included in cost of sales, selling
expenses, or
administrative expenses
Amortization for the second quarter and third
quarter of 2007 were
$3.4 million and $4.2million respectively. It mainly
represents the
amortization of the intangible assets as mentioned
in note 4. The
amortization for the TV license agreement was $1.3
million for both
second and third quarter of 2007. The amortization
for the newspaper
exclusive advertising agreement was $0.4 million and
$0.3 million for
the second and third quarter of 2007. The
amortization for the radio
exclusive advertising agreements was $0.7 million
and $0.3 million for
the second and third quarter of 2007. The decrease
in amortization is
due to the derecognition of the intangible assets of
$40.7 million as
mentioned in note 4.
7) Interest expense
Included in interest expense is imputed interest of
$1.7 million and
$1.1 million for the second quarter and third
quarter of 2007
respectively. It mainly represents the monthly
imputed interest
expense charged on the payment obligations for the
above long term
contracts. There is also a one-time adjustment of
$1.3 million,
representing reversal of the imputed interest taken
in first half year
of 2007 (the imputed interest for the first quarter
and second quarter
of 2007 were $0.6 million and $0.6 million
respectively) as a result
of clarification of terms of one of our exclusive
radio advertising
agreements as mentioned also in note 4. For the TV
license agreement,
the imputed interest each quarter in 2007 was $0.7
million. For the
Newspaper exclusive advertising agreement, the
imputed interest for
the second quarter and third quarter of 2007 were
$0.4 million and
$0.3 million respectively. For radio exclusive
advertising agreements,
the imputed interest for the second quarter and
third quarter of 2007
were $0.6 million and $0.1 million respectively. The
sequential
decrease was driven by the fact that there is no
imputed interest
taken in the third quarter of 2007 as a result of
clarification of
terms of one of our exclusive radio advertising
agreements as
mentioned in note 4.
8) Provision for income taxes
Provision for income taxes included deferred tax
credits of $0.7
million in both second quarter and third quarter of
2007.
For more information, please contact:
Media Contact:
Xinhua Finance Media
Ms. Joy Tsang
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinancemedia.com
IR Contact:
Xinhua Finance Media
Ms. Jennifer Chan Lyman
Tel: +86-21-6113-5960
Email: jennifer.lyman@xinhuafinancemedia.com
2007'12.05.Wed
Xinhua Finance Media Announces Strong Financial Results for The Third Quarter 2007
November 14, 2007
BEIJING, Nov. 13 /Xinhua-PRNewswire-FirstCall/ --
Xinhua Finance Media Limited ("XFMedia" or
"the Company"; Nasdaq: XFML), China's leading
diversified financial and entertainment media company,
today announced its unaudited financial results for the
quarter ended September 30, 2007.
Third Quarter 2007 Highlights
-- Net revenue for the third quarter of 2007 was $40.7
million, up 118%
year-over-year from $18.7 million in the third
quarter of 2006 or up
41% sequentially from $29.0 million in the second
quarter of 2007.
The increase in revenue was driven by strong
organic business growth
and contribution from new acquisitions.
-- EBITDA (non-GAAP), defined as earnings before
interest expense,
taxes,depreciation, amortization and share-based
compensation
expenses, for the third quarter of 2007 was $14.7
million, up 199% y
ear-over-year from $4.9 million in the third
quarter of 2006 or up
62% sequentially from $9.1 million in the second
quarter of 2007.
-- Net income for the third quarter of 2007 was $9.0
million, up 964%
year-over-year from $0.8 million in the third
quarter of 2006 or up
301% sequentially from $2.3 million in the second
quarter of 2007.
-- Adjusted net income (non-GAAP), defined as net
income before
amortization of intangible assets, imputed interest
and share-based
compensation expenses, for the third quarter of
2007 was $14.9
million, up 424% year-over-year from $2.8 million
in the third
quarter of 2006 or up 87% sequentially from $7.9
million in the
second quarter of 2007.
-- Net income and adjusted net income per ADS and per
share are shown in
the following table:
Net income per ADS - basic * 0.14
Net income per ADS - diluted * 0.13
Adjusted net income per ADS - basic * 0.23
Adjusted net income per ADS - diluted * 0.21
Net income per share - basic * 0.07
Net income per share - diluted * 0.06
Adjusted net income per share - basic * 0.12
Adjusted net income per share - diluted * 0.10
* Weighted average number of ADS - basic: 63.5
million; weighted
average number of ADS - diluted: 71.4 million;
weighted average
number of share - basic: 126.9 million;
weighted average number
of share - diluted: 142.8 million.
"We are pleased to report strong financial results
for the third quarter of 2007 that came from strong business
growth in advertising revenue," said Ms Fredy Bush,
XFMedia's Chief Executive Officer, "demonstrating our
ability to capitalize on the growing advertising market in
China. We look forward to progress across our business
groups as we continue to leverage the prospects generated
by China's dynamic development."
Third Quarter 2007 Financial Results
Net revenue for the third quarter of 2007 was $40.7
million, up 118% year-over-year from $18.7 million in the
third quarter of 2006 or up 41% sequentially from $29.0
million in the second quarter of 2007.
Net Revenues by type and segment
The following is a summary of net revenue relating to
each segment reconciled to amounts on the accompanying
consolidated financial statements for the third quarter of
2007:
Advertising
Broadcast Print
Net revenues:
Media production $ -- $
-- $ --
Advertising sales 3,801,931
4,993,633 3,551,108
Advertising services 18,763,878
3,693,157 2,110,687
Publishing services --
-- 291,072
Total net revenues $22,565,809
$8,686,790 $5,952,867
Production
Research Total
Net revenues:
Media production $ 2,073,675 $
-- $ 2,073,675
Advertising sales --
-- 12,346,672
Advertising services --
1,445,257 26,012,979
Publishing services --
-- 291,072
Total net revenues $ 2,073,675 $
1,445,257 $40,724,398
Advertising Group
Net revenue for the Advertising Group for the third
quarter of 2007 was $22.6 million, up 99% year-over-year
from $11.4 million in the third quarter of 2006 or up 48%
sequentially from $15.3 million in the second quarter of
2007.
Television Advertising
Net revenue for Television for the third quarter of
2007 was $3.8 million, up 84% year-over-year from $2.0
million in the third quarter of 2006 or down 21%
sequentially from $4.8 million in the second quarter of
2007. The sequential decrease was due to seasonality of the
business. In addition, a higher portion of television
programming during the quarter focused on the coverage of
the 17th Party Congress and resulted in a mix of television
advertisement that generated on average a lower level of
revenue.
Print/Online Advertising
Net revenue for Print for the third quarter of 2007 was
$9.5 million, up 92% year-over-year from $4.9 million in the
third quarter of 2006 or up 59% sequentially from $6.0
million in the second quarter of 2007.
Outdoor/Other Advertising Services
Net revenue for Outdoor/Other for the third quarter of
2007 was $5.7 million, up 29% year-over-year from $4.4
million in the third quarter of 2006 or up 52% sequentially
from $3.7 million in the second quarter of 2007.
We completed the acquisition of Convey Advertising
Company Limited ("Convey") on July 2, 2007.
Convey contributed $3.8 million in post-acquisition net
revenue for the third quarter of 2007. The acquisition of
Convey expands XFMedia's outdoor advertising network
significantly by adding to it billboards along key transit
routes linking mainland China with Hong Kong and Macau.
Excluding the contribution from Convey, net revenue was
down by 50% sequentially due primarily to a lower level of
event marketing activities conducted during the period
leading up to the 17th Party Congress.
Below-The-Line Marketing
Net revenue for Below-The-Line Marketing for the third
quarter of 2007 was $3.6 million, up 363% sequentially from
$0.8 million in the second quarter of 2007. There was no
comparable revenue for the Below-The-Line Marketing
business in the third quarter of 2006 as this business was
acquired in June of 2007. The sequential increase was
primarily due to full quarter consolidation of Shanghai
Singshine Marketing Service Ltd.
Broadcast Group
Net revenue for the Broadcast Group for the third
quarter of 2007 was $8.7 million, up 4655% year-over-year
increase from $0.2 million in the third quarter of 2006 or
up 107% sequentially from $4.2 million in the second
quarter of 2007. The year-over-year increase was primarily
due to revenue contribution from the television business
which was acquired in September of 2006.
Television
Net revenue for the television business for the third
quarter of 2007 was $3.5 million, up 1806% year-over-year
from $0.2 million in the third quarter of 2006 or up 48%
sequentially from $2.3 million in the second quarter of
2007.
Radio
Net revenue for the radio business for the third
quarter of 2007 was $1.9 million, up 61% sequentially from
$1.2 million in the second quarter of 2007. There was no
comparable revenue for the radio business in the third
quarter of 2006 as the radio business was acquired in
September 2006 and only started to generate revenue in the
fourth quarter of 2006.
Mobile Services
Net revenue for the mobile services business for the
third quarter of 2007 was $3.3 million, up 388%
sequentially from $0.7 million in the second quarter of
2007. There was no comparable revenue for the mobile
services business in the third quarter of 2006 as this
business was acquired in the second quarter of 2007. The
sequential increase was partially due to full quarter
consolidation of Beijing Mobile Interactive Co., Ltd, which
was acquired in June, 2007.
Print Group
Net revenue for the Print Group for the third quarter
of 2007 was $6.0 million, up 57% year-over-year from $3.8
million in the third quarter of 2006 or up 19% sequentially
from $5.0 million in the second quarter of 2007. The Print
Group consists of the advertising business in newspapers
and magazines.
Newspaper
Net revenue for the newspaper business for the third
quarter of 2007 was $2.5 million, up 45% year-over-year
from $1.7 million in the third quarter of 2006 or up 17%
sequentially from $2.2 million in the second quarter of
2007.
Magazine
Net revenue for the magazine business for the third
quarter of 2007 was $3.4 million, up 68% year-over-year
from $2.0 million in the third quarter of 2006 or up 21%
sequentially from $2.8 million in the second quarter of
2007.
Production Group
Net revenue for the Production Group for the third
quarter of 2007 was $2.1 million, down 22% year-over-year
from $2.7 million in the third quarter of 2006 or down 32%
sequentially from $3.1 million in the second quarter of
2007. The decrease was primarily due to seasonality of
distribution of TV drama series.
Research Group
Net revenue for the Research Group for the third
quarter of 2007 was $1.4 million, up 100% year-over-year
from $0.7 million in the third quarter of 2006 or down 1%
sequentially from $1.5 million in the second quarter of
2007.
Cost of Revenues
Cost of revenues for the third quarter of 2007 was
$23.3 million, up 113% year-over-year from $11.0 million in
the third quarter of 2006 or up 36% sequentially from $17.2
million in the second quarter of 2007. The increase in cost
of revenues was in line with the increase in net revenues,
which increased by 118% year-to-year or 41% sequentially.
Adjusted cost of revenue (non-GAAP), defined as cost of
revenues before amortization of intangible assets, for the
third quarter of 2007 was $20.4 million, up 95 %
year-over-year from $10.5 million in the third quarter of
2006 or up 42% sequentially from $14.4 million in the
second quarter of 2007.
The cost of revenues for the five business segments are
as follows:
Advertising
Broadcast Print
Cost of revenues:
Media production $ -- $
202,884 $ --
Advertising sales 1,636,063
2,664,941 747,933
Advertising services 12,739,178
2,993,949 80,054
Publishing services --
-- 283,714
Total cost of revenues $14,375,241 $
5,861,774 $ 1,111,701
Amortization of intangible assets (237,557)
(2,381,048) (307,220)
Adjusted cost of revenues $14,137,684 $
3,480,726 $ 804,481
Production
Research Total
Cost of revenues:
Media production $ 1,302,047 $
-- $ 1,504,931
Advertising sales --
-- 5,048,937
Advertising services --
696,800 16,509,981
Publishing services --
-- 283,714
Total cost of revenues $ 1,302,047 $
696,800 $23,347,563
Amortization of intangible assets --
-- (2,925,825)
Adjusted cost of revenues $ 1,302,047 $
696,800 $20,421,738
Operating Expenses
Operating expenses for the third quarter of 2007 were
$11.1 million, up 91% year-over-year from $5.8 million in
the third quarter of 2006 or up 24% sequentially from $9.0
million in the second quarter of 2007.
Total operating expenses were composed of selling and
marketing expenses and general and administrative expenses.
Selling and marketing expenses for the third quarter of 2007
were $4.3 million, up 167% year-over-year from $1.6 million
in the third quarter of 2006 or up 37% sequentially from
$3.2 million in the second quarter of 2007.
General and administrative expenses for the third
quarter of 2007 were $6.8 million, up 61% year-over-year
from $4.2 million in the third quarter of 2006 or up 17%
sequentially from $5.8 million in the second quarter of
2007. Included in the general and administrative expenses
were share-based compensation expenses of US$0.5 million,
resulting from grants made in 2006.
EBITDA (non-GAAP)
EBITDA (non-GAAP), defined as earnings before interest
expense, taxes, depreciation, amortization and share-based
compensation expenses, for the third quarter of 2007 was
$14.7 million, up 199% year-over-year from $4.9 million in
the third quarter of 2006 or up 62% sequentially from $9.1
million in the second quarter of 2007.
The following is a summary of EBITDA (non-GAAP)
relating to each segment for the third quarter of 2007:
Advertising
Broadcast Print
Segment EBITDA (non-GAAP) $ 6,512,142 $
3,850,243 $ 4,090,007
Less: net head office expenses
EBITDA (non-GAAP)
Production
Research Total
Segment EBITDA (non-GAAP) $ 481,723 $
375,829 $ 15,309,944
Less: net head office expenses
(613,022)
EBITDA (non-GAAP)
$14,696,922
* Net head office expenses represent corporate expenses
of $3.6 million
less interest income of $2.4 million and other income
of $0.6 million.
Net Income and Adjusted Net Income (non-GAAP)
Net income for the third quarter of 2007 was $9.0
million, up 964% year-over-year from $0.8 million in the
third quarter of 2006 or up 301% sequentially from $2.3
million in the second quarter of 2007.
Adjusted net income (non-GAAP), defined as net income
before amortization of intangible assets, imputed interest
and share-based compensation expenses, for the third
quarter of 2007 was $14.9 million, up 424% year-over-year
from $2.8 million in the third quarter of 2006 or up 87%
sequentially from $7.9 million in the second quarter of
2007.
Outlook for 2007
XFMedia maintains its full year revenue guidance of
US$128 to 133 million. Fourth quarter revenue is expected
to be US$42 to 47 million. This forecast reflects XFMedia's
current and preliminary view, which is subject to change.
Conference Call Information
Following the earnings announcement, Xinhua Finance
Media's senior management will host a conference call on
November 13, 2007 at 5:00 PM (New York) / November 14, 2007
at 6:00 AM (Beijing) to review the results and discuss
recent business activity.
Interested parties may dial into the conference call
at:
(US) +1-480-293-1744
(UK) +44-20-7190 1232
(Asia Pacific) +852-3009-5027
A telephone replay will be available shortly after the
call for one week at:
(US) +1-303-590-3030 (Passcode: 3800017#)
(UK) +44-207-154-2833 (Passcode: 3800017#)
(Asia Pacific) +852-2287-4304 (Passcode: 124110#)
A real-time webcast and replay will be also available
at: http://www.xinhuafinancemedia.com/earnings
About Xinhua Finance Media Limited
Xinhua Finance Media ("XFMedia"; NASDAQ:
XFML) is China's leading diversified financial and
entertainment media company targeting high net worth
individuals nationwide. The company reaches its target
audience via TV, radio, newspapers, magazines and other
distribution channels. Through its five synergistic
business groups, Advertising, Broadcast, Print, Production
and Research, XFMedia offers a total solution empowering
clients at every stage of the media process and keeping
people connected and entertained.
Headquartered in Beijing, the company has offices and
affiliates in major cities of China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. For more
information, please visit
http://www.xinhuafinancemedia.com.
Safe Harbor
This announcement contains forward-looking statements.
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates" and similar
statements. Among other things, the outlook for fourth
quarter and full year 2007 and quotations from management
in this announcement, as well as XFMedia's strategic and
operational plans, contain forward-looking statements.
XFMedia may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities
and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or
employees to third parties. Statements that are not
historical facts, including statements about XFMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual
results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our growth strategies; our future business
development, results of operations and financial condition;
our ability to attract and retain customers; competition in
the Chinese advertising and media market; changes in our
revenues and certain cost or expense items as a percentage
of our revenues; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to
copyright and other intellectual property rights; the
expected growth of the Chinese advertising and media
market; and Chinese governmental policies relating to
advertising and media. Further information regarding these
and other risks is included in our registration statement
on Form F-1, as amended, filed with the Securities and
Exchange Commission. XFMedia does not undertake any
obligation to update any forward-looking statement, except
as required under applicable law.
Non-GAAP Financial Measures
To supplement XFMedia's consolidated financial results
presented in accordance with U.S. GAAP, XFMedia uses the
following non-GAAP financial measures: adjusted cost of
revenue, EBITDA and adjusted net income. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the
financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP
financial measures, please see the table captioned
"Reconciliations of GAAP and non-GAAP results"
set forth at the end of this release.
XFMedia believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity. XFMedia believes that both
management and investors benefit from referring to these
non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. To
provide investors with a better understanding of our
underlying operational and financial performance, starting
from this quarter, XFMedia has adopted the measure
"adjusted cost of revenue", defined as cost of
revenue excluding amortization of intangible assets, and
has changed the methodology of presenting "adjusted
net income", by defining adjusted net income as net
income excluding amortization of intangible assets, imputed
interest and share-based compensation. XFMedia believes
these non-GAAP financial measures are useful to investors
in allowing for greater transparency with respect to
supplemental information used by management in its
financial and operational decision making. A limitation of
using non-GAAP measures which exclude share-based
compensation expenses is that share-based compensation
expenses have been and will continue to be a significant
recurring expense in our business. A limitation of using
non-GAAP adjusted cost of revenue, EBITDA and adjusted net
income is that they do not include all items that impact
our net income for the period. Management compensates for
these limitations by providing specific information
regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying tables have more details on the
reconciliations between GAAP financial measures that are
most directly comparable to non-GAAP financial measures.
Reconciliations of GAAP and non-GAAP results (in USD
thousands, unaudited)
Three months ended Three
months ended
September 30, 2007
September 30, 2006
GAAP Adjustment Non-GAAP GAAP
Adjustment Non-GAAP
Results Results Results
Results
Cost of revenue (*) 23,348 (2,926) 20,422 10,976
(482) 10,494
Operating Profit (**) 6,248 8,449 14,697 1,909
3,004 4,913
Net Income (***) 9,038 5,814 14,852 849
1,985 2,834
Three months ended June 30, 2007
GAAP Adjustment Non-GAAP
Results Results
Cost of revenue (*) 17,209 (2,855) 14,354
Operating Profit (**) 2,757 6,316 9,073
Net Income (***) 2,254 5,680 7,934
(*) The adjustments are for amortization for intangible
assets.
(**) The adjustments are for share-based compensation
expenses, interest
income, depreciation, and amortization for
intangible assets.
(***) The adjustments are for amortization of intangible
assets, imputed
interest, and share-based compensation expenses.
Xinhua Finance Media Limited
Condensed Consolidated Balance Sheets
(In U.S. dollars) September 30,
December 31,
2007
2006
Unaudited
(Note 1)
Assets
Current assets: $75,350,743
$36,353,547
Cash
Restricted cash (Note 2) 37,202,191
12,579,822
Short-term investment 40,700,000
--
Accounts receivable (Note 3) 40,657,189
17,403,632
Prepaid program expenses 8,455,823
8,597,935
Other current assets 27,579,563
22,114,480
Total current assets 229,945,509
97,049,416
Content production deposit and cost,
net 6,836,842
5,854,271
Property and equipment, net 8,674,224
4,367,329
Intangible assets, net (Note 4) 215,891,059
176,201,528
Goodwill 136,597,341
83,670,010
Investment 500,000
500,000
Deposits for acquisition of
subsidiaries 25,634,000
29,246,500
Deposits for acquisition of
intangible asset --
2,561,246
Other long-term asset 8,563,980
--
Total assets $632,642,955
$399,450,300
Liabilities and shareholders' equity
Current liabilities:
Bank borrowings $33,704,539
$11,218,256
Bank overdrafts 1,525,086
--
Other current liabilities 42,124,072
163,848,633
Total current liabilities 77,353,697
175,066,889
Deferred tax liabilities 33,344,407
41,168,035
Convertible loan --
14,017,289
Long term payables, non-current
portion 72,189,021
64,937,958
Total liabilities 182,887,125
295,190,171
Minority Interests 4,121,929
3,010,407
Shareholders' equity:
Class A common shares and nonvested
shares (par value $0.001; 69,035,751
as of December 31, 2006 and 143,822,874
as of September 30, 2007 shares
authorized; 32,011,154 as of December 31,
2006 and 88,017,922 as of September 30,
2007 shares issued and outstanding) 88,020
32,011
Class B common shares (par value
$0.001; 50,054,619 as of December
31, 2006 and September 30, 2007
shares authorized; 50,054,618 as of
December 31, 2006 and September 30,
2007 shares issued and outstanding) 7,442
7,442
Convertible preferred shares (par
value $0.001;15,600,000 as of
December 31, 2006 shares authorized;
15,585,254 as of December 31, 2006
shares issued and outstanding and
nil as of September 30, 2007 shares
issued and outstanding) --
15,585
Additional paid-in capital 423,842,031
103,155,391
Retained earnings (deficits) 19,746,440
(2,797,112)
Accumulated other comprehensive
income 1,949,968
836,405
Total shareholders' equity 445,633,901
101,249,722
Total $632,642,955
$399,450,300
Xinhua Finance Media Limited
Condensed Consolidated Statements of Operations
(in U.S. Dollars) Three months Three months Three
months Nine months
ended ended
ended ended
September September
June 30, September
30, 2007 30, 2006
2007 30, 2007
Unaudited Unaudited
Unaudited Unaudited
Net revenues:
Advertising services 26,012,979 12,974,827
19,165,786 54,253,721
Content production 2,073,675 2,668,838
3,050,899 5,904,289
Advertising sales 12,346,672 2,592,625
6,477,426 25,447,053
Publishing services 291,072 482,516
265,422 758,924
Total net revenues 40,724,398 18,718,806
28,959,533 86,363,987
Cost of revenues:
Advertising services 16,509,981 8,879,575
12,073,200 35,910,052
Content production 1,504,931 1,025,106
1,341,785 3,113,566
Advertising sales 5,048,937 32,968
3,613,015 12,567,865
Publishing services 283,714 1,037,963
180,902 615,540
Total cost of revenues 23,347,563 10,975,612
17,208,902 52,207,023
Operating expenses:
Selling and
distribution 4,337,558 1,621,663
3,165,211 9,082,225
General and
administrative 6,791,370 4,212,367
5,828,831 17,608,426
Total operating expenses 11,128,928 5,834,030
8,994,042 26,690,651
Other operating income
(Note 5) -- --
-- 2,261,788
Income from operations 6,247,907 1,909,164
2,756,589 9,728,101
Other income (expense):
Interest expense
(Note 7) (375,093) (915,523)
(2,086,990) (3,673,022)
Interest income 2,431,529 617,994
1,858,221 4,746,584
Other, net 730,850 201,012
158,401 926,989
Income before provision
for income taxes 9,035,193 1,812,647
2,686,221 11,728,652
and minority interest
Provision for income
taxes (Note 8) (232,016) 128,307
202,457 (12,944,939)
Net income before
minority interest 9,267,209 1,684,340
2,483,764 24,673,591
Minority interest 229,467 782,908
229,355 791,706
Equity in loss of an
investment -- 52,211
-- --
Net income 9,037,742 849,221
2,254,409 23,881,885
Dividend on redeemable
convertible
preferred shares -- 2,169,227
-- 1,338,333
Net income (loss)
attributable to holders
of common shares 9,037,742 (1,320,006)
2,254,409 22,543,552
Net income per share:
Basic - Common shares 0.071 (0.029)
0.018 0.227
Basic - American
Depositary Shares 0.142 (0.058)
0.036 0.454
Diluted - Common
shares 0.063 (0.029)
0.016 0.193
Diluted - American
Depositary Shares 0.126 (0.058)
0.032 0.386
Xinhua Finance Media Limited
Condensed Consolidated Statements of Cash Flows
Three months Three
months Three months
ended
ended ended
September
September June 30,
(in U.S. Dollars) 30, 2007 30,
2006 2007
(Unaudited)
(Unaudited) (Unaudited)
Net cash provided by operating
activities 1,550,989
6,489,492 41,081
Net cash used in investing
activities (9,536,253)
(59,548,936) (97,768,365)
Net cash provided by financing
activities 1,660,617
2,449,972 2,660,996
Effect of exchange rate changes 263,683
144,605 546,121
Net decrease in cash (6,060,964)
(50,464,867) (94,520,167)
Cash, as at beginning of the
period 81,411,707
62,195,089 175,931,874
Cash, as at end of the period 75,350,743
11,730,222 81,411,707
Notes to Financial Information
1) 2006 condensed consolidated balance sheets
Information was extracted from the audited financial
statements
included in the prospectus on Form-1 of the Company
filed with the
Securities and Exchange Commission on March 8,
2007.
2) Restricted cash
Restricted cash is US dollar cash deposits pledged
for the RMB loan
facilities granted by banks for RMB working capital
purposes.
3) Accounts receivables and debtors turnover
Debtors turnover for the second quarter and third
quarter of 2007 was
97 days and 92 days respectively. Our business
groups generally
granted 90 days to 180 days average credit period to
major customers,
which is in line with the industry practices in the
PRC.
4) Intangible assets
Net book value for intangible assets as of September
30, 2007 was
$215.9 million. It mainly represents the fair value
of the long term
advertising agreements for the Broadcast and Print
Group. The net book
value of the intangible assets were primarily
composed of $99.8
million advertising license agreement for our TV
business, $59.8
million exclusive advertising agreement for our
newspaper business,
and $7.7 million exclusive advertising agreements we
entered for radio
advertising operations in Shanghai, Beijing and
Guangdong. There is
derecognition of the intangible assets of $40.7
million for one of our
radio exclusive advertising agreements upon
clarification of the terms
of one of our exclusive radio advertising
agreements. We are in the
process of obtaining third-party valuations of
certain identifiable
intangible assets for the acquisitions we completed
in the second and
third quarters and hence the net book value for
intangible assets is
preliminary and subject to revision once we complete
the valuation
exercise.
5) Other operating income
Other operating income of $2.3 million represents
reimbursement of IPO
related expenses by Bank of New York in the first
quarter of 2007.
Those expenses, all of which had been recorded in
the 2006 income
statement as operating expenses because they were
not considered to be
directly related to the sale of securities, related
primarily to audit
fees and fees paid to consultants during the listing
process.
6) Amortization included in cost of sales, selling
expenses, or
administrative expenses
Amortization for the second quarter and third
quarter of 2007 were
$3.4 million and $4.2million respectively. It mainly
represents the
amortization of the intangible assets as mentioned
in note 4. The
amortization for the TV license agreement was $1.3
million for both
second and third quarter of 2007. The amortization
for the newspaper
exclusive advertising agreement was $0.4 million and
$0.3 million for
the second and third quarter of 2007. The
amortization for the radio
exclusive advertising agreements was $0.7 million
and $0.3 million for
the second and third quarter of 2007. The decrease
in amortization is
due to the derecognition of the intangible assets of
$40.7 million as
mentioned in note 4.
7) Interest expense
Included in interest expense is imputed interest of
$1.7 million and
$1.1 million for the second quarter and third
quarter of 2007
respectively. It mainly represents the monthly
imputed interest
expense charged on the payment obligations for the
above long term
contracts. There is also a one-time adjustment of
$1.3 million,
representing reversal of the imputed interest taken
in first half year
of 2007 (the imputed interest for the first quarter
and second quarter
of 2007 were $0.6 million and $0.6 million
respectively) as a result
of clarification of terms of one of our exclusive
radio advertising
agreements as mentioned also in note 4. For the TV
license agreement,
the imputed interest each quarter in 2007 was $0.7
million. For the
Newspaper exclusive advertising agreement, the
imputed interest for
the second quarter and third quarter of 2007 were
$0.4 million and
$0.3 million respectively. For radio exclusive
advertising agreements,
the imputed interest for the second quarter and
third quarter of 2007
were $0.6 million and $0.1 million respectively. The
sequential
decrease was driven by the fact that there is no
imputed interest
taken in the third quarter of 2007 as a result of
clarification of
terms of one of our exclusive radio advertising
agreements as
mentioned in note 4.
8) Provision for income taxes
Provision for income taxes included deferred tax
credits of $0.7
million in both second quarter and third quarter of
2007.
For more information, please contact:
Media Contact:
Xinhua Finance Media
Ms. Joy Tsang
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinancemedia.com
IR Contact:
Xinhua Finance Media
Ms. Jennifer Chan Lyman
Tel: +86-21-6113-5960
Email: jennifer.lyman@xinhuafinancemedia.com
2007'12.05.Wed
NAVTEQ Makes GSMA Mobile Asia Congress Debut
November 14, 2007
Global Communications Event Will Be Held November 12-15,
2007 in Macau
CHICAGO, Nov. 14 /Xinhua-PRNewswire/ -- NAVTEQ (NYSE:
NVT), a leading global provider of digital map data for
location-based solutions (LBS) and vehicle navigation, is
continuing its commitment to LBS development in the
Asia-Pacific (APAC) region by exhibiting at the upcoming
GSMA Mobile Asia Congress, 12-15 November 2007, at The
Venetian in Macau. This year will mark NAVTEQ's first
appearance at the global mobile event.
"NAVTEQ's presence at this year's GSMA Mobile Asia
Congress is reflective of the ever-growing presence of LBS
development in the Asia-Pacific region," said Rich
Shuman, senior vice president, Asia-Pacific, NAVTEQ.
"The global movement of location is in full force and
is evidenced by the cutting-edge LBS technology that is
pouring out of the Asia-Pacific region."
The pervasiveness of location-enabled mobile devices
and increased map coverage of APAC are contributing to the
drive of LBS development in the region. NAVTEQ's coverage
of the Asia-Pacific region now includes Australia, China
(through NAVTEQ's joint venture, NAV2), Hong Kong, Macau,
Malaysia, Singapore, South Korea, Taiwan and Thailand, and
as of 2007, India.
NAVTEQ's booth (D16, Hall D) at the GSMA Mobile Asia
Congress will showcase its map data, rich content,
developer programs and booth partners, including:
-- NAVTEQ Discover Cities(TM): A bundle of
pedestrian-relevant Points
of Interest (POI) data built specifically for
location-aware mobile
devices, NAVTEQ Discover Cities gives mobile
consumers information
about the sights and amenities of the city around
them based on their
location.
-- NAVTEQ Network for Developers(TM): A dynamic
online web portal that
provides developers and companies with technical
and business
support, NAVTEQ Network for Developers (NN4D)
enables its members to
build, showcase and launch the most innovative
location-enabled
solutions. Register for NN4D at
http://www.NN4D.com.
-- NAVTEQ Global LBS Challenge(R): The premier event
for wireless LBS
innovation, the NAVTEQ Global LBS Challenge invites
developers around
the world to build innovative, non-commercialized
LBS applications
that work with mobile phones and/or wireless
handheld devices using
dynamic positioning technology and NAVTEQ(R) map
data. Global LBS
Challenge participants compete for a shared prize
pool of cash and
data licenses valued at nearly $3 million US.
Registration for the
Global LBS Challenge - APAC is now open and closes
on February 29,
2008. Attendees can register for the event at
NAVTEQ's booth or
online at http://www.LBSChallenge.com.
-- Booth Partners: Demonstrating in the booth with
NAVTEQ will be
Nokia, Autodesk and NAV2, a joint venture partner
of NAVTEQ.
For more information about the 2007 GSMA Mobile Asia
Congress, visit http://www.mobileasiacongress.com.
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital
map information for automotive navigation systems, mobile
navigation devices, Internet-based mapping applications,
and government and business solutions. NAVTEQ creates the
digital maps and map content that power navigation and
location-based services solutions around the world. The
Chicago-based company was founded in 1985 and has more than
3,100 employees located in 167 offices in 31 countries.
NAVTEQ, Global LBS Challenge, and NAVTEQ Network for
Developers are trademarks in the U.S. and other countries.
(C) 2007 NAVTEQ. All rights reserved.
This document may include certain "forward-looking
statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
plans, objectives, expectations and intentions and other
statements contained in this press release that are not
historical facts and statements identified by words such as
"expects," "anticipates,"
"intends," "plans,"
"believes," "seeks,"
"estimates" or words of similar meaning. The
statements are based on our current beliefs or expectations
and are inherently subject to various risks and
uncertainties, including those set forth under "Item
1A. Risk Factors" in each of the Company's most recent
Annual and Quarterly Reports filed with the Securities and
Exchange Commission.
Actual results may differ materially from these
expectations due to changes in global political, economic,
business, competitive, market and regulatory factors.
NAVTEQ does not undertake any obligation to update any
forward-looking statements contained in this document.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO)
For more information, please contact:
Jennifer Schuh
NAVTEQ
Tel: +1-312-894-3913
Email: jennifer.schuh@navteq.com
Bob Richter
Tel: +1-212-802-8588
Email: bob@richermedia.com
2007'12.05.Wed
World-Renowned Brand, The Plaza, Celebrates Its Entry Into the Las Vegas Gaming and Hospitality Market
November 14, 2007
LAS VEGAS, Nov. 14 /Xinhua-PRNewswire/ -- The Plaza, a
brand known throughout the world for luxurious elegance and
beauty, begins the entry into the Las Vegas gaming and
hospitality market with the implosion of the Frontier Hotel
& Casino. New York-based ELAD Group and Israel-based
IDB Group have partnered on this venture and jointly will
be known as ELAD IDB Las Vegas, LLC. The
multi-billion-dollar project will be the first of its kind
in Las Vegas. For the company, it will be the first of
many gaming ventures. Once completed, The Plaza is set to
be the second largest private real estate development in
the world.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071113/LATU130-a
http://www.newscom.com/cgi-bin/prnh/20071113/LATU130-b)
(Logo:
http://www.newscom.com/cgi-bin/prnh/20071031/LAW069)
"We are excited to bring The Plaza to Las
Vegas," said Isaac Tshuva, Owner of ELAD Group and The
Plaza in New York. "The new project will exude the
same elegance and grandeur that The Plaza in New York is
known for. We look forward to becoming part of the Las
Vegas skyline and will bring high quality service and
excellence that is expected with The Plaza brand."
"The investment in the new flagship project, The
Plaza Hotel in Las Vegas, will be estimated at $8 billion
and will set the bar for new standards in the field of
hospitality and entertainment," said Nochi Dankner,
Owner and Chairman of IDB Group. "The project's
expected completion is set for 2011 and will create at
least 15,000 new jobs in Las Vegas."
"The Plaza Hotel in Las Vegas will be a multi-use
property and will feature an ultra-luxury hotel, private
residences, retail outlets, a state-of-the-art casino,
destination restaurants, an entertainment venue and a
convention complex," said Miki Naftali, CEO and
President of ELAD Group. "Excavation of the site is
set to begin in the 3rd quarter 2008."
Former Vice Chairman of the Board of MGM Mirage Daniel
Wade has been appointed COO of ELAD IDB Las Vegas, LLC.
"I am honored to be given the task of cultivating The
Plaza brand in Las Vegas. The Plaza is an internationally
renowned brand and will redefine luxury and elegance in the
gaming capital of the world," said Wade. "As we
grow this brand internationally, IDB Group and ELAD Group
selected Las Vegas for the second of many Plaza locations
around the world.
IDB Group
IDB, Israel's largest business group, has a strong
presence in all key markets and sectors of the Israeli
economy. It holds controlling shares in the leading firms
in real estate, communications, industry, finance, hi-tech,
biotechnology, retail, trade and services. The IDB Group
shapes the local market through its dominant position in
the Israeli economy. This year, the IDB Group recorded
total revenues of $12 billion, total assets of $26 billion,
and holds $34 billion in assets under its management. The
group employs more than 40,000 people. Twenty-four of
IDB's companies represent 15% of the TA 25 index, and 14%
of the TA 100 index - the Tel-Aviv Stock Exchange [TASE]
key indexes. Sixteen of IDB's companies are traded on the
NASDAQ, NYSE, AMEX, AIM and BOVESPA.
ELAD Group
The ELAD Group, founded in 1992 is a private, US-owned
and operated commercial real estate and development firm.
The company is named after Isaac Tshuva's son. The company
develops, owns and operates real estate primarily in the
United States, Canada and in Asia. ELAD Group has become
one of the largest active developers of luxury properties
in North America with offices in New York, Florida, Los
Angeles, Toronto and Montreal. The ELAD Group has
developed and oversees billions of dollars of real estate
across the majority of the United States. The ELAD Group
gained worldwide attention for its $675 million acquisition
and historic renovation of the world famous landmark, The
Plaza, in New York City in 2004.
For more information, please contact:
Michelle Tsang
Preferred Public Relations & Marketing
Tel: +1-702-254-5704
Email: mtsang@preferredpublicrelations.com
James Woodrow
Preferred Public Relations & Marketing
Tel: +1-702-254-5704
Email: james@preferredpublicrelations.com
2007'12.05.Wed
Novo Nordisk Changing Diabetes(R) Bus World Tour Rolls Into the Big Apple to Mark World Diabetes Day
Novo Nordisk Changing Diabetes(R) Bus World Tour Rolls Into the Big Apple to Mark World Diabetes Day
November 14, 2007
PRINCETON, N.J., Nov. 14 /Xinhua-PRNewswire/ -- The
Changing Diabetes(R) Bus and Village will host visitors
today at New York City's Union Square Park, as its tour
around the globe concludes on the eve of the first United
Nations-sanctioned World Diabetes Day. Novo Nordisk, the
sponsor of the tour, invites visitors to Union Square Park
to participate in the global drive to raise awareness about
diabetes prevention and control, and encourage New Yorkers
to change the future of diabetes today. Admission to the
Novo Nordisk Changing Diabetes(R) Bus event is free and
open to the public today from 11am to 7pm in Union Square's
North Plaza.
Basketball Hall of Famer and diabetes advocate,
Dominique Wilkins of the Atlanta Hawks, is an ambassador
for the campaign. Diagnosed with type 2 diabetes in 2000,
'Nique has been sharing his personal story in order to
motivate and educate the public about this disease.
"When I was first diagnosed with type 2 diabetes
nearly eight years ago, it came as a shock -- I thought I
couldn't have it because I was in great shape," said
Dominique Wilkins. "After I got through the denial, I
decided I had to do something about it. I am now joining
Novo Nordisk to call on all New Yorkers to change diabetes
for good -- make important lifestyle changes for ourselves,
and pass these good habits on to our children."
The number of people living with diabetes in New York
City is rising at an alarming rate, more than doubling in
the past ten years. It is estimated that more than half a
million (530,000) New Yorkers -- close to one in eight
adults -- have been diagnosed with diabetes. More
alarmingly, an additional 265,000 have diabetes but don't
know it -- bringing the total number of New Yorkers with
diabetes to nearly 800,000. City health officials have
recognized diabetes as an epidemic that is taking a large
and devastating toll on New York City with death rates,
debilitating complications and hospitalizations soaring as
a result.
About the event
The Changing Diabetes(R) Bus, a 59-foot mobile
showroom, provides visitors with unique and interactive
multimedia exhibits where they can learn about diabetes and
why controlling it is critical -- for themselves and loved
ones. Since its 2006 launch in Copenhagen, Denmark, the
Bus has logged more than 27,000 miles across five
continents -- Europe, Africa, Australia, Asia and North
America -- and more than 77,000 people have visited the
exhibit. The Bus is designed to educate both adults and
children. In addition to learning about diabetes, visitors
will have the opportunity to make a difference in the global
fight against diabetes by signing a petition to support the
UN Resolution on diabetes and sharing their opinions about
what they would change about how diabetes is currently
treated.
A wide range of services will be provided to visitors
in the Changing Diabetes(R) Bus and Village. Adults can
receive free screenings for blood sugar levels, cholesterol
and blood pressure, while children will have their own play
area, where they can draw, and enjoy face paintings and
balloon twisting. Visitors can also receive fashion,
make-up and nutrition advice from the Divabetic - Makeover
Your Diabetes team. The organization brings together
nationally-known beauty and fashion experts and diabetes
educators to encourage women to improve how they or their
loved ones live with diabetes. Additionally, Zippora Karz,
former ballerina with the New York City Ballet, will sign
free copies of her new children's book, "Ballerina
Dreams." The illustrated book follows the true story
of Zippora Karz, who overcame the challenges of living with
diabetes to successfully pursue her dream of being a
ballerina. The book signing session will be open to the
public at 3:00 PM.
Children's Drawing Contest
Zippora Karz will also announce the international
winner of the Novo Nordisk Children's Drawing Contest. The
contest provides children with diabetes with an opportunity
to express their emotions about living with diabetes and
allows others to see how diabetes affects them. Type 2
diabetes in the young is a global phenomenon and on the
rise. Through the art contest, Novo Nordisk aims to
encourage children to actively take control of their
diabetes.
The contest took place between September 2006 and
October 2007 in select countries around the globe and was
open to children with diabetes between the ages of 4 and
12. Winning entries from each country will be displayed at
the event in New York City.
The international grand prize winner wins a family trip
to the Walt Disney World theme park closest to their home.
Novo Nordisk is a healthcare company with an 84-year
history of innovation and achievement in diabetes care. The
company has the broadest diabetes product portfolio in the
industry, including the most advanced products within the
area of insulin delivery systems. In addition to diabetes
care, Novo Nordisk has a leading position within areas such
as hemostasis management, growth hormone therapy, and
hormone therapy for women. Novo Nordisk's business is
driven by the Triple Bottom Line: a commitment to economic
success, environmental soundness, and social responsibility
to employees and customers. With headquarters in Denmark,
Novo Nordisk employs more than 25,800 employees in 79
countries, and markets its products in 179 countries. Novo
Nordisk's B shares are listed on the stock exchanges in
Copenhagen and London. Its ADRs are listed on the New York
Stock Exchange under the symbol 'NVO'. For global
information, visit http://novonordisk.com; for United
States information, visit http://novonordisk-us.com.
For more information about the Changing Diabetes(R)
Bus, please visit:
http://changingdiabetes-us.com.
Changing Diabetes is a registered trademark of Novo
Nordisk A/S.
For more information, please contact:
Susan Jackson
Novo Nordisk
Tel: +1-609-919-7776
Mobile: +1-609-933-4103
Tony Ho Loke
Biosector 2
Tel: +1-212-845-5607
Mobile: +1-917-714-3555
Email: tholoke@biosector2.com
2007'12.05.Wed
Countries Around the World Unite to Celebrate Entrepreneurship
November 13, 2007
Effort from 17-23 November 2008 to unleash young people's
ideas to address society's biggest issues
LONDON, Nov. 13 /Xinhua-PRNewswire/ -- British Prime
Minister Gordon Brown joined Carl Schramm of the Kauffman
Foundation today in starting the countdown to Global
Entrepreneurship Week 2008, the world's biggest single
event celebrating and promoting entrepreneurship amongst
young people.
The announcement was made at an event in London
attended by leading business figures and entrepreneurs from
around the globe, including 26 of the 37 countries signed up
to date. Global Entrepreneurship Week 2008 has been founded
by Make Your Mark, the business-led, government-backed
campaign to create an enterprise culture in the UK, and the
US-based Kauffman Foundation, the world's pre-eminent
Foundation dedicated to promoting entrepreneurship.
"Enterprise Week has been a massive success in the
UK -- over 5,000 different events will take place this week.
From now on, it will be linked to enterprise campaigns
around the world through Global Entrepreneurship
Week," stated Prime Minister Brown. "By
unleashing the creativity and ideas of young people all
over the world, we can create the successful products and
businesses of tomorrow."
From 17-23 November 2008, millions of people will take
part in events organised by thousands of organisations
worldwide. The Week will create the world's next generation
of entrepreneurs by inspiring people through activities and
by connecting them through online social networks.
Global Entrepreneurship Week will promote the benefits
of unleashing young people's entrepreneurial ideas to
address society's biggest issues, such as poverty, climate
change and sustainability.
"Young people are involved in entrepreneurial
ventures all around the world, using their creativity,
ingenuity, and energy to start businesses and solve
problems," added Schramm. "This enterprising
spirit -- the core of Global Entrepreneurship Week -- is an
invaluable resource the world must tap as we seek to extend
the benefits of economic growth to more people across the
globe and address the complex challenges facing us
all".
Global Entrepreneurship Week already has 37 countries
on board, and expects more to join in the coming months.
The initiative is initially supported by Global Sponsors
IBM and NYSE Euronext, as well as a host of Global
Partners, including: the United Nations Development
Programme, the Commonwealth, JA Worldwide, the Young
Americas Business Trust, Lisbon Council, Endeavor,
Entrepreneurs Organization, and Council on
Competitiveness.
For additional information, visit
http://www.unleashingideas.org .
For more information, please contact:
Kauffman Foundation
Tel: +1-816-932-1042
2007'12.05.Wed
Michael Woelk Joins Picarro as President and CEO
November 13, 2007
SUNNYVALE, Calif., Nov. 13 /Xinhua-PRNewswire/ --
Picarro, a leading manufacturer of high-performance trace
gas analyzers, today announced that Michael Woelk has
joined the company as president and chief executive
officer. Previously, he served as vice president of
marketing at Varian, Inc., overseeing the company's
scientific instrument business. Mr. Woelk will replace
Bill Gignac, who will remain with the company.
"I am extremely excited to join Picarro as I
believe the company has a tremendous opportunity for growth
in the vast scientific instruments and process control
markets," said Mr. Woelk. "Picarro has developed
a series of ultra-high performance analyzers based on
technology that has the potential to solve many real-world
problems for customers around the globe. I look forward to
working with the talented team of professionals at Picarro
to continue to build upon the company's success and to
extend its leadership position in the market."
"Picarro is experiencing significant growth as its
groundbreaking technology is rapidly gaining acceptance in
the industry," said Alex Balkanski, general partner at
Benchmark Capital and a member of Picarro's Board of
Directors. "The Board is extremely pleased to have
someone of Michael's caliber join the company. With his
proven record in building, growing and leading companies in
the scientific instrument industry, Michael will be able to
guide the company through its next stage."
About Picarro
Picarro's instruments set new standards for
sensitivity, speed, selectivity and ease-of-use in trace
gas detection, which enables customers to achieve dramatic
improvements in measurement precision, reliability and cost
of ownership. The company serves the needs of customers
across a diverse range of markets. For more information,
contact info@picarro.com or visit http://www.picarro.com.
For more information, please contact:
Luc Ceuppens
Picarro
Tel: +1-408-962-3965
Email: lceuppens@picarro.com
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