2007'11.23.Fri
CLSA Selects TIBCO Enterprise Message Service to Streamline Back-Office Operations
November 02, 2007
HONG KONG, Nov. 2 /Xinhua-PRNewswire/ --
TIBCO Software Inc. (Nasdaq: TIBX), today announced
that CLSA has selected TIBCO Enterprise Message Service(TM)
as the platform on which it will build its next-generation
global trading system.
CLSA, Asia's leading independent investment banking and
brokerage services provider, is revamping its global trading
platform to support new automated trading methods and pave
the way for future business growth.
According to T. Rajah, chief information officer of
CLSA, global trading volumes have increased by 30-40% in
recent years, resulting in a five-fold increase in the
amount of messages handled driven primarily by the
proliferation of algorithmic or "black box"
trading systems being used by its traders.
"The way we trade is changing and this is placing
new technical demands on the trading platform. To meet
these challenges and to prepare our business for expansion,
we wanted to identify an enterprise messaging platform with
the scalability, performance, low latency and high
connectivity to handle both current and future trading
systems," Mr. Rajah said.
Another important consideration for CLSA in choosing a
messaging solution was interoperability. Working within a
multi-vendor environment, the bank needed a platform based
on open standards, which could be integrated easily with
existing assets.
"In our evaluation of the available messaging
solution, TIBCO's standards-based platform proved the
fastest and most reliable, and importantly offered
class-leading real-time monitoring capabilities, which will
enable us to identify and address problems faster. We were
also impressed with their unparalleled experience working
with investment banks to develop trading systems," Mr.
Rajah said.
Mr. Rajah said CLSA is currently also working with
TIBCO to build a business activity monitoring system, which
will support the bank's entire operation from front to back
office.
"Nowhere is it more important to have a fast,
flexible and reliable platform to support the real-time
flow of information than in the cut and thrust of financial
services," said Murat Sonmez, executive vice president,
global field operations, TIBCO Software. "With TIBCO
EMS, financial services providers can build a trading
platform with the performance, mission critical reliability
and scalability to generate and sustain business
growth."
About CLSA Asia-Pacific Markets
CLSA Asia-Pacific Markets is a leading, independent
investment group in Asia focused on delivering investment
banking, capital markets, equity broking and alternative
investment services to global corporate and institutional
clients.
Renowned for its product innovation and award-winning
market intelligence, CLSA has built its reputation on
unrivalled equity research and economic analysis which is
consistently voted as the best in Asia. CLSA ranked No.1
for Most Accurate Research in Asia in Bloomberg's poll
2006; No.3 overall in Institutional Investor's All-Asia
Research Poll 2006; and No.2 in The Asset's Asian Equities
Benchmark Survey 2005.
CLSA is one of Asia's largest independent equity
brokerages and one of the world's largest agency brokers.
The group's investment banking and equity capital markets
services include M&A advisory, equity transactions and
public offerings. Alternative asset management is offered
through eight Asia-based funds under CLSA Capital
Partners.
Founded in 1986 and is headquartered in Hong Kong, CLSA
has more than 1,000 dedicated professionals located in 13
Asian cities, plus Dubai, London and New York. CLSA's
major shareholder is France's Credit Agricole, which merged
in 2003 with Credit Lyonnais, to form the 4th largest bank
in the world by Tier One capital and the 6th largest bank
in the world by assets. CLSA enjoys substantial staff
ownership which contributes to its independent stance and
operations.
Additional information is available at
http://www.clsa.com
About TIBCO
TIBCO Software Inc. (Nasdaq: TIBX) provides enterprise
software that helps companies achieve service-oriented
architecture (SOA) and business process management (BPM)
success. With over 3,000 customers, TIBCO has given
leading organizations around the world better awareness and
agility-what TIBCO calls The Power of Now(R). To learn
more, contact TIBCO at +1 650-846-1000 or on the Web at
http://www.tibco.com.
TIBCO, the TIBCO logo, The Power of Now, TIBCO
Enterprise Message Service, and TIBCO Software are
trademarks or registered trademarks of TIBCO Software Inc.
in the United States and/or other countries. All other
product and company names and marks mentioned in this
document are the property of their respective owners and
are mentioned for identification purposes only.
For more information, please contact:
Cecilia Lau
TIBCO Software Inc.
Tel: +852-2264 0835
Email: clau@tibco.com
Jennifer Phang
Phang & Naughton Marketing Services Ltd
Tel: +852-2231-9489
EMail: jenn@phangnaughton.com
PR
2007'11.23.Fri
Arrow's VMI Solution Strengthens China's Top TV Manufacturer's Supply-Chain Capability
November 02, 2007
HONG KONG, Nov. 2 /Xinhua-PRNewswire/ -- Arrow Asia Pac
Ltd., a business unit of Arrow Electronics, Inc. (NYSE:
ARW), announced that it has signed a vendor-managed
inventory (VMI) agreement with Sichuan Changhong Electric
Co. Ltd. (Changhong), China's biggest export company and
one of its top-four TV manufacturers. Arrow will provide
VMI supply-chain service to Changhong's manufacturing
plants in Sichuan as well as Guangdong province in China.
(Logo: http://www.xprn.com/xprn/sa/200703021139.JPG )
"Arrow's wide range of supply-chain services is
designed to deliver a reduction in total costs, increased
time to react to changing market demands and a greater
level of visibility of supply-chain management. We are
proud to be the first supplier to offer VMI supply-chain
service to Changhong," said Simon Yu, senior vice
president for the North Asia region of Arrow Asia Pac.
"Providing Changhong with instant access to an array
of semiconductor and passive, electromechanical and
connector products housed at the Mianyang Free Trade Zone
in Sichuan province, Arrow's VMI service will deliver
secured supply and delayed inventory ownership without the
need for unnecessary transportation and inventory
build-ups."
"With extensive global strength and local
expertise, Arrow's supply-chain solution effectively
integrates people, processes, technology, and products.
Arrow's customized material management solution helps us
minimize inventory risk and carrying cost while driving
time-to-market improvements throughout the supply
chain," said Liu Tibing, general manager of Sichuan
Changong.
About Arrow Asia Pac
A business unit of Arrow Electronics, Inc. (NYSE: ARW),
Arrow Asia Pac is one of Asia-Pacific's leading electronic
component distributors. In addition to its regional
headquarters in Hong Kong, Arrow Asia Pac operates 51 sales
offices, four primary distribution centers and 12 local
warehousing facilities in 11 countries/territories across
Asia.
Providing a full range of semiconductors, passive,
electromechanical and connector products from over 170
leading international suppliers, Arrow Asia Pac serves more
than 10,000 original equipment and contract manufacturers
and commercial customers in Asia-Pacific. Visit us at
http://www.arrowasia.com .
About Changhong
Established in 1958, Changhong is now one of the
largest Chinese consumer electronics providers,
specializing in R&D, manufacturing and marketing of
consumer electronics products in China. One out of every
four TVs in China is manufactured by Changhong. It became a
publicly traded company with shares listed on the Shanghai
Stock Exchange in 1994. In 2005, Changhong's annual
turnover was US$2.2 billion, with its overall brand valued
at US$4 billion.
For more information, please contact:
Ray Leung
Marketing Communications Director
Arrow Asia Pac Ltd.
Tel: +852-2484-2484
Email: marcom.asia@arrowasia.com
Grace Kung
Marketing Communications Manager
Tel: +852-2484-2682
Email: grace.kung@arrowasia.com
2007'11.23.Fri
sloggi has Found the World's Most Beautiful Bottom!
November 02, 2007
- Kristina Dimitrova, 19, Bulgaria, has the `Most Beautiful
Female Bottom in the World' and Andrei Andrei, 24, Romania,
has the `Most Beautiful Male Bottom in the World'
MUNICH, Germany, Nov. 2 /Xinhua-PRNewswire/ -- On
October 31st sloggi, one of the world's leading underwear
brands, hosted the finale of its global model contest `Show
me your sloggi' to find the world's most beautiful bottom. A
VIP jury chose two winners from 42 finalists of 26
countries. Kristina Dimitrova, 19, Bulgaria and Andrei
Andrei, 24, Romania, were awarded the title `Most Beautiful
Bottom in the World' by sloggi, a modelling contract for the
next international sloggi campaign, EUR 10,000 prize money
and an insurance cover for their bottom.
Before the final choice was announced the finalists had
to convince the jury with their modelling know-how on an
unusual catwalk - a moving conveyor belt.
Member of the sloggi jury were:
-- Model Sophie Anderton
-- Susanne Maushake, model agency Munich Models
representing Elite
-- Psychologist Dr. David
-- Fitness-expert Karsten Schellenberg
-- Top-choreographer Marvin A Smith
-- Thomas Herreiner, Product Management sloggi
-- Photographer JR Duran
The finale preceded an international competition on the
Internet at http://www.sloggi.com whereby candidates could
submit their photos. More than 5 million visitors clicked
the page and 130.000 registered users voted for around
15.000 candidates.
Candidates from Germany to Italy, from Poland to
Estonia, from Japan to South Africa participated in the
Show me your sloggi contest to find the world's most
beautiful bottom.
sloggi(R) - a brand by Triumph International. Triumph
International is one of the world's leading lingerie
manufacturers. Brands of the company are Triumph(R),
sloggi(R), Valisere(R) and HOM(R).
Picture is available via EPA (European Pressphoto
Agency) and can be downloaded free of charge at:
http://www.presseportal.de/pm/56445/triumph_international_ag
For more information, please contact:
Karin Lukarsch
Triumph International
Tel: +49-171-9751293
Email: press.de@triumph.com
2007'11.23.Fri
sloggi has Found the World's Most Beautiful Bottom!
November 02, 2007
- Kristina Dimitrova, 19, Bulgaria, has the `Most Beautiful
Female Bottom in the World' and Andrei Andrei, 24, Romania,
has the `Most Beautiful Male Bottom in the World'
MUNICH, Germany, Nov. 2 /Xinhua-PRNewswire/ -- On
October 31st sloggi, one of the world's leading underwear
brands, hosted the finale of its global model contest `Show
me your sloggi' to find the world's most beautiful bottom. A
VIP jury chose two winners from 42 finalists of 26
countries. Kristina Dimitrova, 19, Bulgaria and Andrei
Andrei, 24, Romania, were awarded the title `Most Beautiful
Bottom in the World' by sloggi, a modelling contract for the
next international sloggi campaign, EUR 10,000 prize money
and an insurance cover for their bottom.
Before the final choice was announced the finalists had
to convince the jury with their modelling know-how on an
unusual catwalk - a moving conveyor belt.
Member of the sloggi jury were:
-- Model Sophie Anderton
-- Susanne Maushake, model agency Munich Models
representing Elite
-- Psychologist Dr. David
-- Fitness-expert Karsten Schellenberg
-- Top-choreographer Marvin A Smith
-- Thomas Herreiner, Product Management sloggi
-- Photographer JR Duran
The finale preceded an international competition on the
Internet at http://www.sloggi.com whereby candidates could
submit their photos. More than 5 million visitors clicked
the page and 130.000 registered users voted for around
15.000 candidates.
Candidates from Germany to Italy, from Poland to
Estonia, from Japan to South Africa participated in the
Show me your sloggi contest to find the world's most
beautiful bottom.
sloggi(R) - a brand by Triumph International. Triumph
International is one of the world's leading lingerie
manufacturers. Brands of the company are Triumph(R),
sloggi(R), Valisere(R) and HOM(R).
Picture is available via EPA (European Pressphoto
Agency) and can be downloaded free of charge at:
http://www.presseportal.de/pm/56445/triumph_international_ag
For more information, please contact:
Karin Lukarsch
Triumph International
Tel: +49-171-9751293
Email: press.de@triumph.com
2007'11.23.Fri
Tejari Enters China
November 02, 2007
- Tejari, Accompanied by the Heads of Procurement of the
Dubai Government, Leads a Delegation to the Olympic Sailing
City of Qingdao to Open an Online Bridge Between the Middle
East and China
DUBAI, United Arab Emirates, Nov. 1 /Xinhua-PRNewswire/
-- Tejari, the leading online B2B marketplace for emerging
markets, has announced that it will enter China with
operations fully in force by year-end 2007. Speaking at the
Qingdao ASEM Forum which took place from October 28th to the
31st, Tejari CEO Omar Hijazi defined the move as creating a
direct online bridge between the Middle East and China to
automate business to business transactions.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20071101/280236 )
"Our focus on China is in response to our customer
demands to seek out new sources of supply. For our Middle
East and global buyers, our venture will now provide a
direct link to the world's factory," continued
Hijazi.
"Tejari China, to be launched in December 2007,
will spur the largest online trading platform between the
Middle East and China. China trade with the UAE alone is
expected to reach 19 billion US dollars in 2007 and Tejari
will help boost these figures even further in 2008,"
he added.
During the event, a signing ceremony was conducted to
celebrate a cooperation agreement between Tejari and the
City of Qingdao. In collaboration with BOFTEC, the Bureau
of Foreign Trade and Economic Cooperation of Qingdao,
Tejari will offer its technology and e-procurement services
to the city's suppliers to take advantage of the benefits of
conducting business electronically. The initiative, in its
first year alone, is expected to onboard 800 Chinese
suppliers to the Tejari marketplace with over $50 Million
U.S. Dollars in trade.
Tejari has now become the third Dubai World company, in
addition to DP World and Limitless, to announce new ventures
in the Chinese city of Qingdao.
Tejari also hosted a special seminar at the ASEM Forum
attended by over 100 suppliers to promote deeper trading
relations between the UAE and China. The seminar, staged as
a working session, allowed Chinese suppliers to interact
directly with the heads of procurement of the Dubai
Government to understand how to better compete in today's
Middle East market. The Government officials equally had
the opportunity to analyze the China market more closely,
identifying new supplier sources and valuable trade
contacts.
The ten member delegation who attended the forum
included; procurement leaders, Mr Saeed AL Qaizi, Director
- Group Procurement, Contracts and General Admin - Dubai
World; Mr. K. Kumar - Support & Contracts Manager -
Dubai World; Mr. Tareq Al Khaja - Head of Purchasing Dubai
Municipality; Mr. Adel Khoory - Senior General Manager
Contracts & Purchasing, Dubai Civil Aviation; Mr.
Mohammed Juma, Director of Purchasing & Contracts -
Health Department, Dubai; Mr. Ahmed Sharif, Manager -
Purchasing, Roads and Transport Authority; Mr. Saeed
Mubarak, Manager - Purchasing, Dubai Silicon Oasis; Mr.
Ishaq Al Bastaki - Head of Purchasing & Stores, Dubai
Airport Free Zone Authority; Mr. Adel Kalantar - Director
Corporate Support; Dubai Airport Free Zone Authority; Mr.
Khalid Al Sheikh; Assistant Director General - Finance
& Admin, Health Department, Dubai.
The initial soft launch phase into China will centre on
building awareness for the brand name of Tejari China, or
'Te Jia Ye' - outlining the advantages of the online
marketplace for companies that wish to do business via the
Internet with organizations in the Middle East and the
broader region.
"B2B marketplaces in China have traditionally
focused on online marketing. Tejari's transactional
platform will introduce the next generation of
e-procurement to China allowing local suppliers to bid
directly on billions of dollars worth of tenders and
auctions. With our fresh brand 'Te Jia Ye' meaning
wonderfully beneficial deal; we aim to fulfil this brand
promise to our buyers and suppliers engaged in China
trade," Hijazi continued.
Tejari's offices in China will be operational from late
December 2007, when the company goes live with its China
marketplace.
About Tejari
Tejari is one of the leading B2B online marketplaces in
the emerging markets. Tejari enables buyers and sellers to
transact and share information about a variety of goods and
services via a secured Internet environment. Tejari provides
a single point of contact for an open and growing community
of buyers and suppliers, permitting spot-purchasing and
on-line auctions that enable participants' real-time access
to new markets and greater cost savings. Visit Tejari at
http://www.tejari.com
For more information, please contact:
Abdulla Salman
Director of Marketing of Tejari
Phone: +971-4-391-3777
Email: abdulla.salman@tejari.com
2007'11.23.Fri
The9 Limited to Report Third Quarter 2007 Unaudited Financial Results on November 15, 2007
November 01, 2007
SHANGHAI, China, Nov. 1 /Xinhua-PRNewswire/ -- The9
Limited (Nasdaq: NCTY) ("The9"), a leading online
game operator in China, announced today that it will host a
conference call and webcast on Thursday, November 15, 2007
at 8:00 PM, U.S. Eastern Time (corresponding to Friday,
November 16, 2007 at 9:00 AM, Beijing Time), to discuss
The9's third quarter 2007 unaudited financial results,
which will be released shortly after the close of the U.S.
market on the same day. The press release will also be
posted on The9's Investor Relations section of its website
located at http://www.corp.the9.com .
Conference call details:
Investors, analysts and other interested parties will
be able to access the live conference by calling
+1-617-786-4511, password "39088982". In the
U.S., members of the financial community may also
participate in the call by dialing toll-free
+1-800-901-5218, password "39088982". A replay
of the call will be available through November 23, 2007.
The dial-in details for the replay: U.S. toll free number
+1-888-286-8010, International dial-in number
+1-617-801-6888; Password "69250503".
Webcast details:
The9 Limited will also provide a live webcast of the
earnings call. Participants in the webcast should log onto
the Company's web site http://www.corp.the9.com 15 minutes
prior to the call, then click on the icon for "The9
Limited Q3 2007 Earnings Conference Call" and follow
the instructions.
About The9 Limited
The9 Limited is a leading online game operator in
China. The9's business is primarily focused on operating
and developing high-quality games for the Chinese online
game market. The9 directly or through affiliates operates
licensed MMORPGs, consisting of MU(R), Blizzard
Entertainment(R)'s World of Warcraft(R), Soul of The
Ultimate Nation(TM), and its first proprietary MMORPG,
Joyful Journey West(TM), in mainland China. It has also
obtained exclusive licenses to operate additional MMORPGs
and advanced casual games in mainland China, including
Granado Espada, Guild Wars, Hellgate: London, Ragnarok
Online 2, Emil Chronicle Online, Huxley(TM), FIFA Online,
Audition 2, Field of Honor and Audition. In addition, The9
is also developing two proprietary MMORPG games, Fantastic
Melody Online(TM) and Warriors of Fate Online.
For further information, please contact:
Ms. Dahlia Wei
Senior Manager, Investor Relations
The9 Limited
Tel: +86-21-5172-9990
Email: IR@corp.the9.com
Web: http://www.corp.the9.com
2007'11.23.Fri
NAVTEQ Global LBS Challenge(R) Launches in Asia-Pacific Region
November 01, 2007
Premier LBS Event Extends to Asia-Pacific with Prize Pool
Worth $3 Million USD
CHICAGO, Nov. 1 /Xinhua-PRNewswire/ --
NAVTEQ (NYSE: NVT), a leading global provider of
digital map data for vehicle navigation and location-based
solutions (LBS), announced that the NAVTEQ Global LBS
Challenge, the premier event for wireless LBS innovation,
has officially launched in the Asia-Pacific (APAC) region
with registration opening October 29, 2007.
"APAC represents the largest market for smart
mobile devices globally," said Rafay Khan, vice
president, sales and business development, APAC, NAVTEQ.
"Bringing the Global LBS Challenge here is reflective
of NAVTEQ's expanded coverage of the Asia-Pacific region,
which continues to provide more opportunities for
developers to create unique location-based
applications."
The Global LBS Challenge invites developers around the
world to enter their innovative, non-commercialized LBS
applications that work with mobile phones and/or wireless
handheld devices using dynamic positioning technology and
NAVTEQ(R) map data. Participants compete for a global
prize pool of cash, licenses and services from NAVTEQ and
sponsors of the event, with this year's prize pool the
largest to date, valued at nearly $3 million USD.
Global Sponsors of this year's program are Autodesk and
Nokia. Nokia is returning as a three-time Global Sponsor of
the event, with the Nokia N95 serving as an Official Device
for the 2008 Global LBS Challenge. Autodesk also returns
as a multi-year sponsor but as a Global Sponsor for the
first time.
Global LBS Challenge participants can submit their
entries in five categories -- Content, Enterprise,
Entertainment, Navigation and Social Networking. Winners
are chosen by an elite panel of judges comprised of major
wireless carriers, industry experts and venture
capitalists. The APAC Grand Prize Winner and runners up
will be announced at the NAVTEQ Global LBS Challenge Awards
Ceremony during CommunicAsia in Singapore on June 18, 2008.
Interest in LBS has continued to surge in APAC as
digital map coverage and the number of wireless developers
in the area have significantly increased. According to an
Evans Data Corporation study in the fall of 2007, nearly
42% of the world's wireless developers reside in the
Asia-Pacific region. The NAVTEQ Global LBS Challenge has
been extended to APAC to further engage this growing number
of LBS developers.
"The LBS space has unequivocally evolved into a
global movement, as is evidenced by the increasing interest
in LBS development that we've seen in the Asia-Pacific
region," said Marc Naddell, vice president, partner
and developer programs, NAVTEQ. "NAVTEQ is excited to
bring the Global LBS Challenge to APAC, and we look forward
to seeing the innovations of the many talented developers
and entrepreneurs."
For more information about the NAVTEQ Global LBS
Challenge, visit http://www.LBSChallenge.com.
About the NAVTEQ Global LBS Challenge
First launched in 2003, the NAVTEQ Global LBS Challenge
is focused on driving the development and visibility of
innovative navigation solutions for wireless devices. From
wireless business applications to sports, travel and
security, integrating the accuracy and richness of NAVTEQ
digital map data facilitates the timely evolution of the
next wave of LBS. The 2008 Global LBS Challenge features a
global prize pool valued at almost $3 million in cash and
prizes.
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital
map information for automotive navigation systems, mobile
navigation devices, Internet-based mapping applications,
and government and business solutions. NAVTEQ creates the
digital maps and map content that power navigation and
location-based services solutions around the world. The
Chicago-based company was founded in 1985 and has over
3,100 employees located in 168 offices in 31 countries.
NAVTEQ and Global LBS Challenge 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 Bob Richter
NAVTEQ for NAVTEQ
Tel: 312-894-3913 Tel:
212-802-8588
e-M: jennifer.schuh@navteq.com e-M:
bob@richtermedia.com
2007'11.23.Fri
Subway, Athlete's Foot and Super 8 Among Companies to Exhibit at 10th Annual Franchising China Conference & Exhibition
November 01, 2007
20,000 China Entrepreneurs Expected to Visit Events in
Guangzhou, Shanghai and Beijing
HONG KONG, Nov. 1 /Xinhua-PRNewswire/ -- Global
Sources' (Nasdaq: GSOL) 10th Annual Franchising China
Conference & Exhibition ( http://www.franchisechina.com
) is scheduled to run in three cities across China with
nearly 100 international and local franchisors and 20,000
entrepreneurs expected to participate.
(Logo: http://www.xprn.com/xprn/sa/200708071747.jpg )
Franchising China is scheduled to be held in:
-- Shanghai -- Nov. 8-9 at Shanghai Mart
-- Guangzhou -- Nov. 12-13 at Jin Han Exhibition
Center
-- Beijing -- Nov. 15-16 at China World Trade Center
Among the international brands set to exhibit are
Subway, Gloria Jean's Coffee, Bob Jane T-Marts, Athlete's
Foot, Super 8, Holiday Inn Express, Office 1 and Meyer
Cookware. Successful domestic China franchisors are also
scheduled to participate, including Home Inn, JinJiang Inn,
Iceason (Bright Enterprise), ILSA Laundry, Dio Coffee and
Tayohya.
Exhibitors represent a range of product categories --
including retail, education, hotels, laundry services, food
& beverage, beauty & health, automotive, commercial
services and furniture/home products.
Global Sources' Chief Operating Officer, Craig Pepples,
said: "China's franchising industry has experienced
amazing growth over the past two decades and now boasts
over 2,600 franchises with over 200,000 retail outlets. In
2006 the industry grew by 16 percent, far outpacing growth
in other markets around the world.
"China's franchise market represents a huge
opportunity for entrepreneurs and Franchising China is the
ideal event to explore both international and local
franchises under the same roof."
Free Seminars to Educate Visitors About Franchising
Free seminars and lectures aim to give attendees an
overview of franchising as well as tips to operate
franchises in specific industries.
The keynote address on the first day of each show is
scheduled to be given by Michael M. Isakson, Chairman of
International Franchise Association, who will speak about
how to evaluate a franchise before investing.
On the second day of each event, executives from Dio
Coffee and JinJiang Inn are scheduled to discuss business
opportunities created by the 2008 Beijing Olympics.
Visitors can also attend Franchise Opportunity Seminars
given by individual franchisors. Company representatives
will introduce requirements for becoming a franchisee along
with the benefits of their franchise systems. Seminars will
be conducted by 14 different franchisors at various times
throughout the day. Schedules are available at the event or
on the Franchising China website (
http://www.franchisechina.com ). Seating at the seminars is
limited.
More information and online pre-registration for the
10th Annual Franchising China Conference & Exhibition
is available at http://www.franchisechina.com .
About Franchising China
Organized by Global Sources (Nasdaq: GSOL) and
sponsored by Chief Executive China (
http://www.ceconline.com ), Franchising China has been a
pioneer in introducing international franchise exhibitions
to China since 1998. Today, it's the region's premier
multinational franchise event and a prime location for
famous brands seeking business partners. As a result, the
event has earned the repeated support of international
associations such as the International Franchise
Association (IFA), the Franchising and Licensing
Association of Singapore (FLA) and the Malaysia External
Trade Development Corporation (Matrade). Furthermore, the
Shanghai show has received the US Department of Commerce's
trade fair certification.
Franchising China exhibitors come from the US,
Australia, Italy, Switzerland, Singapore, Malaysia, the
Philippines, Hong Kong and other countries, representing
industries such as retail, food, education, training,
business services and more. Past exhibitors include
Subway, Athlete's Foot and other well-known brands. More
than 20,000 visitors attended the 2006 Franchising China
exhibition -- 80% of whom were senior managers.
About Global Sources
Global Sources is a leading business-to-business (B2B)
media company and a primary facilitator of two-way trade
with Greater China. The core business is facilitating
trade from Greater China to the world, using a wide range
of English-language media. The other key business segment
facilitates trade from the world to Greater China using
Chinese-language media.
The company provides sourcing information to volume
buyers and integrated marketing services to suppliers. It
helps a community of over 647,000 active buyers source more
profitably from complex overseas supply markets. With the
goal of providing the most effective ways possible to
advertise, market and sell, Global Sources enables
suppliers to sell to hard-to-reach buyers in over 230
countries.
The company offers the most extensive range of media
and export marketing services in the industries it serves.
It delivers information on 2 million products and more than
160,000 suppliers annually through 14 online marketplaces,
13 monthly magazines, over 100 sourcing research reports
and nine specialized trade shows which run 22 times a year
across seven cities.
Suppliers receive more than 23 million sales leads
annually from buyers through Global Sources Online (
http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for
36 years. In mainland China it has over 2,000 team members
in 44 locations, and a community of over 1 million
registered online users and magazine readers for
Chinese-language media.
Safe Harbor Statement
This news release contains forward-looking statements
within the meaning of Section 27-A of the Securities Act of
1933, as amended and Section 21-E of the Securities Exchange
Act of 1934, as amended. The company's actual results could
differ materially from those set forth in the
forward-looking statements as a result of the risks
associated with the company's business, changes in general
economic conditions, and changes in the assumptions used in
making such forward-looking statements.
For more information, please contact:
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Eddie Heng
Tel: +65-6547-2850
Email: eheng@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Moriah Shilton & Christiane Pelz
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: cpelz@lhai.com
2007'11.23.Fri
Spirit AeroSystems Holdings, Inc. Reports Third Quarter 2007 Revenue and Earnings Growth; Updates 2007 Guidance; Provides 2008 Guidance
November 01, 2007
* Third quarter revenues grew 17 percent to $968
million; Operating
earnings grew to $107 million
* Earnings Per Share increased 114 percent to $0.60 as
net income grew to
$84 million
* Selected to join the P-8A Poseidon industry team to
build the U.S.
Navy's next-generation surveillance and
reconnaissance aircraft
* Delivered 2,400th 737 Next Generation ship set and
1,400th 747 ship set
to Boeing
* Grew total backlog 8 percent to $23.5 billion
WICHITA, Kan., Nov. 1 /Xinhua-PRNewswire/ -- Spirit
AeroSystems Holdings, Inc. [NYSE: SPR] reported increases
in its third quarter financial results and updated its 2007
financial guidance and provided 2008 guidance, citing strong
global commercial aerospace markets and improved operational
efficiencies.
Table 1. Summary Financial Results
($'s in Millions, except per 3rd Quarter
Nine Months
share data) 2007 2006 Change
2007 2006 Change
Revenues $968 $830 17%
$2,880 $2,356 22%
Operating Income $107 $78 38%
$313 $184 70%
Operating Income as a %
of Revenues 11.0% 9.3% 170 BPS
10.8% 7.8% 300 BPS
Net Income $84 $34 146%
$221 $86 157%
Net Income as a % of
Revenues 8.6% 4.1% 450 BPS
7.7% 3.7% 400 BPS
Earnings per Share (Fully
diluted) $0.60 $0.28 114%
$1.59 $0.71 124%
Fully Diluted Weighted
Avg Share Count
(Million) 139.5 121.2
139.2 121.7
Spirit's third quarter net income rose 146 percent to
$84 million from $34 million a year ago, and fully diluted
earnings per share rose 114 percent to $0.60 per share from
$0.28 per share last year. (Table 1) The company benefited
from a lower effective tax rate during the third quarter
2007. The lower tax rate contributed $0.09 of diluted
earnings per share to the third quarter results. Revenue
for the quarter increased 17 percent to $968 million from
$830 million, and the company's operating margins rose to
11.0 percent from 9.3 percent last year.
"Strong operating performance continues across the
company while we execute our key development programs and
pursue new business opportunities," said President and
Chief Executive Officer Jeff Turner. "Executing our
backlog of over twenty-three billion dollars remains our
top near-term opportunity to grow profitability and expand
operating margins," Turner added. "The recent
delays on the 787 program, while disappointing, represent a
short-term challenge for an enormously successful product
that will deliver long-term value to customers and
shareholders," Turner continued. "Additionally,
we are pleased to be named to Boeing's P-8A Poseidon team
this quarter. The U.S. Navy's P-8A program is another
example of the value the 737 Next Generation aircraft
brings to customers and demonstrates, yet again, the
adaptability of the airframe for both commercial and
military applications. Looking forward, we will continue
to invest in key growth programs and diversification while
improving our financial performance."
Spirit's backlog during the quarter increased from
$21.8 billion to $23.5 billion, as combined net orders for
528 aircraft at Boeing and Airbus outpaced their combined
deliveries of 208 aircraft. Spirit's backlog is calculated
based on contractual prices for products and expected
delivery volumes from the published firm order backlogs of
both Boeing and Airbus.
Spirit updated its contract profitability estimates
during the third quarter of 2007, which resulted in no net
changes to contract estimates. Third quarter 2006 results
included a $17 million favorable cumulative catch-up
adjustment.
Cash flow from operations for the third quarter was $42
million, despite increases in inventory on the 787 program
and other development programs. Investments in capital
expenditures totaled $69 million in the quarter. Half of
the investment in property, plant and equipment supported
the start-up of the 787 program.
Cash balances at the end of the quarter were $105
million, down $22 million from the end of the second
quarter 2007, reflecting planned investment in Spirit's
core business, primarily for the 787 program. Debt
balances at the end of the third quarter were $605 million,
down slightly from second quarter levels. (Table 2)
Table 2. Cash Flow and Liquidity
3rd Quarter
Nine Months
($'s in Millions) 2007 2006
2007 2006
Cash Flow from Operations $42 $113
$107 $326
Purchases of Property, Plant &
Equipment ($69) ($53)
($228) ($233)
As of As of
Sept 27, Dec 31,
Liquidity
2007 2006
Cash
$105 $184
Current Portion of Long-term Debt
plus Long-term Debt
$605 $618
Financial Outlook
The company's financial guidance for 2007 is updated
and 2008 guidance is provided incorporating the benefit of
higher production volumes on large commercial aircraft
programs. The company is forecasting approximately 18 to
20 percent growth in revenues in 2008 and increasing
operating margins from year-to-year reflecting the
company's solid operating performance across business
segments. Guidance for 2007 reflects a lower effective tax
rate consistent with reported results as of nine months
ending September 27, 2007. Financial guidance for 2007 and
2008 incorporates 787 program schedule changes resulting
from the delay of aircraft certification and entry into
service announced by The Boeing Company on October 10,
2007. Table 3 summarizes the company's financial outlook.
Table 3. Financial Outlook
2007 Guidance
2008 Guidance
Revenues $3.9B - $4.0B
~$4.7B
Operating Income $415M - $425M
Operating Income as a % of Revenues 10.4% - 10.8%
Depreciation and Amortization $115M - $120M
Earnings Per Share (Fully Diluted) $2.10 - $2.15
$2.30 - $2.40
Effective Tax Rate + / - 29.5%
33% - 34%
Cash Flow from Operations* + / - $250M
Capital Expenditures + / - $300M
Customer Reimbursement of Capital
Expenditures ~$45M
Average Fully Diluted Shares Outstanding 139.5M -
140.0M
* Includes $40-$50 million of customer advances for
capital expenditures
2007 Outlook
Spirit's 2007 revenue expectations are now expected to
be between $3.9 and $4.0 billion, or approximately 23
percent higher than 2006. The new guidance is a change
from the previous guidance range of between $4.0 and $4.1
billion. The 2007 revenue projection is based on
previously issued 2007 Boeing and Airbus delivery guidance
of 440 and 440-450 aircraft, respectively, and includes
fewer initial deliveries of Spirit products to Boeing on
the 787 program.
Spirit's 2007 operating margins are now expected to be
in the range of 10.4 to 10.8 percent, and 2007 fully
diluted EPS guidance is increased to between $2.10 and
$2.15 per share as benefits from cost reductions,
productivity initiatives and a lower than expected
effective tax rate improve profitability.
2007 cash flow from operations is now expected to be
+/- $250 million which includes working capital spending
for the new 787 program. Fiscal 2007 capital expenditures
are unchanged and are expected to be +/- $300 million.
Approximately 50 percent of the capital expenditures will
be utilized for the installation of production capacity for
the new 787 program. Spirit anticipates approximately $45
million of customer reimbursement to partially offset these
capital expenditures.
2007 Depreciation and Amortization expenses are
unchanged and forecasted to be between $115 and $120
million, while 2007 Research and Development expense is
expected to be approximately $55 to $60 million. SG&A
expense for 2007 is now expected to be approximately $195
to $200 million.
2008 Outlook
Spirit's 2008 revenue is expected to be approximately
$4.7 billion, or 18 to 20 percent higher than 2007
revenues. The 2008 revenue projection is based on
previously issued 2008 Boeing delivery guidance of 480-490
aircraft and includes internal Spirit forecasts for Airbus
and other products. Spirit's revenue guidance for 2008
assumes delivery of approximately forty-five 787 ship sets
from Spirit to Boeing based on aircraft certification and
entry into service occurring during the fourth quarter
2008. A reduction in Spirit's 2008 787 ship set delivery
forecast would likely result in lower than forecasted
revenues and earnings for the year.
Earnings per share for 2008 is expected to be between
$2.30 and $2.40 per share as increased volumes on large
commercial aircraft programs and improved operating
efficiencies increase profitability.
Cash from Operations and Capital Expenditure guidance
will be provided when the company reports fourth quarter
and full-year 2007 results in early February 2008.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes forward-looking statements
that reflect the plans and expectations of Spirit
AeroSystems Holdings, Inc. To the extent that statements
in this press release do not relate to historical or
current facts, they constitute forward-looking statements.
Forward-looking statements can generally be identified by
the use of forward-looking terminology such as
"may," "will," "expect,"
"intend," "estimate,"
"anticipate," "believe,"
"project," "continue," or other similar
words. These statements reflect Spirit AeroSystems
Holdings, Inc.'s current view with respect to future events
and are subject to risks and uncertainties, both known and
unknown. Such risks and uncertainties may cause the actual
results of Spirit AeroSystems Holdings, Inc. to vary
materially from those anticipated in forward-looking
statements, and therefore we caution investors not to place
undue reliance on them. Potential risks and uncertainties
include, but are not limited to: our customers' aircraft
build rates; the ability to enter into supply arrangements
with additional customers and satisfy performance
requirements under existing contracts; any adverse impact
on our customers' production of aircraft; the success and
timely progression of our customers' new programs
including, but not limited to The Boeing Company's 787
aircraft program; future levels of business in the
aerospace and commercial transport industries; competition
from original equipment manufacturers and other
aerostructures suppliers; the effect of governmental laws;
the effect of new commercial and business aircraft
development programs; the cost and availability of raw
materials; the ability to recruit and retain highly skilled
employees and relationships with unions; spending by the
United States and other governments on defense; the
continuing ability to operate successfully as a stand alone
company; the outcome of ongoing or future litigation and
regulatory actions; and exposure to potential product
liability claims. Additional information as to factors that
may cause actual results to differ materially from our
forward-looking statements can be found in Spirit
AeroSystems Holdings, Inc.'s filings with the United States
Securities and Exchange Commission. Spirit AeroSystems
Holdings, Inc. undertakes no obligation and does not intend
to update publicly any forward-looking statements after the
date of this press release, except as required by law.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenue for the third quarter
was $434 million, up 7 percent over the same period last
year as deliveries on the 747 and 777 programs increased.
Fuselage Systems posted segment operating margins of 18.0
percent during the third quarter 2007, down from 20.4
percent in the same period of 2006. A favorable cumulative
catch-up adjustment of $9 million was recognized in the
segment for the third quarter of 2006.
Propulsion Systems
Propulsion Systems segment revenue for the third
quarter was $279 million, up 23 percent over the same
period last year as deliveries increased in support of
primary customer production volume. Propulsion Systems
posted segment operating margins of 16.5 percent for the
third quarter 2007, down from 18.2 percent in the same
period of 2006. A favorable cumulative catch-up adjustment
of $7 million was recognized in the segment for the third
quarter of 2006.
Wing Systems
Wing Systems segment revenue for the third quarter was
$252 million, up 31 percent over the same period last year
as deliveries increased in support of primary customer
production volume. Wing Systems posted segment operating
margins of 9.3 percent for the third quarter 2007, up from
6.0 percent in the same period of 2006 as R&D expense
on the 787 program declined. A favorable cumulative
catch-up adjustment of $1 million was recognized in the
segment for the third quarter of 2006.
Table 4. Segment Reporting
3rd Quarter
Nine Months
($'s in Millions,
except margin
percent) 2007 2006 Change 2007
2006(1) Change
Segment Revenues
Fuselage Systems $434.3 $405.9 7.0% $1,329.2
$1,174.1 13.2%
Propulsion
Systems $278.9 $227.1 22.8% $798.5
$668.8 19.4%
Wing Systems $251.5 $192.2 30.9% $738.1
$491.3 50.2%
All Other $2.8 $4.5 (37.8%) $14.6
$21.7 (32.7%)
Total Segment
Revenues $967.5 $829.7 16.6% $2,880.4
$2,355.9 22.3%
Segment Earnings from
Operations
Fuselage Systems $78.1 $82.8 (5.7%) $243.2
$208.3 16.8%
Propulsion
Systems $45.9 $41.3 11.1% $130.2
$100.4 29.7%
Wing Systems $23.5 $11.6 102.6% $75.1
$30.6 145.4%
All Other $0.3 $1.2 (75.0%) $1.8
$3.3 (45.5%)
Total Segment
Operating Earnings $147.8 $136.9 8.0% $450.3
$342.6 31.4%
Unallocated
Corporate
SG&A Expense ($39.9) ($57.9) 31.1%
($134.3) ($154.6) 13.1%
Unallocated
Research &
Development Expense ($1.3) ($1.5) 13.3% ($3.5)
($3.9) 10.3%
Total Earnings from
Operations $106.6 $77.5 37.5% $312.5
$184.1 69.7%
Segment Operating
Earnings as % of
Revenues
Fuselage Systems 18.0% 20.4% (240) BPS 18.3%
17.7% 60 BPS
Propulsion
Systems 16.5% 18.2% (170) BPS 16.3%
15.0% 130 BPS
Wing Systems 9.3% 6.0% 330 BPS 10.2%
6.2% 390 BPS
All Other 10.7% 26.7% (1600) BPS 12.3%
15.2% (290) BPS
Total Segment
Operating Earnings
as % of Revenues 15.3% 16.5% (120) BPS 15.6%
14.5% 110 BPS
Total Operating
Earnings as % of
Revenues 11.0% 9.3% 170 BPS 10.8%
7.8% 300 BPS
(1) Includes Spirit Europe since acquisition on April
1, 2006
Spirit Ship Set Deliveries
(BASED ON FUSELAGE DELIVERIES)
2006 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd Qtr 4th
Qtr Total 06
B737 64 77 84
77 302
B747 3 3 3
4 13
B767 3 3 3
3 12
B777 14 16 16
19 65
Total 84 99 106
103 392
A320 0 81 74
86 241
A330/340 0 33 17
23 73
A380 0 4 0
0 4
Total(1) 0 118 91
109 318
Hawker 850XP(1) 0 12 15
24 51
Total Spirit 84 229 212
236 761
(1) Deliveries associated with Airbus and Hawker
products were acquired
with Spirit Europe on April 1, 2006.
2007 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd
Qtr
B737 83 85 84
B747 5 4 5
B767 3 4 3
B777 21 21 21
B787 0 1 0
Total 112 115 113
A320 93 84 91
A330/340 22 21 22
A380 0 0 2
Total 115 105 115
Hawker 850XP 16 15 17
Total Spirit 243 235 245
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
For the Three
For the Nine
Months Ended
Months Ended
September September
September September
27, 28,
27, 28,
2007 2006
2007 2006
($ in millions, except
per share data)
Net Revenues $967.5 $829.7
$2,880.4 $2,355.9
Operating costs and
expenses:
Cost of sales 804.7 677.7
2,388.2 1,926.7
Selling, general and
administrative 42.9 59.9
142.3 160.0
Research and development 13.3 14.6
37.4 85.1
Total Costs and Expenses 860.9 752.2
2,567.9 2,171.8
Operating Income 106.6 77.5
312.5 184.1
Interest expense and financing
fee amortization (9.7) (11.9)
(28.1) (34.8)
Interest income 8.0 6.9
22.8 20.9
Other income, net 1.3 0.7
5.1 3.6
Income From Continuing
Operations Before Income
Taxes 106.2 73.2
312.3 173.8
Income tax provision (22.6) (39.2)
(90.9) (87.6)
Net Income $83.6 $34.0
$221.4 $86.2
Earnings per share
Basic $0.61 $0.30
$1.65 $0.76
Shares 136.7 114.0
133.8 113.9
Diluted $0.60 $0.28
$1.59 $0.71
Shares 139.5 121.2
139.2 121.7
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Balance Sheets
September
27, December 31,
2007
2006
(unaudited)
($
in millions)
Current assets
Cash and cash equivalents $105.4
$184.3
Accounts receivable, net 247.2
200.2
Other receivable 92.3
43.0
Inventory, net 1,198.4
882.2
Prepaid expenses 14.8
20.8
Income tax receivable -
21.7
Other current assets 59.6
68.3
Total current assets 1,717.7
1,420.5
Property, plant and equipment, net 937.7
773.8
Long-term receivable 141.0
191.5
Pension assets 231.5
207.3
Other assets 138.1
129.1
Total assets $3,166.0
$2,722.2
Current liabilities
Accounts payable $374.9
$339.1
Accrued expenses 229.2
198.5
Current portion of long-term debt 22.8
23.9
Other current liabilities 19.8
8.2
Total current liabilities 646.7
569.7
Long-term debt 582.5
594.3
Advance payments 638.5
587.4
Pension obligation 56.6
53.7
Other liabilities 101.7
58.1
Shareholders' equity
Preferred stock, par value $0.01, 10,000,000
shares authorized, no shares issued and
outstanding -
-
Common stock, Class A par value $0.01,
200,000,000 shares authorized, 102,563,955
and 63,345,834 issued and outstanding,
respectively 1.0
0.6
Common stock, Class B par value $0.01,
150,000,000 shares authorized, 36,890,084
and 71,351,347 shares issued and
outstanding, respectively 0.4
0.7
Additional paid-in capital 917.2
858.7
Accumulated other comprehensive income 74.0
72.5
Retained earnings / (deficit) 147.4
(73.5)
Total shareholders' equity 1,140.0
859.0
Total liabilities and
shareholders' equity $3,166.0
$2,722.2
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Cash Flow
(unaudited)
For the Nine
For the Nine
Months Ended
Months Ended
September 27,
September 28,
2007
2006
($ in
millions)
Operating activities
Net income $221.4
$86.2
Adjustments to reconcile net income
to net cash provided by operating
activities
Depreciation expense 67.1
30.3
Amortization expense 5.7
6.2
Accretion of long-term receivable (16.0)
(15.3)
Employee stock compensation expense 26.8
40.8
Excess tax benefits from share-
based payment arrangements (32.9)
-
Loss on disposition of assets 0.4
-
Deferred taxes 3.8
-
Changes in assets and liabilities,
net of acquisition
Accounts receivable (48.0)
(63.2)
Inventory, net (312.6)
(171.5)
Other current assets 6.1
(6.1)
Accounts payable and accrued
liabilities 18.7
142.0
Customer advances 93.6
300.0
Deferred revenue and other
deferred credits 36.4
-
Other 36.1
(23.7)
Net cash provided by
operating activities 106.6
325.7
Investing Activities
Purchase of property, plant and equipment (228.0)
(233.4)
Proceeds from sale of assets 0.2
-
Acquisition of business, net of cash
required -
(135.4)
Long-term receivable 22.8
-
Financial derivatives 3.1
3.1
Other (1.3)
-
Net cash (used in) investing
activities (203.2)
(365.7)
Financing Activities
Principal payments of debt (14.4)
(10.2)
Excess tax benefits from share-based
payment arrangements 32.9
-
Equity issuance costs -
(3.4)
Executive stock
investments/(repurchases) (1.0)
1.1
Net cash provided by (used
in) financing activities 17.5
(12.5)
Effect of exchange rate changes on
cash and cash equivalents 0.2
0.2
Net (decrease) in cash and
cash equivalents for the
period (78.9)
(52.3)
Cash and cash equivalents, beginning
of the period 184.3
241.3
Cash and cash equivalents, end of the
period $105.4
$189.0
For more information, please contact:
Spirit AeroSystems Holdings, Inc.
Investor Relations
Phil Anderson
Tel: +1-316-523-1797
Media
Debbie Gann
Tel: +1-316-519-7340
2007'11.23.Fri
Global Sources Now Second-Largest Trade Show Organizer in Hong Kong - Business Strategies Group Report
November 01, 2007
Growth driven by China Sourcing Fairs: Electronics &
Components, Gifts & Home Products, Fashion Accessories
and Underwear & Swimwear
HONG KONG, Nov. 1 /Xinhua-PRNewswire/ -- The Business
Strategies Group trade show market report shows Global
Sources (Nasdaq: GSOL) is the second-largest trade show
organizer in Hong Kong, with a 14 percent market share.
(Logo: http://www.xprn.com/xprn/sa/200708071747.jpg )
This news comes as Global Sources (
http://www.globalsources.com ) closes its biggest yet China
Sourcing Fairs: Electronics & Components, Fashion
Accessories, Underwear & Swimwear and Gift & Home
Products shows at AsiaWorld-Expo in Hong Kong with over
7,500 booths.
Global Sources' Chairman and CEO, Merle A. Hinrichs,
said: "We are delighted with the findings of the
Business Strategies Group report. Becoming the second
biggest show organizer in Hong Kong, having just operated
in the market since 2006, is a dramatic testament to the
success of the China Sourcing Fairs and to the trust and
support we have established over the years with our buyer
and supplier communities.
"Our exhibitors appreciate the quality of the
buyers who attend the China Sourcing Fairs and, likewise,
buyers value the quality of the suppliers they meet. And
clearly, the convenience of Hong Kong and AsiaWorld-Expo
has supported our exciting growth.
"Beyond this, the combination of our online, print
and trade show services gives Global Sources a major
advantage. Export suppliers have three primary marketing
objectives: lead generation; branding and differentiation
from competitors; and getting face-to-face with buyers to
negotiate and win orders. We believe that the China
Sourcing Fairs have grown so rapidly because Global Sources
helps suppliers achieve all three objectives."
Growing Share of Hong Kong's Expanding Trade Show
Sector
The Business Strategies Group report entitled `Profile
of the South China Exhibitions Market', published in
September 2007, shows that Hong Kong's trade show industry
experienced strong growth in 2006 attracting 62,000
exhibitors -- up 50 percent from the previous year -- and
5,200,000 visitors.
The report cited primary reasons for industry growth as
"the successful opening of AsiaWorld-Expo (AWE), the
emergence of Global Sources as a serious competitor in Hong
Kong's exhibition industry and the existence of significant
untapped demand from exhibitors."
The report adds that "the opening of AWE added
over 66,000 square meters of space and Global Sources was
able to successfully fill it with its China Sourcing Fairs
during peak periods in April and October."
Global Sources plans to further expand its Hong Kong
China Sourcing Fair portfolio with the launch of
specialized shows for Gifts & Premiums and Home
Products in 2009.
In total, Global Sources will organize eight China
Sourcing Fairs in Hong Kong in 2008 and nine Fairs outside
the region in other rapidly growing exhibition markets of
Shanghai, Dubai and Mumbai.
Specialized Global Sources Trade Shows, Websites and
Magazines
The China Sourcing Fairs are an important part of
Global Sources' sourcing and product information services,
which include Global Sources Online (
http://www.globalsources.com ), Global Sources trade
magazines and Global Sources Direct (
http://www.globalsourcesdirect.com ).
Further information about Global Sources is available
at http://www.corporate.globalsources.com .
About Global Sources
Global Sources is a leading business-to-business (B2B)
media company and a primary facilitator of two-way trade
with Greater China. The core business is facilitating trade
from Greater China to the world, using a wide range of
English-language media. The other key business segment
facilitates trade from the world to Greater China using
Chinese-language media.
The company provides sourcing information to volume
buyers and integrated marketing services to suppliers. It
helps a community of over 647,000 active buyers source more
profitably from complex overseas supply markets. With the
goal of providing the most effective ways possible to
advertise, market and sell, Global Sources enables
suppliers to sell to hard-to-reach buyers in over 230
countries.
The company offers the most extensive range of media
and export marketing services in the industries it serves.
It delivers information on 2 million products and more than
160,000 suppliers annually through 14 online marketplaces,
13 monthly magazines, over 100 sourcing research reports
and nine specialized trade shows which run 22 times a year
across seven cities.
Suppliers receive more than 23 million sales leads
annually from buyers through Global Sources Online (
http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for
36 years. In mainland China it has over 2,000 team members
in 44 locations, and a community of over 1 million
registered online users and magazine readers for
Chinese-language media.
Safe Harbor Statement
This news release contains forward-looking statements
within the meaning of Section 27-A of the Securities Act of
1933, as amended and Section 21-E of the Securities Exchange
Act of 1934, as amended. The company's actual results could
differ materially from those set forth in the
forward-looking statements as a result of the risks
associated with the company's business, changes in general
economic conditions, and changes in the assumptions used in
making such forward-looking statements.
For more information, please contact:
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Eddie Heng
Tel: +65-6547-2850
Email: eheng@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Moriah Shilton & Christiane Pelz
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: cpelz@lhai.com
2007'11.23.Fri
British American Tobacco: Quarterly Report to 30 September 2007
November 01, 2007
LONDON, Nov. 1 /Xinhua-PRNewswire/ --
Summary
NINE MONTHS RESULTS 2007 2006
Change
-- unaudited
Revenue GBP 7,312m GBP 7,251m
+1%
Profit from operations GBP 2,304m GBP 1,944m
+19%
Adjusted diluted
earnings per share 82.00p 75.00p
+9%
-- The reported profit from operations was 19 per cent
higher at
GBP2,304 million, or 8 per cent higher if
exceptional items are
excluded. However, profit from operations, at
comparable rates
of exchange and excluding exceptional items, would
have been 14
per cent higher, with all regions contributing to
this strong result.
-- Group volumes from subsidiaries were 504 billion, a
decrease of 1
per cent, mainly as a result of the high level of
trade buying in
some markets at the end of 2006, supply chain
disruptions in the
Middle East and the loss of StiX in Germany. In the
third quarter,
volumes rose slightly over the comparable period
last year. The four
global drive brands achieved an overall volume
growth for the nine
months of 10 per cent, which led to share
improvements in many
markets. The reported Group revenue increased by 1
per cent to
GBP7,312 million but, at comparable rates of
exchange, would have
increased by 6 per cent as a result of more
favourable pricing and
an improving product mix.
-- Adjusted diluted earnings per share rose by 9 per
cent, principally
as a result of the strong operating profit
performance, partly offset
by the adverse impact from foreign exchange
movements. Basic earnings
per share were higher at 82.67p (2006: 70.11p).
-- The Chairman, Jan du Plessis, commented, "The
Group's spread of
developed and developing markets has continued to
serve shareholders
well, with all regions contributing to the strong
results at
comparable rates of exchange. There were
improvements in both
product mix and share in a broad range of key
markets.
Although the momentum of the first six months has been
maintained in the third quarter, we do still expect the
growth in profit from operations at comparable rates of
exchange to slow in the fourth quarter, as a result of
generally higher marketing spend and the timing of price
increases in Brazil."
For more information, please contact:
Investor Relations:
Press Office
Ralph Edmondson
Tel: +44-207-845-1180
Sharon Woodcock
Tel: +44-207-845-1519
David Betteridge, Kate Matrunola, or Catherine
Armstrong
Tel: +44-207-845-2888
2007'11.23.Fri
Texas Instruments Expands Worldwide Leadership University Program to China
November 01, 2007
Inviting Three Universities to Join the Elite Program
SHANGHAI, China, Nov. 1 /Xinhua-PRNewswire/ -- Texas
Instruments (TI) (NYSE: TXN) announced the expansion of its
commitment to technology innovation in China, by inviting
three universities in China -- Tsinghua University,
Shanghai Jiaotong University, and University of Electronic
Science and Technology -- to join its Worldwide Leadership
University program.. These three universities will join four
other TI Leadership Universities as part of a network that
works with TI and TI Leadership Universities on future TI
signal processing funded programs. This expansion furthers
TI's long-term commitment to education and advanced
research in China.
(Logo:
http://www.xprn.com/xprn/sa/20061107170439-20-min.jpg )
TI started its China University Program in 1996 and has
assisted these three Leadership Universities in establishing
technology centers and more than 160 labs in about 141 other
China universities. These universities have chosen TI's
digital signal processors, micro-controllers and analog
technology to provide hands-on learning for their students
and researchers enabling advanced project capabilities in
the areas of consumer electronics, medical and industrial
markets.
TI's Leadership University Program develops future
engineering talents, advances research innovation and
increases cooperation between universities and local
industries. The three Leadership Universities shall receive
funding of RMB12 million over five years. The funding will
be used to support research programs, as well as curriculum
development in DSP, analog and mixed signal systems. TI's
Leadership University Program increases TI's total funding
of its China University Program to approximately RMB 10
million per year and touches more than 24000 engineers a
year who graduate with integrated and system design
expertise.
"Today, we invite three universities in China to
join our worldwide Leadership University Program. We
believe the decade-long university program in China has
become a fundamental part of our support to China's efforts
to build and expand innovation." said Rich Templeton,
TI president and CEO. "We are confident that the
expansion of our Leadership University Program to China
will be an important tool in facilitating opportunities for
engineering students to further their knowledge -- allowing
them to create new innovations that make our world a better
place to live."
Making science education more accessible to people
around the world has been a TI commitment for more than 20
years and the company's university partnerships have
touched thousands of students in every region across the
globe.
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
All trademarks and registered trademarks are the
property of their respective owners.
For more information, please contact:
Donna Coletti
Texas Instruments
Tel: +1-214-480-6255
Email: dcoletti@ti.com
CJ Lin
Texas Instruments
Tel: +86-21-2307-3263
Email: cj-lin@ti.com
2007'11.23.Fri
EMC Announces Plans to Double Investment in China
November 01, 2007
Commits to Invest US$1 Billion Over Five Years; Opens
Second China R&D Center in Beijing
BEIJING, Nov. 1 /Xinhua-PRNewswire/ --
EMC Corporation (NYSE: EMC), the world leader in
information infrastructure solutions, today announced the
second phase of its significant investment in the Chinese
market. EMC officially opened its new R&D center in
Beijing and committed to double its planned investments in
China over the next five years.
The investment of US$500 million announced in June 2006
is now expected to double, reaching approximately US$1
billion through 2012. The additional investment will be
spent on expanding EMC's R&D operations, growing its
partner community, strengthening its sales and service
capabilities and more effectively serving the rapidly
growing Chinese market.
The addition of EMC's Beijing R&D Center expands
its overall presence in China and complements EMC's
Shanghai R&D Center that opened in June 2006. The
Shanghai R&D center, which evolved into an EMC Center
of Excellence (COE) in January 2007, has grown rapidly
since it opened and today employs more than 250 employees.
EMC COEs are units that work on core EMC technologies,
collaborating and leveraging global talent for engineering
excellence. The center in Shanghai will soon move to a new
location at the Knowledge and Innovation Community of
Yangpu, Shanghai.
EMC's Centers of Excellence in China are part of EMC's
network of R&D centers around the world, including
centers located in Russia, Ireland, Israel, India and the
United States. These centers are a core element of EMC's
Innovation Network, which along with researchers from
universities around the world, form a global, collaborative
community that drives the exploration, discovery and
application of new technologies that will shape the future
of information infrastructure.
At the inauguration today in Beijing, Joe Tucci, EMC
Chairman, President and Chief Executive Officer, said,
"China's contribution, both in terms of a market and
as a culture of innovation, has been spectacular. We have
demonstrated our success by gaining customer confidence in
the local marketplace and our China R&D operation is an
integral part of our industry-leading information
infrastructure product development efforts. The additional
investment reiterates our deep commitment to this rapidly
growing economy and emphasizes the important role that
China will have in EMC's long-term business success."
The new center in Beijing, located in Zhong Guan Cun,
known as the Silicon Valley of China, will house over 200
engineers and concentrate on the company's core
technologies including information storage, virtualization,
security, resource management and content management and
archiving. The center will also include EMC Research China,
the first EMC research lab to be established outside of the
United States.
"The Asia Pacific & Japan region now includes
4,700 EMC employees, which reflects the talented global
workforce that EMC is leveraging to better serve customers
and partners around the world," said Steven Leonard,
President of EMC Asia Pacific and Japan. "Today's
announcement is another example of EMC's commitment to make
the investments needed in the APJ region to strengthen our
position as a dynamic information technology leader and
help customers better store, protect, optimize and leverage
the core assets of any business - its information."
EMC in China
EMC entered the Chinese market in 1996 and today
operates major sales offices in Beijing, Shanghai,
Guangzhou, Chengdu, Nanjing, Xi'an and Wuhan. EMC's current
investments in China include the EMC China Solution Center
network with five centers in Beijing, Shanghai, Guangzhou,
Chengdu and Shenzhen that support and demonstrate EMC's
technologies for customers and partners. EMC's operations
in China continue to attract the best talent and are
expected to have 1000 employees by the end of the year.
EMC has enjoyed solid business growth and rapid
customer adoption in China. According to IDC's Asia
Pacific Storage Tracker, September 2007, EMC together with
the sale of Dell|CLARiiON storage solutions that IDC
attributes to Dell, achieved 26% revenue market share in
external storage for the 1H 2007. According to IDC, EMC was
also the number one provider of storage management software
in the 1H 2007 with 39.5% revenue market share.
Keeping its rich history of community involvement, EMC
and its employees are working closely with local
communities in China in the area of education and
empowerment. EMC continues to build future talent and has
alliances with key universities in China through its EMC
Academy Program. This includes curriculum building,
research and funding programs.
About EMC
EMC Corporation (NYSE: EMC) is the world's leading
developer and provider of information infrastructure
technology and solutions that enable organizations of all
sizes to transform the way they compete and create value
from their information. Information about EMC's products
and services can be found at www.EMC.com.
EMC is a registered trademark of EMC Corporation.
Other trademarks are the property of their respective
owners.
Forward-Looking Statements
This release contains "forward-looking
statements" as defined under the Federal Securities
Laws. Actual results could differ materially from those
projected in the forward-looking statements as a result of
certain risk factors, including but not limited to: (i)
adverse changes in general economic or market conditions;
(ii) delays or reductions in information technology
spending; (iii) our ability to protect our proprietary
technology; (iv) risks associated with managing the growth
of our business, including risks associated with
acquisitions and investments and the challenges and costs
of integration, restructuring and achieving anticipated
synergies; (v) fluctuations in VMware, Inc.'s operating
results and risks associated with trading of VMware stock;
(vi) competitive factors, including but not limited to
pricing pressures and new product introductions; (vii) the
relative and varying rates of product price and component
cost declines and the volume and mixture of product and
services revenues; (viii) component and product quality and
availability; (ix) the transition to new products, the
uncertainty of customer acceptance of new product offerings
and rapid technological and market change; (x) insufficient,
excess or obsolete inventory; (xi) war or acts of terrorism;
(xii) the ability to attract and retain highly qualified
employees; (xiii) fluctuating currency exchange rates; and
(xiv) other one-time events and other important factors
disclosed previously and from time to time in EMC's filings
with the U.S. Securities and Exchange Commission. EMC
disclaims any obligation to update any such forward-looking
statements after the date of this release.
For more information, please contact:
Joyce Zhou
EMC China
Tel: +86-10-84538333-6658
Email: zhou_joyce@emc.com
Hadley Weinzierl
EMC Corporation
Tel: +1-508-293-7642
Email: weinzierl_hadley@emc.com
2007'11.23.Fri
Thomson Scientific Launches 'Confessions ... of a User' Campaign Asking 'Are You the New Face of Research?'
November 01, 2007
Video Component Enables Users to Upload Video Confessions/
Testimonials for Inclusion on newfaceofresearch.com for
Peer-to-Peer Viewing
PHILADELPHIA and LONDON, Nov. 1 /Xinhua-PRNewswire/ --
Thomson Scientific, part of The Thomson Corporation (NYSE:
TOC; TSX: TOC) and leading provider of information
solutions to the worldwide research and business
communities, today announced the launch of its new campaign
"Confessions ... of a User." The campaign features
video confessions/testimonials from real-life ISI Web of
Knowledge users representing various personas. In addition
to the already featured videos, there is a YouTube-style
component which enables other users to upload their own
confessions/testimonials.
ISI Web of Knowledge users can visit
newfaceofresearch.com to watch their peers talk about how
they use ISI Web of Knowledge and what it has helped them
to achieve. They are also encouraged to submit their own
video for inclusion on the web site. The first twenty
videos uploaded to the gallery will receive an iPOD Shuffle
and the confession downloaded the most by the end of the
year will win an iPOD Touch.
"Every 1.5 seconds a unique user is accessing ISI
Web of Knowledge," said Jim Pringle, Thomson
Scientific's Vice President of Product Development.
"This peer-to-peer approach answers questions and
offers recommendations from the people who know our product
best - the users."
ISI Web of Knowledge, an integrated, versatile research
platform, delivers easy access to high quality, diversified
scholarly information in the sciences, social sciences, and
arts and humanities, as well as search and analysis tools
that enhance this content. The platform provides users the
ability to search the right content and find relevant
information - whether that information is found in
international journals, open access resources, books,
patents, proceedings or Web sites.
To view current videos or to upload your own
confession, please visit: http://newfaceofresearch.com.
About The Thomson Corporation
The Thomson Corporation (http://www.thomson.com ) is a
global leader in providing essential electronic workflow
solutions to business and professional customers. With
operational headquarters in Stamford, Conn., Thomson
provides value-added information, software tools and
applications to professionals in the fields of law, tax,
accounting, financial services, scientific research and
healthcare. The Corporation's common shares are listed on
the New York and Toronto stock exchanges (NYSE: TOC; TSX:
TOC).
Thomson Scientific is a business of The Thomson
Corporation. Its information solutions assist
professionals at every stage of research and
development-from discovery to analysis to product
development and distribution. Thomson Scientific
information solutions can be found at
http://scientific.thomson.com.
For more information, please contact:
Sue Besaw
Thomson Scientific
Phone: +1-215-823-1840
Email: susan.besaw@thomson.com
2007'11.23.Fri
Resend: ImLive.com Is Celebrating its 10 Millionth Member this Weekend
November 01, 2007
NEW YORK and LONDON, Nov. 1 /Xinhua-PRNewswire/ -- What
do we know about the forces of our times? Bill Gates
believes that five years from now, people will have
abandoned traditional television for the flexibility and
convenience of online programming. Arthur Sulzberger, the
owner of the New York Times has said that he does not know
whether they will still be printing the world renowned
Newspaper or if they will be simply publishing it online.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20070919/NYW098LOGO )
Five years ago, ImLive.com was launched and in the
space of 5 years, has become the leading webcam chat site
on the internet.
This weekend ImLive.com will be celebrating its 10
millionth member. Just to contemplate a figure as large as
this is mind boggling and one must keep in mind that there
are 140 independent countries in the World that do not have
as many citizens, the population of New York City is not
even close, and in fact only 6 states in the USA have a
larger population than 10,000,000.
Members at ImLive.com do not have an anthem or a flag
in common, they come from every conceivable part of the
planet but they have one thing in common, their membership
and access to the ImLive "secret". The internet
has given us a platform which seems to supersede any other
type of affiliation, realizing some form of a new world
order. So what is the secret behind ImLive.com?
Carole Wood, ImLive's spokes person explains it:
"In the World we live in today, we are all busy doing
the things we need to do, we need to work, we need to pay
bills, we need to pay rent, we need to travel in rush hour,
we need to take care of others we have many needs in our
everyday lives but how much time do we spend doing the
things we want to do? Well ImLive.com is the place we make
these things happen, we focus on the wants and desires and
leave the needs behind upon login. 10 million members
understand this factor and choose to do what they want and
not what they need and we are welcoming 12,000 new members
a day who realize this psychological necessity.
We also understand the need to remain on the cutting
edge of technology and employ a creative team of over 100
people to achieve this target. In addition to this we are
committed to do our best for our members in the best
atmosphere we can create. It is not trivial that 10 million
members, most of whom pay for services on ImLive.com, choose
us over the many free sites that are on the net today. To
celebrate this special occasion ImLive is throwing a huge
online party, in which ImLive will display why it's
possible to do what you want and not what you need"
A member of ImLive who chooses to identify him/herself
as OOO*** has said about ImLive "I just love spending
my free time on IMLIVE. It truly is the most fun, exciting,
and interactive on-line video and chat experience. I would
recommend IMLIVE to anyone who wants to get in, get live,
and get going".
Is the answer to world peace this ImLive message?
Perhaps or perhaps not, nevertheless in the meanwhile, as
we continue to struggle for self determination in the real
world, we can party on in the cyber one, together with
ImLive.com and its ten million members, who already know
what they want.
The ImLive.com 10 millionth member bash will commence
on Thursday 1st November 4:00 a.m. US Eastern Time. through
to Monday 5th November 4:00 a.m. US Eastern Time. During the
party the 10,000,000th member will be joining and the lucky
person will win $1000 of real credit in the account. On top
of this, the 10 biggest spenders will each win $200 in real
credit and to top it all off, every single member will
receive a gift of $10 free credit when making their first
credit purchase during the party. It's a celebration for
all and you are invited to join the festivities and to do
what you want to, for a change!
ImLive.com
(http://imlive.com/hostlist.asp?cat=232&GenderID=1&Iam=3,4)
was founded in 2002 and is today the leading webcam chat
arena on the internet. ImLive serves as an online community
to over 18,000 thousand expert hosts and 10 million members
from all around the globe. Membership is free to all, over
the age of 18 years and is extremely user friendly.
Members can connect with expert hosts in every field
and information exchange and demonstrations in hundreds of
subjects occur in real time through Video Chat and chat
using the most advanced technologies available.
For more information, please contact:
Carole Wood
Email: pr@imlive.com
Tel: +1-866-5767875
2007'11.23.Fri
GSMA Announces Asia Awards Nominees
November 01, 2007
- Winners to be announced at the Mobile Asia Congress in
Macau
LONDON, Nov. 1 /Xinhua-PRNewswire/ -- The GSM
Association (GSMA), the global trade association for mobile
operators, has today announced a shortlist of 25 nominees
for its inaugural Asia Mobile Awards 2007, plus eight
finalists in the Asia Mobile Innovation Awards that will be
contested and presented at the forthcoming Mobile Asia
Congress in Macau (November 12-15 2007).
Judged by independent analysts, journalists and
industry experts, the winners of the Asia Mobile Awards
will be presented on the evening of Tuesday 13th November
2007 during the GSMA's Mobile Asia Congress Gala Party at
the Venetian Hotel in Macau. The host for the awards will
be Taiwanese actor, VJ and TV star, David Wu. The Asia
Mobile Awards have been open to players from across the
industry that provide mobile products and services that are
commercially available in at least one Asian market.
The nominees for the Asia Mobile Awards 2007 are:
Category 1: Mobile Entertainment Awards
Best Mobile Game
-- Gamevil - Nom Series
-- ZIO Interactive - Crazy Family
-- Gameloft - Real Football 2007
-- Advanced Mobile Applications - AMA Date Doctor
-- Hutchison Telecom (HK) - Shall We Dog?
Best Mobile Music Service
-- China Mobile - Mobile Music Club (MMC)
-- RealNetworks - RealNetworks Multi-Service Platform
-- Bharti Airtel - Song Catcher
-- PCCW Mobile HK - MOOV on Mobile
-- Bharti Airtel - Airtel Live / Music on Demand
Category 2: Best Mobile Advertising
-- Telibrahma Convergent Communications - The Forum
Mall, Bangalore
-- KT Freetel - Be Gone, Thick Wallets!
-- Maxis Communications Berhad - Music Sneak Peek
-- Zad Mobile - 1-IN-5 Panalo Summer Promo
-- Sony Digital Entertainment Services - Happy Cycle
Category 3: Best Mobile Social Networking Service
-- MobileOne - M1 MeTV
-- BuzzCity Pte Lts - myGamma
-- Hutchison Telecom (HK) - ShowMe!
-- FunkySexyCool - FunkySexyCool
-- Hong Kong CSL Limited - freeBlog
Category 4: Best Mobile Broadband Handset / Device
-- LG - Shine 3G Phone
-- Novatel Wireless - Ovation MC950D Wireless USB
Modem for HSDPA/HSUPA
-- Samsung - SGH-F500
-- Motorola - MOTORAZR2 V9
-- Samsung - SGH-U700
More information about the Asia Mobile Award nominees
can be found at:
http://www.asiamobileawards.com
Earlier this year, the GSMA set up its Mobile
Innovation Programme to help small and medium-sized
companies developing innovative mobile products and
services reach mobile operators and bring their innovations
to end-users. The programme is designed to stimulate and
showcase innovation around mobile services and better align
innovators with the needs of the mobile industry and its
customers.
Eight finalists across four categories in the GSMA Asia
Mobile Innovation awards will pitch their products and
services at the Mobile Innovation Summit in Macau on Monday
12th and Tuesday 13th November. Senior executives from
mobile operators have reviewed more than 50 entries to
select eight category finalists. A winner for each category
will be presented at the summit, with one overall Mobile
Innovation Award winner presented at the Congress Gala
Party in Macau on the evening of 13th November.
The eight finalists for the Asia Mobile Innovation
awards are:
Most Innovative Wireless Device-centric Technology
-- Red Bend Software, USA
-- Telegent Systems, USA
Most Innovative Carrier Infrastructure or Platform
-- AdaptiveMobile Security, Ireland
-- 3ple-Media, Netherlands
Most Innovative Mobile Application in a Vertical
Market
-- Toro, Taiwan
-- Integra Micro Systems, India
Most innovative Consumer Application or Service
-- Consilient, USA
-- Createcna, Spain
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
The GSM Association
Tel: +78-50-22-97-24
Email: press@gsm.org
David Pringle
The GSM Association
Tel: +79-57-55-60-69
Email: press@gsm.org
2007'11.23.Fri
Spreadtrum Communications, Inc. Announces Third Quarter 2007 Results: Robust Increase in Baseband Shipments Drove Strong Revenue Growth
November 01, 2007
Third Quarter 2007 Financial Summary:
-- Total revenue increased 20% sequentially and 44%
year-over-year to
US$38.6 million. Baseband revenue grew 25%
sequentially and 118%
year-over-year.
-- Gross margin increased to 45.6% in 3Q07 from 43.2%
in 3Q06 and 45.5%
in 2Q07.
-- Operating margin increased to 11.7% in 3Q07 from
7.9% in 2Q07 but
decreased from 13.8% in 3Q06.
-- Net income increased 118% sequentially and 64%
year-over-year to
US$6.1 million.
-- Diluted earnings per American Depositary Share
(ADS) was US$0.13, up
86% from US$0.07 in 2Q07 and 18% from US$0.11 in
3Q06.
Third Quarter 2007 Business Highlights:
-- The Company began sampling its SC6600H product, a
new baseband chip
that is optimized for the music mobile phone with
high-quality music
playback functionality that enables CD sound
quality playback.
-- The Company began sampling its SC6600R product, a
new high
performance baseband chip with high-end functions
that is targeted at
the mainstream mobile phone market.
-- The Company began sampling its SV6111 product,
which the Company
believes is the world's first commercial AVS
audio/video decoder chip.
-- Set-top boxes using the Company's SV6111 chip
successfully passed
China Netcom's commercial trials.
-- The Company entered into a TD-SCDMA strategic
partnership agreement
with Zhongxing Telecommunication Equipment Co., Ltd
(ZTE).
-- The Company hosted its first Technology Forum in
Shanghai, at which
the Company and its customers, suppliers, and
business partners
convened to exchange thoughts and perspectives on,
among other
topics, recent achievements, market trends, and
strategies for future
growth and development in China's wireless
semiconductor and
communications industry.
SHANGHAI, China, Oct. 31 /Xinhua-PRNewswire/ --
Spreadtrum Communications, Inc. (Nasdaq: SPRD; the
"Company"), a fabless semiconductor company that
designs, develops, and markets baseband processor solutions
for the mobile wireless communications market, today
announced its third quarter 2007 financial results. Under
accounting principles generally accepted in the United
States of America (US GAAP), diluted earnings per ADS was
US$0.13 in the third quarter of 2007 (3Q07), an increase of
18% from US$0.11 in the same period in 2006 (3Q06) and 86%
from US$0.07 in the second quarter of 2007 (2Q07). Net
income for 3Q07 was US$6.1 million, an increase of 64% from
US$3.7 million in 3Q06 and 118% from US$2.8 million in 2Q07.
US GAAP net income for 3Q07 included US$1.5 million of
share-based compensation expense. Excluding the
share-based compensation, the Company's non-GAAP net income
for 3Q07 was US$7.6 million. Diluted non-GAAP earnings per
ADS in 3Q07 was US$0.16.
Commenting on the results, the Company's President and
CEO, Dr. Ping Wu, said:
"We are pleased with our performance in the third
quarter. We have experienced two consecutive quarters of
37% growth in the shipments of our baseband semiconductors
and believe that we are continuing to gain share in the
Chinese mobile handset market. Our shipments of baseband
semiconductors for the nine-month period already exceeded
our shipments for all of last year.
On the new product front, the results of our recent
strategic R&D investments became more apparent as we
refreshed our portfolio with several product extensions
that should position us well for next year. In the third
quarter, we announced and began sampling three new
chips--our SC6600H and SC6600R baseband chips and SV6111
AVS audio/video decoder chip. The SC6600H is designed to
enable CD sound quality playback on music mobile phones,
while the SC6600R is a high-performance, high-function
baseband chip targeted at the mainstream mobile phone
market. The SV6111, which we believe is the first decoder
chip to support the Chinese AVS standard, successfully
passed China Netcom's commercial trial tests in October.
On the 3G front, we continue to work towards the
commercialization of the TD-SCDMA standard. We entered
into a strategic partnership agreement with ZTE, the
largest TD-SCDMA equipment supplier in the first phase of
TD-SCDMA deployment. We are cooperating with ZTE in a
number of projects designed to improve the functionality of
TD-SCDMA system and terminals and introduce additional
TD-SCDMA commercial products. This month, we announced
sampling of our SC8800S chip, a TD-SCDMA/GSM dual-mode
baseband chip designed to support HSDPA/EDGE and dedicated
for the data card market. Also in this month, ZTE used our
TD-SCDMA baseband to demonstrate the feasibility of
multimedia broadcast multicast services (MBMS) over a
TD-SCDMA network."
Third Quarter 2007 Financial Review
Revenue
Revenue in the third quarter totaled US$38.6 million,
representing increases of 44% from 3Q06 and 20% from 2Q07.
Revenue from baseband semiconductors was US$34.2 million, or
89% of revenue, up from 59% of revenue in 3Q06 and 85% of
revenue in 2Q07. Revenue from turnkey solutions was US$4.4
million, which represented 11% of revenue, down from 41% of
revenue in 3Q06 and 15% of revenue in 2Q07.
Revenue from baseband semiconductors increased by 118%
from 3Q06 and 25% from 2Q07 to US$34.2 million. Unit
shipments of baseband semiconductors increased by 37% from
2Q07. Nearly all baseband semiconductor shipments in the
third quarter were 2G/2.5G related products. The average
selling price per unit for baseband semiconductors declined
by 9% from 2Q07.
Revenue from turnkey solutions decreased by 60% from
3Q06 and 9% from 2Q07 to US$4.4 million, as a result of the
Company's prior decision to phase out its SP7000 series
handset boards by the end of 2006 and gradually phase out
its SM5100 series modules.
Gross Margin
The gross margin for the quarter was 45.6%, up from
43.2% in 3Q06 and flat from 45.5% in 2Q07. This margin
improvement from the same period in 2006 was primarily due
to a more favorable revenue mix from baseband products, as
the Company continues to gradually phase out its lower
margin turnkey solutions. The cost of revenue in 3Q07
totaled US$21.0 million, representing increases of 38% and
20% from 3Q06 and 2Q07, respectively. The year-over-year
increase in absolute dollars was driven by an increase in
the total cost of baseband semiconductors from higher
volumes partially offset by a decline in the total cost of
turnkey solutions. The total cost of turnkey solutions
declined as the Company phased out its SP7000 series
handset board business by the end of 2006 and continued to
de-emphasize its SM5100 series module business. The
sequential increase was driven by an increase in total
wafer fabrication and assembly and testing costs as a
result of the 37% increase in baseband unit volume from
2Q07.
The non-GAAP gross margin was 45.7%, up from 43.4% in
3Q06 and unchanged from 2Q07.
Operating Expenses
Total operating expenses in 3Q07, which include
selling, general and administrative (SG&A) expenses and
research and development (R&D) expenses, were US$13.1
million, representing increases of 66% from 3Q06 and 8%
from 2Q07. Excluding the share-based compensation expense,
total operating expenses increased 62% year-over-year and 9%
sequentially.
Total operating expenses for the quarter represented
33.9% of revenue, compared to 29.4% and 37.6% of revenue in
3Q06 and 2Q07, respectively. The Company's operating margin
decreased from 13.8% in 3Q06 but increased from 7.9% in 2Q07
to 11.7% in 3Q07. The year-over-year decline in operating
margin was due to higher R&D expenses as a result of
the Company's strategic decision to expand its product
portfolio. The non-GAAP operating margin in 3Q07 was
15.7%, down from 16.7% in 3Q06 but up from 12.6% in 2Q07.
SG&A expenses in 3Q07 increased by 39% from 3Q06
and decreased by 2% from 2Q07 and represented 10.5% of
revenue, down from 10.9% of revenue in 3Q06 and 12.9% of
revenue in 2Q07. The year-over-year dollar increase was
driven primarily by higher salary and benefits as a result
of headcount addition, especially at the senior management
level, share-based compensation expense, depreciation,
insurance, business tax, and shipping expense. The
sequential dollar decrease was driven primarily by
decreases in business tax expense and professional fees,
partially offset by higher salary and benefits, insurance,
and other administrative expenses.
R&D expenses in 3Q07 increased 82% year-over-year
and 13% sequentially and represented 23.3% of revenue in
3Q07, compared to 18.5% in 3Q06 and 24.7% in 2Q07. The
year-over-year dollar increase was driven primarily by the
Company's efforts to expand its product portfolio, and this
increase included higher salary and benefits, share-based
compensation expense, tape-out expense, depreciation and
amortization expense, and travel expense. The sequential
dollar increase was primarily driven by higher salary and
benefits, depreciation and amortization expense, travel
expense, and utilities expenses.
Non-Operating Income
In 3Q07, the Company recorded net interest income of
US$1.7 million, representing increases of US$1.5 million
from 3Q06 and US$1.4 million from 2Q07. The increases were
primarily attributed to interest earned from investing the
higher balance of cash and cash equivalents arising from
the Company's initial public offering.
Earnings
The Company's net income totaled US$6.1 million in
3Q07, an increase of 64% from US$3.7 million in 3Q06 and
118% from US$2.8 million in 2Q07. The net margin was
15.7%, up from 13.9% in 3Q06 and 8.6% in 2Q07. Diluted
earnings per ADS was US$0.13, up 18% from US$0.11 in 3Q06
and 86% from US$0.07 in 2Q07.
Non-GAAP diluted earnings per ADS for 3Q07 was US$0.16,
up from US$0.13 in 3Q06 and US$0.11 in 2Q07.
Balance Sheet
As of September 30, 2007, the Company had US$147.0
million in cash and cash equivalents, which represented an
increase of US$105.6 million from June 30, 2007. The
Company's initial public offering, which settlement took
place in early July, contributed US$100.0 million of this
increase. Accounts receivable (A/R) decreased from US$6.7
million at June 30, 2007 to US$3.0 million at September 30,
2007, and the average A/R days decreased from 25 days to 11
days. Inventory at September 30, 2007 was US$15.0 million,
fairly comparable with the inventory at June 30, 2007, and
the inventory days decreased from 77 days to 65 days.
Total assets as of September 30, 2007 were US$215.5
million, up 95% from US$110.3 million at June 30, 2007.
Current liabilities decreased from US$38.5 million at
June 30, 2007 to US$35.5 million at September 30, 2007,
primarily due to a decrease in accounts payable. Long-term
liabilities at September 30, 2007 were US$4.8 million,
compared to US$4.3 million at June 30, 2007. The increase
was primarily due to an increase in long-term payable
related to acquired intangibles.
On July 2, 2007, the Company issued 8 million ADSs, or
24 million ordinary shares, in connection with its initial
public offering. There were approximately 126.6 million
ordinary shares outstanding at September 30, 2007,
equivalent to approximately 42.2 million American
Depositary Shares. The weighted average diluted share
count in the third quarter was 46.9 million ADSs.
Cash Flow
In 3Q07, the Company generated US$17.2 million cash
from operating activities. The Company also spent US$6.9
million on property and equipment, of which approximately
US$5.7 million represented the final payment for the
Company's current headquarters building, and US$1.6 million
on intangible assets. In addition, the Company spent
approximately US$3.0 million on the final installment of
its purchase of land use rights for a parcel of land near
its current headquarters building. Cash and cash
equivalents balance at September 30, 2007 increased by
US$105.6 million as compared to balance as of June 30,
2007. US$100.0 million of this increase came from the net
proceeds of the Company's initial public offering.
Business Outlook:
The Company currently expects revenue in the fourth
quarter of 2007 to be approximately US$46 million to US$47
million, which represents a sequential increase of 19% to
22% from US$38.6 million in the third quarter of 2007. The
Company estimates that its operating margin will likely
increase from 11.7% in 3Q07 to slightly over 13% in 4Q07.
Webcast of Conference Call:
The Company's management team will conduct a conference
call at 6:00 pm Eastern Time on October 31, 2007. A webcast
of the conference call will be accessible on the Company's
web site at http://www.spreadtrum.com. The conference call
can also be accessed via the following telephone numbers:
USA (Toll Free): +1-866-679-8035
USA (Toll): +1-617-213-4848
Hong Kong (Toll Free): 800-962-844
China (Toll Free): 10-800-130-0399
Participant Passcode: 8804 0657
A replay of the conference call will be available for
seven days via the following telephone numbers:
USA (Toll Free): +1-888-286-8010
USA (Toll): +1-617-801-6888
Participant Passcode: 5949 5354
Discussion of Non-GAAP Financial Measures
In addition to disclosing financial results prepared in
accordance with US GAAP, the Company's earnings release
contains non-GAAP financial measures that exclude the
effects of share-based compensation. The non-GAAP
financial measures used by management and disclosed by the
Company exclude the income statement effects of all forms
of share-based compensation.
The non-GAAP financial measures disclosed by the
Company should not be considered a substitute for financial
measures prepared in accordance with US GAAP. The financial
results reported in accordance with US GAAP and
reconciliation of GAAP to non-GAAP results should be
carefully evaluated. The non-GAAP financial measures used
by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled
measures used by other companies.
The Company believes that the presentation of non-GAAP
gross margin, non-GAAP operating margin, non-GAAP net
income, and non-GAAP diluted earnings per ADS provides
important supplemental information to management and
investors regarding financial and business trends relating
to the Company's financial condition and results of
operations. The non-GAAP diluted earnings per ADS is
calculated by dividing non-GAAP net income by the US GAAP
weighted average diluted shares outstanding.
Listed below are share-based compensation amounts
included in net income that management excludes in
computing the non-GAAP financial measures referred to in
the text of this press release. A reconciliation of GAAP
to non-GAAP results is presented after the consolidated
balance sheets.
Three months ended
September 30, 2006 June 30, 2007
September 30, 2007
(in thousands of US
dollars)
Share-based compensation:
Cost of revenue $ 44 $ 52
$ 54
Research and developme 385 563
582
Selling, general, and
Administrative 333 904
891
Spreadtrum Communications, Inc.
Consolidated Income Statements
(in thousands of US dollars, except per share data and
percentages)
(unaudited)
Three months ended
Change from
September June 30,
September 3Q06 2Q07
30, 2006 2007 30,
2007
Revenue $26,701 $32,187
$38,570 44% 20%
Cost of revenue 15,161 17,543
20,996 38% 20%
Gross profit 11,540 14,644
17,574 52% 20%
Operating expenses
Research & development 4,945 7,952
8,997 82% 13%
Selling, general &
administrative 2,914 4,149
4,059 39% (2)%
Total operating
expenses 7,859 12,101
13,056 66% 8%
Operating income 3,681 2,543
4,518 23% 78%
Non-operating income
(expense)
Interest income 134 299
1,676 1151% 461%
Interest expense (5) (6)
(18) 260% 200%
Other income, net 207 116
347 68% 199%
Total non-operating
income 336 409
2,005 497% 390%
Income before tax 4,017 2,952
6,523 62% 121%
Income tax expense 314 171
465 48% 172%
Net income $3,703 $2,781
$6,058 64% 118%
Basic earnings per ADS $0.74 $0.41
$0.14 (81)% (66)%
Diluted earnings per ADS $0.11 $0.07
$0.13 18% 86%
Margin analysis:
Gross margin 43.2% 45.5%
45.6%
Operating margin 13.8% 7.9%
11.7%
Net margin 13.9% 8.6%
15.7%
Weighted average ADS
equivalent:(1)
Basic 5,002,184 6,859,226
42,005,199
Diluted 34,033,283 39,240,015
46,940,325
(1) Assumes all outstanding ordinary shares are
represented by ADSs. Each
ADS represents three ordinary shares.
Spreadtrum Communications, Inc.
Consolidated Income Statements
(in thousands of US dollars, except per share data and
percentages)
(unaudited)
Nine months
ended
September
September
30, 2006
30, 2007 Change
Revenue $76,113
$96,924 27%
Cost of revenue 46,869
53,493 14%
Gross profit 29,244
43,431 49%
Operating expenses
Research & development 13,160
22,945 74%
Selling, general & administrative 7,247
12,128 67%
Total operating expenses 20,407
35,073 72%
Operating income 8,837
8,358 (5)%
Non-operating income (expense)
Interest income 554
2,414 336%
Interest expense (43)
(30) (30)%
Other income, net 437
794 82%
Total non-operating income 948
3,178 235%
Income before tax 9,785
11,536 18%
Income tax expense 730
665 (9)%
Net income $9,055
$10,871 20%
Basic earnings per ADS $1.84
$0.59 (68)%
Diluted earnings per ADS $0.27
$0.26 (4)%
Margin analysis:
Gross margin 38.4%
44.8%
Operating margin 11.6%
8.6%
Net margin 11.9%
11.2%
Weighted average ADS equivalent:(2)
Basic 4,907,441
18,307,807
Diluted 33,130,200
41,531,113
(2) Assumes all outstanding ordinary shares are
represented by ADSs.
Each ADS represents three ordinary shares.
Spreadtrum Communications, Inc.
Condensed Consolidated Balance Sheets
(in thousands of US dollars)
December 31,
June 30, September
2006 (Note)
2007 30, 2007
Cash and cash equivalents $47,254
$41,336 $146,973
Term deposit 1,281
-- --
Accounts receivable, net 11,384
6,674 3,020
Inventories 13,617
14,925 15,020
Deferred tax assets 202
202 202
Prepaid expenses and other current
assets 1,101
5,638 3,716
Total current assets 74,839
68,775 168,931
Property and equipment, net 18,944
21,468 22,388
Acquired intangible assets, net 5,920
12,489 13,622
Deferred tax assets 1,060
1,087 1,035
Other long term assets 3,339
6,512 9,567
Total assets 104,102
110,331 215,543
Current portion of long term loan 576
985 666
Accounts payable 12,980
12,317 10,874
Advances from customers 3,297
4,428 7,229
Obligation on acquisition of building 9,236
5,531 --
Income tax payable 1,849
2,008 2,397
Accrued expenses and other current
liabilities 13,363
13,262 14,294
Total current liabilities 41,301
38,531 35,460
Long term loan 3,842
3,283 3,329
Deferred tax liabilities 17
17 17
Other long-term obligations --
971 1,433
Total long term liabilities 3,859
4,271 4,779
Total liabilities 45,160
42,802 40,239
Shareholders' equity 58,942
67,529 175,304
Total liabilities & shareholders'
equity $104,102
$110,331 $215,543
Note: The financial information at December 31, 2006 is
derived from the
Company's audited consolidated financial
statements in its
prospectus.
Spreadtrum Communications, Inc.
Supplemental Information
(in thousands of US dollars, except percentages)
Revenue (US$000) 4Q05 1Q06
2Q06 3Q06
Baseband Semiconductor $3,028 $4,849
$11,760 $15,684
Turnkey Solutions 17,566 14,842
17,961 11,017
Total $20,594 $19,691
$29,721 $26,701
As % of Total Revenue
Baseband Semiconductor 15% 25%
40% 59%
Turnkey Solutions 85% 75%
60% 41%
Gross Margin 25.0% 31.4%
38.8% 43.2%
Revenue (US$000) 4Q06 1Q07
2Q07 3Q07
Baseband Semiconductor $22,645 $20,589
$27,357 $34,161
Turnkey Solutions 8,317 5,578
4,830 4,409
Total $30,962 $26,167
$32,187 $38,570
As % of Total Revenue
Baseband Semiconductor 73% 79%
85% 89%
Turnkey Solutions 27% 21%
15% 11%
Gross Margin 46.4% 42.9%
45.5% 45.6%
Spreadtrum Communications, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands of US dollars, except per share data and
percentages)
(unaudited)
Three
months ended
September
June 30, September
30, 2006
2007 30, 2007
Cost of revenue $15,161
$17,543 $20,996
Adjustment for share-based
compensation (44)
(52) (54)
Cost of revenue (non-GAAP) $15,117
$17,491 $20,942
Operating income $3,681
$2,543 $4,518
Adjustment for share-based
compensation within:
Cost of revenue 44
52 54
Research and development 385
563 582
Selling, general, and
administrative 333
904 891
Operating income (non-GAAP) $4,443
$4,062 $6,045
Net income $3,703
$2,781 $6,058
Adjustment for share-based
compensation within:
Cost of revenue 44
52 54
Research and development 385
563 582
Selling, general, and
administrative 333
904 891
Net income (non-GAAP) * $4,465
$4,300 $7,585
Diluted earnings per ADS $0.11
$0.07 $0.13
Adjustment for share-based
compensation 0.02
0.04 0.03
Diluted earnings per ADS (non-GAAP)* $0.13
$0.11 $0.16
Gross margin 43.2%
45.5% 45.6%
Adjustment for share-based
compensation 0.2%
0.2% 0.1%
Gross margin (non-GAAP) 43.4%
45.7% 45.7%
Operating margin 13.8%
7.9% 11.7%
Adjustment for share-based
compensation 2.9%
4.7% 4.0%
Operating margin (non-GAAP) 16.7%
12.6% 15.7%
Net margin 13.9%
8.6% 15.7%
Adjustment for share-based
compensation 2.9%
4.7% 4.0%
Net margin (non-GAAP)* 16.8%
13.3% 19.7%
* The non-GAAP adjustment does not take into
consideration the impact of
taxes.
About Spreadtrum Communications, Inc.:
Spreadtrum Communications, Inc. (Nasdaq: SPRD; the
"Company") is a fabless semiconductor company
that designs, develops, and markets baseband processor
solutions for the mobile wireless communications market.
The Company combines its semiconductor design expertise
with its software development capabilities to deliver
highly-integrated baseband processors with multimedia
functionality and power management. The Company has
developed its solutions based on an open development
platform, enabling its customers to develop customized
wireless products that are feature-rich and meet their cost
and time-to-market requirements.
Safe Harbor Statements:
This press release contains "forward-looking
statements" within the meaning of the "safe
harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements include, without limitation, statements
regarding trends in the semiconductor industry in China,
the Company's share in the Chinese mobile handset market,
the positioning of the Company with respect to new chips
announced in the third quarter and this month, the
Company's cooperation with ZTE in projects designed to
improve the functionality of TD-SCDMA system and terminals
and introduce additional TD-SCDMA commercial products, the
expected phase-out of the Company's SM5100 series modules,
the Company's expectations with respect to the revenue and
operating margin for the fourth quarter of 2007, and the
Company's future results of operations, financial
condition, and business prospects. These statements are
forward-looking in nature and involve risks and
uncertainties that may cause actual market trends and the
Company's actual results to differ materially from those
expressed or implied in these forward-looking statements
for a variety of reasons. Potential risks and
uncertainties include, but are not limited to, continuing
competitive pressure in the semiconductor industry and the
effect of such pressure on prices; unpredictable changes in
technology and consumer demand for mobile phones;
uncertainty regarding the timing and pace of deployment of
3G wireless networks that support TD-SCDMA in China;
uncertainty regarding the timing and pace of the commercial
deployment of AVS-based products in China; the Company's
ability to sustain recent rates of growth; the state of and
any change in the Company's relationship with its major
customers; and changes in political, economic, legal and
social conditions in China. For additional discussion of
these risks and uncertainties and other factors, please
consider the information contained in the Company's filings
with the U.S. Securities and Exchange Commission (the
"SEC"), including the registration statement on
Form F-1 filed on June 26, 2007, as amended, especially the
sections under "Risk Factors" and
"Management's Discussion and Analysis of Financial
Condition and Results of Operations," and such other
documents that the Company may file with the SEC from time
to time, including on Form 6-K. The Company assumes no
obligation to update any forward-looking statements, which
apply only as of the date of this press release.
For more information, please contact:
Investor Relations
Phone: +86-21-5080-2727 x2268
Email: ir@spreadtrum.com
2007'11.23.Fri
Ruby and Meshcom Partnering on Mesh
November 01, 2007
- New Breed of Wi-Fi Access Points to Enable Mesh
Networking Under Development
TAIPEI, Taiwan and HELSINKI, Finland, Nov. 1
/Xinhua-PRNewswire/ --Meshcom Technologies, a leading
provider of wireless mesh networking technology and
solutions, today announced its cooperation with Ruby
Corporation, a Taiwanese company which offers industrial
grade wireless communication product series including L2
switch, EDGE router, and Outdoor Access Point. The
integration of Meshcom's advanced mesh technology into
these products will provide customized mesh networking
solutions for various industrial applications.
"From WiFi's standpoint, mesh technology is the
best solution applied to fixed, mobility, or mixed outdoor
environments such as wireless based station, warehouse,
container, logistics and so on. Even in WiMAX environment,
mesh will be perfectly used as a complementary solution for
covering unreached network very cost-effectively. Meshcom's
mesh software solution has been proven to provide high
performance and stability, and strong security over
wireless network. Most importantly, the unique feature of
MeshDriver's interoperability enabled different networking
devices to be connected seamlessly," Lobo Tu, Vice
President of Ruby Tech said.
"Municipalities and service providers are seeking
mesh solutions to not only extend the network coverage
comprehensively but enhance overall mobility robustness
while reducing significant cabling cost can be
realized." said Ricky Cheung, Sales Manager of Meshcom
Hong Kong. "Meshcom's winning solution is designed to
combine with broadband wireless hardware to optimize
wireless networking applications that address these
needs."
Meshcom's objective is to expand its international
partnership network of device manufacturers and their
technology suppliers. Based on comprehensive services, an
effective marketing strategy and reliable technical
support, Meshcom offers significant benefits to its
partners and customers alike. "Our products and
technology are the most innovative in mesh market with a
number of unique selling points. This will give our
partners an important competitive edge," Miska
Kaipiainen, CEO & Co-founder of Meshcom said.
About Ruby Tech Corporation
Ruby Tech Corporation is an innovative manufacturer
based in Taiwan, specializing in research, design and
production of networking products. We are a
technology-oriented company and have owned a lot of
expertise on Metro Ethernet, Multilayer Managed Switch,
Fiber Optic Access, Media Conversion, LAN and VPN. In 2006,
Ruby Tech launched its Industrial Wireless Solutions
--Industrial Wireless Access Point / Router Bridge / Client
Bridge and outdoor wireless antennas. Over the years, Ruby
Tech has established a worldwide reputation for producing
superior LAN equipment and Ethernet products and has become
a world-class OEM/ODM total solution partner for advanced
networking products. http://www.rubytech.com.tw
About Meshcom Technologies
Meshcom Technologies, Inc. is a leading provider of
wireless mesh-enabling software for network device vendors
and their technology suppliers. Meshcom's products and
enabling technology offer high-performance mesh networking
with new levels of mobility, reliability, security in
wireless broadband connectivity. Meshcom has offices in
Helsinki, Finland and Hong Kong, China.
http://www.meshcom.com
For further information regarding this press release,
please contact:
Miss Jaycee Lui
Meshcom Technologies, Sales & Marketing Assistant
Tel. +358-50-4000424
Email: jaycee.lui@meshcom.com
2007'11.23.Fri
American Standard Companies Announces Completion of Sale of Bath and Kitchen Business to Bain Capital
November 01, 2007
American Standard Companies Board Authorizes Share
Repurchase
PISCATAWAY, N.J., Nov. 1 /Xinhua-PRNewswire/ --
American Standard Companies Inc. (NYSE: ASD) today
announced completion of the sale of its global Bath and
Kitchen products business to funds advised by Bain Capital
Partners, LLC, a leading private investment firm, for
$1.745 billion including closing adjustments. A definitive
sales agreement had been announced on July 23, 2007.
The Bath and Kitchen products business had 2006 sales
of $2.4 billion, 26,000 employees and production facilities
in 23 countries worldwide. The business manufactures and
markets industry-leading products under brand names such as
American Standard(R), Ideal Standard(R), Armitage Shanks(R),
Porcher(R), Jado(R), Ceramica Dolomite(R) and Vidima(R).
"Bath and Kitchen is a business with the size,
global reach, market leadership and organizational talent
to drive future success. The all-cash payment for Bath and
Kitchen provides excellent value for our shareowners, and
the net proceeds met our expectations. Now we will focus
on our global Air Conditioning Systems and Services
business, which has leading market positions in commercial
and residential markets. Before the end of the year, we
will move forward with changing our name to Trane,"
said Fred Poses, American Standard Companies chairman and
CEO.
Combined with the March 2007 sale of Venesta Washroom
Systems, American Standard Companies' gross proceeds from
the sale of Bath and Kitchen now total $1.91 billion. The
Venesta sale and the sale to Bain Capital each resulted in
an accelerated pension payment of about $26 million.
American Standard Companies intends to use the net
proceeds after expenses and taxes to repurchase common
stock and reduce debt to keep the company at
investment-grade standards. The company's board of
directors has authorized an additional $750 million for the
repurchase of common stock through December 2008. The
company may repurchase these shares through one or more
Rule 10b5-1 trading plans. These plans would allow the
company to repurchase shares when ordinarily prevented from
doing so because of self-imposed trading blackout periods or
possible possession of material non-public information.
With the purchase, Bain Capital acquires ownership and
use of the American Standard brand for bath and kitchen
products. Trane will retain the American Standard brand
name for heating, ventilating and air conditioning (HVAC)
and related products.
American Standard Companies' financial advisor for the
Bath and Kitchen sale was Lazard. Skadden, Arps and Baker
& McKenzie served as legal counsel. For Bain Capital,
Bank of America, N.A. and Credit Suisse led the financing,
Lehman Brothers acted as financial advisors, Kirkland &
Ellis LLP served as legal counsel, and
PricewaterhouseCoopers provided transaction advisory
services.
ABOUT AMERICAN STANDARD COMPANIES
On Feb. 1, American Standard Companies announced plans
to separate its three businesses. Since then, the company
has completed the spinoff of its Vehicle Control Systems
business as an independent company known as WABCO (NYSE:
WBC) and today has sold its Bath and Kitchen business to
funds advised by Bain Capital Partners, LLC. To reflect
its focus on the Air Conditioning Systems and Services
business, the company plans to change its name to Trane by
year-end. In 2006, Air Conditioning Systems and Services,
sold under the Trane(R) and American Standard(R) brands,
generated revenues of $6.8 billion with 29,000 employees.
ABOUT BAIN CAPITAL PARTNERS
Bain Capital (http://www.baincapital.com) is a global
private investment firm that manages several pools of
capital including private equity, high-yield assets,
mezzanine capital and public equity with approximately $50
billion in assets under management. Since its inception in
1984, Bain Capital has made private equity investments and
add-on acquisitions in over 250 companies around the world,
including such leading companies as Dunkin' Brands, Sealy,
Toys "R" Us, Michaels Stores, Burger King,
SigmaKalon, Bombardier Recreational Products, Samsonite,
Sensata Technologies and Staples. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Hong
Kong, Shanghai and Tokyo.
Comments in this news release contain certain
forward-looking statements, which are based on management's
good faith expectations and belief concerning future
developments. Forward-looking statements can be identified
by the use of words such as "believe,"
"expect," "plans,"
"strategy," "prospects,"
"estimate," "project,"
"anticipate," "intends" and other words
of similar meaning. Actual results may differ materially
from these expectations. American Standard does not
undertake any obligation to update such forward-looking
statements.
Additional information is available at
http://www.americanstandard.com.
For more information, please contact:
Media:
American Standard
Skip Colcord
Phone: +1-732-980-3065
Email: hcolcord@americanstandard.com
Shelly London
Phone: +1-732-980-6175
Email: slondon@americanstandard.com
Stanton Crenshaw Communications
Alex Stanton
Phone: +1-212-780-0701
Email: alex@stantoncrenshaw.com
Investors and financial analysts:
Bruce Fisher
American Standard
Phone: +1-732-980-6095
Email: bfisher@americanstandard.com
2007'11.23.Fri
Breaking News About Treatment of World's Leading Cause of Adult Blindness to be Published Next Week
November 01, 2007
BRUSSELS, Belgium, Nov. 1 /Xinhua-PRNewswire/ -- First
study to investigate the protective effect of a
lipid-lowering agent on diabetic eye disease to be
published on-line in Lancet, Tuesday, 6th November 2007
Diabetic eye disease (called diabetic retinopathy) is
the leading cause of vision loss in adults - affecting
about 25 million people worldwide. It occurs when diabetes
affects the blood vessels at the back of the eye damaging
the retina and restricting blood flow. This destructive
process occurs in about 74 per cent of people who have
diabetes for 10 years or more.
Currently, the only widely used treatment for this
condition is laser therapy. However, laser treatment often
reduces peripheral vision as well as causing other side
effects. Nor does it restore sight.
Important new results to be published in Lancet.
Now researchers in Australia, New Zealand and Finland
have investigated the effects of a widely available
lipid-lowering agent, fenofibrate, on the use of laser
therapy in more than 9000 men and women with diabetes.
The Fenofibrate Intervention and Event Lowering in
Diabetes (FIELD) Trial is the largest study of a
lipid-lowering agent ever conducted in adult diabetics.
The results of an analysis of the effects of
fenofibrate on diabetic retinopathy and a sub-study of its
effects on the progression of diabetic retinopathy in more
than 1000 patients will be published on-line in the Lancet.
Here is how you can get the news as it breaks:
For a copy of the press release and details of Webcast,
go and register on: http://www.fieldstudy.info/reg2 on
November 7th
For more information, please contact:
Solvay Pharmaceuticals, Inc.
Neil E. Hirsch
Manager, U.S. Corporate Communications
Mobile: +1-678-557-2952
Email: neil.hirsch@solvay.com
Solvay pharmaceuticals B.V.
Puck Bossert
Pharmacom
Tel: +31-29-44-77-469
Email: puck.bossert@solvay.com
2007'11.23.Fri
AerCap Holdings N.V. Issues Updated Conference Call Information for Third Quarter 2007 Financial Results on November 8, 2007
November 01, 2007
AMSTERDAM, Netherlands, Nov. 1 /Xinhua-PRNewswire/ --
AerCap Holdings N.V. ("AerCap," NYSE: AER) today
issued updated dialing and pass code information regarding
the conference call to be held on November 8, 2007 at 9:30
a.m. EST to discuss the company's third-quarter 2007
financial results.
The call can be accessed live by dialing (U.S.
investors) 800-772-1085 or (International investors)
+1-706-634-5464 and referencing code 20964418 at least 5
minutes before start time, or by visiting AerCap's website
at http://www.aercap.com under `Investor Relations'.
A replay of the call will be available beginning at
1:00 p.m. EST on November 8, 2007 and continuing through
Thursday, November 22, 2007. To access the recording, call
800-642-1687 (U.S. investors) or +1-706-645-9291
(International investors) and enter pass code 20964418. The
replay will be archived in the "Investor
Relations" section of the company's website for one
year.
About AerCap Holdings N.V.
AerCap is an integrated global aviation company with a
leading market position in aircraft and engine leasing,
trading and parts sales. AerCap also provides aircraft
management services and performs aircraft and engine
maintenance, repair and overhaul services and aircraft
disassemblies through its certified repair stations. AerCap
has a fleet of 325 aircraft and 65 commercial engines that
were either owned, on order, under contract or letter of
intent, or managed. AerCap is headquartered in The
Netherlands and has offices in Ireland, the United States,
China and the United Kingdom.
This press release may contain forward-looking
statements that involve risks and uncertainties. In most
cases, you can identify forward-looking statements by
terminology such as "may", "should",
"expects", "plans",
"anticipates", "believes",
"estimates", "predicts",
"potential" or "continue" or the
negative of such terms or similar terminology. Such
forward-looking statements are not guarantees of future
performance and involve significant assumptions, risks and
uncertainties, and actual results may differ materially
from those in the forward-looking statements.
For more information, please contact:
Investors:
Peter Wortel
AerCap Holdings N.V.
Tel: +31-20-655-9658
Email: pwortel@aercap.com
Media:
Frauke Oberdieck
AerCap Holdings N.V.
Tel: +31-20-655-9616
Email: foberdieck@aercap.com
2007'11.23.Fri
2007 Luminous Award Winners Highlight Ovarian Cancer Treatment and the Importance of Early Detection
2007 Luminous Award Winners Highlight Ovarian Cancer Treatment and the Importance of Early Detection
October 31, 2007
German and British reporters named winners of annual
Luminous Award
INDIANAPOLIS, Oct. 31 /Xinhua-PRNewswire/ -- One
woman's courageous battle to find the best treatment to
fight her ovarian cancer is the subject of the winning
entry in the 2007 Luminous Award. Launched by Eli Lilly
and Company in 2006, the annual award was created to
recognise journalists who bring to light progress in cancer
prevention and treatment and enlighten their audiences
through clear and inspiring reporting. Winners are
selected by an independent panel of judges from around the
world.
Eli Lilly and Company is proud to present the 2007
Luminous Award to German journalist Sabine Thor-Wiedemann
from the publication Brigitte -- Germany's leading women's
magazine. The award is for her feature entitled
"Survival of the Luckiest," which details a
woman's determination to beat the disease against all odds.
The article also highlights the need for patients to have
access to treatments that meet an international standard.
Second place in the competition also went to an article
focusing on ovarian cancer. The award was presented to
Simon Crompton of the U.K. from The Times' health
supplement Body & Soul. His article, "The Silent
Killer," examined the benefit of a simple screening
tool and ongoing research that could lead to early
detection, better treatment and improved survival for
thousands of women with ovarian cancer.
Overall, the winning articles seek to enlighten the
public about ovarian cancer with the hope that increased
awareness and screening options will empower women to take
action against this deadly disease. Even though survival
rates have improved over recent years, less than 40 percent
of women with ovarian cancer survive the first five years
after diagnosis, compared with nearly 80 percent of breast
cancer patients.(1) Although survival depends on early
diagnosis and treatment, ovarian cancer is usually
difficult to detect and as such often arrives unnoticed.
John Stubbs, chairman of Cancer Voices Australia and
spokesperson for the international Luminous Award judging
panel, commented that the standard of the entries for this
year's competition was particularly high. "Ten
finalists from eight countries highlighted the impact that
cancer has on people and their desire to bring important
and significant elements to the public domain," Stubbs
said. "We congratulate all finalists on their articles
and their dedication to responsible cancer reporting."
In addition to the global winners, Lilly also presented
two Highly Commended certificates to journalists from Spain
and Japan. Spanish journalist Mayka Sanchez from El Pais,
one of Spain's major national newspapers, was recognized
for her article titled "A Very Personal Therapy"
outlining the great importance of molecular diagnosis in
cancer and personalized cancer treatment. The second
Highly Commended certificate went to Japanese journalist
Hidetoshi Oshima from the publication Mainichi Shimbun, for
his article "Drilling Down on Asbestos Issues,"
which included personal accounts from people who had lost
family members to mesothelioma after working in a factory,
and highlighted the seriousness of asbestos exposure.
"The Luminous Award has grown into a truly global
event, with more than 70 entries received this year from
journalists working in 11 countries," said Garry
Nicholson, leader of the Lilly Oncology global brand
development team. "This competition is part of Lilly
Oncology's commitment to go beyond medicine and to provide
support in its broadest sense to people with cancer and
their families. The Luminous Award recognizes journalists
who really make a difference by providing people with
quality information and stories of hope that can inspire
and give people with cancer the strength to continue
fighting."
The independent judging panel for the Luminous Award
was comprised of judges from all over the world and, in
addition to Stubbs, chairman of Cancer Voices Australia,
the panel included Jaime G. de la Garza, M.D., research
physician, National Institute of Cancerology, Mexico;
Dolores Isla, M.D., Lozano Blesa Hospital, Zaragoza, Spain;
Viktoria Kun J, award-winning healthcare journalist with the
leading Hungarian national daily newspaper, Nepszabadsag,
Hungary; Takeo Sekihara, board member of the Japanese
Cancer Society, Japan; Nicole Zernik, president of the
French Forum of Europa Donna, the European Breast Cancer
Coalition and vice president of the European Organization,
France; and Maggie Hampshire, managing editor, OncoLink,
United States.
The winner and runner-up of the Luminous Award is given
the choice of one of two prizes; either the opportunity to
be enlightened by the work of a leading oncologist or
cancer researcher or a cash donation to be made in the form
of a scholarship in the winner's name, to help a student
continue his/her studies to become a journalist and
enlighten others through his/her work. By being given the
opportunity to either meet a leading oncologist or cancer
researcher, or provide a scholarship, the enlightenment
will continue for the winner and runner-up either
personally or through the future work of a student
journalist.
The international 2007 Luminous Award competition was
open to business reporters or general/consumer journalists
reporting for newspapers, magazines, newsletters, websites
and broadcast outlets as well as medical journalists
writing for health, pharmaceutical and medical trade
publications. Entries are judged on a series of criteria
including news value, the ability to stimulate awareness
about advances in oncology prevention and treatment,
effective communication for the intended audience and
creativity.
About Lilly Oncology, a Division of Eli Lilly and
Company
For more than four decades, Lilly Oncology has been
collaborating with cancer researchers to deliver innovative
treatment choices and valuable programs to patients and
physicians worldwide. Inspired by the courageous patients
living with cancer, Lilly Oncology is providing treatments
that are considered global standards of care and developing
a broad portfolio of novel targeted therapies to accelerate
the pace and progress of cancer care.
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is
developing a growing portfolio of first-in-class and
best-in-class pharmaceutical products by applying the
latest research from its own worldwide laboratories and
from collaborations with eminent scientific organizations.
Headquartered in Indianapolis, Ind., Lilly provides answers
-- through medicines and information -- for some of the
world's most urgent medical needs.
O-LLY
(1) The Office for National Statistics. One- and
five-year survival
of patients diagnosed between 1996-1999: Major
cancers, sex and
age, England and Wales. Available at
http://www.statistics.gov.uk
(accessed on 3 October 2007).
(Logo:
http://www.newscom.com/cgi-bin/prnh/20070601/CLF003LOGO )
For more information, please contact:
Amy Sousa
Eli Lilly and Company
Tel: +1-317-276-8478
Email: sousa_amy_e@lilly.com
Jean Perkins
CPR Worldwide
Tel: +44-207-395-7035
Email: jean.perkins@fleishmaneurope.com
2007'11.23.Fri
Grameenphone Chooses Comptel Provisioning and Activation Solution
October 31, 2007
-- Telenor Subsidiary in Bangladesh Will use the Comptel
Solution to Improve Mobile Service Activation
HELSINKI, Finland, Oct. 31 /Xinhua-PRNewswire/ --
Comptel Corporation (OMX Helsinki: CTL1V), the leading
vendor of dynamic Operations Support System (OSS) software,
announced today that Telenor subsidiary in Bangladesh
Grameenphone has selected Comptel software for provisioning
and activation.
With over 15 million subscribers, Grameenphone is
operating in a rapidly expanding market - around 125% year
on year growth in subscriber numbers in Bangladesh. But
this is also a highly competitive market, so innovation is
very important to Grameenphone.
Lutfor Rahman, Acting Head of IT at Grameenphone
explains: "Over the years, Grameenphone has always
been a pioneer in introducing new products and services in
the local market. With the rapid growth we have been
experiencing, we want to make sure we can continue to
innovate and deliver services fast and cost effectively to
our customers. Comptel Provisioning and Activation solution
offers the flexibility we require to achieve that. And of
course, Comptel is able to point to many successful
deployments of the solution across the world."
Comptel Provisioning and Activation Solution automates
the provisioning and activation processes. With a single
interface, it covers the entire workflow - from service
order to start of billing. Comptel Provisioning and
Activation will allow Grameenphone to improve the
consistency and efficiency of its service activation,
ensuring that customers get the services they want fast and
reliably.
Mr. Kari Pasonen, Comptel's Senior Vice President,
Provisioning and Activation Business at Comptel, concludes:
"As a key component of the Comptel Dynamic OSS suite,
Comptel Provisioning and Activation Solution is designed to
enable the deployment of the lifestyle services subscribers
demand. Grameenphone's selection of Comptel to help deliver
innovative services in the Bangladeshi market provides an
excellent proof-point of this."
About Grameenphone
Grameenphone Ltd. is the largest mobile phone operator
in Bangladesh with more than 15 million subscribers as of
September 2007. Telenor of Norway is the majority
shareholder of the company. Grameenphone's nationwide
EDGE-enabled network covers nearly 98% of the country's
population. For more information please visit:
http://www.grameenphone.com
About Comptel Corporation
Comptel (http://www.comptel.com) provides Comptel
Dynamic OSS(TM) solutions, offering service-enabling
mediation, charging and fulfillment capabilities to telecom
service providers.
For more information, please contact:
Olivier Suard
Comptel Corporation
Phone: +44-20-7887-4513
Email: olivier.suard@comptel.com
2007'11.23.Fri
Global Sources Launches New Service Enabling Suppliers to Pre-Qualify Buyers Based on Product Import Data
October 31, 2007
HONG KONG, Oct. 31 /Xinhua-PRNewswire/ -- To help
exporters reduce risk when dealing with overseas buyers,
Global Sources (Nasdaq: GSOL) is offering its advertisers
import activity reports on specific buyers.
(Logo: http://www.xprn.com/xprn/sa/200708071747.jpg )
Provided by PIERS(R) Global Intelligence Solutions, one
of the world's most-trusted providers of shipping data, the
PIERS Trade Profiles(R) reports provide comprehensive buyer
import records, including product types, estimated cargo
values and ports of entry. Reports also include company
background and contact data from Dun & Bradstreet, one
of the world's leading business information sources.
Global Sources' advertisers may subscribe to access the
reports through the company's online B2B marketplace, Global
Sources Online ( http://www.globalsources.com ).
Global Sources' Chairman and CEO, Merle A. Hinrichs,
said: "This new service is an extension of our robust
offering of pre-screening and qualifying tools that help
reduce the risks and uncertainties inherent in global
trade.
"In today's online world, suppliers get more
inquiries than ever before, often from buyers they are not
familiar with. So before investing a substantial amount of
time and effort to fulfill buyers' requests, our new
service is designed to help suppliers pre-qualify buyers
who've contacted them.
"This is designed to help suppliers find better
buyers to work with. Likewise, the PIERS reports aim to
help buyers demonstrate their credentials to new companies,
allowing them to work with even better suppliers."
PIERS' Director of Asia / Pacific Region, Richard E.
Hanft, said: "We're proud to partner with Global
Sources to provide their community members with our
comprehensive, carefully audited import data.
"From China, or anywhere in the world, suppliers
can instantly check the background of more than 300,000
qualified buyers through our online reports, which cover 48
ports of entry in the United States.
"Our Trade Profiles platform is an indispensable
tool for suppliers who want to know more about the buyers
they are considering selling to."
Specialized Global Sources Websites, Trade Magazines
and Trade Shows
PIERS Trade Profiles are an extension of Global Sources
Online 2.0, which offers some of the industry's most
comprehensive screening tools and search results.
It is another part of Global Sources' export marketing
and product information services which include the China
Sourcing Fairs ( http://www.chinasourcingfair.com ), Global
Sources trade magazines and Global Sources Direct (
http://www.globalsourcesdirect.com ).
Further information about Global Sources is available
at http://www.corporate.globalsources.com .
About Global Sources
Global Sources is a leading business-to-business (B2B)
media company and a primary facilitator of two-way trade
with Greater China. The core business is facilitating trade
from Greater China to the world, using a wide range of
English-language media. The other key business segment
facilitates trade from the world to Greater China using
Chinese-language media.
The company provides sourcing information to volume
buyers and integrated marketing services to suppliers. It
helps a community of over 635,000 active buyers source more
profitably from complex overseas supply markets. With the
goal of providing the most effective ways possible to
advertise, market and sell, Global Sources enables
suppliers to sell to hard-to-reach buyers in over 230
countries.
The company offers the most extensive range of media
and export marketing services in the industries it serves.
It delivers information on 1.8 million products and more
than 150,000 suppliers annually through 13 online
marketplaces, 12 monthly magazines, over 100 sourcing
research reports and nine specialized trade shows which run
22 times a year across seven cities.
Suppliers receive more than 18 million sales leads
annually from buyers through Global Sources Online
(http://www.globalsources.com) alone.
Global Sources has been facilitating global trade for
36 years. In mainland China it has over 1,700 team members
in 44 locations, and a community of over 1 million
registered online users and magazine readers for
Chinese-language media.
About PIERS
PIERS is a world leader in providing current, accurate
and comprehensive data on international trade. PIERS trade
intelligence offers added value and adheres to a high
standard of quality control. To learn more about what makes
PIERS Trade Data unique, follow these links:
http://www.piers.com/about/tradedatavalueadded/ and
http://www.piers.com/about/tradedataqualitycontrol/ .
For more information, please contact:
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Eddie Heng
Tel: +65-6547-2850
Email: eheng@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Moriah Shilton & Christiane Pelz
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: cpelz@lhai.com
2007'11.23.Fri
Garmin Reports Record Third Quarter, Raises Guidance; Announces Management Appointment; Announces Intention to Make Offer to Purchase all the Outstanding Shares of Tele Atlas N.V.
October 31, 2007
CAYMAN ISLANDS, Oct. 31 /Xinhua-PRNewswire/ -- Garmin
Ltd. (Nasdaq: GRMN) today announced a record quarter ended
September 29, 2007.
Third Quarter 2007 Financial highlights:
-- Total revenue of $729 million, up 79% from $408
million in third
quarter 2006
-- Automotive/Mobile segment revenue increased 118% to
$519 million in
third quarter 2007
-- Aviation segment revenue increased 27% to $74
million in third quarter
2007
-- Outdoor/Fitness segment revenue increased 24% to $88
million in third
quarter 2007
-- Marine segment revenue increased 17% to $48 million
in third quarter
2007
-- All geographic areas experienced significant
growth:
- North America revenue was $454 million compared to
$265 million, up
71%
- Europe revenue was $227 million compared to $120
million, up 89%
- Asia revenue was $48 million compared to $23
million, up 109%
-- Revenue from our automotive/mobile segment continued
to become a larger
portion of total company revenues when compared with
the same quarter
in 2006, at 71% of total revenues.
-- Diluted earnings per share increased 57% to $0.88
from $0.56 in third
quarter 2006; excluding foreign exchange, EPS
increased 78% to $0.89
from $0.50 in the same quarter in 2006.
Year-to-Date 2007 Financial highlights:
-- Total revenue of $1.96 billion, up 69% from $1.16
billion year-to-date
2006
-- Automotive/Mobile segment revenue increased 109% to
$1.34 billion in
year-to-date 2007
-- Aviation segment revenue increased 30% to $224
million in year-to-date
2007
-- Outdoor/Fitness segment revenue increased 10% to
$225 million in year-
to-date 2007
-- Marine segment revenue increased 21% to $170 million
in year-to-date
2007
-- All geographic areas experienced significant
growth:
- North America revenue was $1.23 billion compared
to $700 million, up
76%
- Europe revenue was $631 million compared to $400
million, up 58%
- Asia revenue was $101 million compared to $63
million, up 60%
-- Diluted earnings per share increased 64% to $2.50
from $1.52 in year-
to-date 2006; excluding foreign exchange, EPS
increased 68% to $2.48
from $1.48 in the same period in 2006.
Business highlights:
-- Strong sales in our automotive/mobile segment
continue to exceed our
expectations and drive our increased guidance for
the remainder of
2007.
-- Aviation and marine segment results put them on
track to meet or exceed
earlier full year guidance for these segments.
Given improving sales
in our outdoor/fitness segment, we continue to
anticipate this segment
will reach our full year guidance with seasonally
strong holiday sales.
-- 2.69 million units sold in the third quarter of
2007, up 119% from the
same quarter in 2006; year-to-date units sold
increased 97% from the
same period in 2006.
-- Completed the initial build-out of our third Taiwan
manufacturing
facility, increasing the number of production lines
from 31 to 37, and
production capacity at the end of the third quarter
to an annual run
rate of approximately 16 million units. Expansion
of our R&D and
other office space in Taiwan continues.
-- Expansion of our North American warehouse in Olathe,
Kansas continues,
with expected completion in Q1 2008.
-- We continued to work to increase our retail
penetration and broaden our
distribution as retailers laid the groundwork for
the upcoming holiday
selling season. Our initial order book for the
holiday season is
strong, as PNDs are positioned to be a popular item
during the holiday
season.
-- Due diligence work continues on previously announced
acquisitions of
distributors in Spain, Italy, and Denmark. These
activities are part
of our ongoing efforts to improve our market share
in Europe.
( Logo:
http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO )
Executive overview from Dr. Min Kao, Chairman and Chief
Executive Officer:
"Garmin experienced a solid third quarter. Our
continued strong growth in the automotive/mobile segment
demonstrated that our products are well-positioned to take
advantage of the growing interest in portable navigation
devices. Independent market research indicates we have
maintained a strong leadership position in North America
with approximately fifty percent PND market share, and our
market position in Europe continues to improve as well.
As we head into the holiday season, we believe we are
prepared to meet the growing demand for our products. We
have increased our manufacturing capacity and grown total
inventories over $200 million since the end of the second
quarter of 2007. Our order book is strong, and we believe
our strategy of extensive market segmentation using both our
popular nuvi(TM) and c-series product offerings will drive
positive results. Useful content and competitive features
integrated into reliable, easy-to-use products at attractive
price points are what customers want - and what they receive
when they choose Garmin.
Our aviation segment continued to grow steadily during
the quarter. Positive response to our WAAS and GMX200
product offerings and growth in the sale of our G1000
cockpit continued. In the third quarter we announced
additional wins for our G1000 cockpit for future Cessna
Caravan, Socata TBM 850 as well as the new PiperJet and a
G1000 retrofit for the King Air 200/B200. Also during the
3rd quarter, Cessna announced that our new G300 cockpit
display system was selected for its new Skycatcher light
sport aircraft. We continue to believe the aviation
segment is positioned to meet our 2007 guidance for this
segment.
Our marine segment also showed steady growth, as
customer interest in our revolutionary new marine products
and cartography continued to drive revenues for the
quarter. While typical marine segment revenues decline
sequentially in third and fourth quarter each year, results
remain seasonally strong. We continue to believe the marine
segment is positioned to meet our 2007 guidance.
Third quarter revenue for our outdoor/fitness segment
was strong compared to the year ago quarter. Increased
sales generated by the new Astro dog tracking product, as
well as new eTrex and Rino products with high-sensitivity
GPS drove this growth. We see continued growth
opportunities for this segment and believe the
outdoor/fitness segment is positioned to meet our 2007
guidance for the segment."
Financial overview from Kevin Rauckman, Chief Financial
Officer:
"Our financial results for the third quarter were
strong and in line with our expectations. Our retail
orders are strong, and we look forward to a solid 2007
holiday season," said Kevin Rauckman, chief financial
officer of Garmin Ltd. "Our revenue and earnings per
share during the quarter grew 79% and 57% respectively,
exceeding our expectations. Excluding the impact of
foreign exchange, EPS for the quarter grew 78%, from $0.50
to $0.89.
Gross margin for the overall business declined modestly
in the third quarter, down 180 basis points from the
year-ago quarter. The automotive/mobile segment gross
margin improved 70 basis points during the quarter due to a
seasonal, favorable product mix shift towards higher-margin
North American product, and PND pricing declined more
slowly than we expected. The aviation segment also
improved 180 basis points as a function of favorable
product mix. Gross margin for the marine segment declined
50 basis points during the quarter when compared to the
year-ago quarter as a function of product mix, and the
outdoor/fitness segments declined 320 basis points,
reflecting a product mix shift and the transition of the
eTrex product line.
Operating margin remained relatively stable, declining
just 30 basis points from the year-ago quarter. This
stability reflected an anticipated decline in gross margin
offset by operating leverage as revenues outpaced increased
spending in advertising and research and development
expenses during the quarter. While we are pleased with
these results, we anticipate more significant margin
compression during the fourth quarter of 2007.
We also generated $117 million of free cash flow in the
third quarter of 2007, resulting in a cash and marketable
securities balance of $1.03 billion at the end of the
quarter."
Fiscal 2007 Outlook
We remain optimistic about the future success of our
business and our ability to serve customers and
distributors around the world. With this in mind, we are
updating our guidance as follows:
-- We anticipate overall revenue to exceed $2.9 billion
in 2007, and
earnings per share to exceed $3.40.
-- We anticipate segment revenue growth rates for our
automotive/mobile,
aviation, marine, and outdoor/fitness segments to be
90%, 30%, 20%, and
10%, respectively
-- We anticipate operating margins to be approximately
27% for the full
year 2007
-- Our effective tax rate should remain approximately
13%
Announcement of Management Appointment
Given our anticipated ongoing business growth, Cliff
Pemble will be assuming the new positions of Chief
Operating Officer (COO) and President of Garmin Ltd. In
addition, he will assume direct supervision of all North
American Garmin subsidiaries, including Garmin AT,
Dynastream, and Digital Cyclone. Dr. Kao will continue in
his role as Chairman and CEO of Garmin Ltd. but will now be
able to devote more time to business development, strategic
planning, and the development of our Asia-Pacific business
initiatives.
Announcement of Intent to Make an Offer to Acquire all
the Outstanding Shares in Tele Atlas N.V.
Early this morning we announced our intention to make
an offer to acquire all the outstanding shares in Tele
Atlas N.V. Garmin has established itself as a leader in
navigation technology by consistently delivering
award-winning, reliable, easy to use products with rich
content and competitive features at attractive prices.
This acquisition is consistent with our vision as a leader
in our market and our vertical integration strategy.
Advanced mapping data is an essential ingredient for the
continued growth of the navigation industry and this
acquisition provides a means for Garmin to contribute more
broadly to the development and growth of this market. We
will discuss this important announcement more fully on our
earnings call this morning.
Non-GAAP Measures
Net income (earnings) per share, excluding foreign
currency
Management believes that net income per share before
the impact of foreign currency translation gain or loss is
an important measure. The majority of the company's
consolidated foreign currency translation gain or loss
results from translation into New Taiwan dollars at the end
of each reporting period of the significant cash and
marketable securities, receivables and payables held in
U.S. dollars by the company's Taiwan subsidiary. Such
translation is required under GAAP because the functional
currency of this subsidiary is New Taiwan dollars.
However, there is minimal cash impact from such foreign
currency translation and management expects that the Taiwan
subsidiary will continue to hold the majority of its cash,
cash equivalents and marketable securities in U.S. dollars.
Accordingly, earnings per share before the impact of
foreign currency translation gain or loss allows an
assessment of the company's operating performance before
the non-cash impact of the position of the U.S. dollar
versus the New Taiwan dollar, which permits a consistent
comparison of results between periods.
The following table contains a reconciliation of GAAP
net income per share to net income per share excluding the
impact of foreign currency translation gain or loss.
Garmin Ltd. And Subsidiaries
Net income per share, excluding FX
(in thousands, except per share information)
13-Weeks Ended
39-weeks Ended
September 29, September 30,
September 29, September 30,
2007 2006 2007
2006
Net Income (GAAP) $193,507 $122,978
$547,744 $333,778
Foreign currency
(gain) / loss,
net of tax
effects $3,151 ($12,569)
($3,036) ($8,776)
Net income,
excluding FX $196,658 $110,409
$544,708 $325,002
Net income per share (GAAP):
Basic $0.89 $0.57
$2.53 $1.54
Diluted $0.88 $0.56
$2.50 $1.52
Net income per share, excluding FX:
Basic $0.91 $0.51
$2.52 $1.50
Diluted $0.89 $0.50
$2.48 $1.48
Weighted average common shares outstanding:
Basic 216,773 216,317
216,456 216,502
Diluted 220,644 218,866
219,482 218,878
Free cash flow
Management believes that free cash flow is an important
financial measure because it represents the amount of cash
provided by operations that is available for investing and
defines it as operating cash flow less capital expenditures
for property and equipment.
The following table contains a reconciliation of GAAP
net cash provided by operating activities to free cash
flow.
Garmin Ltd. And Subsidiaries
Free Cash Flow
(in thousands)
13-Weeks Ended
39-Weeks Ended
September 29, September 30, September
29, September 30,
2007 2006 2007
2006
Net cash provided
by operating
activities $133,766 $116,750
$555,905 $249,125
Less: purchases
of property and
equipment ($16,873) ($18,865)
($128,893) ($45,476)
Free Cash Flow $116,893 $97,885
$427,012 $203,649
Earnings Call Information
The information for Garmin Ltd.'s earnings call is as
follows:
When: Wednesday, October 31, 2007 at 11:00 a.m.
Eastern
Where:
http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How: Simply log on to the web at the address above
or call to listen
in at 800-883-9537.
Contact: investor.relations@garmin.com
A phone recording will be available for five business
days following the earnings call and can be accessed by
dialing 800-642-1687 or (706) 645-9291 and utilizing the
access code 19218207. An archive of the live webcast will
be available until November 30, 2007 on the Garmin website
at http://www.garmin.com. To access the replay, click on
the Investor Relations link and click over to the Events
Calendar page.
This release includes projections and other
forward-looking statements regarding Garmin Ltd. and its
business. Any statements regarding the company's estimated
earnings and revenue for fiscal 2007, the Company's expected
segment revenue growth rate, margins, the number of new
products to be introduced in 2007 and the company's plans
and objectives are forward-looking statements. The
forward-looking events and circumstances discussed in this
release may not occur and actual results could differ
materially as a result of risk factors affecting Garmin,
including, but not limited to, the risk factors that are
described in the Annual Report on Form 10-K for the year
ended December 30, 2006 filed by Garmin with the Securities
and Exchange Commission (Commission file number 0-31983). A
copy of Garmin's 2006 Form 10-K can be downloaded from
http://www.garmin.com/aboutGarmin/invRelations/finReports.html
.
Through its operating subsidiaries, Garmin Ltd.
designs, manufactures, and markets navigation,
communications and information devices, most of which are
enabled by GPS technology. Garmin is a leader in the
general aviation and consumer markets and its products
serve aviation, marine, outdoor, fitness, automotive,
mobile and OEM applications. Garmin Ltd. is incorporated
in the Cayman Islands, and its principal subsidiaries are
located in the United States, Taiwan and United Kingdom.
For more information, visit the investor relations site of
Garmin Ltd. at www.garmin.com or contact the Investor
Relations department at 913-397-8200. Garmin and
Forerunner are registered trademarks, and Edge is a
trademark of Garmin Ltd. or its subsidiaries.
Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share information)
September
29, December 30,
2007 2006
Assets
Current assets:
Cash and cash equivalents
$703,749 $337,321
Marketable securities
58,668 73,033
Accounts receivable, net
520,538 403,524
Inventories, net
493,739 271,008
Deferred income taxes
57,700 55,996
Prepaid expenses and other current assets
23,538 28,202
Total current assets
1,857,932 1,169,084
Property and equipment, net
358,578 250,988
Marketable securities
263,735 407,843
Restricted cash
1,580 1,525
Licensing agreements, net
14,398 3,307
Other intangible assets, net
149,277 64,273
Total assets
$2,645,500 $1,897,020
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$236,044 $88,375
Salaries and benefits payable
32,524 16,268
Warranty reserve
55,225 37,639
Other accrued expenses
209,136 100,732
Income taxes payable
35,033 94,668
Total current liabilities
567,962 337,682
Long-term debt, less current portion
603 248
Deferred income taxes
1,219 1,191
Other liabilities
90,505 -
Stockholders' equity:
Common stock
1,086 1,082
Additional paid-in capital
123,025 83,438
Retained earnings
1,863,867 1,478,654
Accumulated other comprehensive loss
(2,767) (5,275)
Total stockholders' equity
1,985,211 1,557,899
Total liabilities and stockholders' equity
$2,645,500 $1,897,020
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
13-Weeks Ended
39-Weeks Ended
September 29, September 30,
September 29, September 30,
2007 2006 2007
2006
Net sales $728,673 $407,997
$1,963,298 $1,162,776
Cost of goods sold 386,822 209,137
1,009,028 584,843
Gross profit 341,851 198,860
954,270 577,933
Selling, general and
administrative
expenses 87,060 47,489
248,358 140,167
Research and development
expense 40,634 30,399
111,863 82,105
127,694 77,888
360,221 222,272
Operating income 214,157 120,972
594,049 355,661
Other income (expense):
Interest income 11,798 9,622
31,997 25,464
Interest expense (273) (2)
(328) (14)
Foreign currency (3,626) 14,874
3,493 10,386
Other 570 70
959 3,507
8,469 24,564
36,121 39,343
Income before income
taxes 222,626 145,536
630,170 395,004
Income tax provision 29,119 22,558
82,426 61,226
Net income $193,507 $122,978
$547,744 $333,778
Net income per share:
Basic $0.89 $0.57
$2.53 $1.54
Diluted $0.88 $0.56
$2.50 $1.52
Weighted average common
shares outstanding:
Basic 216,773 216,317
216,456 216,502
Diluted 220,644 218,866
219,482 218,878
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
39-Weeks Ended
September 29,
September 30,
2007
2006
Operating Activities:
Net income $547,744
$333,778
Adjustments to reconcile net income
to net cash
provided by operating activities:
Depreciation 22,786
15,447
Amortization 18,803
19,844
Loss (gain) on sale of property
and equipment 71
(8)
Provision for doubtful accounts 3,467
796
Deferred income taxes (1,157)
(29,867)
Foreign currency transaction
gains/losses 3,232
(19,724)
Provision for obsolete and slow
moving inventories 21,502
15,260
Stock compensation expense 8,830
8,378
Realized gains on marketable
securities -
(3,852)
Changes in operating assets and
liabilities:
Accounts receivable (90,497)
(79,648)
Inventories (234,920)
(148,891)
Other current assets 4,510
(1,192)
Accounts payable 117,034
48,720
Other current and non-current
liabilities 147,608
69,704
Income taxes 9,486
22,866
Purchase of licenses (22,594)
(2,486)
Net cash provided by operating
activities 555,905
249,125
Investing activities:
Purchases of property and equipment (128,893)
(45,476)
Purchase of intangible assets (2,481)
(1,513)
Purchase of marketable securities (983,716)
(348,621)
Redemption of marketable securities 1,141,431
197,008
Change in restricted cash (56)
(104)
Proceeds from asset sale 4
75
Net cash paid for acquisition of
businesses and other intangibles (84,126)
-
Net cash used in investing activities (57,837)
(198,631)
Financing activities:
Proceeds from issuance of common
stock 15,358
10,042
Dividends (162,531)
-
Stock repurchase -
(50,451)
Payments on long term debt (218)
-
Tax benefit related to stock option
exercise 15,776
7,453
Net cash used in financing activities (131,615)
(32,956)
Effect of exchange rate changes on
cash and cash equivalents (25)
(167)
Net increase in cash and cash
equivalents 366,428
17,371
Cash and cash equivalents at
beginning of period 337,321
334,352
Cash and cash equivalents at end of
period $703,749
$351,723
Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment
(Unaudited)
Reporting Segments
Outdoor/ Auto/
Fitness Marine Mobile
Aviation Total
13-Weeks Ended
September 29, 2007
Net sales $87,747 $47,659 $518,939
$74,328 $728,673
Gross profit $46,553 $25,170 $221,148
$48,980 $341,851
Operating income $30,178 $15,623 $141,855
$26,501 $214,157
13-Weeks Ended
September 30, 2006
Net sales $70,651 $40,588 $237,981
$58,777 $407,997
Gross profit $39,803 $21,645 $99,708
$37,704 $198,860
Operating income $28,817 $13,659 $59,517
$18,979 $120,972
39-Weeks Ended
September 29, 2007
Net sales $225,437 $170,433 $1,343,460
$223,968 $1,963,298
Gross profit $123,616 $92,704 $591,400
$146,550 $954,270
Operating income $79,986 $60,033 $370,448
$83,582 $594,049
39-Weeks Ended
September 30, 2006
Net sales $205,412 $141,406 $644,097
$171,861 $1,162,776
Gross profit $118,615 $79,484 $269,855
$109,979 $577,933
Operating income $85,116 $53,718 $155,782
$61,045 $355,661
For more information, please contact:
INVESTOR CONTACT:
Polly Schwerdt
Garmin Ltd.
Tel: +1-913-397-8200
Email: investor.relations@garmin.com
MEDIA CONTACT:
Ted Gartner
Garmin Ltd.
Tel: +1-913-397-8200
Email: media.relations@garmin.com
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