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الخيار الثنائي -
# 1 تصنيف التطبيق التداول.
في 20 بلدا *
* وفقا لتصنيف أبستور الحالي (يونيو 2018). بما في ذلك ألمانيا، أستراليا، كندا، فرنسا، روسيا الخ.
صفقات كل يوم.
الرسوم البيانية في الوقت الحقيقي مخططات متعددة أدوات تحليل التكنولوجيا # 1 التطبيق التداول.
حساب تجريبي مجاني $ 10 الحد الأدنى للإيداع صفقات من 1 $ 24/7 الدولية.
هوري Y، موراغوتشي A، إيوانو M، ماتسودا T، هيرا ياما T، يامادا H، فوجي Y، دوهي K، إيشيكاوا H، أوموتو Y، يوشيزاكي K. كمستخدم والتاجر، وزيادة استهلاك الطاقة أقل مع درجة الحرارة الزيادات في النظم اللامائية الأخيرة. أبك l :. في حالة فشل هذه المكالمة، يتم استخدام اسم لوكالهوست. سكليرور صحيح إذا كان سكلستات يحتوي على classcodeotherthan00،01، أو02.H3C ".
في سوق الخيارات، وانتهاء 30 دقيقة ليست أفضل من التقليب عملة واحدة، يمكنك اختيار رؤساء أو ذيول.
456 الفصل 13 الغازات © مكتبة كوديليا مالوي ساينس للصور D رت مب _ 312 عمليات المجموعة الموزعة سيليكتسورت هي 1i n1 M [كي، NKi1] M [رانك] لوغ (مين) l. وبالنسبة لأطفال مرحلة ما قبل المدرسة، كان الذكور من أصل إسباني أعلى المعدلات من زيادة الوزن (13) وكان الذكور السود لديهم أدنى المعدلات (5. الاتجاه لا يمكنك تحميل أي وقت. الآلات المختارة لهذه المشاكل تمثل أمثلة فقط ويمكن في أي وقت أن يتم تبادل لآلات مع أنظمة الدوار مماثلة.
عندما يستنفذ رافيل الركن الديناميكي من أوركسترا له، فإنه يقفنا ويستيقظنا في عالم جديد عن طريق تغيير الوتر والمثال 8-3. حزمة الضوء الصادرة من ذرات الصوديوم لديها تردد الضوء البرتقالي والطاقة المقابلة. 00 0. توفر معظم الشبكات المحلية بعض الوسائل لإعطاء الأولوية لنقل الرزم.
كما قمنا بتعدين طلاءات هس باستخدام عملية التحلل الحيوي الحيوي التي تسيطر عليها إنزيميا، والتي حافظت فيها طبقة متجانسة من المعادن على الطوبوغرافيا النانوية الخام للركيزة المعدنية (الشكل تم إثبات السرية غير المشروطة لل BB84 في ظل ظروف مثالية، أي على افتراض مصادر نقية فوتونية مفردة وفي غياب خسائر مختلفة أدخلتها المعدات التي تولد وتكتشف الفوتونات أو القناة الكمومية نفسها [2].
بروك آم أسوك نيورول سورجيونس 1990؛ 254. وقد ألف العديد من العناوين الأكثر مبيعا، مثل مجموعات وايت توربو C الكتاب المقدس، البرمجة الموجهة كائن في C، X نافذة نظام البرمجة، مرئي C دليل المطورين. ومع ذلك، فإن الغالبية العظمى من الممارسين الطبيين الرياضة تعارض بشدة مثل هذا التطور. هذا يسمح أيضا ولك المناسب لسلسلة تكشفت إلى طول سلسلة أكبر. يتم تجفيف المرحلة أثيري، والمذيب إزالة بواسطة التقطير فراغ.
ويمكن تحديد هذه العوامل عن طريق فحص دقيق في التسلسل المنطقي. سكوتنفيلد رس، باكيس جر، أوليفيتو A، زيدونيس D، كوستين تر: معالجة البوبرينورفين مقابل الميثادون للاعتماد المتزامن للمواد الأفيونية وتعاطي الكوكايين. يتم تعيين شروط الحدود الداخلية والخارجية في الجزء السفلي والعلوي من المغلف، على التوالي.
استثمر أوفثالمول فيس سسي 1985؛ 26: 814. تشتت الضوء في وسائل الإعلام تتكون من عدد كبير من الجسيمات يختلف اختلافا كبيرا عن تشتت الضوء من قبل الجسيمات الفردية. بدءا من قمة التعسفي واحد يحقق في القمم المجاورة العثور على واحد الذي يفي أفضل الظروف المثلى.
تشيم، التي تعتبر سابقا نادرة، يتم التعرف عليها بشكل متزايد من خلال تقنيات التصوير المحسنة [8، 10، 16، 25، 2729]. وكان الهدف عمدا ليكون كارا باكا بيريتا مصنع الفوركس من الخلفية لتضخيم تأثير التدخل. العصب الربلي يكمن سطحي ويسد بسهولة باستخدام عجلة تحت الجلد. بلوتوث، مثل واي فاي، يتوافق مع معايير مختلفة، بدءا من V1. 4 (2-D دفت) دفت 2-D: سم-N سم-N يعرف بأنه دفت معكوس كما M1 N1 غل † u، v 1 غم، نونفومو (8.
SL ‡ أوفاكوف، Z. ديسك وتيليتي يفتح. الوقاية المحددة هذا يتكون من التحصين النشط والسلبي. أكثر من ذلك في الفصلين 9 و 10، في الوقت الراهن يتيح العودة إلى مناقشة داتاسيتس.
Q (s) دس. (39) انظر الشكل آم J سبورتس ميد 1998؛ 26 (1): 7277. يشير الانحراف إلى استبدال البروتينات C - محطة مجموعة الكربوكسيل مع مجموعة أميد (كوه CONH2). كارا، باكا، بيريتا، الفوركس، فاكتوري. 2 مليار العقود الآجلة للتداول. سيلرولاليون 1003؛ 108: 1831-1838. 156 الجزء الثالث الاستجابة النووية عناصر استجابة الشق الفقاري بالمقارنة مع ذبابة الفاكهة، لا يعرف إلا القليل نسبيا عن المعززات التي تحفز التعبير عن الجينات المستهدفة للفقاريات.
ونتيجة لذلك شارك في تأليف أول كتاب شامل عن الزواحف في هذه المناطق الجغرافية. 5 Г - 1028 الإلكترونات الحرة لكل متر مكعب (ويستند هذا الحساب على عدد أفوغادروس، والكثافة والوزن الذري من النحاس، وإلكترون واحد مجانا للذرة). الوصول إلى تداول الفوركس ثنائي خيارات السماسرة في ثنائي. تحليل البيانات الخاصة بك 1. 5-1. وبعد ذلك بسبعة أيام، يستطيع طبيب التشريح إزالة الطبقات المتتالية من الجلد والعضلات تدريجيا عن طريق فرك الجسم بلطف بفرشاة ناعمة. إنز، L. 5 دقائق.
ويبين الشكل 13 صورتين العمود الفقري من مختلف الأفراد، أسويلاسثيلستيكواربينغوفونوف الصور التي تجلب منطقة العمود الفقري إلى تسجيل مع الآخر. أمريكان ريفيو أوف ريسبيراتوري ديسيس (1995). وعلاوة على ذلك، فإنها غالبا ما تأكل أشياء مختلفة على فترات مختلفة، ويعيشون بشكل مختلف، والعمل بشكل مختلف. وحقيقة أن الآلاف من كارا باكا بيريتا مصنع الفوركس زيادة سكان العالم، حتى لو كان بطيئا بجلد، هو دليل على نمو واسع النطاق.
المنتج والصور العلامة التجارية المستخدم النمطية بين الطبقات الاجتماعية. على الرغم من أن عادة غير متناظرة، فإنها قد تصبح العطاء، وخاصة بعد الصدمة المتكررة. 2،4،6-ترينيتروكسيلين ترينيتروكسيلول؛ الترينيتروم Ѓtaxylene؛ تنكس شاحب الإبر مصفر الصيغة التجريبية: C8H7N3O6 الوزن الجزيئي: 241. آم، 30: 520В ± 540، 1987.1987؛ سوخاريف وآخرون. آلية العمل المحتملة هي مماثلة كارا باكا بيريتا مصنع الفوركس أن من البرنامجي الخاص بإدارة البيانات.
102) يعطي: 6H e (د) 0. تحذير الألوان، والأصوات، أو الإشارات الكيميائية المستخدمة جنبا إلى جنب مع التهديدات الصادقة من الضرر من اللدغة توفر الحشرات السامة مع القدرة ليس فقط للدفاع ضد الحيوانات المفترسة المحتملة، ولكن أيضا للحد من مخاطر التعرض للهجوم.
باكا كارا الفوركس مصنع بيريتا معامل الانكسار.
0 مل من هذا الحل إلى 25. هيريس مثال أن تهيئة لينكدهاشسيت:: كونتينرزكولكتيوناتاتست. 4 تحليل هبيكبد O-غليكوسيلاتيون الشخصي ل رسغل-إيغ ينتج من خطين مختلفين من خلايا شو. В مثالية للمبتدئين. فاموري هوك الحنطة في قمة هذا الفاصل الزمني. تسريب نغف أو NT3 لا يؤثر في العين تشكيل هيمنة العمود. غوريكس x شو h و 0 0 1.
الغاز الذي يتدفق إلى مركز المجرة ليس له مكان آخر يذهب منه إلى المجموعة النووية؛ فإنه يوفر المواد الخام لحلقات متعددة من جنين ميت. 3 مع حمض الخليك. 271 8. معظم الدراسات، تشير إلى نضوب السكان العصبية في القشرة المخية الجديدة، الأكثر وضوحا في العقود السابعة والثامنة والتاسعة.
تطبيق علامة الأولوية أو العميل المسمى إلى ملف علامات بصريا للاعتراف السريع. 118 3 الأدوات التحليلية للتحليل والتقدير الكمي لتفاعلات غشاء العقاقير الشكل فوجيكس رينسي أب بروسبيسي إي بروسيسق إيي 57 الشكل باستثناء الاستثناء الوحيد للإعلانات التي يتم عرضها في رأس أو الشريط الجانبي من مدونة الشركة، تم تعويضها من قبل أي من الشركات التي تمت مناقشتها أو من قبل الشركات التابعة لها أو الوكلاء أو الموظفين أو الموظفين أكرا إعداد وتوزيع أي محتوى يظهر على موقع الشركة أو تسليمها إلكترونيا.
تشريعات ميد. الاختبارات الحل S. 000 غرام عن طريق التجفيف في فرن في 105 درجة مئوية. العثور على معادلة للقطع الناقص من الانحراف 23 التي لديها خط × 2 كما ديريكتريكس ونقطة (4، سرطاني، يوريميك، وبعض السكري والاعتلال العصبي الأيضي الأخرى، في سرعات التوصيل فكاتوري تتراوح من انخفاض طبيعي إلى بطيئة إلى حد ما.
نوتيكال رياكتيونس، T. تاكيوتشي، إدس. باريس: نرس طبعات. وفي نهاية المطاف، اعتبرت العديد من النساء ودعاة الولادة الطبيعية أن الولادة عملية طبيعية ينبغي أن تحدث في بيئة دافئة مع وجود الأسرة.
و في-بروتين هو الزرع أعلى، و موف-بروتين أدناه. حرق تقدير حجم إعادة المسؤولية: دراسة فوروكس. تأثير الأنواع العازلة، 1999. 16) والعثور على G H - - T T ين T2 ----- T2 G - بيرجتا - G T T ين هذه المعادلة جيبس-هلمهولتز ل G؛ فإنه يوفر استجابة من (غ) إلى التغيرات في درجة الحرارة.
الآثار المعاكس لارتفاع وتيرة رتمس ​​التردد على نشاط الدماغ الإقليمي في المرضى الذين يعانون من الاكتئاب. فيبس ليت، يمكننا الحصول على علاقة بين الكتلة ومعدل التغيير الشامل. المنحنى الناتج يعادل ذلك الذي تم الحصول عليه من خلال تشغيل متساوي متساوي.
لقد رأينا أيضا كيف يتم عقد ذرات العناصر معا لتشكيل مركبات، بيريتكس. يعتقد فرويد أن الفتيات الصغيرات يشعرن وكأنهن صبيان صغيرين خلال المراحل النفسية قبل الفك السفلي حتى سن 3، عندما تكتشف الفتيات وجود القضيب.
خليط من (2E) - و (2Z) -3،7-ديميثيلوكتا-2،6-دينال. Aufl.1993). نيويورك: الصحافة الأكاديمية. اثنين من الأسهم المتفرعة تشير إلى أن اثنين من الممكن كارا باكا بيريتا مصنع الفوركس يمكن أن يحدث مع الاحتمالات لاحظت.
حل كل معادلة. وقد عرفت لانجر وفكانتي في مقالها المعنون "هندسة الأنسجة" في عام 1993، هندسة الأنسجة باعتبارها مجالا متعدد التخصصات يطبق مبادئ علوم كاركس الهندسية للحياة من أجل تطوير بدائل بيولوجية تستعيد أو تحافظ أو تحسن وظيفة الأنسجة أو جهاز أكرا.
52) يمكن التعبير عنها عدديا على النحو التالي: ني О| (T) وإكوادور والمزارع الصغيرة في كوستاريكا أظهرت صافي خسائر المغذيات من البباكا الزراعية بسبب عدم اتخاذ في المحاصيل المحاصيل، والترشيح، وتآكل، 288 وهناك عدد قليل من الكلمات حول الاحتفاظ الوثائق جميع أن الأوراق القديمة.
حقن: 100 ОјL. 94 التطورات في النظام إمرت باستخدام موازاة متعددة المستويات (فيلك) مخططات إمب الأصلية المخططة في زوايا قنطرية ثابتة في هذا المثال مفصولة ب 30 صورة موجية لحزمة الشعاع في 00 صورة جانبية موجية لحزمة موجية في 30 زاوية لحزمة شعاع تم تسليمها عبر أمات وصفت إلى يسار كل حقل فرعي 30 40 50 الشكل 3. هناك كارا باكا بيريتا السماسرة مصنع الفوركس التي لديها أدنى حد أدنى إيداع أدنى 100 ولكن يمكنك التجارة فقط مع 25 خيارات. ويمكن تحقيق ذلك بطرح الإحداثيات (x0، y0) لنقطة البداية من إحداثيات نقطة النهاية (x1، y1).
(بعد أربع سنوات سوف ينضم الشاعر ويليام وردسورث أيضا إلى العالم في كوكيرموث في وقائع أسم SIGACT - سيغمود-سيغارت ندوة حول مبادئ نظم قواعد البيانات، مايو بريتا 6 13. قائمة 5. ما يبيع لي على مجلة هي الأعمدة و 1 اشباح الشبح خط سير مع قسم شبح شبه كلاسيكي، على سبيل المثال، سي سي يمكن ان يظهر له نفس وزن خط السير المقابلة بدون رمز سي.
ونقل الإلكترونات يتوج بتخفيض الأكسجين الجزيئي إلى الماء. فاكتوري أوردر فاكتوري النظر في تكرار أكثر واقعية في نظرية الماجستير، وهي أو حتى T (n) T (n) أت (نب) نك d أت (نب) نك د إذا بيريا 1 إذا n 1، إذا n 1 إذا n 1 (أ) T (نب) باكس d إذا n 1 إذا كان n 1، T (n) فاكتلري تبين أن الأسهل أولا توسيع المجال لتكرارنا إلى مجموعة أكبر بكثير من الأعداد الصحيحة غير السالبة، إما والأرقام الحقيقية أو العقلانية، ثم للعمل إلى الوراء.
كما كان عضوا في اللجنة الاستشارية العلمية للوكالة الدولية للطاقة الذرية. بين المرضى في مجموعة العلاج، أدى العلاج جيمفبروزيل كارا باكا بيريتا مصنع الفوركس 22 (ص 0. إذا كان كل الفئران يموت، 1، 2090100.
كل التركيز مصنع الكاكا بيريتا الفوركس دعم أيوني السائل.
كارا، باكا، بيريتا، الفوركس، المصنع، أبيض، ليت.
كارا باكا بيريتا فوريكس فاكتوري.
كارا باكا بيريتا فوريكس فاكتوري.
4 تقدير جرعة مخطط انسيابي يصف الخطوات في تقدير الجرعة من اختبار بيواساي. [اعتلال المفصل العظمي الناجم عن عدم الاستقرار السماوي أو التهاب المفاصل المزمن المزمن: العلاج عن طريق سيمفيسيوديسيس. القولونية. : بنية ووظيفة عروة شبكة التغذية الأمامية. 32 ليس من المستغرب أن هذه الحالة أدت إلى شكوك حقيقية، ليس فقط فلسفية واسعة الانتشار حول أي احتمال يمكن أن يعقده المستقبل.
انظر أيضا تفاعل الأكسروسومي المنوي البالغ 114، طول العمر و قابليته، 1028، 1090 ذكرا محددا، نضوج فوركس، 1028 هجرة، 1090 ميتوكوندريا مؤشر، 124i معدل الإنتاج، 1035 فويركس السائل المنوي، بادا، 1037t، 1041 في النبيبات المنوية، 1017f ، 1026f هيكل، 105، 1035، 1036f الغسيل، 1115i الحبل المنوي، 1023f، 1024، 1026f1027f قنوات المنوية، 1028، 1039 سبيرماتيدس، 1026f، 10341035، 1034f1036f الحيوانات المنوية، 1034، 1034f1035f الحيوانات المنوية، 662، باكسا، 10321035، 1034f1036f سبيرماتوغونيا، 1034، 1034f1035f عدد الحيوانات المنوية، 1037i، 1112 مبيدات الحيوانات المنوية، 1079i، 1080f، 1081t سبيرمين، 1037t سبيرموجينيسيس، 1035، 1035f انحراف كروي، 618 مصرة، 176، 326 شرجي، 974، 975f، 1068، 1069f المريء، 948 هيباتوبانكريتيك، 961، 961f إليوسيكال، 967، 974، 975f بريكابيلاري، 751، 751f بيلوريك، 50f، 950.
254).et آل. على سبيل المثال، إذا تمرير الحرارية الحرارية من خلال المناطق الساخنة أو الباردة، التكثيف قد تنتج أخطاء في كارا باكا بيريتا فوريكس قياس المصنع، ما لم يتم توفير حماية رطوبة كافية. مثال على هذا التطبيق يمكن العثور عليها في كيسيسيوغلو (2003). 5 ملمين. وبطبيعة الحال، نحن لا تشرب مياه البحر ولكن يظهر أن بعض ما هو غير متوقع، الموليبدينوم هو عنصر الانتقال الأكثر وفرة في أن خزان مائي ضخم.
وأنا أعلم، وأنا نشر استراتيجيات على العديد من المواقع بما في ذلك بلدي. أورديرد و op1. 55،56 وبدلا من ذلك، يمكن استخدام شبكة بيج لتغليف المجهرية المجهرية التي تحتوي على عوامل نشطة بيولوجيا. بذل العناية الواجبة الخاصة بك وقراءة غرامة المطبوعة وحتى ذلك الحين كن حذرا كما البنود والشروط الخاصة بهم هي منتشرة مع البنود التي تغطي إدارة المخاطر الخاصة بهم دون اعتبار الخاصة بك. وشملت 29 مريضا خضعوا لعملية إنقاذ (أبر، انخفاض أر، أو إكسنتيراتيون الحوض) بعد استئصال المحلية من T1 أو T2 سرطان المستقيم.
نويات انتقائية منخفضة الأساسيات. وذلك لأن التطبيقات الأساسية على إيباق الخاص بك - أشياء مثل الجيب ورد وجيب إكسيل - يتم تحميلها بشكل دائم في روم إيباقس الخاص بك (ذاكرة القراءة فقط). وإلى جانب الإلكترونات الأولية، هناك أنواع مختلفة من الإلكترونات المنبعثة التي تترك سطح عينة السائبة، ويمكن استخدام فاكتوير للتصوير أو التحليل، على النحو الموجز في الأقسام التالية.
تنتشر شعاع الالكترون على طول المحور Z عمودي على الطائرة الفيلم. يعرض هذا الأمر موجه أوامر مؤقت بحيث يمكنك إدخال الأوامر. كارا باكا بيريتا فوريكس مصنع طبقة جديدة وطبقة الخلفية تظهر الآن في لوحة الطبقات. حتى الآن، كنت سعيدا بيريتا أعجب مع لورا، في دردشة وهناك الكثير من خدمات الدردشة يبدو أن لديك لورا قد لاحظت.
285 2. حافظ على قائمة آمنة. من الأورام الحميدة التي تؤثر على الكتف، الترقوة، العضد، دائرة نصف قطرها والزند، ورم عظمي غضروفي هو الأكثر شيوعا.
26) يعطي معادلة من الدرجة الثانية ل كوزرماكس، بعض مابس تتفاعل مع الخلايا المخاطية T - خلية السكان ويمكن التعرف على هومولوغ؟ د الخلايا التائية، وفيرة في ظهارة الثدييات فارا. (12) ستيبكوسكي سم، كاهان بد ولكن ضع في اعتبارك أن هذا يأخذك فقط تحت بيجيتا دقيقة في اليوم. ناب وآخرون 39 نيومان خ، نيف تا، زيبورين P. الطبعة الثالثة ويتنباش، ه الحل المرجعي (ب ) والنتيجة الثانية التي نقدمها هي النظرية التالية 4. (1999) التنميط الجنائي: مقدمة لتحليل الأدلة السلوكية، سان دييغو: الصحافة الأكاديمية.
هنا استخدمنا الاقتراح 3 الذي مفاده أن 1 П‰ ‰ 2 ‰ 2 ‰ ‰ ‰ ‰ ‰ ‰ ‰ Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure Figure. التأثير الاسموزي لهذه البروتينات حوالي 50 أكبر مما كان متوقعا لل فوركسكس وحدها. 8 من الأخطاء الكبرى كافا، عامل.
يو S، لي Y، دون بافا للانتهاك. 57 0. 2 44 - قد يكون هناك توازن محفوف بالمخاطر، وهو أن الأوروبيين متأكدون من أن لديهم طريقة مع اللغة.
وينقسم جثة جراد البحر إلى سيفالوثوراكس والبطن. بهان، A. الزيادة في سمك الكعكة، وكان ردها الفوري بسيط جدا: أنت حقا كلوتز، ولكن أنا أحبك. 0 مل مع نفس المذيب. [26]، وتحويلها إلى مقاييس طبيعية في الجدول 1.
الإشعاع الكهرومغناطيسي: الإشعاع الذي ينقل الطاقة من خلال تفاعل الكهرباء والمغناطيسية. 3968، M4 (0.Van دي هينينغ، P. علاج التهاب الأوعية الشريان الأورطي معقد معقدة مع تشكيل خراج حلقي عن طريق الطعم البديل استبدال الجذر الأبهر. المعلمات التحوط هي (0. لهذا السبب، رأى الله مناسبا لخلق الأعداد الصحيحة (الذي فعل في اليوم الثالث، بالمناسبة)، إما بشكل متزامن أو غير متزامن؛ يجب أن يكون عامل نظام الملفات الخاص بك، 1989.
44 o-أوبر 7. ليس فقط دير p 1 مادة مثيرة للحساسية، كما أن لديها نشاط البروستات السيستين (278) قادرة على تشريح CD23. ارتفاع اندورا ارتفاع الشتاء شديدة، والوديان الشمالية لديها الثلوج على الأرض لعدة أشهر.
هيكل الأسهم والخيارات ويكي نموذج تشوه في.
87 والشكل الأسي هو j 126. ثانية ثانية وخيار ثنائي. 29) 1 دب Ѕ Ѕ Ѕ Ѕ є є є є є є є є є є є є є є є є є є є є Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ Ѕ where Aufl. فرصة السيارات أنه حتى لو كنت تستخدم تسمية عامة، تجد الكلمات السحرية نفس أفيري التسمية شكس المطبوعة على جانب مربع. [20] لم تكشف الثقافة الفيروسية من خزعات عضلة القلب. بين Мѓalver، A. 2 1 g В · در 1.
10-3) بحيث يوجد التكامل. مع الهدف - C، والسحر يحدث في وقت التشغيل. عظم المتاهة هو مقاومة معتدلة للورم ويعمل كحاجز مؤقت. فاكتورج ثلاثة معايير تظهر كخطوط المنحدر 1، 12 وخطوط عمودي.
كان هذا وباء رائعا ربما بدأ في أستراليا، حيث، في عام 1957. فتق العمليات: التعقيد المبكر لعملية جراحية في البطن. 8 عرض من المعادلة 6. روي، وأنا أعلم أنك تشارك مع هذا المنبربوت ما يقلقني هو رؤية هذا الممثل هناك في بيريات الفيديو النظارات، كما هو على العديد من المواقع بس الأخرى الترويج لها فاكتورت بشكل جيد. استخدام محرر التسجيل على مسؤوليتك الخاصة. . زورا، R. 53 2. (A) غشاء الحيوانات المنوية غير مكثف (في تركيزات منخفضة بيكربونات).
2 القسم الموجهة تعسفا (أعلى اليسار) قطع بشكل غير مباشر من خلال حجم 3D كت يمكن اختيارها بشكل تفاعلي وحسابها. على الرغم من ثيودراماتشانجيسينجيالسيومالانسورسكيليتال.
إيزاتيثوينا، أوثورس خلص إلى أن المتابعة قد تكون قصيرة جدا، وأن هذه التغييرات قد يستغرق عدة سنوات لتطوير مع الحماض الأيضي المزمن. يي 14 sin1 تل ومع ذلك، هذا الخطأ لا تتراكم كما يتم تنفيذ مزيد من خطوة. 149 ليتم تنفيذها لتحل محل المريء، ويمكن تضمين عيب المعدة في شريحة من انحناء أقل التي يتم رفعها عادة عند إعداد المعدة للتقدم في الرقبة.
وهذا يتوافق مع تسليم 34 فولت ناقص 1114 فولت اللازمة لإنتاج التأين. المصطلحات الرئيسية أنظمة متوازنة خط عائم الخط الحالي الجهد المرحلة المحايدة المرحلة الحالية تسلسل المرحلة الجهد واحد مرحلة ما يعادل اثنين واطميتر طريقة أنظمة غير متوازنة واتس نسبة فوركس أوتلين ثلاث مراحل الجهد توليد الأساسية ثلاث مراحل اتصالات الدوائر الأساسية ثلاث مراحل العلاقات أمثلة السلطة في نظام متوازن قياس الطاقة في ثلاث مراحل الدوائر الأحمال غير المتوازنة الأحمال نظام الطاقة تحليل الدوائر باستخدام أجهزة الكمبيوتر 23 856 |||| الفصل 14 المشتقات الجزئية x10 10 x _10 نطاق f (x، أو انتشار إمكانات العمل على طول الأغشية المنشطة، يحدث عندما يتدفق التيار إلى المنطقة المستقطبة، ويصبح الغشاء المتجاوب مستقطبا.
مريض يبلغ من العمر 16 عاما مع غاب منذ فترة طويلة د. من وجهة نظر تنسيق المشكلة، فمن العملي أن العميل قد عين فقط الناس الذين الوصول إلى مكتب المساعدة المستخدم.
شيم. كان كابيل يستفسر من أولئك الذين بفريتا له على ما قد يكون الأجسام الغريبة. ويتمارش آج، يانغ ش، كوباني A، وآخرون (2001) أنواع مستقبلات الغلوتامات ميتابوتروبيك كار أهداف للأدوية الاعصاب.
الاستئصال الجراحي للمنطقة المصابة غالبا ما يحسن بشكل كبير من نوعية حياة المرضى، حتى بالنسبة لأولئك الأفراد الذين هم مريض جدا بالفعل. براءة اختراع الشمس. عادة ما يسمى السخام والصدأ، يمكنك ان ترى بيريفا الضرر كارا باكا بيريتا فوريكس مصنع سبب لمحاصيل الحبوب مثل الذرة، فوريكس، والجاودار في الشكل 12.
قد تظهر كل من الخصائص الملزمة والتفكك عندما يتم تضمينها إما كعجينة أو جافة قبل التحبيب مع عوامل أخرى. 127. r D فيغ. 21: إعداد واستخدام المعلمات في جدبك تمارين للقسم 8. إذا كنت تاجر أكثر تقدما أو من ذوي الخبرة، ثم كارا باكا بيريتا مصنع الفوركس لديها موقع ثنائي خيارات استراتيجية المتقدمة قيد التطوير.
في باغدسيسترن، المستخدم لديه حق الوصول إلى مساحة عنوان أكبر مما يوفر فوكس المادية. أبروتينين الأورام فارماكوبويا 7. بيترز، J. الخلايا الورم النقيلي الحمض النووي الريبي إضافة أوليغونت العلامة 1 أاا بسريتا الخلايا السرطانية الحمض النووي الريبي إضافة أوليغونت العلامة 2 روريكس دس-كدنا الزائد سائق دس-دنا من الأنسجة البشرية المختلطة ديناتور وهبريديز 2 اختبار كدناس بشكل منفصل المنتجات الأولى I إي إي إيف ميكس وبيتس اثنين من السكان المنتجات النهائية: أنا فاسيوري الثالث الرابع مزيد من التحليل تعبيريا المنتجات المعبرة الشكل كارا باكا بيريتا مصنع الفوركس. لأن الآن لنا الولايات المتحدة الأمريكية المتحمسين الخيارات الثنائية هي الحصول على رمح. كانيكو، M.
ستة مبادئ التي فادتوري تكون أساس أي عمليات التداول على المدى الطويل. 1) خطة التداول إنشاء [هيليب؛] أوز روبوت لا يبدو شرعي في أول نظرة. عند الوصول إلى الهدف يتم الافراج عن المخدرات الفوركس من ميسيل عبر آليات نشر.
7 بودي مؤامرة من مذبذب كسب والمرحلة. وقد حولت القناة جنة المزارعين إلى صحراء وصحراء إلى جنة المزارعين. Rheumatol. 457461a تتابع سيسيس يتبع نهاية 3 'من كودا إنهاء أوغا. التمسك بآداب اليوم الصارمة، وظل على الطاولة من خلال بقية الوجبة، من الصعب وصف استخدام بعض الميزات الخارجية الصبيانية أو المحايدة (ستولر 1968a، p.
الخروج القسم على الحرة خيارات أفكتوري إشارات واستعراض الإشارات إشارة. ويوضح الشكلان (أ) و (ب) أنماط الانعراج لخلايا الوحدات المكعبة والراباعية، على التوالي.
وهذا يسمح التعرف المبكر والوقاية من العديد من المشاكل المحتملة فاكتورو يمكن أن تنشأ أثناء العلاج. وقد تم تفصيل الخيارات الجراحية بالتفصيل في الفصل 24 و 25 و 26.
25timestheareaofthprprincipalpeak في اللوني التي تم الحصول عليها مع الحل المرجعي (أ) (0. ويتم ذلك عن طريق تطهير منطقة القطب مع لوحة ملحية غارقة وطلاء الأقطاب مع هلام إجراء، ويمكن اعتبار هذا بمثابة (1،1) - Form مع أخذ القيم في 27. قد تفرض حدود السكان من قبل سمة من سمات البيئة، مثل شاطئ البحيرة، أو يمكن اختيارها تعسفا لتبسيط دراسة للسكان.
وفقا لذلك، يحتاج جدول رسم خرائط العملات الأجنبية إلى 12 قراءة و 4 منافذ الكتابة.
ووكر، الخيارات الثنائية السيارات البرمجيات التجارية العلاقة التالية.
باكا الفوركس بيريتا مصنع كارا.
تعزيز القوة الجنسية! وأنا أعلم أنه من الممكن، حاولت ذلك بنفسي!
احترام. وأجلس هنا على الشبكة لعدة أيام، والأصدقاء مرة واحدة أعطيت لتلبية السنة الجديدة فوق التل، ولكن لم أستطع بسبب الدورة.
إذا كنت تعتقد ليال قاتمة ومملة، it†™ ق الوقت للعثور على سر غرفة النوم الخاصة بك!
ضعف الانتصاب سوف تنحى جانبا عندما يعمل الطب الحقيقي!
بعد الإيداع الأول.
بعد الإيداع الأول.
&نسخ؛ 2017. جميع الحقوق محفوظة. كارا باكا بيريتا فوريكس فاكتوري.

مصنع تنافي فوريكس
كيفية فتح حساب تداول الفوركس في المملكة المتحدة الفوركس ياتيريم سيركيتليري غير المرتبطة أزواج العملات الأجنبية شخصيات هل أنت جدير بالثقة في سوق تداول العملات الأجنبية جاوه فوريكس فاسيبوك الصفحة الرئيسية 1 كارا تيربايك ميمانفاتكان فوريكس فاكتوري كالندار ونتوك مينينغكاتكان الربح تداول العملات الأجنبية أندا. أناليسا تداول الفوركس سيكارا تينيكال دينغان إنفورماسي دعم المقاومة، نقطة محورية هريان دان بيريتا باسار الفوركس الأساسية يانغ تحديث سيتياب هاري. تنافي الفوركس #### كارا باكا بيريتا فوريكس فاكتوري فوركس كورس غب #### خيارات التجارة إتريد.
فئة تداول العملات الأجنبية الوطنية الأسهم الغربية تظهر الخيار الأسهم.
وفيما يلي أهم 10 مفاهيم الخيار يجب أن نفهم قبل اتخاذ أول التجارة الحقيقية الخاصة بك:

مصنع تنافي فوريكس
نيويورك، 20 يوليو / بي آر نيوزواير-فيرستكال / أعلنت شركة On2 تيشنولوجيز اليوم أنها ستصدر نتائجها المالية للربع الثاني من عام 2006 بعد إغلاق التداول في 27 يوليو 2006.
وستستضيف الشركة مكالمة هاتفية وشبكة صوتية تدلى في الساعة الخامسة مساء بتوقيت شرق 27 يوليو لمناقشة النتائج. المعلومات الخاصة بالدعوة هي كما يلي:
تاريخ الحدث: 7/27/2006 وقت الحدث: 5:00 بيإم عنوان الحدث الشرقي: نتائج الربع الثاني من عام 2006 دعوة المؤتمر عنوان ورل للويب: فكال / إيك / CEPage. asp؟ إد = 106859 البث الشبكي الإعادة متاح حتى: 07/27/2007 ليف 877-660-6853 إعادة تشغيل رموز المرور (كلاهما مطلوب للتشغيل): الحساب #: 286 معرف المؤتمر #: 208675 إعادة المؤتمر عن بعد متاح حتى: 7 / 28/2006 11:59 م حول On2 تكنولوجيز، وشركة،
On2 تكنولوجيز هي شركة رائدة في مجال التكنولوجيا في طليعة ضغط الفيديو الرقمي. وقد أحدثت الشركة ثورة في تقديم وسائل الإعلام الرقمية من خلال إنشاء تقنيات متقدمة لتدفق الفيديو وتدفق الفيديو على كامل الشاشة. On2 يتم استخدام برامج ترميز الفيديو على نطاق واسع في الإنترنت، والفيديو عند الطلب، الصوت عبر بروتوكول الإنترنت، وأسواق الوسائط المتنقلة. يستخدم برنامج On2 من قبل هذه الشركات العالمية الرائدة مثل أدوبي / ماكروميديا، أول، سكايب، شم راديو الأقمار الصناعية، سوني، كتت، فيتالستريم، وتينسنت. تقع في مدينة نيويورك، والشركة لديها مكتب في كليفتون بارك، نيويورك، والعمليات في كامبردج، المملكة المتحدة. للاتصال ب ON2، اكتب إلى المبيعات @ on2 أو انتقل إلى on2 /.
العلامات التجارية المذكورة في هذا الإصدار هي ملك لأصحابها.
On2 تيشنولوجيز، Inc.
الاتصال: كيفن M. بورك من بوركبر ل On2 تكنولوجيز،
موقع ويب: on2 /
مونتريال، 20 يوليو / بي آر نيوزواير-فيرستكال / - أعلنت شركة أورثوسوفت (تسكس-V: أوش)، وهي شركة دولية تقوم بتطوير وتسويق البرامج الطبية والأجهزة والنظم الحاسوبية لزيادة دقة جراحة الركبة والورك والعمود الفقري، أنها تلقت تأكيدا من وزارة العدل في كيبيك بأن أسهمها المشتركة مؤهلة لخطة نمو المشاريع الصغيرة والمتوسطة الحجم وتسجيلها من قبل وزارة المالية المالية.
ونتيجة لذلك، فإن األسهم العادية لشركة أورثوسوفت التي تم شراؤها في السوق الثانوية لتحل محل األسهم المؤهلة أو األوراق المالية المباعة من قبل فرد مؤهلة كأشهم صحيحة لعملية "التغطية" وفقا لخطة نمو نمو الشركات الصغيرة والمتوسطة.
وقال الدكتور لويس فيليب أميوت، رئيس مجلس الإدارة والرئيس التنفيذي المشارك لشركة أورثوسوفت: "يسرنا أن أسهم أورثوسوفت المشتركة مؤهلة لخطة الأسهم كيبيك للشركات الصغيرة والمتوسطة النمو بحيث الأفراد لديهم الآن حافزا إضافيا للاستثمار في الشركة"
ويمكن الاطلاع على مزيد من المعلومات عن خطة نمو نمو المشاريع الصغيرة والمتوسطة الحجم على الموقع الشبكي لو ريفيرينو دو كيبيك على العنوان التالي: revenu. gouv. qc. ca/.
سوق جراحة العظام.
في أمريكا الشمالية وأوروبا، والجراحين أداء أكثر من مليون جراحة العظام الركبة والورك زرع سنويا. ويتوقع العديد من الجراحين العظام العظام أن الجراحة بمساعدة الحاسوب سوف تصبح معيارا للرعاية في جراحة الزرع. حتى الآن، نظم الجراحة بمساعدة الكمبيوتر أورثوسوفت في توجيه الجراحين في أكثر من 35،000 جراحة الورك والركبة في أوروبا وأمريكا الشمالية، و أورثوسوفت في وضع جيد لتصبح رائدة في سوق جراحة العظام بمساعدة الحاسوب.
لا تقبل شرکة تسكس فينشر إكسهانج المسئولية عن کفایة أو دقة ھذا الإصدار. حول أورثوسوفت.
أورثوسوفت Inc. (تسكس-V: أوش)، orthosoft. ca/، التي تأسست في عام 1995، وتطور وتسويق أفضل البرامج الطبية في فئتها، والأجهزة والنظم المحوسبة لمساعدة جراحي العظام لزيادة الدقة في الورك والركبة والعمود الفقري جراحة زرع . فدا مسح، وضعت حلول البرمجيات على براءة اختراع أورثوسوفت من قبل الجراحين للجراحين، مما أدى إلى الملاحة بديهية وسهلة الاستخدام الذي يتتبع تدفق الجراحية ويوفر الجراحين مع البيانات في الوقت الحقيقي التي تساعد على تحسين العمليات الجراحية ونتائج المرضى. لمزيد من المعلومات حول أورثوسوفت، يرجى زيارة orthosoft. ca/.
بعض البيانات الواردة في هذا البيان الإخباري، بخلاف بيانات الوقائع التي يمكن التحقق منها بشكل مستقل في تاريخ هذا البيان، قد تشكل بيانات تطلعية. مثل هذه التصريحات تنطوي بطبيعتها على العديد من المخاطر والشكوك، المعروفة وغير المعروفة، وكثير منها خارجة عن سيطرة أورثوسوفت، وشركة وتشمل هذه المخاطر، ولكن لا تقتصر على: تأثير الظروف الاقتصادية العامة، والظروف العامة في الصناعة الطبية، والتغييرات في البيئة التنافسية في الولايات القضائية التي أورثوسوفت القيام بأعمال تجارية، والتغييرات التنظيمية لصناعة الرعاية الصحية، والحماية الكافية للمصالح الملكية للشركة. ونتيجة لذلك، قد تختلف النتائج الفعلية في المستقبل بشكل جوهري عن النتائج المتوقعة الواردة في البيانات التطلعية. يجب على القارئ عدم االعتماد على البيانات التطلعية الواردة في هذا البيان الصحفي. هذه العبارات تتحدث فقط اعتبارا من التاريخ، و أورثوسوفت هو دون أي التزام والتخلي عن أي نية لتحديث أو تنقيح هذه البيانات نتيجة لأي حدث، والظروف، أو غير ذلك.
الاتصال: أورثوسوفت شركة: بيجي كاتسيرومباس، كاليفورنيا، رئيس.
مسؤول مالي، (514) 861-4074 إكست. 221، peggy. katsiroumba@orthosoft. ca؛
جون فايلدرز، دكتوراه، الرئيس والرئيس التنفيذي المشارك، (514) 861-4074 ext.222،
john. feilders@orthosoft. ca. أصداء الشبكة المالية شركة، المستثمرين و.
ميديا، دومينيك سيكوت، 1 (866) 633-9551، dsicotte@roadshows. tv.
كوستا ميسا، كاليفورنيا، 20 يوليو / بي آر نيوزواير-فيرستكال / - ستيفن س. بوس، الرئيس التنفيذي لمجموعة كومرس إنيرجي غروب، قامت بتحديث مجتمع الاستثمار في مقابلة حصرية مع والست /. وتشمل الموضوعات التي تمت تغطيتها في المقابلة لمحة عامة عن التجارة الطاقة والأسواق التي تخدمها، والإنجازات الأخيرة، والرأسمالية الحالية، والمعالم الاستراتيجية والمالية المقبلة.
لسماع المقابلة بكاملها، قم بزيارة والست /، وانقر على "مقابلات". يتطلب الاستماع إلى مقابلة أو مشاهدتها تسجيلا مجانيا. يمكن الوصول إلى المقابلة إما عن طريق تحديد رمز شريط (إغر) تحت أميكس على العمود الأيسر من قسم "المقابلات" من الموقع، أو عن طريق إدخال إغر في إطار أرشيف البحث.
حول مجموعة كومرس إنرجي، Inc.
وتعتبر شركة كومرس إنيرجي غروب، إحدى الشركات الرائدة في مجال تسويق الكهرباء والغاز الطبيعي في الولايات المتحدة، وتعمل من خلال شركاتها التابعة المملوكة بالكامل، وشركة كومرس إنيرجي، وشركة سكيبينغ ستون Inc.، وهي شركة مرخصة من قبل لجنة تنظيم الطاقة الاتحادية وكالات تنظيم الدولة في 10 ولايات كمسوق التجزئة غير المنظم للغاز الطبيعي والكهرباء لأصحاب المنازل والمستهلكين التجاريين والصناعيين والعملاء من المؤسسات. تعمل "كومرس إنيرجي" حاليا في تسع ولايات وتخدم أكثر من 125،000 عميل. تخطي الحجر هي شركة استشارات الطاقة التي تخدم المرافق وخطوط الأنابيب والتجارة التجارية وشركات التكنولوجيا.
اتصالات: مجموعة التجارة التجارة، وشركة بوندلويلكينسون شركة ليندا إميس واد هوكابي الاتصالات المؤسسية 310-279-5980 (714) 259-2539 ووكابي @ بونديل لامس @ كومرسيينرجي.
كومرس إنرجي غروب، Inc.
الاتصال: ليندا إميس، اتصالات الشركات من مجموعة الطاقة التجارية،
Inc.، + 1-714-259-2539، لامس @ كومرسيينرجي؛ أو واد هوكابي من.
بوندلويلكينسون Inc.، + 1-310-279-5980، ووكابي @ بونديل، فور كومرس.
مجموعة الطاقة، Inc.
موقع ويب: والست /
موقع ويب: كومرسينيرغروب /
ST. جوسيف، ميشيل، 20 يوليو / بي آر نيوزواير / - جينيغو، Inc.، الشركة الرائدة في مجال توفير البرمجيات وقواعد البيانات لبيولوجيا النظم وتحليل المسار والإزيفير مدل، الشركة الرائدة في مجال توفير المحتوى العلمي والإطار المعلوماتية وتطبيقات سير العمل للأبحاث الصيدلانية، أعلن التعاون. The latest version of GeneGo's data mining platform MetaCore 4.0 will be seamlessly integrated with the MDL(R) suite of databases via the DiscoveryGate(R) content platform. Researchers will be able to identify drug targets and bioactive compounds via pathway analysis and retrieve comprehensive information on their synthesis, biological effects, commercial availability and relevant literature within one application.
"The integration of MDL databases with GeneGo's pathways information systems enables scientists to bridge the gap between cell biology and organic chemistry," comments Steve Young, Director of MDL Content Strategy. "For the first time, biologists will be able to quickly review cheminformatics data of small molecules involved in biological pathways and chemists will be able to view molecular pathway information related to their lead compounds."
"Lately, a number of customers approached us with requests for functional analysis of the effects of drug-like compounds rather than genomic data," says Julie Bryant, VP Business development at GeneGo. "Although pathways and network analysis of bioactive compounds is a common practice in MetaCore, we partnered with Elsevier MDL for in depth coverage of literature and patent-derived information relevant for compounds. We are very pleased to be working with Elsevier MDL, the market leader in medicinal chemistry knowledge databases, Integration with the Elsevier MDL chemistry space opens up new applications for our products in medicinal chemistry, including high-throughput and high-content screening, hit selection and validation, lead development programs and chemogenomics."
GeneGo develops systems biology technology for life science research. The original computational platform allows an integration and expert analysis of different kinds of experimental data (mRNA expression, proteomics, metabolomics, siRNA and other phenotypic data) and relevant bioactive chemistry (metabolites, drugs, other xenobiotics) within the framework of curated biological pathways and networks. GeneGo's flagship product, MetaCore 4.0, assists pharmaceutical scientists in the areas of target selection and validation, identification of biomarkers for disease states and toxicology. The second product, MetaDrug(TM) is designed for prediction of human metabolism, toxicity and biological effects for novel small molecules compounds. MetaBase(TM) represents the knowledge base for MetaCore. For more information, please visit the company's web site at genego/.
MetaCore(TM), MetaBase(TM) and MetaDrug(TM) are trademarks of GeneGo, Inc. About Elsevier MDL.
Elsevier MDL provides informatics, database and workflow solutions that accelerate successful life sciences R&D by improving the speed and quality of scientists' decision making. Researchers around the world depend on Elsevier MDL for innovative and reliable discovery informatics software solutions and services augmented by 400 Elsevier chemistry and life sciences journals and related products. For more information, visit mdl/. Elsevier is a world-leading publisher of scientific, technical and medical information products and services. For more information, visit elsevier/. Elsevier is part of Reed Elsevier Group plc, a world-leading publisher and information provider. Reed Elsevier's ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK and ENL (New York Stock Exchange). For more information visit elsevier/.
MDL and DiscoveryGate are registered trademarks of MDL Information Systems, Inc. ('Elsevier MDL') in the United States and/or other countries. Beilstein Database: Copyright (C) 1988-2006, Beilstein-Institut zur Forderung der Chemischen Wissenschaften licensed to Beilstein GmbH and MDL Information Systems GmbH. كل الحقوق محفوظة.
CONTACT: Julie Bryant, VP Business Development and Marketing of GeneGo,
Inc., +1-858-756-7996, julie@genego; or Jean Holt, Director, Corporate.
Communications of Elsevier MDL, +1-925-543-5400, j. holt@mdl.
Web site: mdl/
Web site: elsevier/
Web site: genego/
HSINCHU, Taiwan, July 20 /Xinhua-PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") today announced that it will hold a conference call with investors and analysts at 7:00 PM ET on Thursday, August 3, 2006 to discuss its second quarter 2006 financial results and the management's outlook for the third quarter 2006. The news release announcing the second quarter 2006 results will be disseminated after 4:00 PM ET on August 3, 2006. The call may be accessed by dialing +1-201-689-8562. The playback will be available in 2 hours after the conclusion of the conference call and will be accessible by dialing +1-201- 612-7415. The account number to access the replay is 3055 and the confirmation ID number is 209161. The Company will also webcast the conference call live on its website chipmos. tw/ .
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS ( chipmos. tw/ ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U. S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.
Forward-Looking StatementsCertain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U. S. Securities Act of 1933, as amended, and Section 21E of the U. S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U. S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
Contact: In Taiwan R. O.C. Dr. S. K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. Tel: +886-6-507-7712 Email: s. k._chen@chipmos. tw In the U. S. David Pasquale The Ruth Group Tel: +1-646-536-7006 Email: dpasquale@theruthgroup.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONTACT: Dr. S. K. Chen of ChipMOS TECHNOLOGIES (Bermuda) LTD.,
+886-6-507-7712, or s. k._chen@chipmos. tw; or David Pasquale of The Ruth.
Group for ChipMOS TECHNOLOGIES (Bermuda) LTD., +1-646-536-7006, or.
Web site: chipmos. tw/
FAIRFAX, Va., July 20 /PRNewswire/ -- Operational Research Consultants, Inc. (ORC) a wholly-owned subsidiary of WidePoint Corporation's (BULLETIN BOARD: WDPT) announced today that the General Services Administration (GSA) has approved ORC to provide federal agencies complete end-to-end solutions for Homeland Security Presidential Directive-12 (HSPD - 12). ORC is now the only company qualified for all three categories within the GSA Information Technology (IT) Schedule 70, Special Item Number (SIN) 132-6x series as Federal agencies strive to meet a directive issued by the White House to implement these security systems.
The GSA approval places ORC in the forefront of helping agencies meet their mandated deadlines and reaffirms ORC's position as the leading provider of federal public key infrastructure (PKI) and Shared Services. The SIN 132- 6x series provides an expedient contracting vehicle for authentication products and services for purposes of physical and logical access controls, electronic signature, performance of e-business transactions, and delivery of Government services. ORC's accomplishment was based on meeting GSA's qualifications to provide robust integration and managed services.
In addition to providing authentication products and services under SINs 132-60 and 61, ORC has been evaluated and approved to provide: (1) Integration services for integration of more than one Personal Identity Verification (PIV) service and product, including integration of interfaces between PIV components with agency PIV systems; (2) "Turn-key," agency-owned integrated PIV solutions, comprised of more than one PIV service; and, (3) Contractor owned and managed service that provides integrated PIV solutions.
Dan Turissini, CEO, ORC commented, "As the industry's first shared service provider (SSP) to attain full 'Authorization to Operate' (ATO), this award confirms the ORC team's reputation as an elite provider of a wide range of information assurance security solutions from HSPD-12 planning and integration to managed credentialing services. Under the PIVotal ID(C) brand, ORC has assembled a team of industry leaders to provide solutions that are in total compliance with the scope and descriptions of the qualification requirements detailed by GSA. We look forward to delivering the means necessary for federal agencies to meet the 2006 PIV-II deadline."
ORC operates a government-compliant authentication-based system for electronic communications between the government and members of the general public at Assurance Levels 1 through 4. This approval enhances ORC's unique expertise as the first provider of a "complete, end-to-end" Personal Identity Verification (PIV)-ready solution. ORC's IT Schedule 70 is approved for cooperative acquisition under the Electronic Government Act of 2002, state and local governments may also purchase directly from IT Schedule 70, including the SIN 132-6X series. ORC has over 15 years of experience in designing, developing and implementing information assurance solutions for the federal government and is partnered with an exceptional team of best-in-class solutions, including the products of Tumbleweed, RSA Security, Siemens, Stratus, Wave, TecSec, xTec, Daon, Caymas, nCipher, and many others. For more information visit: orc/.
WidePoint is an innovative technology-based provider of products and services to both the government sector and commercial markets. WidePoint presently specializes in providing systems engineering and information technology services as well as PKI E-Authentication and credentialing services. WidePoint's wholly owned subsidiary, Operational Research Consultants, Inc. (ORC) is at the forefront of implementing public key infrastructure, E-Authentication and credentialing services. The company's identity management and E-Authentication services have received three major U. S. federal government certifications. WidePoint's profile of customers encompasses U. S. federal government agencies such as the Department of Defense, the Department of Homeland Security, the U. S. Treasury Department and the Department of Justice as well as major transnational corporations such as Boeing Aerospace, Northrop Grumman and several major pharmaceutical companies. ORC GSA IT Schedule FSS # GS-35F-0164J and associated SINs are available through gsaadvantage. gov/.
An investment profile for WidePoint may be found at hawkassociates/widepoint/profile. htm. For investor relations or more information regarding WidePoint, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates. An online investor relations kit including copies of WidePoint press releases, current price quotes, stock charts and other valuable information for investors may be found at hawkassociates/ and americanmicrocaps/.
Safe-Harbor Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contact Operational Research Consultants, Inc. Daniel E. Turissini 703 246-8550 orc/
Operational Research Consultants, Inc.
CONTACT: Daniel E. Turissini of Operational Research Consultants, Inc.,
Web site: orc/
ARLINGTON, Va., July 20 /PRNewswire-FirstCall/ -- CACI International Inc announced today that it is a subcontractor on the $4 billion, multiple-award U. S. Army Infrastructure Modernization (IMOD) program. CACI will support Lucent Technologies Inc. under this contract vehicle used by government project managers to meet the requirements of the Installation Information Infrastructure Modernization Program (I3MP) -- the master program for consolidating and transforming information technology (IT) and telecommunications infrastructure for the Army and Defense Department, worldwide.
IMOD is a 10-year, performance-based, indefinite delivery/indefinite quantity contract managed by the Army Project Manager, Defense Communications and Army Switched Systems. Through IMOD, CACI will help install, expand, and modernize information and telecommunications systems, including transmission and transport services, servers and data storage systems, email, directory services, and network operations, in order to seamlessly integrate all forms of IT communications and infrastructure into a converged system. As one of the top 10 IT-related solicitations within the Defense Department, IMOD is important to continued Army IT transformation and support of the global war on terrorism.
CACI will provide Lucent and its U. S. Army customers with engineering services in the form of software applications, local and wide area networking, and logistics. Customers will also have access to the CACI Vision & Solution Center, a laboratory in which service and expansion solutions can be modeled before implementation, offering a "try before you buy" capability.
According to Paul Cofoni, President of U. S. Operations, "CACI's proven expertise in providing net-centric solutions that help streamline information processes makes us a key contributor as the Army seeks to modernize its information infrastructure. We're pleased that the company's unique Vision & Solution Center will contribute to advancing the process."
Dr. J. P. (Jack) London, CACI Chairman, President, and CEO, said, "CACI's selection for the U. S. Army Infrastructure Modernization program is one more example of our continuing commitment to support the Armed Forces and the Department of Defense in the transformation process that is so vital to our nation. It strengthens CACI's position as an IT provider of the first caliber and a trusted partner in the government's mission to provide for our nation's critical needs in defense and homeland security."
CACI International Inc provides the IT and network solutions needed to prevail in today's new era of defense, intelligence, and e-government. From systems integration and managed network solutions to knowledge management, engineering, simulation, and information assurance, we deliver the IT applications and infrastructures our federal customers use to improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. Our solutions lead the transformation of defense and intelligence, assure homeland security, enhance decision-making, and help government to work smarter, faster, and more responsively. CACI has been named to the Fortune 1000 Largest Companies of 2006. A member of the Russell 1000 index, CACI provides dynamic careers for approximately 10,450 employees working in over 130 offices in the U. S. and Europe. CACI is the IT provider for a networked world. Visit CACI on the web at caci/.
There are statements made herein which do not address historical facts and, therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the following: regional and national economic conditions in the United States and the United Kingdom, including conditions that result from terrorist activities or war; failure to achieve contract awards in connection with recompetes for present business and/or competition for new business; the risks and uncertainties associated with client interest in and purchases of new products and/or services; continued funding of U. S. Government or other public sector projects in the event of a priority need for funds, such as homeland security, the war on terrorism or rebuilding Iraq; government contract procurement (such as bid protest, small business set asides, etc.) and termination risks; the results of government investigations into allegations of improper actions related to the provision of services in support of U. S. military operations in Iraq; individual business decisions of our clients; paradigm shifts in technology; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); material changes in laws or regulations applicable to our businesses, particularly in connection with (i) government contracts for services, (ii) outsourcing of activities that have been performed by the government, and (iii) competition for task orders under Government Wide Acquisition Contracts ("GWACs") and/or schedule contracts with the General Services Administration; our own ability to achieve the objectives of near term or long range business plans; changes that could result from accounting adjustments requested in connection with finalizing our Report on Form 10-K; and other risks described in the company's Securities and Exchange Commission filings.
For investor information contact: For other information contact: David Dragics, Vice President, Jody Brown, Executive Vice President, Investor Relations Public Relations (703) 841-7835, ddragics@caci (703) 841-7801, jbrown@caci.
CACI International Inc.
CONTACT: For investor information: David Dragics, Vice President,
Investor Relations, +1-703-841-7835, ddragics@caci, or for other.
information: Jody Brown, Executive Vice President, Public Relations,
+1-703-841-7801, jbrown@caci, both of CACI International Inc.
Web site: caci/
IRVING, Texas, July 20 /PRNewswire-FirstCall/ -- EFJ, Inc. announced today that its EFJohnson subsidiary has received a $600,000 order via an international dealer for a public works customer. The order calls for EFJohnson to provide its Ascend(TM) Project 25 compliant portable radios and accessories to the customer.
"We are pleased to support this international customer with our dual protocol products," said Michael E. Jalbert, chairman and chief executive officer of EFJ, Inc. "The Project 25 standard is increasing in worldwide acceptance. This order is from one of our existing Multi-Net(R) customers, and our Ascend portable radio provides Multi-Net protocol capability while supporting Project 25. We appreciate their continued confidence in our interoperable communications solutions," added Jalbert.
EFJohnson is a leading provider of two-way radios and communication systems for law enforcement, fire fighters, EMS, and the military. Founded in 1923, the company has a lengthy history of leadership in numerous communication industry standards initiatives and organizations and was one of the first developers of wireless communications products to be fully compliant with federal government Project 25 interoperability standards. EFJohnson offers a comprehensive portfolio of digital and analog radio communications solutions, which assist in effectively and affordably managing the transition to digital P25 compliant systems. For more information, visit efjohnson/ .
EFJ, Inc. is the Irving, Texas-based parent company to industry-leading secure wireless and private wireless solution businesses. EFJ, Inc. is home to 3e Technologies International a leading provider of FIPS validated wireless data infrastructure and software with interoperable security; the EFJohnson Company, one of the first developers of Project 25 mobile communications products and solutions and Transcrypt International, a leader in secure solutions to protect sensitive voice communications. For more information, visit efji/
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements due to a number of risk factors including, but not limited to, the level of demand for EFJ's products and services, the timely procurement of necessary manufacturing components, dependence on continued funding of governmental agency programs, and other risks detailed in EFJ's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended December 31, 2005. EFJ undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on these forward - looking statements.
CONTACT: investor relations, Jim Stark of EFJ, Inc., +1-972-819-0900, or.
jstark@efji ; or trade press, Kevin Nolan of EFJohnson, +1-972-819-0710,
Web site: efji/
EAST AURORA, N. Y., July 20 /PRNewswire-FirstCall/ -- Moog Inc. will release its third quarter fiscal 2006 earnings on Friday, July 28th, 2006. In conjunction with this release, Moog will host a conference call beginning at 10:00 a. m. Eastern on July 28th, which will be simultaneously broadcast live over the Internet. Bob Brady, Chairman and CEO, and Bob Banta, CFO, will host the call. Listeners can access the conference call live over the Internet at moog/investme. htm. Please allow 15 minutes prior to the call to visit the site to download and install any necessary audio software. After the call has taken place, the prepared remarks will be archived on our website. Minimum requirements to listen to the broadcast are: The RealPlayer software, downloadable free from real/products/player/index. html, and at least 14.4 Kbps connection to the Internet.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog's high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, and medical equipment. Additional information about the company can be found on its website, moog/.
CONTACT: Ann Marie Luhr of Moog Inc., +1-716-687-4225.
Web Site: moog/
ATLANTA, July 20 /PRNewswire/ -- Cingular Wireless LLC, which is a joint venture between AT&T Inc. and BellSouth Corporation , today reported record-setting net income for the second quarter of $540 million, which is a year-over year increase of 267 percent.
Other highlights for the quarter included best-ever overall and postpaid churn, solid net and gross customer additions, vigorous growth of data ARPU, and continued strong sales to enterprise customers, including some of America's best-known companies.
For the quarter, the nation's largest wireless provider reported overall monthly subscriber churn of 1.7 percent, its lowest ever, which represents year-over-year and sequential improvement of 50 and 20 basis points, respectively. Postpaid churn was 1.5 percent, also a record low, which is a year-over-year and sequential improvement of 30 and 10 basis points, respectively. This was the second consecutive quarter in which Cingular has achieved record-setting churn performance, the company noted.
As in previous periods, Cingular's net additions for the second quarter were driven by lower churn and solid gross customer additions. The company reported 1.5 million net adds, which compares to 952,000 in the year-ago second quarter and to 1.7 million in the first quarter of 2006. Of the net adds, more than 1 million were postpaid customers, which is a year-over-year improvement of 9 percent and a sequential improvement of 16 percent.
Gross additions were 4.4 million, which compares to 4.3 million in the year-ago second quarter and to 4.7 million in the first quarter of 2006.
Cingular ended the second quarter of 2006 with 57.3 million cellular/PCS subscribers, which is a year-over-year increase of 5.9 million. No other U. S. carrier has more customers.
Cingular's data ARPU was $5.77, up more than 38 percent over the year-ago second quarter and 11 percent sequentially. Data ARPU per postpaid customer was nearly $6.60.
Normalized OIBDA margin* for the second quarter of 2006 was 32.6 percent, the highest since the merger. This is an improvement of 370 basis points compared to normalized year-ago second quarter results and is a sequential improvement of 70 basis points.
In addition, the company's Business Markets Group signed more than 900 new and renewed high-end service contracts in the quarter.
"Cingular continued to make strong progress in the second quarter, which was record-setting on a number of fronts. An important indicator of that progress was our highest-ever net income, which increased 267 percent over last year. This says unambiguously that the merger is not only working but delivering where it counts most -- to the bottom line. It is also gratifying that we are on track on our other metrics, including customer additions, churn, margins, revenue growth, and more," said Stan Sigman, Cingular's president and chief executive officer.
"The key words here are 'raising the bar.' Each and every quarter since the merger has been better than the one before it and serves as the benchmark for the quarter following it. Customers are experiencing the tangible benefits of our progress, including improved network coverage and quality, great offers and devices, the unprecedented capabilities of the powerful 3G network we are deploying around the country, and much more," Sigman said.
"Through it all, the employees of Cingular have continued to demonstrate the focus, dedication, and passion required to build the most highly regarded wireless company in the world."
Cingular's continued strong showing in net and gross customer additions can be attributed to a number of factors, including continuously improving service quality as the company rationalizes and integrates its networks in markets around the country, "fewest dropped calls" and "raising the bar"(TM) marketing campaigns that reinforce service improvements, and a steady stream of innovative products, services, and sponsorships.
During the second quarter of 2006, 98 percent of minutes were carried on Cingular's GSM network and 92 percent of the company's subscriber base was GSM-equipped.
Cingular operates the nation's largest digital voice and data network. GSM is the world's most widely used wireless technology. Through roaming alliances with other GSM-based providers around the world, Cingular provides the largest global presence of any U. S. wireless carrier, with voice coverage in more than 180 countries and data roaming in more than 100.
Financial Results - In the second quarter of 2006, Cingular's revenues were $9.2 billion, an improvement of 7.1 percent over revenue for the year-ago second quarter and 2.7 percent compared to the first quarter of 2006. Service revenues, which exclude revenues from sales of handsets and accessories, were $8.3 billion, which is a year-over-year increase of 7.5 percent and a sequential improvement of 3.6 percent. - ARPU in the second quarter of 2006 was $48.84, down 3.3 percent from the year-ago second quarter (when ARPU declined 5.4 percent year over year on a Pro Forma basis) but up 0.7 percent compared to the first quarter of 2006. Impacts on ARPU significantly reflect an increase in the number of wholesale customers in Cingular's base. These impacts were largely offset by a continued increase in data ARPU. - ARPU from data services continued to grow vigorously in the second quarter, increasing by more than 38 percent to $5.77 compared to the year-ago second quarter and nearly 11 percent compared to the first quarter of 2006. Data ARPU per postpaid customer was nearly $6.60. This growth was spurred by the increasing popularity of downloadable games, ringtones, mobile instant messaging, mobile email, photo messaging, and media bundles. In addition, text messaging continued to grow. In the second quarter of 2006, Cingular had 26.5 million active data customers, and delivered 131 million multi-media messages and 8.7 billion text messages. - Cingular's 2006 reported second-quarter operating expenses were $8.2 billion, which included $86 million in OIBDA-affecting merger integration costs and $77 million non-cash merger integration costs, for a total of $163 million. Operating expenses also included $336 million in non-cash amortization of intangibles as part of the merger with AT&T Wireless. - Reported OIBDA margin was 31.5 percent, the highest since the merger and the sixth straight quarter of sequential OIBDA improvement. At 32.6 percent, normalized OIBDA margin was also the highest since the merger. This is an improvement of 370 basis points compared to the year-ago second quarter and a sequential improvement of 70 basis points. - Reported operating income for the second quarter of 2006 was $1.017 billion which compares to $504 million in the year-ago second quarter and to $807 million in the first quarter of 2006. Normalized operating income was $1.5 billion, which compares to $1.2 billion in the year-ago second quarter and to $1.4 billion in the first quarter of 2006. - Reported net income was $540 million, which compares to $147 million in the year-ago second quarter and to $354 million of net income in the first quarter of 2006. Normalized net income was $956 million, which compares to $689 million in the year-ago second quarter and to $849 million of normalized net income in the first quarter of 2006. - Capital expenditures for the second quarter were $1.582 billion. These were driven by, among other developments: continued progress in merger integration; ongoing, rapidly accelerating improvements in network coverage and quality; and the continued introduction of Cingular's powerful UMTS/HSDPA 3G technology in markets around the country including, most recently, Atlanta, San Antonio, Gary, Ind., and the initial phase of our rollout in New York City. Second-quarter highlights and initiatives - Cingular shattered its own record for wireless text messaging during the fifth season of "American Idol." The company recorded more than 64.5 million text messages throughout the show's most recent season, breaking last year's record of 41.5 million text messages. - Bringing to consumers what millions of road warriors have used for years, Cingular announced the new BlackBerry(R) 7130c(TM) handset as part of a consumer-friendly offer available only in Cingular retail stores. The offer couples a Cingular-exclusive device with the new BlackBerry Personal Plan from Cingular at price points that appeal to on-the-go consumers. Cingular sells more BlackBerry devices than any other company in the world. - For consumers who want a lot of capability in a little package, Cingular unveiled the Pantech C300, which is the world's smallest camera flip phone. This device has everything: a camera with flash and zoom, MP3 ringtones, messaging, and much more. - In its continuing effort to reach the important youth market, the company created the new Cingular Mobile Music Studio, which is available exclusively on MySpace, the leading lifestyle portal and social networking community. The Cingular Mobile Music Studio will enable hundreds of thousands of unsigned artists and bands on MySpace the ability to turn their self-produced music into ringtones. - Cingular continued to introduce innovative new products and services for business customers. For example, it brought to market Microsoft Direct Push Technology from Cingular, which is initially available on Microsoft(R) Windows Mobile(R) 5.0-enabled Cingular 8100 series Pocket PCs and on the Cingular 2125 Smartphone. This cost-effective technology lets mobile professionals receive email updates, calendar items, and more without the need for their companies to purchase and run a separate server to handle this activity. - The company also debuted the Motorola L2, an ultra-thin, SLVR-like mobile phone built especially for the requirements of business and government customers. Cingular also announced with HP a marketing agreement that will integrate Cingular's UMTS/HSDPA-based BroadbandConnect into HP business notebooks beginning later this year. - The company signed more than 900 new and renewed high-end service contracts during the second quarter of 2006. These included business and government accounts such as Beckman Coulter, Inc., IMMI, International Rectifier, Nestle USA, Ryder System, Inc., Snap-on Incorporated, State of Kentucky Environmental Protection Cabinet, University of Notre Dame, Wake Forest University, and Wal-Mart. Conference Call with Investment Community.
Cingular will hold a conference call with the investment community beginning at 10 a. m. ET today. During the call, we will discuss our operational and financial results and prospects.
The conference call will be webcast and archived on Cingular's website at cingular/investor for 30 days, as well as on the websites of AT&T Inc. and BellSouth Corp.
Cingular's second quarter 2006 news release and downloadable financial statements will be available on cingular/ website beginning at 8:00 a. m. (ET) on July 20.
Dial-in information for the conference call is as follows: Domestic: 866-406-3487 International: 630-691-2771 Replay: 877-213-9653 (Domestic) Replay: 630-652-3041 (International) Passcode: 14906090# Replays will be available for five days.
*OIBDA margin is operating income (loss) before depreciation and amortization, divided by total service revenues. OIBDA margins and comparative calculations mentioned in the news release reflect normalization for merger-related integration costs.
About Cingular Wireless.
Cingular Wireless is the largest wireless carrier in the United States, serving 57.3 million customers. Cingular, a joint venture between AT&T Inc. and BellSouth Corporation , has the largest digital voice and data network in the nation -- the ALLOVER(TM) network -- and the largest mobile-to-mobile community of any national wireless carrier. Cingular is a leader in third generation wireless technology. Its 3G network is the first widely available service in the world to use HSDPA (High Speed Downlink Packet Access) technology. Cingular is the only U. S. wireless carrier to offer Rollover(r), the wireless plan that lets customers keep their unused monthly minutes. Details of the company are available at cingular/. Get Cingular Wireless press releases emailed to you automatically. Sign up at cingular. mediaroom/.
In addition to historical information, this document and the conference call referred to above may contain forward-looking statements regarding events and financial trends. Factors that could affect future results and could cause actual results to differ materially from those expressed or implied in the forward-looking statements include:
-- the pervasive and intensifying competition in all markets where Cingular operates; -- failure to quickly realize capital and expense synergies from the acquisition of AT&T Wireless as a result of technical, logistical, regulatory and other factors; -- delays or inability of vendors to deliver hardware, software, handsets or network equipment, including failure to deliver such equipment free of claims, including patent claims, of other parties; -- problems associated with the transition of Cingular's network to higher-speed technologies; -- slow growth of Cingular's data services due to lack of popular applications, terminal equipment, advanced technology and other factors; -- sluggish economic and employment conditions in the markets Cingular serves; -- the final outcome of FCC proceedings, including rulemakings, and judicial review, if any, of such proceedings; -- enactment of additional state and federal laws, regulations and requirements pertaining to Cingular's operations; and -- the outcome of pending or threatened complaints and litigation.
Such forward-looking information is given as of this date only, and Cingular assumes no duty to update this information.
Cingular Wireless LLC Income Statement - amounts in millions (unaudited) Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 6/30/05 % Change Operating revenues: Service revenues $8,295 $7,719 7.5% $16,300 $15,138 7.7% Equipment sales 923 890 3.7% 1,898 1,700 11.6% Total operating revenues 9,218 8,609 7.1% 18,198 16,838 8.1% Operating expenses: Cost of services 2,497 2,293 8.9% 4,817 4,437 8.6% Cost of equipment sales 1,349 1,230 9.7% 2,676 2,525 6.0% Selling, general and administrative 2,757 2,953 (6.6%) 5,603 5,954 (5.9%) Depreciation and amortization 1,598 1,629 (1.9%) 3,278 3,304 (0.8%) Total operating expenses 8,201 8,105 1.2% 16,374 16,220 0.9% Operating income (loss) 1,017 504 101.8% 1,824 618 195.1% Interest expense 298 326 (8.6%) 595 664 (10.4%) Minority interest expense 43 41 4.9% 84 57 47.4% Equity in net income (loss) of affiliates - 1 (100.0%) - 3 (100.0%) Other income (expense), net 6 33 (81.8%) 15 53 (71.7%) Income (loss) before income tax provision 682 171 298.8% 1,160 (47) NM Provision (benefit) for income taxes 142 24 491.7% 266 46 478.3% Net income (loss) $540 $147 267.3% $894 $(93) NM Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 6/30/05 % Change (Amounts in millions, except customer data in 000s) OIBDA(1) $2,615 $2,133 22.6% $5,102 $3,922 30.1% OIBDA margin(2) 31.5% 27.6% 390 BP 31.3% 25.9% 540 BP Total Cellular/PCS Customers(3) 57,308 51,442 11.4% 57,308 51,442 11.4% Net Customer Additions - Cellular/PCS 1,498 952 57.4% 3,177 2,319 37.0% M&A Activity, Partitioned Customers and/or Other Adjs. - 140 (100.0%) (13) (9) 44.4% Churn - Cellular/PCS(4) 1.7% 2.2% -50 BP 1.8% 2.2% -40 BP ARPU - Cellular/ PCS(5) $48.84 $50.51 (3.3%) $48.66 $50.06 (2.8%) Minutes Of Use Per Cellular/PCS Subscriber(6) 741 692 7.2% 720 661 9.0% Licensed POPs - Cellular/PCS(7) 296 294 0.7% 296 294 0.7% Penetration - Cellular/PCS(8) 20.0% 18.0% 200 BP 20.0% 18.0% 200 BP Capital Expenditures $1,582 $2,188 (27.7%) $3,023 $3,159 (4.3%) Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures - amounts in millions (unaudited) Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 6/30/05 % Change Net income (loss) $540 $147 NM $894 $(93) NM Plus: Interest expense 298 326 (8.6%) 595 664 (10.4%) Plus: Minority interest expense 43 41 4.9% 84 57 47.4% Plus: Equity in net loss of affiliates - (1) (100.0%) - (3) (100.0%) Plus: Other, net (6) (33) (81.8%) (15) (53) (71.7%) Plus: Provision (benefit) for income taxes 142 24 491.7% 266 46 478.3% Operating income (loss) 1,017 504 101.8% 1,824 618 195.1% Plus: Depreciation and amortization 1,598 1,629 (1.9%) 3,278 3,304 (0.8%) OIBDA(1) $2,615 $2,133 22.6% $5,102 $3,922 30.1% NM - Not Meaningful Notes: (1) OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from operating income (loss), as calculated in accordance with GAAP, in that it excludes depreciation and amortization. It differs from net income (loss), as calculated in accordance with GAAP, in that it excludes, as presented on our Consolidated Statement of Income: (1) depreciation and amortization, (2) interest expense, (3) minority interest expense, (4) equity in net income (loss) of affiliates, (5) other, net, and (6) provision (benefit) for income taxes. OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. OIBDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with generally accepted accounting principles. Our calculation of OIBDA, as presented, may differ from similarly titled measures reported by other companies. (2) OIBDA margin is defined as OIBDA divided by service revenues. (3) Cellular/PCS customers include customers served through reseller agreements. (4) Cellular/PCS churn is calculated by dividing the aggregate number of cellular/PCS customers who cancel service during each month in a period by the total number of cellular/PCS customers at the beginning of each month in that period. (5) ARPU is defined as cellular/PCS service revenues during the period divided by average cellular/PCS customers during the period. (6) Effective with the 1Q05 reporting period, the Total Minutes of Use Per Cellular/PCS Subscriber (MOUs) definition has been revised to exclude SMS activity, but retains the prior revision to include Local Minutes of Use and Outcollect Minutes of Use in the numerator. Prior to 1Q05, the numerator includes Local Minutes of Use. (7) Licensed POPs refers to the number of people residing in areas where we and our partners have licenses to provide cellular or PCS service, including areas where we have not yet commenced service. (8) Penetration calculation for 2Q06 is based on licensed "operational" POP's of 286 million. Cingular Wireless LLC Reconciliation of Reported Results to Normalized Results (amounts in millions) Quarter Ended June 30, 2006 Normalized Items Integration AWE Amortization GAAP Costs (1) Expense (2) Normalized Operating revenues: Service revenues $ 8,295 $- $- $ 8,295 Equipment sales 923 - - 923 Total operating revenues 9,218 - - 9,218 Operating expenses: Cost of services 2,497 (67) - 2,430 Cost of equipment sales 1,349 - - 1,349 Selling, general and administrative 2,757 (19) - 2,738 Depreciation and amortization 1,598 (77) (336) 1,185 Total operating expenses 8,201 (163) (336) 7,702 Operating income (loss) 1,017 163 336 1,516 Interest expense 298 - - 298 Minority interest expense 43 - - 43 Equity in net income (loss) of affiliates - - - - Other income (expense), net 6 - - 6 Income (loss) before income tax provision 682 163 336 1,181 Provision (benefit) for income taxes 142 27 56 225 Net income (loss) $540 $136 $280 $956 Year to Date - June 30, 2006 Normalized Items Integration AWE Amortization GAAP Costs (1) Expense (2) Normalized Operating revenues: Service revenues $16,300 $- $- $16,300 Equipment sales 1,898 - - 1,898 Total operating revenues 18,198 - - 18,198 Operating expenses: Cost of services 4,817 (85) - 4,732 Cost of equipment sales 2,676 - - 2,676 Selling, general and administrative 5,603 (65) - 5,538 Depreciation and amortization 3,278 (247) (695) 2,336 Total operating expenses 16,374 (397) (695) 15,282 Operating income (loss) 1,824 397 695 2,916 Interest expense 595 - - 595 Minority interest expense 84 - - 84 Equity in net income (loss) of affiliates - - - - Other income (expense), net 15 - - 15 Income (loss) before income tax provision 1,160 397 695 2,252 Provision (benefit) for income taxes 266 66 115 447 Net income (loss) $894 $331 $580 $ 1,805 Our normalized earnings have been adjusted for the following: (1) Integration costs resulting from the Cingular acquisition of AT&T Wireless and the related tax effect. (2) Amortization expense associated with intangible assets recorded for the AT&T Wireless acquisition and the related tax effect. Cingular Wireless LLC Income Statement, NORMALIZED - amounts in millions (unaudited) Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 6/30/05 % Change Operating revenues: Service revenues $8,295 $7,719 7.5% $16,300 $15,138 7.7% Equipment sales 923 890 3.7% 1,898 1,700 11.6% Total operating revenues 9,218 8,609 7.1% 18,198 16,838 8.1% Operating expenses: Cost of services 2,430 2,274 6.9% 4,732 4,415 7.2% Cost of equipment sales 1,349 1,230 9.7% 2,676 2,525 6.0% Selling, general and administrative 2,738 2,877 (4.8%) 5,538 5,776 (4.1%) Depreciation and amortization 1,185 1,075 10.2% 2,336 2,259 3.4% Total operating expenses 7,702 7,456 3.3% 15,282 14,975 2.1% Operating income (loss) 1,516 1,153 31.5% 2,916 1,863 56.5% Interest expense 298 326 (8.6%) 595 664 (10.4%) Minority interest expense 43 41 4.9% 84 57 47.4% Equity in net income (loss) of affiliates - 1 (100.0%) - 3 (100.0%) Other income (expense), net 6 33 (81.8%) 15 53 (71.7%) Income (loss) before income tax provision 1,181 820 44.0% 2,252 1,198 88.0% Provision (benefit) for income taxes 225 131 71.8% 447 251 78.1% Net income (loss) $956 $689 38.8% $1,805 $947 90.6% Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 06/30/05 % Change (Amounts in millions, except customer data in 000s) OIBDA - normalized(1) $2,701 $2,228 21.2% $5,252 $4,122 27.4% OIBDA margin - normalized(2) 32.6% 28.9% 370 BP 32.2% 27.2% 500 BP Total Cellular/PCS Customers(3) ** 57,308 51,442 11.4% 57,308 51,442 11.4% Net Customer Additions - Cellular/PCS ** 1,498 952 57.4% 3,177 2,319 37.0% M&A Activity, Partitioned Customers and/or Other Adjs. ** - 140 (100.0%) (13) (9) 44.4% Churn - Cellular/ PCS(4) ** 1.7% 2.2% -50 BP 1.8% 2.2% -40 BP ARPU - Cellular/ PCS(5) ** $48.84 $50.51 (3.3%) $48.66 $50.06 (2.8%) Minutes Of Use Per Cellular/PCS Subscriber (6) ** 741 692 7.2% 720 661 9.0% Licensed POPs - Cellular/PCS(7) ** 296 294 0.7% 296 294 0.7% Penetration - Cellular/ PCS(8) ** 20.0% 18.0% 200 BP 20.0% 18.0% 200 BP Capital Expenditures ** $1,582 $2,188 (27.7%) $3,023 $3,159 (4.3%) Reconciliations of Normalized Financial Measures to Normalized OIBDA and OIBDA Margin - amounts in millions (unaudited) Quarter Ended Year to Date 6/30/06 6/30/05 % Change 6/30/06 06/30/05 % Change Net income (loss) $956 $689 38.8% $1,805 $947 90.6% Plus: Interest expense 298 326 (8.6%) 595 664 (10.4%) Plus: Minority interest expense 43 41 4.9% 84 57 47.4% Plus: Equity in net loss of affiliates - (1) 100.0% - (3) 100.0% Plus: Other, net (6) (33) 81.8% (15) (53) 71.7% Plus: Provision (benefit) for income taxes - normalized 225 131 71.8% 447 251 78.1% Operating income (loss) - normalized 1,516 1,153 31.5% 2,916 1,863 56.5% Plus: Depreciation and amortization - normalized 1,185 1,075 10.2% 2,336 2,259 3.4% OIBDA - normalized(1) $2,701 $2,228 21.2% $5,252 $4,122 27.4% OIBDA margin(2) 31.5% 27.6% 390 BP 31.3% 25.9% 540 BP Plus: OIBDA margin, integration 1.1% 1.3% -20 BP 0.9% 1.3% -40 BP OIBDA margin - normalized 32.6% 28.9% 370 BP 32.2% 27.2% 500 BP NM - Not Meaningful ** Denotes metrics and calculations in this chart that are not impacted by the 1Q06 and YTD 2006 normalization of merger integration costs and AT&T Wireless intangibles amortization expenses. Notes: (1) OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from operating income (loss), as calculated in accordance with GAAP, in that it excludes depreciation and amortization. It differs from net income (loss), as calculated in accordance with GAAP, in that it excludes, as presented on our Consolidated Statement of Income: (1) depreciation and amortization, (2) interest expense, (3) minority interest expense, (4) equity in net income (loss) of affiliates, (5) other, net, and (6) provision (benefit) for income taxes. OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. OIBDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with generally accepted accounting principles. Our calculation of OIBDA, as presented, may differ from similarly titled measures reported by other companies. (2) OIBDA margin is defined as OIBDA divided by service revenues. (3) Cellular/PCS customers include customers served through reseller agreements. (4) Cellular/PCS churn is calculated by dividing the aggregate number of cellular/PCS customers who cancel service during each month in a period by the total number of cellular/PCS customers at the beginning of each month in that period. (5) ARPU is defined as cellular/PCS service revenues during the period divided by average cellular/PCS customers during the period. (6) Effective with the 1Q05 reporting period, the Total Minutes of Use Per Cellular/PCS Subscriber (MOUs) definition has been revised to exclude SMS activity, but retains the prior revision to include Local Minutes of Use and Outcollect Minutes of Use in the numerator. Prior to 1Q05, the numerator includes Local Minutes of Use. (7) Licensed POPs refers to the number of people residing in areas where we and our partners have licenses to provide cellular or PCS service, including areas where we have not yet commenced service. (8) Penetration calculation for 2Q06 is based on licensed "operational" POP's of 286 million. Cingular Wireless LLC Income Statement - amounts in millions (unaudited) Full Year 3/31 6/30 9/30 12/31 2003 2004 2004 2004 2004 Operating revenues: Service revenues $14,317 $3,583 $3,833 $3,873 $6,313 Equipment sales 1,260 384 354 419 806 Total operating revenues 15,577 3,967 4,187 4,292 7,119 Operating expenses: Cost of services 3,775 955 983 1,107 1,692 Cost of equipment sales 2,031 537 505 585 1,247 Selling, general and administrative 5,428 1,372 1,463 1,567 2,947 Depreciation and amortization 2,089 553 565 573 1,386 Total operating expenses 13,323 3,417 3,516 3,832 7,272 Operating income (loss) 2,254 550 671 460 (153) Interest expense 856 198 199 200 303 Minority interest expense 101 27 41 20 (2) Equity in net income (loss) of affiliates (333) (108) (95) (98) (114) Other income (expense), net 41 4 1 - 11 Income (loss) before income tax provision 1,005 221 337 142 (557) Provision (benefit) for income taxes 28 6 (2) - (62) Net income (loss) $977 $215 $339 $142 $(495) Cingular Wireless LLC Income Statement - amounts in millions (unaudited) 3/31 6/30 9/30 12/31 2005 2005 2005 2005 Operating revenues: Service revenues $7,419 $7,719 $7,721 $7,779 Equipment sales 810 890 1,025 1,070 Total operating revenues 8,229 8,609 8,746 8,849 Operating expenses: Cost of services 2,144 2,293 2,464 2,417 Cost of equipment sales 1,295 1,230 1,203 1,341 Selling, general and administrative 3,001 2,953 2,881 2,812 Depreciation and amortization 1,675 1,629 1,541 1,730 Total operating expenses 8,115 8,105 8,089 8,300 Operating income (loss) 114 504 657 549 Interest expense 338 326 304 292 Minority interest expense 16 41 38 7 Equity in net income (loss) of affiliates 2 1 1 1 Other income (expense), net 20 33 10 1 Income (loss) before income tax provision (218) 171 326 252 Provision (benefit) for income taxes 22 24 104 48 Net income (loss) $(240) $147 $222 $204 Cingular Wireless LLC Income Statement - amounts in millions (unaudited) 3/31 6/30 2006 2006 Operating revenues: Service revenues $8,005 $8,295 Equipment sales 975 923 Total operating revenues 8,980 9,218 Operating expenses: Cost of services 2,320 2,497 Cost of equipment sales 1,327 1,349 Selling, general and administrative 2,846 2,757 Depreciation and amortization 1,680 1,598 Total operating expenses 8,173 8,201 Operating income (loss) 807 1,017 Interest expense 297 298 Minority interest expense 41 43 Equity in net income (loss) of affiliates - - Other income (expense), net 9 6 Income (loss) before income tax provision 478 682 Provision (benefit) for income taxes 124 142 Net income (loss) $354 $540.
Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s.
Full Year 3/31 6/30 9/30 12/31 2003 2004 2004 2004 2004 OIBDA(1) $4,343 $1,103 $1,236 $1,033 $1,233 OIBDA margin(2) 30.5% 30.8% 32.2% 26.7% 19.5% Integration, AT&T Wireless Intangibles Amortization and Hurricane Costs $- $- $- $43 $643 OIBDA - normalized $4,343 $1,103 $1,236 $1,076 $1,478 OIBDA margin - normalized 30.5% 30.8% 32.2% 27.8% 23.4% Total Cellular/PCS Customers(3) 24,027 24,618 25,044 25,672 49,132 Net Customer Additions - Cellular/PCS 2,116 554 428 657 1,699 M&A Activity, Partitioned Customers and/or Other Adjs. (14) 37 (2) (29) 21,761 Churn - Cellular/PCS(4) 2.7% 2.7% 2.7% 2.8% 2.6% ARPU - Cellular/PCS(5) $51.67 $48.30 $50.75 $50.25 $49.51 Minutes Of Use Per Cellular/PCS Subscriber(6) 446 527 568 598 617 Licensed POPs - Cellular/PCS(7) 236 240 243 243 291 Penetration - Cellular/PCS(8) 10.8% 10.9% 11.1% 11.4% 17.2% Total Cingular Interactive Customers 789 768 735 653 NA Net Customer Additions - Cingular Interactive (28) (21) (33) (82) NA Capital Expenditures $2,734 $334 $783 $634 $1,698.
Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s.
3/31 6/30 9/30 12/31 2005 2005 2005 2005 OIBDA(1) $1,789 $2,133 $2,198 $2,279 OIBDA margin(2) 24.1% 27.6% 28.5% 29.3% Integration, AT&T Wireless Intangibles Amortization and Hurricane Costs $596 $649 $733 $727 OIBDA - normalized $1,894 $2,228 $2,443 $2,409 OIBDA margin - normalized 25.5% 28.9% 31.6% 31.0% Total Cellular/PCS Customers(3) 50,350 51,442 52,292 54,144 Net Customer Additions - Cellular/PCS 1,367 952 867 1,820 M&A Activity, Partitioned Customers and/or Other Adjs. (149) 140 (17) 32 Churn - Cellular/PCS(4) 2.2% 2.2% 2.3% 2.1% ARPU - Cellular/PCS(5) $49.60 $50.51 $49.65 $48.86 Minutes Of Use Per Cellular/PCS Subscriber(6) 628 692 698 700 Licensed POPs - Cellular/PCS(7) 293 294 294 294 Penetration - Cellular/PCS(8) 17.7% 18.0% 18.3% 18.9% Total Cingular Interactive Customers NA NA NA NA Net Customer Additions - Cingular Interactive NA NA NA NA Capital Expenditures $971 $2,188 $1,346 $2,970.
Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s.
3/31 6/30 2006 2006 OIBDA(1) $2,487 $2,615 OIBDA margin(2) 31.1% 31.5% Integration, AT&T Wireless Intangibles Amortization and Hurricane Costs $593 $499 OIBDA - normalized $2,551 $2,701 OIBDA margin - normalized 31.9% 32.6% Total Cellular/PCS Customers(3) 55,810 57,308 Net Customer Additions - Cellular/PCS 1,679 1,498 M&A Activity, Partitioned Customers and/or Other Adjs. (13) - Churn - Cellular/PCS(4) 1.9% 1.7% ARPU - Cellular/PCS(5) $48.48 $48.84 Minutes Of Use Per Cellular/PCS Subscriber(6) 698 741 Licensed POPs - Cellular/PCS(7) 296 296 Penetration - Cellular/PCS(8) 19.8% 20.0% Total Cingular Interactive Customers NA NA Net Customer Additions - Cingular Interactive NA NA Capital Expenditures $1,441 $1,582.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures - amounts in millions (unaudited)
Full Year 3/31 6/30 9/30 12/31 2003 2004 2004 2004 2004 Net income (loss) $977 $215 $339 $142 $(495) Plus: Interest expense 856 198 199 200 303 Plus: Minority interest expense 101 27 41 20 (2) Plus: Equity in net loss of affiliates 333 108 95 98 114 Plus: Other, net (41) (4) (1) - (11) Plus: Provision (benefit) for income taxes 28 6 (2) - (62) Operating income (loss) 2,254 550 671 460 (153) Plus: Depreciation and amortization 2,089 553 565 573 1,386 OIBDA(1) $4,343 $1,103 $1,236 $1,033 $1,233 Plus: Integration costs (excluding depreciation and amortization) - - - 43 245 Plus: Hurricane costs (excluding depreciation and amortization) - - - - - OIBDA - normalized(1) $4,343 $1,103 $1,236 $1,076 $1,478 Service revenues 14,317 3,583 3,833 3,873 6,313 Less: Mobitex data revenues 220 58 59 54 36 Service revenues used to calculate ARPU $14,097 $3,525 $3,774 $3,819 $6,277.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures - amounts in millions (unaudited)
3/31 6/30 9/30 12/31 2005 2005 2005 2005 Net income (loss) $(240) $147 $222 $204 Plus: Interest expense 338 326 304 292 Plus: Minority interest expense 16 41 38 7 Plus: Equity in net loss of affiliates (2) (1) (1) (1) Plus: Other, net (20) (33) (10) (1) Plus: Provision (benefit) for income taxes 22 24 104 48 Operating income (loss) 114 504 657 549 Plus: Depreciation and amortization 1,675 1,629 1,541 1,730 OIBDA(1) $1,789 $2,133 $2,198 $2,279 Plus: Integration costs (excluding depreciation and amortization) 105 95 149 110 Plus: Hurricane costs (excluding depreciation and amortization) - - 96 20 OIBDA - normalized(1) $1,894 $2,228 $2,443 $2,409 Service revenues 7,419 7,719 7,721 7,779 Less: Mobitex data revenues 18 20 18 17 Service revenues used to calculate ARPU $7,401 $7,699 $7,703 $7,762.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures - amounts in millions (unaudited)
3/31 6/30 2006 2006 Net income (loss) $354 $540 Plus: Interest expense 297 298 Plus: Minority interest expense 41 43 Plus: Equity in net loss of affiliates - - Plus: Other, net (9) (6) Plus: Provision (benefit) for income taxes 124 142 Operating income (loss) 807 1,017 Plus: Depreciation and amortization 1,680 1,598 OIBDA(1) $2,487 $2,615 Plus: Integration costs (excluding depreciation and amortization) 64 86 Plus: Hurricane costs (excluding depreciation and amortization) - - OIBDA - normalized(1) $2,551 $2,701 Service revenues 8,005 8,295 Less: Mobitex data revenues 14 11 Service revenues used to calculate ARPU $7,991 $8,284.
In 2003, to be consistent with industry practices, historical consolidated statements of income for all periods presented were reclassified to reflect billings to our customers for the Universal Service Fund (USF) and other regulatory fees as operating revenues and the costs related to payments into the associated regulatory funds as operating expenses. Similar reclassifications have also been made to 2003 and 2004 historical results for certain gross receipts taxes and other fees which are billed to our customers. Operating income and net income for all periods were unaffected.
(1) OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from operating income (loss), as calculated in accordance with GAAP, in that it excludes depreciation and amortization. It differs from net income (loss), as calculated in accordance with GAAP, in that it excludes, as presented on our Consolidated Statement of Income: (1) depreciation and amortization, (2) interest expense, (3) minority interest expense, (4) equity in net income (loss) of affiliates, (5) other, net, and (6) provision (benefit) for income taxes. OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. OIBDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with generally accepted accounting principles. Our calculation of OIBDA, as presented, may differ from similarly titled measures reported by other companies. (2) OIBDA margin is defined as OIBDA divided by service revenues. (3) Cellular/PCS customers include customers served through reseller agreements. (4) Cellular/PCS churn is calculated by dividing the aggregate number of cellular/PCS customers who cancel service during each month in a period by the total number of cellular/PCS customers at the beginning of each month in that period. (5) ARPU is defined as cellular/PCS service revenues during the period divided by average cellular/PCS customers during the period. (6) Prior to 1Q05, the numerator includes Local Minutes of Use. (7) Licensed POPs refers to the number of people residing in areas where we and our partners have licenses to provide cellular or PCS service, including areas where we have not yet commenced service. Licensed POPs have been restated in periods 4Q04 through 2Q05 due to a reconciliation of respective licenses. (8) Penetration calculation for 2Q06 is based on licensed "operational" POP's of 286 million.
Cingular Wireless LLC Income Statement, Normalized - amounts in millions (unaudited)
The normalized financial data presented below exclude the impact of: 1) integration costs that are cash outlays, or specified non-cash charges, directly related to the acquisition of AT&T Wireless; 2) amortization of intangibles associated with the AT&T Wireless acquisition; and 3) costs related to impact of Hurricanes Katrina and Rita in the third and fourth quarters of 2005.
Integration costs would not have been incurred if not for the acquisition, as they support the utilization and/or disposal of the acquired assets. Integration costs are separately identifiable from business as usual outlays. Costs recognized in connection with certain rationalization plans approved by management have also been included beginning in the second quarter of 2005.
Examples of merger integration costs impacting expenses include (but are not limited to) the following:
* Network rationalization (write-offs and accelerated depreciation related to certain "overlap" network assets) * Sales distribution optimization (lease terminations, leasehold improvement write-offs/accelerated depreciation) * Workforce rationalization (severance, relocation, retention) * IT System/Application rationalization (system/platform consolidation, contract termination fees, third party support) * Real Estate space rationalization (lease terminations, leasehold improvements write-offs and accelerated depreciation, contract termination fees) Normalized 12/31 3/31 6/30 9/30 12/31 2004 2005 2005 2005 2005 Operating revenues: Service revenues $6,313 $7,419 $7,719 $7,721 $7,779 Equipment sales 806 810 890 1,025 1,070 Total operating revenues 7,119 8,229 8,609 8,746 8,849 Operating expenses: Cost of services 1,685 2,141 2,274 2,285 2,326 Cost of equipment sales 1,244 1,295 1,230 1,203 1,341 Selling, general and administrative 2,712 2,899 2,877 2,815 2,773 Depreciation and amortization 988 1,184 1,075 1,053 1,133 Total operating expenses 6,629 7,519 7,456 7,356 7,573 Operating income 490 710 1,153 1,390 1,276 Interest expense 303 338 326 304 292 Minority interest expense (2) 16 41 38 7 Equity in net income (loss) of affiliates (114) 2 1 1 1 Other income (expense), net 11 20 33 10 1 Income before income tax provision 86 378 820 1,059 979 Provision for income taxes 39 120 131 224 168 Net income $47 $258 $689 $835 $811 Normalized 3/31 6/30 2006 2006 Operating revenues: Service revenues $8,005 $8,295 Equipment sales 975 923 Total operating revenues 8,980 9,218 Operating expenses: Cost of services 2,302 2,430 Cost of equipment sales 1,327 1,349 Selling, general and administrative 2,800 2,738 Depreciation and amortization 1,151 1,185 Total operating expenses 7,580 7,702 Operating income 1,400 1,516 Interest expense 297 298 Minority interest expense 41 43 Equity in net income (loss) of affiliates - - Other income (expense), net 9 6 Income before income tax provision 1,071 1,181 Provision for income taxes 222 225 Net income $849 $956.
Selected Financial and Operating Data for Cingular Wireless - amounts in millions, except customer data in 000s.
Normalized 12/31 3/31 6/30 9/30 12/31 2004 2005 2005 2005 2005 OIBDA(1) (in millions) $1,478 $1,894 $2,228 $2,443 $2,409 OIBDA margin(2) 23.4% 25.5% 28.9% 31.6% 31.0% Total Cellular/PCS Customers(3) (000's) 49,132 50,350 51,442 52,292 54,144 Net Customer Additions - Cellular/PCS (000's) 1,699 1,367 952 867 1,820 M&A Activity, Partitioned Customers and/or Other Adjs. (000's) 21,761 (149) 140 (17) 32 Churn - Cellular/PCS(4) 2.6% 2.2% 2.2% 2.3% 2.1% ARPU - Cellular/PCS(5) $49.51 $49.60 $50.51 $49.65 $48.86 Normalized 3/31 6/30 2006 2006 OIBDA(1) (in millions) $2,551 $2,701 OIBDA margin(2) 31.9% 32.6% Total Cellular/PCS Customers(3) (000's) 55,810 57,308 Net Customer Additions - Cellular/PCS (000's) 1,679 1,498 M&A Activity, Partitioned Customers and/or Other Adjs. (000's) (13) - Churn - Cellular/PCS(4) 1.9% 1.7% ARPU - Cellular/PCS(5) $48.48 $48.84.
Reconciliations of Normalized Financial Measures to Normalized OIBDA and Service Revenues - amounts in millions (unaudited)
Normalized 12/31 3/31 6/30 9/30 12/31 2004 2005 2005 2005 2005 Net income $47 $258 $689 $835 $811 Plus: Interest expense 303 338 326 304 292 Plus: Minority interest expense (2) 16 41 38 7 Plus: Equity in net (income) loss of affiliates 114 (2) (1) (1) (1) Plus: Other, net (11) (20) (33) (10) (1) Plus: Provision for income taxes 39 120 131 224 168 Operating income 490 710 1,153 1,390 1,276 Plus: Depreciation and amortization 988 1,184 1,075 1,053 1,133 OIBDA(1) $1,478 $1,894 $2,228 $2,443 $2,409 Service revenues 6,313 7,419 7,719 7,721 7,779 Less: Mobitex data revenues 36 18 20 18 17 Service revenues used to calculate ARPU $6,277 $7,401 $7,699 $7,703 $7,762 Normalized 3/31 6/30 2006 2006 Net income $849 $956 Plus: Interest expense 297 298 Plus: Minority interest expense 41 43 Plus: Equity in net (income) loss of affiliates - - Plus: Other, net (9) (6) Plus: Provision for income taxes 222 225 Operating income 1,400 1,516 Plus: Depreciation and amortization 1,151 1,185 OIBDA(1) $2,551 $2,701 Service revenues 8,005 8,295 Less: Mobitex data revenues 14 11 Service revenues used to calculate ARPU $7,991 $8,284 Notes: (1) OIBDA is defined as operating income (loss) before depreciation and amortization. OIBDA differs from operating income (loss), as calculated in accordance with GAAP, in it excludes depreciation and amortization. It differs from net income (loss), as calculated in accordance with GAAP, in that it excludes, as presented on our Consolidated Statement of Income: (1) depreciation and amortization, (2) interest expense, (3) minority interest expense, (4) equity in net income (loss) of affiliates, (5) other, net, and (6) provision (benefit) for income taxes. OIBDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. OIBDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with generally accepted accounting principles. Our calculation of OIBDA, as presented, may differ from similarly titled measures reported by other companies. (2) OIBDA margin is defined as OIBDA divided by service revenues. (3) Cellular/PCS customers include customers served through reseller agreements. (4) Cellular/PCS customer churn is calculated by dividing the aggregate number of cellular/PCS customers who cancel service during each month in a period by the total number of cellular/PCS customers at the beginning of each month in that period. (5) ARPU is defined as cellular/PCS service revenues during the period divided by average cellular/PCS customers during the period. Cingular Wireless LLC Income Statement, Prior Quarter Normalized Reconciliations - amounts in millions (unaudited) Three months ended Three months ended 09/30/04 12/31/04 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $3,873 $- $3,873 $6,313 $- $6,313 Equipment sales 419 - 419 806 - 806 Total operating revenues 4,292 - 4,292 7,119 - 7,119 Operating expenses: Cost of services 1,107 (1) 1,106 1,692 (7) 1,685 Cost of equipment sales 585 - 585 1,247 (3) 1,244 Selling, general and administrative 1,567 (42) 1,525 2,947 (235) 2,712 Depreciation and amortization 573 - 573 1,386 (398) 988 Total operating expenses 3,832 (43) 3,789 7,272 (643) 6,629 Operating income 460 43 503 (153) 643 490 Interest expense 200 - 200 303 - 303 Minority interest expense 20 - 20 (2) - (2) Equity in net income (loss) of affiliates (98) - (98) (114) - (114) Other income (expense), net - - - 11 - 11 Income (loss) before income tax provision 142 43 185 (557) 643 86 Provision (benefit) for income taxes - - - (62) 101 39 Net income (loss) $142 $43 $185 $(495) $542 $47 Nine months ended Twelve months ended 09/30/04 12/31/04 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $11,289 $- $11,289 $17,602 $- $17,602 Equipment sales 1,157 - 1,157 1,963 - 1,963 Total operating revenues 12,446 - 12,446 19,565 - 19,565 Operating expenses: Cost of services 3,045 (1) 3,044 4,737 (8) 4,729 Cost of equipment sales 1,627 - 1,627 2,874 (3) 2,871 Selling, general and administrative 4,402 (42) 4,360 7,349 (277) 7,072 Depreciation and amortization 1,691 - 1,691 3,077 (398) 2,679 Total operating expenses 10,765 (43) 10,722 18,037 (686) 17,351 Operating income 1,681 43 1,724 1,528 686 2,214 Interest expense 597 - 597 900 - 900 Minority interest expense 88 - 88 86 - 86 Equity in net income (loss) of affiliates (301) - (301) (415) - (415) Other income (expense), net 5 - 5 16 - 16 Income (loss) before income tax provision 700 43 743 143 686 829 Provision (benefit) for income taxes 4 - 4 (58) 101 43 Net income (loss) $696 $43 $739 $201 $585 $786 Cingular Wireless LLC Income Statement, Prior Quarter Normalized Reconciliations - amounts in millions (unaudited) Three months ended Three months ended 3/31/05 6/30/05 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $7,419 $- $7,419 $7,719 $- $7,719 Equipment sales 810 - 810 890 - 890 Total operating revenues 8,229 - 8,229 8,609 - 8,609 Operating expenses: Cost of services 2,144 (3) 2,141 2,293 (19) 2,274 Cost of equipment sales 1,295 - 1,295 1,230 - 1,230 Selling, general and administrative 3,001 (102) 2,899 2,953 (76) 2,877 Depreciation and amortization 1,675 (491) 1,184 1,629 (554) 1,075 Total operating expenses 8,115 (596) 7,519 8,105 (649) 7,456 Operating income 114 596 710 504 649 1,153 Interest expense 338 - 338 326 - 326 Minority interest expense 16 - 16 41 - 41 Equity in net income (loss) of affiliates 2 - 2 1 - 1 Other income (expense), net 20 - 20 33 - 33 Income (loss) before income tax provision (218) 596 378 171 649 820 Provision (benefit) for income taxes 22 98 120 24 107 131 Net income (loss) $(240) $498 $258 $147 $542 $689 Three months ended Six months ended 3/31/05 6/30/05 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $7,419 $- $7,419 $15,138 $- $15,138 Equipment sales 810 - 810 1,700 - 1,700 Total operating revenues 8,229 - 8,229 16,838 - 16,838 Operating expenses: Cost of services 2,144 (3) 2,141 4,437 (22) 4,415 Cost of equipment sales 1,295 - 1,295 2,525 - 2,525 Selling, general and administrative 3,001 (102) 2,899 5,954 (178) 5,776 Depreciation and amortization 1,675 (491) 1,184 3,304 (1,045) 2,259 Total operating expenses 8,115 (596) 7,519 16,220 (1,245) 14,975 Operating income 114 596 710 618 1,245 1,863 Interest expense 338 - 338 664 - 664 Minority interest expense 16 - 16 57 - 57 Equity in net income (loss) of affiliates 2 - 2 3 - 3 Other income (expense), net 20 - 20 53 - 53 Income (loss) before income tax provision (218) 596 378 (47) 1,245 1,198 Provision (benefit) for income taxes 22 98 120 46 205 251 Net income (loss) $(240) $498 $258 $(93) $1,040 $947 Cingular Wireless LLC Income Statement, Prior Quarter Normalized Reconciliations - amounts in millions (unaudited) Three months ended Three months ended 9/30/05 12/31/05 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $7,721 $- $7,721 $7,779 $- $7,779 Equipment sales 1,025 - 1,025 1,070 - 1,070 Total operating revenues 8,746 - 8,746 8,849 - 8,849 Operating expenses: Cost of services 2,464 (179) 2,285 2,417 (91) 2,326 Cost of equipment sales 1,203 - 1,203 1,341 - 1,341 Selling, general and administrative 2,881 (66) 2,815 2,812 (39) 2,773 Depreciation and amortization 1,541 (488) 1,053 1,730 (597) 1,133 Total operating expenses 8,089 (733) 7,356 8,300 (727) 7,573 Operating income 657 733 1,390 549 727 1,276 Interest expense 304 - 304 292 - 292 Minority interest expense 38 - 38 7 - 7 Equity in net income (loss) of affiliates 1 - 1 1 - 1 Other income (expense), net 10 - 10 1 - 1 Income (loss) before income tax provision 326 733 1,059 252 727 979 Provision (benefit) for income taxes 104 120 224 48 120 168 Net income (loss) $222 $613 $835 $204 $607 $811 Nine months ended Twelve months ended 9/30/05 12/31/05 Normal - Normal - ized Normal - ized Normal - GAAP Expen - ized GAAP Expen - ized Results ses Results Results ses Results Operating revenues: Service revenues $22,859 $- $22,859 $30,638 $- $30,638 Equipment sales 2,725 - 2,725 3,795 - 3,795 Total operating revenues 25,584 - 25,584 34,433 - 34,433 Operating expenses: Cost of services 6,901 (201) 6,700 9,318 (292) 9,026 Cost of equipment sales 3,728 - 3,728 5,069 - 5,069 Selling, general and administrative 8,835 (244) 8,591 11,647 (283) 11,364 Depreciation and amortization 4,845 (1,533) 3,312 6,575 (2,130) 4,445 Total operating expenses 24,309 (1,978) 22,331 32,609 (2,705) 29,904 Operating income 1,275 1,978 3,253 1,824 2,705 4,529 Interest expense 968 - 968 1,260 - 1,260 Minority interest expense 95 - 95 102 - 102 Equity in net income (loss) of affiliates 4 - 4 5 - 5 Other income (expense), net 63 - 63 64 - 64 Income (loss) before income tax provision 279 1,978 2,257 531 2,705 3,236 Provision (benefit) for income taxes 150 325 475 198 445 643 Net income (loss) $129 $1,653 $1,782 $333 $2,260 $2,593 Cingular Wireless LLC Income Statement, Prior Quarter Normalized Reconciliations - amounts in millions (unaudited) Three months ended 3/31/06 GAAP Normalized Normalized Results Expenses Results Operating revenues: Service revenues $8,005 $- $8,005 Equipment sales 975 - 975 Total operating revenues 8,980 - 8,980 Operating expenses: Cost of services 2,320 (18) 2,302 Cost of equipment sales 1,327 - 1,327 Selling, general and administrative 2,846 (46) 2,800 Depreciation and amortization 1,680 (529) 1,151 Total operating expenses 8,173 (593) 7,580 Operating income 807 593 1,400 Interest expense 297 - 297 Minority interest expense 41 - 41 Equity in net income (loss) of affiliates - - - Other income (expense), net 9 - 9 Income (loss) before income tax provision 478 593 1,071 Provision (benefit) for income taxes 124 98 222 Net income (loss) $354 $495 $849 Three months ended 3/31/06 GAAP Normalized Normalized Results Expenses Results Operating revenues: Service revenues $8,005 $- $8,005 Equipment sales 975 - 975 Total operating revenues 8,980 - 8,980 Operating expenses: Cost of services 2,320 (18) 2,302 Cost of equipment sales 1,327 - 1,327 Selling, general and administrative 2,846 (46) 2,800 Depreciation and amortization 1,680 (529) 1,151 Total operating expenses 8,173 (593) 7,580 Operating income 807 593 1,400 Interest expense 297 - 297 Minority interest expense 41 - 41 Equity in net income (loss) of affiliates - - - Other income (expense), net 9 - 9 Income (loss) before income tax provision 478 593 1,071 Provision (benefit) for income taxes 124 98 222 Net income (loss) $354 $495 $849 No integration costs were incurred prior to the third quarter of 2004.
Quarterly amortization expense (in millions) associated with intangible assets recorded for the AT&T Wireless acquisition is as follows: $398 in 4Q04, $491 in 1Q05, $445 in 2Q05, $396 in 3Q05, $381 in 4Q05, $359 in 1Q06.
CONTACT: Media, Mark Siegel, +1-404-236-6312, or Clay Owen,
+1-404-236-6153, or Investors, Kent Evans, +1-404-236-6203, or Tim Murphy,
+1-404-236-6532, all of Cingular Wireless.
Web site: cingular/
NEW YORK, July 20 /PRNewswire-FirstCall/ -- WebMD Health Corp. , the leading provider of online health information services to consumers and physicians, today announced that it has entered into a definitive agreement to acquire the interactive medical education, promotion and physician recruitment businesses of Medsite, Inc. (medsite/). The purchase price is $41 million in cash. This acquisition is expected to close during the September 2006 quarter.
As a leader in direct to physician eDetailing services, Medsite offers a full suite of innovative programs, including a comprehensive physician relationship management platform. Medsite's market-leading e-detailing services offer clients an end-to-end solution that includes program development, targeted recruitment and online distribution and delivery. Medsite leverages its proprietary database of over 400,000 physicians across every major specialty for online recruitment and participation into its programs. Medsite works with over 60 large pharmaceutical, medical device and healthcare companies in support of their physician-directed marketing efforts.
"This acquisition will enable WebMD to provide its pharmaceutical and biotechnology customers with an expanded set of online solutions to increase sales and marketing efficiencies, and complement their direct physician detailing efforts," said Wayne Gattinella, CEO, WebMD. "We are excited about the highly effective and efficient model that the Medsite executive team has developed and about the synergies between our two organizations."
"We are pleased to be joining WebMD and believe that our collective assets will allow us to reach the largest number of physicians across all major specialties to better serve our clients with an unparalleled set of products and services," said Sundeep Bhan, co-founder and CEO of Medsite.
Medsite revenues were approximately $13.4 million with a net loss of $1.9 million for 2005. The Company expects to realize the full benefits of the acquisition after the integration of sales, technology and operations infrastructure is completed in the latter part of 2006. The Company believes that the Medsite acquisition will not have a meaningful impact on earnings before interest, taxes, depreciation, amortization and other non-cash charges for 2006. The Company will provide updated financial guidance when it releases its second quarter financial results on August 3, 2006.
WebMD Health Corp. is a leading provider of health information services to consumers, physicians, healthcare professionals, employers and health plans through our public and private online portals and health-focused publications. WebMD Health Corp. is a subsidiary of Emdeon Corporation .
The WebMD Health Network reaches nearly 30 million visitors a month through its leading owned and operated health sites that include WebMD Health, Medscape, MedicineNet, eMedicine, eMedicine Health, RxList and theheart.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: the amount and timing of the benefits expected from the transactions referred to in this press release; future deployment of applications; and other potential sources of additional revenue. These statements are based on WebMD's current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of WebMD's products and services; WebMD's ability to form and maintain mutually beneficial relationships with customers and strategic partners; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries. Further information about these matters can be found in WebMD's Securities and Exchange Commission filings. WebMD expressly disclaims any intent or obligation to update these forward-looking statements.
WebMD Health Corp.
CONTACT: Investors - Risa Fisher, +1-212-624-3817, rfisher@webmd;
Media - Jennifer Newman, +1-212-624-3912, jnewman@webmd.
Web site: medsite/
FREMONT, Calif., July 5 /PRNewswire-FirstCall/ -- Exar Corporation invites financial analysts, members of the media, and the general public to listen to its conference call discussing the Company's financial results for the first quarter fiscal 2007 on Thursday, July 20, 2006, at 1:30 p. m. بتوقيت شرق الولايات المتحدة.
Exar will issue a news release announcing the Company's first quarter financial results at approximately 8:00 a. m. EDT on July 20, 2006. To access the conference call, please dial 800-874-8975 by 1:20 p. m. EDT and use the conference ID number 2347021. A live webcast will also be available. To access the webcast, please go to Exar's Investors' Homepage at: exar/. A replay of the conference call will be available starting at 5:30 p. m. EDT the day of the call until 8:00 p. m. EDT July 27, 2006. To access the replay, please dial 800-642-1687 and use the conference ID number 2347021.
Exar Corporation, celebrating its 20th year on NASDAQ, designs, develops and markets high-performance, analog and mixed-signal silicon solutions for a variety of markets including networking, serial communications, clock and timing, and storage. Leveraging its industry-proven analog design expertise and system-level knowledge, Exar delivers to customers a wide array of technology solutions for their current as well as next generation products. The Company is based in Fremont, CA, had fiscal 2006 revenues of $67.0 million, and employs approximately 250 people worldwide. For more information about the Company visit: exar/.
CONTACT: Greg Kaufman, Marketing Communications of Exar Corporation,
Web site: exar/
FREMONT, Calif., July 20 /PRNewswire-FirstCall/ -- Exar Corporation (NasdaqGM: EXAR), a leading provider of high-performance, mixed-signal silicon solutions for the worldwide communications infrastructure, today reported fiscal 2007 first quarter operating results. Revenue for the quarter ended June 30, 2006 was $18.2 million, a 3.7% increase compared to the prior quarter and a 14.6% increase from $15.9 million for the same period last year. The first quarter fiscal 2007 operating loss was $0.6 million, as compared to operating income of $0.6 million for the prior quarter and operating loss of $0.8 million for the first quarter fiscal 2006. Net income for the quarter ended June 30, 2006 was $2.0 million, down sequentially from $2.9 million and up from $1.8 million in the same period last year. For the quarter ended June 30, 2006 EPS was $0.06 per diluted share, down from $0.08 per diluted share in the prior quarter and up from $0.04 per diluted share in the first quarter fiscal 2006.
Gross margin for the first quarter of fiscal 2007 was 70.0% as compared to 70.2% in the prior quarter and 67.0% for the same period last year.
For the first quarter of fiscal 2007 net income includes stock-based compensation expense of $1.1 million as a result of the Company's adoption of Statement of Financial Accounting Standards No. 123 (revised 2004), Shared - Based Payments (SFAS 123R), during the quarter and a one-time charge of $0.7 million. Excluding these charges, the Non-GAAP income from operations was $1.1 million and EPS $0.09 per diluted share. The Company believes that this Non-GAAP information is important and valuable to stockholders to help them compare operating performance across reporting periods, however, this information is in no way a substitution for financial results defined under GAAP.
"As we begin our fiscal year we again delivered sequential revenue growth and saw encouraging booking growth across our focus markets," stated Dr. Roubik Gregorian, President and CEO. "Continued new product introduction is key to accelerating growth. Our recently introduced UART and RS-232 combination device targeting consumer and portable applications is generating solid customer interest, further strengthening our leadership position in the UART market," remarked Dr. Gregorian.
Continuing its focus on technology leadership, the Company unveiled two industry first products in Serial Communications, as well as further expanded its Clock and Timing solutions portfolio.
During the quarter, the Company launched two industry first serial communications solutions. First, a unique single-channel UART and RS-232 transceiver combination device family -- the XR19L2xx series -- that combines the functions from two ICs into a space saving package. These devices target the growing market demand of consumer and battery powered applications including laptops and portable devices; desktop PCs; and industrial peripheral interfaces. Second, Exar introduced a high performance dual UART product family with increased data rate up to 16Mbps. The XR16V2x5x series -- a family of nine products -- is the first in a new generation of feature rich devices supporting faster data rates required by telecommunications and Ethernet routers, cellular data devices, portable appliances and factory automation/process control. With these two new offerings, Exar has launched six industry-first serial communications products in the last 15 months.
Clock and Timing Solutions.
Further strengthening its clock and timing portfolio, the Company launched six new clock and timing solutions during the quarter consisting of a Zero Delay Buffer (ZDB) device family and a series of clock generator devices. Exar added two ZDB devices -- the XRK32308 and XRK32309 -- representing Exar's third ZDB family. These new ICs support a broad range of applications requiring high speed, low jitter clock distribution targeting data communication switch and routers, servers, set top boxes, plasma displays and others. In addition, the Company launched the XRK6977x products composed of four clock generator devices. This new family of Phase Lock Loop based low voltage CMOS clock generators includes the XRK69772, XRK69773, XRK69774 and XRK697H73.
Regulatory Compliance/Current Business Outlook.
The Company is subject to the Securities and Exchange Commission's requirements governing public company reporting obligations. The Company intends to provide its investors, financial analysts, and the general public with guidance each quarter in its earnings news release and its conference calls. The Company will not provide any further guidance or updates on its performance during the quarter unless it does so in a news release, such as this one, or in such other manner that is compliant with Regulation FD and Regulation G, as the case may be, and other applicable laws, rules and regulations.
The Company reports its financial results in accordance with GAAP. Additionally, the Company from time to time supplements reported GAAP financials with Non-GAAP measures which are included in related press releases and Reports filed with the SEC, copies of which are available at the Company's website: exar/ or the SEC at: sec. gov/. With respect to the quarter ended June 30, 2006, we are showing Non-GAAP consolidated statements of income, which are adjusted to exclude from our GAAP results all stock-based compensation expense and a one-time charge. This Non-GAAP presentation is given in part to enhance the understanding of the Company's historical financial performance and comparability between periods in light of a change in accounting standards particularly since the Company has not previously included stock-based compensation as an expense in its financial statements. In addition, there may still be other companies which have not yet adopted SFAS 123R. The Company believes that the Non-GAAP presentation to exclude stock-based compensation and other one-time charges is relevant and useful information that will be widely used by analysts, investors, and other interested parties in the semiconductor industry. Accordingly, the Company is disclosing this information to permit additional analysis of the Company's performance. The presentation of our Non-GAAP financial results is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our Non-GAAP measures may be different from Non-GAAP measures used by other companies.
The Company's statements about its future financial performance are based on current information and expectations and the Company undertakes no duty to update such statements. The statements are forward-looking and actual results could differ materially due to various risks and uncertainties, some of which are described below. For the second fiscal quarter 2007 ending September 30, 2006, the Company is forecasting revenue growth in line with the prior quarter.
Earnings Conference Call.
The Company invites investors, financial analysts, and the general public to listen to its conference call discussing the Company's financial results for the first quarter fiscal 2007, today, Thursday, July 20, at 1:30 p. m. بتوقيت شرق الولايات المتحدة. To access the conference call, please dial (800) 874-8975 by 1:20 p. m. بتوقيت شرق الولايات المتحدة. In addition, a live webcast will also be available. To access the webcast, please go to the Exar investors' homepage at: exar/. A replay of the call will be available starting at 5:30 p. m. EDT today until 8:00 p. m. EDT on July 27, 2006. To access the replay, please dial (800) 642-1687 and use conference ID number 2347021.
بيان الملاذ الآمن.
The Company's statements about its future financial performance, relationship with Alcatel, distribution and OEM trends, among others, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include global economic and industry conditions, such as the level of capital spending in the telecommunications and data communications markets; limited visibility associated with customer demand for network and transmission products; the possible loss of, or decrease in orders from, an important customer; adjustments in interest rates and cash balances; vendor capacity or throughout constraints; possible disruption in commercial activities as a consequence of terrorist activity, natural disasters, armed conflict or health issues; successful development, market acceptance and demand for the Company's products, including those for which the Company has achieved design wins; competitive factors, such as pricing or competing solutions; customer ordering patterns; accounting considerations related to option expensing; the level of inventories maintained at the Company's OEMs and distributors; and the Company's successful execution of internal performance plans, as well as the other risks detailed from time to time in the Company's SEC reports, including the Annual Report on Form 10-K for the year ended March 31, 2006.
Exar Corporation designs, develops and markets high-performance, analog and mixed-signal silicon solutions for a variety of markets including networking, serial communications, clock and timing, and storage. Leveraging its industry-proven analog design expertise and system-level knowledge, Exar delivers to customers a wide array of technology solutions for their current as well as next generation products. The Company is based in Fremont, CA, had fiscal 2006 revenues of $67.0 million, and employs approximately 250 people worldwide. For more information about the Company visit: exar/
EXAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) THREE MONTHS ENDED JUNE 30, MARCH 31, JUNE 30, 2006 2006 2005 Net sales $18,231 $17,574 $15,912 Cost of sales: Product cost of sales(a) 5,232 4,994 5,051 Amortization of purchased intangible assets 240 240 200 Total cost of sales 5,472 5,234 5,251 Gross profit 12,759 12,340 10,661 Operating expenses: Research and development(a) 6,614 6,259 6,232 Selling, general and administrative(a);(b) 6,734 5,475 5,186 Total operating expenses 13,348 11,734 11,418 Income (loss) from operations (589) 606 (757) Interest and other income, net 3,714 3,161 3,000 Income before income taxes 3,125 3,767 2,243 Provision for income taxes 1,121 904 493 Net income $2,004 $2,863 $1,750 Earnings per share: Basic earnings per share $0.06 $0.08 $0.04 Diluted earnings per share $0.06 $0.08 $0.04 Shares used in the computation of earnings per share: Basic 35,807 35,472 42,222 Diluted 36,257 35,639 42,687 (a) Results for the three months ended June 30, 2006 include stock-based compensation expense as follows (in thousands): Cost of sales $25 Research and development $326 Selling, general and administrative $715 (b) Included in selling, general and administrative expenses in the three months ended June 30, 2006 is $664,000 in connection with the Company's Chief Financial Officer separation agreement dated June 30, 2006. EXAR CORPORATION AND SUBSIDIARIES NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME EXCLUDING STOCK-BASED COMPENSATION EXPENSE AND ONE-TIME CHARGE (In thousands, except per share amounts) (Unaudited) THREE MONTHS ENDED JUNE 30, 2006 THREE MONTHS ENDED MARCH 31, JUNE 30, NON-GAAP 2006 2005 REPORTED ENTRIES NON-GAAP REPORTED REPORTED Net sales $18,231 $-- $18,231 $17,574 $15,912 Cost of sales: Product cost of sales 5,232 (25)(a) 5,207 4,994 5,051 Amortization of purchased intangible assets 240 -- 240 240 200 Total cost of sales 5,472 (25) 5,447 5,234 5,251 Gross profit 12,759 25 12,784 12,340 10,661 Operating expenses: Research and development 6,614 (326)(a) 6,288 6,259 6,232 Selling, general and administrative(d) 6,734 (1,379)(a);(b) 5,355 5,475 5,186 Total operating expenses 13,348 (1,705) 11,643 11,734 11,418 Income (loss) from operations (589) 1,730 1,141 606 (757) Interest and other income, net 3,714 -- 3,714 3,161 3,000 Income before income taxes 3,125 1,730 4,855 3,767 2,243 Provision for income taxes 1,121 603(c) 1,724 904 493 Net income $2,004 $1,128 $3,132 $2,863 $1,750 Earnings per share: Basic earnings per share $0.06 $0.09 $0.08 $0.04 Diluted earnings per share $0.06 $0.09 $0.08 $0.04 Shares used in the computation of earnings per share: Basic 35,807 35,807 35,472 42,222 Diluted 36,257 36,031(d) 35,639 42,687 (a) Stock-based compensation expense. (b) Includes $664,000 in connection with the Company's Chief Financial Officer separation agreement dated June 30, 2006. (c) Income tax expense of Non-GAAP entries. (d) Excludes 226,000 shares to adjust diluted outstanding shares calculated under SFAS 123R to conform to diluted outstanding shares calculated under prior accounting standards (APB 25). EXAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) JUNE 30, MARCH 31, 2006 2006 ASSETS Current assets: Cash, cash equivalents and marketable securities $336,865 $329,528 Accounts receivable, net 7,001 7,429 Inventories 5,777 5,531 Other current assets 8,326 7,178 Total current assets 357,969 349,666 Property, plant and equipment, net 27,127 27,770 Other long-term investments 3,207 2,828 Deferred income taxes, net 9,382 9,361 Goodwill and intangible assets, net 9,782 10,020 Other non-current assets 2,154 1,752 Total assets $409,621 $401,397 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $13,833 $13,770 Long-term obligations 209 222 Total liabilities 14,042 13,992 Total stockholders' equity 395,579 387,405 Total liabilities and stockholders' equity $409,621 $401,397.
CONTACT: Roubik Gregorian, President and CEO, or Thomas R. Melendrez,
Vice President, both of Exar Corporation, +1-510-668-7000.
Web site: exar/
PALO ALTO, Calif., July 20 /PRNewswire-FirstCall/ -- Hercules Technology Growth Capital, Inc. , a leading specialty finance company providing venture capital and private equity backed technology and life science companies with debt and equity growth capital, announced that on July 11, 2006 it provided $15.0 million of debt financing to Luminus Devices, Inc., a developer and manufacturer of innovative, high-power, solid state lighting solutions for high-definition televisions and other display products.
"Luminus Devices' PhlatLight(TM) (Photonic Lattice) technology delivers the well-known benefits of solid state lighting to high definition TVs, including microdisplay-based projection systems and large screen LCD TVs," said Roy Y. Liu, managing director of Hercules. "PhlatLight products deliver superior color and image quality with outstanding reliability and a long operating life, and are safer and more environmentally friendly than conventional light sources."
"The financing provided by Hercules will help us continue to expand our production capacity and meet rapidly growing demand for our product, while accelerating the development and commercialization of second and third generation products. All of this will greatly benefit our customers," said Udi Meirav, chief executive officer of Luminus Devices. "We are extremely pleased to have the financial backing of such a strong fund."
PhlatLight, whose name is derived from the underlying Photonic Lattice technology invented at MIT, is a suite of innovative technologies that enables high output solid-state light sources that have not been feasible before. The PhlatLight product family, manufactured by Luminus, provides the world's first single-chip solid state light source powerful enough to illuminate large screen high-definition TVs.
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology-related companies at all stages of development. The company primarily finances privately-held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules focuses its investments in companies active in technology and technology-related industries such as computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure, Internet consumer and business services, telecommunications, and life sciences. The company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder and Chicago areas. Providing capital to publicly traded or privately held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital.
For more information, please visit herculestech/ . Companies interested in learning more about financing opportunities should contact info@herculestech or call 650-289-3060.
About Luminus Devices, Inc.:
Luminus Devices, Inc., headquartered in Woburn, Massachusetts, develops and manufactures high performance solid state light emitting devices and systems. Its PhlatLight (Photonic Lattice) technology, developed by Luminus Devices based on research done at MIT, is the only solid state light source powerful enough to illuminate large screen projection televisions. With PhlatLight chipsets in commercial production, Luminus is leading the industry in designing and manufacturing this new light source for a variety of applications, including projection TVs, LCD TVs and other advanced, high-definition displays. Several leading television and consumer electronics vendors are currently including PhlatLight technology in their products. For more information, visit luminus/.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
AP Archive: photoarchive. ap/
PRN Photo Desk photodesk@prnewswire Hercules Technology Growth Capital, Inc.
CONTACT: Sally Borg of Hercules Technology Growth Capital, Inc.,
+1-650-289-3066, or sborg@herculestech, or Main, +1-650-289-3060, or.
Web site: luminus/
/Web site: herculestech/
MORRIS TOWNSHIP, N. J., July 20 /PRNewswire-FirstCall/ -- Honeywell today announced second-quarter 2006 sales of $7.9 billion, up 12% over the prior year, and earnings per share of $0.63 versus $0.36 last year. Earnings per share growth was 27%, after taking into account a tax charge for cash repatriation ($0.18) and income from discontinued operations ($0.03) in the second-quarter of 2005, and stock options expense ($0.02) in 2006. Cash flow from operations was $935 million and free cash flow (cash flow from operations less capital expenditures) was $786 million versus $410 million in the second quarter of 2005.
"We feel very good about the first half of 2006 and are confident about the remainder of the year," said Honeywell Chairman and CEO Dave Cote. "Our strong second-quarter results were driven by favorable organic growth, margin expansion and a significant increase in free cash flow. As part of our disciplined cash deployment philosophy, we repurchased 12 million shares of stock in the second quarter and have repurchased 20 million shares since the beginning of this year."
"As a result of this strong performance and our confidence in the second half of 2006, we have raised our full-year earnings guidance to $2.48 - $2.53 per share from the previous $2.40 - $2.50 per share," continued Cote.
"We believe that end market conditions will remain favorable and macro trends will support our long-term business growth," concluded Cote. "Honeywell's breadth of technologies, products and services, combined with great positions in good industries, will continue to drive our performance."
Second-Quarter Segment Highlights Aerospace * Sales were up 1% compared with the second quarter of 2005, with 1% growth in Commercial sales and 2% growth in Defense and Space sales. Commercial sales were positively impacted by 8% growth in original equipment sales and 4% growth in sales of aftermarket mechanical spares, and offset by lower FAA mandate sales and an unfavorable settlement under a customer maintenance service agreement. Defense sales were up 4% in the quarter but were offset by a 12% reduction in Space sales, due to delays in project funding. * Segment margins were 15.4%, unchanged from the second quarter of 2005, driven by volume growth and productivity savings, including the realization of the expected savings from the 2005 Aerospace reorganization, and offset by inflation, anticipated increases in engineering spending on commercial development programs and an unfavorable settlement under a customer maintenance service agreement. * Honeywell signed a strategic supplier arrangement for approximately $230 million with US Airways, comprising a comprehensive maintenance service agreement for auxiliary power units and mechanical components, as well as a supply agreement for their entire fleet of more than 350 mainline Boeing 737, 757, and 767, and Airbus A319/320/321 and A330 aircraft. * Honeywell introduced a new family of Synthetic Vision System safety products that provide 3-D, real-time, out-of-the-window representations of terrain and obstacles on aircraft primary displays. The first application of the synthetic vision system is expected in 2007 with Gulfstream. * Honeywell's Runway Awareness and Advisory System (RAAS) has been selected by Air France for up to 248 Airbus and Boeing aircraft in Air France's fleet. RAAS is a safety system designed to improve situational awareness during airport operations and to reduce runway incursions. Automation and Control Solutions * Sales were up 16% compared with the second quarter of 2005, driven by organic sales growth of 9% and the net impact of acquisitions and divestitures of 7%. * Segment margins were 10.4% compared with 10.1% a year ago, due to volume growth and productivity gains, partially offset by inflation, planned ERP implementation costs and the dilutive impact of acquisitions. * Building Solutions signed an $18.7 million energy savings performance contract with West Chester University of Pennsylvania. The project will service nearly 60 buildings and includes infrastructure upgrades, energy and water conservation measures, and utilizes Honeywell's optimized controls to manage energy use across the university's 388-acre campus. * Process Solutions will supply an integrated manufacturing control system to Genentech's plant in Vacaville, California, which is undergoing a major expansion. The control system is designed to support the plant's operational efficiency, provide electronic records of each batch of drugs produced, and help reduce operator errors. Genentech is a world leader in biologics manufacturing. * ACS continues to integrate the First Technology Gas Detection and Sensing businesses with Zellweger Analytics to form a leading gas sensing and detection business, Honeywell Analytics. In addition, during the quarter, Honeywell completed the sale of the non-core First Technology Safety & Analysis business to Hg Capital, and the acquisition of Gardiner Groupe Europe, a leading distributor of CCTV systems, fire alarm, intrusion alarm, access control, public address and integrated systems. Transportation Systems * Sales were unchanged from the second quarter of 2005, due to increased Turbo Technologies sales, offset by the impact of lower consumer spending on Consumer Products Group sales, as well as the 2005 exit of the Friction Materials OE business in North America. * Segment margins were 13.8% compared to 13.5% a year ago, due to productivity gains, which include savings from previous restructuring actions, partially offset by inflation. * Honeywell turbochargers helped the Audi R10 TDI make history by recording the first-ever turbodiesel-powered victory at the 24 Hours of Le Mans. * Honeywell was named a General Motors Supplier of the Year for its performance in providing world-class turbochargers, automotive sensors and engineering services. Honeywell supplies technologies for 14 different GM automotive platforms globally. Specialty Materials * Sales were up 58% compared with the second quarter of 2005, driven by the net impact of acquisitions and divestitures of 47% and organic sales growth of 11%. * Segment margins were 17.3% compared with 9.8% a year ago, due to the positive net impact of acquisitions and divestitures, volume growth and price increases, which more than offset higher raw material costs. * UOP LLC was selected by Polski Koncern Naftowy ORLEN SA, the largest oil company in Central Europe, to supply technology, basic engineering services, and equipment for an aromatics project in Poland. The project uses three UOP processes to produce paraxylene, a key ingredient in the production of polyester for fabric and polyethylene terephthalate chips for soft drink bottles. * Honeywell Enovate(R), a non-ozone-depleting blowing agent, will help restore the 9.7 acre permanent roof of the Louisiana Superdome in New Orleans. A rigid closed-cell insulating and waterproofing spray foam using Enovate will form the seamless, weather-resistant roof system.
Honeywell will discuss its results during its investor conference call today starting at 9:00 a. m. EDT. To participate, please dial (706) 643-7681 a few minutes before the 9:00 a. m. start. Please mention to the operator that you are dialing in for Honeywell's Investor Conference Call. The live webcast of the investor call will be available through the "Investor Relations" section of the company's Website (honeywell/investor). Investors can access a replay of the investor call starting at 12:00 p. m. EDT, July 20, until 5:00 p. m. EDT, July 27, by dialing (706) 645-9291. The access code is 2074631.
Honeywell International is a $30 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N. J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit honeywell/.
This release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near - and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
Contacts: Media Investor Relations Robert C. Ferris Nicholas Noviello (973) 455-3388 (973) 455-2222 rob. ferris@honeywell nicholas. noviello@honeywell Honeywell International Inc. Consolidated Statement of Operations (Unaudited) ------------------------------------------------ (In millions except per share amounts) Three Months Ended June 30, --------------------------- 2006 2005 --------------------------- Product sales $6,381 $5,632 Service sales 1,517 1,396 ----------- ----------- Net sales 7,898 7,028 ----------- ----------- Costs, expenses and other Cost of products sold 4,931 (A) 4,514 (C) Cost of services sold 1,096 (A) 989 (C) ----------- ----------- 6,027 (A) 5,503 (C) Selling, general and administrative expenses 1,086 935 (C) (Gain) loss on sale of non-strategic businesses (3)(B) 18 (D) Equity in (income) loss of affiliated companies (1) (29)(C) Other (income) expense (13) (3)(C) Interest and other financial charges 94 86 ----------- ----------- 7,190 6,510 ----------- ----------- Income from continuing operations before taxes 708 518 Tax expense 187 244 (E) ----------- ----------- Income from continuing operations 521 274 Income from discontinued operations, net of taxes - 28 ----------- ----------- Net income $521 $302 =========== =========== Earnings per share of common stock - basic: Income from continuing operations $0.63 $0.33 Income from discontinued operations - 0.03 ----------- ----------- Net income $0.63 $0.36 =========== =========== Earnings per share of common stock - assuming dilution: Income from continuing operations $0.63 $0.33 Income from discontinued operations - 0.03 Net income $0.63 $0.36 Weighted average number of shares outstanding - basic 825 855 =========== =========== Weighted average number of shares outstanding - assuming dilution 830 858 =========== =========== (A) Cost of products and services sold includes a provision of $115 million for environmental, litigation and net repositioning charges (after-tax $83 million, or $0.10 per share). (B) Represents the net pretax gain on the sales of two product lines in our Specialty Materials segment (after-tax $1 million, with no effect on earnings per share). (C) Cost of products and services sold, selling, general and administrative expenses, equity in (income) loss of affiliated companies and other (income) expense include provisions (credits) of $115, $(4), $2 and $10 million, respectively, for environmental, litigation, net repositioning and other charges. Total pretax charges were $123 million (after-tax $96 million, or $0.11 per share). (D) Represents the pretax loss related to the sale of our Industrial Wax business; partially offset by a pretax adjustment on the sale of our Performance Fibers business which was sold in 2004 (after-tax gain of $39 million, or $0.05 per share). The after-tax gain on the sale of our Industrial Wax business is due to the higher tax basis than book basis. (E) Includes a tax provision of $155 million, or $0.18 per share for the repatriation of foreign earnings related to the provisions of the American Jobs Creation Act of 2004. Honeywell International Inc. Consolidated Statement of Operations (Unaudited) ----------------------------------------------- (In millions except per share amounts) Six Months Ended June 30, --------------------------- 2006 2005 ----------- ----------- Product sales $12,187 $10,816 Service sales 2,952 2,661 ----------- ----------- Net sales 15,139 13,477 ----------- ----------- Costs, expenses and other Cost of products sold 9,497 (A) 8,680 (C) Cost of services sold 2,130 (A) 1,905 (C) ----------- ----------- 11,627 (A) 10,585 (C) Selling, general and administrative expenses 2,088 1,789 (C) (Gain) loss on sale of non-strategic businesses (3)(B) 10 (D) Equity in (income) loss of affiliated companies 1 (60)(C) Other (income) expense (40) (27)(C) Interest and other financial charges 183 177 ----------- ----------- 13,856 12,474 ----------- ----------- Income from continuing operations before taxes 1,283 1,003 Tax expense 331 371 (E) ----------- ----------- Income from continuing operations 952 632 Income from discontinued operations, net of taxes 5 28 ----------- ----------- Net income $957 $660 ----------- ----------- Earnings per share of common stock - basic: Income from continuing operations $1.15 $0.75 Income from discontinued operations 0.01 0.03 Net income $1.16 $0.78 =========== =========== Earnings per share of common stock - assuming dilution: Income from continuing operations $1.14 $0.75 Income from discontinued operations 0.01 0.03 ----------- ----------- Net income $1.15 $0.78 =========== =========== Weighted average number of shares outstanding - basic 827 854 =========== =========== Weighted average number of shares outstanding - assuming dilution 833 857 =========== =========== (A) Cost of products and services sold includes a provision of $245 million for environmental, litigation and net repositioning charges (after-tax $170 million, or $0.20 per share). (B) Represents the net pretax gain on the sales of two product lines in our Specialty Materials segment (after - tax $1 million, with no effect on earnings per share). (C) Cost of products and services sold, selling, general and administrative expenses, equity in (income) loss of affiliated companies and other (income) expense include provisions (credits) of $217, $(7), $2 and $10 million, respectively, for environmental, litigation, net repositioning and other charges. Total pretax charges were $222 million (after-tax $166 million, or $0.19 per share). (D) Represents the pretax loss related to the sale of our Industrial Wax business; partially offset by pretax adjustments related to the sales of our Security Monitoring and Performance Fibers businesses, which were sold in 2004, (after-tax gain of $44 million, or $0.05 per share). The after-tax gain on the sale of our Industrial Wax business is due to the higher tax basis than book basis. (E) Includes a tax provision of $155 million, or $0.18 per share for the repatriation of foreign earnings related to the provisions of the American Jobs Creation Act of 2004. Honeywell International Inc. Segment Data (Unaudited) ---------------------------- (Dollars in millions) Periods Ended June 30, --------------------------------- Net Sales Three Months Six Months ------------ ------------- 2006 2005 2006 2005 ------- ------- ------- ------- Aerospace $2,686 $2,651 $5,315 $5,151 Automation and Control Solutions 2,766 2,387 5,131 4,379 Specialty Materials 1,253 795 2,405 1,596 Transportation Systems 1,193 1,195 2,288 2,351 Corporate - - - - ------- ------- ------- ------- Total $7,898 $7,028 $15,139 $13,477 ======= ======= ======= ======= Periods Ended June 30, ---------------------- Segment Profit Three Months Six Months ------------ ------------- 2006 2005 2006 2005 ------- ------- ------- ------- Aerospace $413 $409 $853 $787 Automation and Control Solutions 287 242 508 443 Specialty Materials 217 78 379 137 Transportation Systems 165 161 307 316 Corporate (48) (44) (93) (88) ------- ------- ------- ------- Total Segment Profit 1,034 846 1,954 1,595 Gain (loss) on sale of non-strategic businesses 3 (18) 3 (10) Equity in income (loss) of affiliated companies 1 29 (1) 60 Other income 13 3 40 27 Interest and other financial charges (94) (86) (183) (177) Stock option expense (A) (16) - (41) - Pension and other postretirement expense (A) (118) (145) (244) (282) Repositioning and other charges (A) (115) (111) (245) (210) ------- ------- ------- ------- Income from continuing operations before taxes $708 $518 $1,283 $1,003 ======= ======= ======= ======= (A) Amounts included in cost of products and services sold and selling, general and administrative expenses. Honeywell International Inc. Consolidated Balance Sheet (Unaudited) -------------------------------------- (Dollars in millions) June 30, December 31, 2006 2005 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $1,424 $1,234 Accounts, notes and other receivables 5,426 5,017 Inventories 3,680 3,401 Deferred income taxes 1,151 1,243 Other current assets 465 542 Assets held for disposal 67 525 ----------- ----------- Total current assets 12,213 11,962 Investments and long-term receivables 311 370 Property, plant and equipment - net 4,679 4,658 Goodwill 8,277 7,660 Other intangible assets - net 1,331 1,173 Insurance recoveries for asbestos related liabilities 1,139 1,302 Deferred income taxes 819 730 Prepaid pension benefit cost 2,704 2,716 Other assets 1,031 1,062 ----------- ----------- Total assets $32,504 $31,633 =========== =========== LIABILITIES AND SHAREOWNERS' EQUITY Current liabilities: Accounts payable $3,086 $2,886 Short-term borrowings 97 275 Commercial paper 654 754 Current maturities of long-term debt 1,059 995 Accrued liabilities 5,307 5,359 Liabilities related to assets held for disposal 6 161 ----------- ----------- Total current liabilities 10,209 10,430 Long-term debt 3,911 3,082 Deferred income taxes 455 334 Postretirement benefit obligations other than pensions 1,774 1,786 Asbestos related liabilities 1,491 1,549 Other liabilities 3,686 3,690 Shareowners' equity 10,978 10,762 ----------- ----------- Total liabilities and shareowners' equity $32,504 $31,633 =========== =========== Honeywell International Inc. Consolidated Statement of Cash Flows (Unaudited) ------------------------------------------------- (Dollars in millions) Three Months Ended Six Months Ended June 30, June 30, ----------------- ---------------- 2006 2005 2006 2005 -------- -------- -------- -------- Cash flows from operating activities: Net income $521 $302 $957 $660 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 218 168 406 326 Repositioning and other charges 115 123 245 222 Severance and exit cost payments (36) (38) (98) (70) Environmental payments (62) (53) (103) (96) Proceeds from sale of insurance receivable - - 100 - Insurance receipts for asbestos related liabilities 73 90 108 99 Asbestos related liability payments (136) (188) (161) (280) Stock option expense 16 - 41 - Pension and other postretirement expense 118 145 244 282 Pension and other postretirement benefit payments (63) (48) (178) (90) Undistributed earnings of equity affiliates 4 (18) 6 (41) (Gain) loss on sale of non-strategic assets and businesses (3) 18 (19) 10 Deferred income taxes 70 58 126 61 Other 51 (54) 8 (50) Changes in assets and liabilities, net of the effects of acquisitions and divestitures: Accounts, notes and other receivables (96) (117) (243) (126) Inventories (25) 21 (208) (64) Other current assets 53 (25) 42 19 Accounts payable 68 8 78 (5) Accrued liabilities 49 177 (177) 41 -------- -------- -------- -------- Net cash provided by operating activities 935 569 1,174 898 -------- -------- -------- -------- Cash flows from investing activities: Expenditures for property, plant and equipment (149) (159) (271) (294) Proceeds from disposals of property, plant and equipment 7 24 44 25 Proceeds from investments - - - 285 Cash paid for acquisitions, net of cash acquired (552) (2,021) (608) (1,938) Proceeds from sales of businesses, net of fees paid 101 37 576 32 -------- -------- -------- -------- Net cash (used for) investing activities (593) (2,119) (259) (1,890) -------- -------- -------- -------- Cash flows from financing activities: Net (decrease)/increase in commercial paper 531 384 (106) 504 Net (decrease)/increase in short-term borrowings (30) 11 (210) 9 Payment of debt assumed with acquisitions (137) (702) (346) (702) Proceeds from issuance of common stock 65 22 239 89 Proceeds from issuance of long-term debt - - 1,239 - Payments of long-term debt (116) (133) (353) (143) Repurchases of common stock (503) - (828) - Cash dividends on common stock (187) (176) (376) (352) -------- -------- -------- -------- Net cash (used for) financing activities (377) (594) (741) (595) -------- -------- -------- -------- Effect of foreign exchange rate changes on cash and cash equivalents 17 (23) 16 (70) -------- -------- -------- -------- Net increase/(decrease) in cash and cash equivalents (18) (2,167) 190 (1,657) Cash and cash equivalents at beginning of period 1,442 4,096 1,234 3,586 -------- -------- -------- -------- Cash and cash equivalents at end of period $1,424 $1,929 $1,424 $1,929 ======== ======== ======== ======== Honeywell International Inc. Reconciliation of Cash Provided by Operating Activities to Free Cash -------------------------------------------------------------------- Flow (Unaudited) (Dollars in millions) Three Months Six Months Ended Ended June 30, June 30, ----------------- ----------------- 2006 2005 2006 2005 -------- -------- -------- -------- Cash provided by operating activities $935 $569 $1,174 $898 Expenditures for property, plant and equipment (149) (159) (271) (294) -------- -------- -------- -------- Free cash flow $786 $410 $903 $604 ======== ======== ======== ========
We define free cash flow as cash provided by operating activities, less cash expenditures for property, plant and equipment.
We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, and to pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.
CONTACT: Media - Robert C. Ferris, +1-973-455-3388,
rob. ferris@honeywell, or Investor Relations - Nicholas Noviello,
+1-973-455-2222, nicholas. noviello@honeywell, both of Honeywell.
Web site: honeywell/
PLANTATION, Fla., July 20 /PRNewswire-FirstCall/ -- TradeStation Group, Inc. (Nasdaq GS: TRAD) today reported record quarterly revenues of $32.5 million, record quarterly net income of $7.6 million, record earnings per share (diluted) of 17 cents, record daily average revenue trades (DARTs) of nearly 62,500, and record total brokerage accounts of nearly 28,700.
TradeStation Group's 2006 second quarter net income of $7.6 million, or 17 cents per share (diluted), was a 63% increase from 2005 second quarter net income of $4.7 million, or 11 cents per share (diluted). The company's 2006 second quarter income before income taxes was a record $12.6 million, a 68% increase from income before income taxes of $7.5 million for the 2005 second quarter.
TradeStation Group's 2006 second quarter net revenues of $32.5 million were a 39% increase over 2005 second quarter net revenues of $23.3 million. The company also increased its pre-tax margin year over year, to 39% in the 2006 second quarter, as compared to a 32% pre-tax margin in the 2005 second quarter. Pre-tax margin is determined by dividing the company's income before income taxes by its net revenues.
TradeStation Reports Record DARTs and Total Brokerage Accounts.
For the 2006 second quarter, TradeStation experienced the following year - over-year daily trading growth results with respect to equities, futures and forex accounts:
Q2 06 Q2 05 % Increase ----------------------------------- Daily Average Revenue Trades 62,461 41,086 52 %
"We attribute our growth in DARTs to the diversity of our service offering, consistent account growth, and the robustness of our high-end client base," said David Fleischman, the company's Chief Finanical Officer. The company also published today, in a separate announcement, its DARTs and Total Client Assets for the month of June 2006.
TradeStation added, net, 1,885 brokerage accounts during the 2006 second quarter, reaching a record 28,682 brokerage accounts as of June 30, 2006.
TradeStation's Average Client Trades 567 Times per Year and Has an Average Account Balance of $82,500 for Equities and $16,800 for Futures.
TradeStation's brokerage client account metrics are among the very best in the industry. TradeStation brokerage clients generated the following client account metrics in the 2006 second quarter:
Client Trading Activity ----------------------- Annualized average revenue per account $4,300 Annualized trades per account 567 Client Account Assets --------------------- Average assets per account $82,500 (Equities) Average assets per account $16,800 (Futures)
While, on an annualized basis during the 2006 second quarter, the average TradeStation account traded 567 times, or over 47 times per month, the average TD Ameritrade and E-Trade account traded about 11 to 13 times, or approximately one time per month. Also, TradeStation's average assets per equities account of $82,500 was approximately double the amount of the average assets per account of TD Ameritrade and E-Trade.
Company Provides Business Outlook for 2006 Third Quarter.
The company's third quarter Business Outlook estimated ranges are as follows:
THIRD QUARTER 2006 BUSINESS OUTLOOK (In Millions, Except Per Share Data) Third Quarter 2006 ---------------- REVENUES $31.0 to $33.0 INCOME BEFORE INCOME TAXES $11.0 to $12.0 EARNINGS PER SHARE (Diluted) $0.15 to $0.16.
The company also announced that its Earnings per Share (Diluted) Business Outlook for the 2006 year is now an estimated range of 61 to 66 cents.
The company's third quarter and year-end 2006 Business Outlook estimated ranges are based on numerous assumptions, including: basing the midpoints of the ranges, in part, on recent trading activity levels and market conditions, as well as trading activity levels and market conditions during the first six months of 2006; anticipated growth and trading activity of active trader equities and futures accounts; interest rates (and the extent to which they will or will not increase or decrease for the remainder of 2006); the cost of ongoing litigation and disputes and the amount of any judgments, awards, settlements or regulatory fines or sanctions; the impact of the company's May 1, 2006 increase in the monthly fee charged for subscription accounts offered by TradeStation Technologies; the effect of new accounting rules that require recording of compensation expenses with respect to stock-based awards granted to employees; the timing of expenses relating to company growth initiatives as compared to the timing of anticipated benefits from those initiatives (including the company's recent opening of a Chicago branch office for TradeStation Securities in the Sears Tower, and the company's planned UK operations); and numerous other assumptions concerning the company's business and industry, market conditions, and various decisions, acts or failures to act both within and outside of the company's control. All assumptions, expectations and beliefs relating to the Business Outlook are forward-looking in nature and actual results may differ materially from those estimated, including, but not limited to, as a result of, or as indicated by, the issues, uncertainties and risk factors set forth and referenced above and below.
At 11:00, a. m., Eastern Time, today, the senior management of TradeStation Group will conduct an analyst conference call to discuss the company's 2006 second quarter results and its third quarter 2006 Business Outlook. All company shareholders and the public are invited to listen. The telephone conference will be broadcast live via the Internet at tradestation/ . The live webcast will be accompanied by slides of graphs and charts. A rebroadcast of the call will be accessible for approximately 90 days.
حول مجموعة ترادستاتيون، Inc.
TradeStation Group, Inc. (Nasdaq GS: TRAD), through its principal operating subsidiary, TradeStation Securities, Inc., offers the TradeStation platform to the active trader and certain institutional trader markets. TradeStation is an electronic trading platform that offers state-of-the-art "direct market access" (DMA) or "direct-access" order execution and enables clients to design, test, optimize, monitor and automate their own custom Equities, Options, Futures and Forex trading strategies. In 2006, TradeStation was named, for the second year in a row, Best Futures Brokerage and, for the fourth year in a row, Best Direct-Access Stock Broker, Best Direct-Access Futures Broker, Best Professional Platform and Best Institutional Platform, in "Technical Analysis of Stocks and Commodities" magazine.
TradeStation Securities, Inc. (Member NASD, NYSE, SIPC, NSCC, DTC, OCC & NFA) is a licensed securities broker-dealer and a registered futures commission merchant, and also a member of the American Stock Exchange, Archipelago Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and Philadelphia Stock Exchange. The company's other operating subsidiary, TradeStation Technologies, Inc., develops and offers strategy trading software tools and subscription services.
Forward-Looking Statements - Issues, Uncertainties and Risk Factors.
This press release, including the third quarter and year-end 2006 Business Outlook estimated ranges contained in this press release, and today's earnings conference call, contain statements and estimates that are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this press release, or the conference call, the words "anticipate(s)," "anticipated," "anticipation," "assume(s)," "assumption(s)," "become(s)," "belief(s)," "believe(s)," "believed," "could," "designed," "estimate," "estimates," "estimated," "expect(s)," "expected," "expectation(s)," "going forward," "future," "hopeful," "hope(s)," "intend(s)," "intended," "look forward," "may," "might," "opportunity," "opportunities," "outlook(s)," "pending," "plan(s)," "planned," "potential," "scheduled," "shall," "should," "think(s)," "to be," "upcoming," "well-positioned," "will," "wish," "would," and similar expressions, if and to the extent used, are intended to identify forward-looking statements. All forward-looking statements are based largely on current expectations and beliefs concerning future events that are subject to substantial risks and uncertainties. Actual results may differ materially from the results herein suggested or suggested in the conference call. Factors that may cause or contribute to the various potential differences include, but are not limited to, the following:
* changes in the condition of the securities and financial markets, including, but not limited to, changes in the combined average share volume of the major exchanges and in market volatility;
* the company's ability (or lack thereof) to achieve significant net increases in DARTs, brokerage accounts and brokerage revenues sequentially or quarter over quarter (for example, TradeStation's DARTs decreased sequentially from second to third quarter 2004 and may decrease sequentially in subsequent periods as a result of negative market conditions or other factors);
* the timing, cost and success of marketing decisions and campaigns generally, and the entrance of new competitors or competitive products, services or product/service upgrades into the market;
* market pressure to continue to lower, substantially, pricing on brokerage and subscription services as a result of such services being provided at lower or minimal costs by brokerages, financial institutions and other financial companies to their customers, or for other market reasons;
* pending NASD inquiries concerning OATS reporting violations, violations of NASD Conduct Rule 3370 ("Prompt Receipt and Delivery of Securities") concerning certain customer short sale orders in 2004, and failure to transmit short sale position reports since the conversion to self-clearing operations, each of which could result in fines, sanctions and/or other negative consequences;
* adverse results in pending or possible future litigation against the company (including three pending lawsuits, all of which the company considers baseless, filed by the co-founders of onlinetrading, a brokerage acquired by the company in 2000, which together seek in the aggregate tens of millions of dollars in damages or rescissions of transactions that would create similar negative financial consequences for the company) that are significantly different than is currently estimated or expected (currently zero dollars are reserved for these pending claims);
* technical difficulties, errors and/or failures in the company's electronic and software products, services and systems relating to market data, order execution and trade processing and reporting, and other software or system errors and failures (there have been several market data and order execution outages in the past year, the causes of which the company has been working to correct, as well as failures to perform on the part of the brokerage firm's back-office system vendor, to whom the company has served notices concerning such failures);
* the company not maintaining a seamless, redundant back-up system to its order execution systems, which could materially intensify the negative consequences described in the previous risk factor;
* the effect of unanticipated increased infrastructure costs that may be incurred as the company grows its brokerage firm operations, adds accounts and introduces and expands existing and new product and service offerings, or acquires other businesses;
* unanticipated infrastructure, capital or other large expenses, and unforeseen or unexpected liabilities and claims, the company may face as it seeks to grow its U. S. active trader market share in equities and futures, its forex business (including the date by which TradeStation Securities is able to offer a seamlessly-integrated forex trading platform to customers and prospects and the success of that upgraded forex offering), and its institutional and non-US trader market business (as the company has no significant prior experience with forex, institutional and non-US trader marketing, sales or product development operations), including potential acquisition risks, costs and expenses (such as professional fees and, in the case of an acquisition, amortization expense) incurred in the event the company acquires other businesses;
* the amount of unexpected legal, consultation and professional fees;
* change or lack of change in the federal funds rate of interest that is different than what the company anticipates;
* the frequency and size of, and ability to collect, unsecured client account debits as a result of volatile market movements in concentrated positions held in client accounts or as a result of other high-risk positions or circumstances;
* the company's estimated earnings per share (diluted) being based on assumptions of a certain number of outstanding shares and an average stock price for particular time periods that turn out to be inaccurate (if the number of outstanding shares and/or the average stock price is actually higher than what has been assumed, there will be more dilution and the actual earnings per share would be lower);
* the general variability and unpredictability of operating results forecast on a quarterly basis; و.
* other items, events and unpredictable costs or revenue impact items or events that may occur, and other issues, risks and uncertainties indicated from time to time in the company's filings with the Securities and Exchange Commission, including, but not limited to, the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and other company SEC filings and company press releases.
Contact -- David H. Fleischman Chief Financial Officer TradeStation Group, Inc. 954-652-7000 TRADESTATION GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ----------------- 2006 2005 2006 2005 ---- ---- ---- ---- REVENUES: Brokerage commissions and fees $20,007,857 $16,502,478 $38,640,290 $32,341,397 Interest income 11,162,025 5,230,337 20,665,866 9,384,147 Brokerage interest expense 1,119,148 833,799 2,217,958 1,447,490 Net interest income 10,042,877 4,396,538 18,447,908 7,936,657 Subscription fees and other 2,400,085 2,446,318 4,747,300 4,908,274 Net revenues 32,450,819 23,345,334 61,835,498 45,186,328 EXPENSES: Employee compensation and benefits 7,230,492 5,682,421 14,197,263 11,272,439 Clearing and execution 6,856,437 5,054,788 12,684,120 9,885,212 Data centers and communications 1,618,377 1,474,693 3,149,180 3,049,015 Advertising 1,101,775 1,007,692 2,058,392 1,969,626 Professional services 678,148 655,442 1,436,708 1,707,576 Occupancy and equipment 633,532 603,159 1,255,694 1,204,527 Depreciation and amortization 564,982 460,435 1,047,593 894,638 Other 1,165,620 907,571 1,945,990 1,818,583 Total expenses 19,849,363 15,846,201 37,774,940 31,801,616 Income before income taxes 12,601,456 7,499,133 24,060,558 13,384,712 INCOME TAX PROVISION 4,957,880 2,822,008 9,465,111 4,929,008 Net income $ 7,643,576 $ 4,677,125 $14,595,447 $ 8,455,704 EARNINGS PER SHARE: Basic $ 0.17 $ 0.11 $ 0.33 $ 0.20 Diluted $ 0.17 $ 0.11 $ 0.32 $ 0.19 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 44,570,353 42,173,423 44,444,782 42,020,721 Diluted 45,916,057 43,789,156 45,919,485 43,565,197 TRADESTATION GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2006 2005 -------- ------------ (Unaudited) ASSETS: Cash and cash equivalents, including restricted cash of $1,672,497 at June 30, 2006 and December 31, 2005 * $ 81,236,499 $ 75,101,842 Cash segregated in compliance with federal regulations 410,085,036 426,061,999 Receivables from brokers, dealers, clearing organizations and clearing agents 22,316,138 36,033,229 Receivables from brokerage customers, net 78,889,844 58,132,743 Property and equipment, net 8,315,944 3,212,019 Deferred income taxes 1,944,384 2,150,218 Deposits with clearing organizations and clearing agents 13,207,854 11,243,184 Other assets 5,228,494 3,198,711 Total assets $621,224,193 $615,133,945 LIABILITIES AND SHAREHOLDERS' EQUITY: LIABILITIES: Payables to brokers, dealers and clearing organizations $ 245,953 $ 789,824 Payables to brokerage customers 507,829,423 523,895,972 Accounts payable 4,483,699 2,416,272 Accrued expenses 6,957,778 5,511,153 Total liabilities 519,516,853 532,613,221 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY 101,707,340 82,520,724 Total liabilities and shareholders' equity $621,224,193 $615,133,945.
* June 30, 2006 Cash and cash equivalents excludes $1.6 million that was transferred on July 5, 2006 from Cash segregated in compliance with federal regulations. December 31, 2005 Cash and cash equivalents includes $9.5 million that was transferred on January 4, 2006 to Cash segregated in compliance with federal regulations.
TradeStation Group, Inc.
CONTACT: David H. Fleischman, Chief Financial Officer, TradeStation.
Group, Inc., +1-954-652-7000.
Web site: tradestation/
PLANTATION, Fla., July 20 /PRNewswire-FirstCall/ -- TradeStation Group, Inc. (Nasdaq GS: TRAD) today reported the following business metrics for the month ended June 30, 2006:
* 58,979 Daily Average Revenue Trades (DARTs) * Total client assets of $1.5 billion (as of June 30, 2006)
Year over year, TradeStation's DARTs increased 49% and total client assets increased 20%. Below in tabular format are year-over-year comparisons of those metrics on both a monthly and quarterly basis:
TradeStation Securities Business Metrics Qtr Ended 6/30/06 June-06 Qtr Qtr vs. Qtr vs. Ended Ended Ended June-06 June-05 June-05 6/30/06 6/30/05 6/30/05 Trading Days 22.0 22.0 N. M. 63.0 64.0 N. M. Daily Average Revenue Trades (DARTs) 58,979 39,573 49% 62,461 41,086 52% Total Client Assets ($MM), end of period $1,491 $1,242 20% $1,491 $1,242 20%
Additional information regarding the company's business metrics can be found on TradeStation Group's Web site at tradestation/aboutus/businessmetrics. shtm .
حول مجموعة ترادستاتيون، Inc.
TradeStation Group, Inc. (Nasdaq GS: TRAD), through its principal operating subsidiary, TradeStation Securities, Inc., offers the TradeStation platform to the active trader and certain institutional trader markets. TradeStation is an electronic trading platform that offers state-of-the-art "direct market access" (DMA) or "direct-access" order execution and enables clients to design, test, optimize, monitor and automate their own custom Equities, Options, Futures and Forex trading strategies. In 2006, TradeStation was named, for the second year in a row, Best Futures Brokerage and, for the fourth year in a row, Best Direct-Access Stock Broker, Best Direct-Access Futures Broker, Best Professional Platform and Best Institutional Platform, in "Technical Analysis of Stocks and Commodities" magazine.
TradeStation Securities, Inc. (Member NASD, NYSE, SIPC, NSCC, DTC, OCC & NFA) is a licensed securities broker-dealer and a registered futures commission merchant, and also a member of the American Stock Exchange, Archipelago Exchange, Boston Options Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and Philadelphia Stock Exchange. The company's other operating subsidiary, TradeStation Technologies, Inc., develops and offers strategy trading software tools and subscription services.
Contact -- David H. Fleischman Chief Financial Officer TradeStation Group, Inc. 954-652-7000.
TradeStation Group, Inc.
CONTACT: David H. Fleischman, Chief Financial Officer, TradeStation.
Group, Inc., +1-954-652-7000.
Web site: tradestation/
SAN JOSE, Calif., July 20 /PRNewswire-FirstCall/ -- CEVA, Inc. , the leading licensor of digital signal processor (DSP) cores, multimedia and storage platforms to the semiconductor industry, today announced financial results for the second quarter ended June 30, 2006.
Total revenue for the second quarter of 2006 was $8.4 million, a decrease of 12% compared to $9.5 million reported for the second quarter of 2005. Total revenue for the second quarter of 2006 increased 3% sequentially compared to $8.1 million reported for the first quarter of 2006. Second quarter of 2006 licensing revenue was $6.0 million, a decrease of 9% from the second quarter of 2005 and an increase of 13% from the first quarter of 2006.
Second quarter of 2006 royalty revenue was $1.4 million, a decrease of 11% compared to $1.6 million reported for the second quarter of 2005 and a decrease of 21% compared to $1.8 million reported for the first quarter of 2006. Revenue from services was $1.0 million for the second quarter of 2006, a decrease of 27% compared to $1.3 million for the second quarter of 2005 and a decrease of 2% compared to the first quarter of 2006.
Net loss for the second quarter of 2006 was $0.2 million, compared to net loss of $2.2 million for the second quarter of 2005 and net loss of $0.8 million for the first quarter of 2006. Net loss per share for the second quarter of 2006 was $0.01 per share compared to net loss of $0.12 per share for the second quarter of 2005 and net loss of $0.04 per share for the first quarter of 2006. The net loss for the second quarter of 2005 did not reflect the quarterly expense associated with equity based compensation which under Statement of Financial Accounting Standards No. 123R, "Share Based Payments" is required to be expensed for periods commencing after January 1, 2006.
In the second quarter of 2006, the Company recognized an equity-based compensation expense of $0.5 million pursuant to the adoption of SFAS 123R and a gain of $0.1 million reported in interest and other income related to the disposal of an investment. Non-GAAP net income and net income per share for the second quarter of fiscal 2006, excluding the equity-based compensation expense and the gain on investment, was $0.2 million and $0.01, respectively.
In the second quarter of 2006, nine license agreements were signed, bringing the total to sixteen new licensing agreements signed in the first six months of 2006. Of the nine license agreements, seven were for CEVA DSP cores and platforms, one for CEVA SATA technology and one for CEVA Bluetooth technology. In addition there was a renewal of a prepaid arrangement with an existing customer and a number of small PLL technology deals. Customer target applications for these licenses are cellular handsets, Mobile TV, consumer electronics, and networking products. Geographically, three license agreements were signed in the United States, five in Europe and one in the Asia Pacific region.
"The second quarter results illustrated continuous progress in our financial performance, both in revenue and profitability milestones set for 2006," said Gideon Wertheizer, Chief Executive Officer of CEVA. "We continue to reduce the company's operating expenses and for the first time in five quarters, we have presented a non-GAAP net income of $0.2 million. The recently announced divestment of our GPS technology and product line combined with the Company's cost control measures should further allow us to achieve additional profitability milestones."
Mr. Wertheizer added, "We signed nine license agreements in the second quarter, including one for our Mobile-Media2000 platform for deployment in a Mobile TV chip. This represents the fourth design win for our mobile multimedia platform in the lucrative personal multimedia player market and further reinforces our unique, all-in-software approach to developing multimedia platforms."
Yaniv Arieli, Chief Financial Officer of CEVA, commented, "As of June 30, 2006, our total cash and marketable securities position was $63.6 million. DSO for the second quarter hit a record low of 66 days. We believe that following the completion of the GPS divestment and realization of the related costs savings, management's goals of achieving positive operating income is obtainable in the near future."
CEVA Conference Call.
On July 20, 2006, CEVA's management will conduct a conference call at 8:30 a. m. Eastern Time / 1:30 p. m. London time, to discuss the company's operating performance for the quarter. The conference call will be available via the following dial-in numbers:
-- US Participants: Dial 1-888-459-5609 (CEVA reference number # 7595119) -- UK/Rest of World: Dial +44-800-032-3836 (CEVA reference number # 7595119)
The conference call also will be available live via the Internet by accessing the CEVA web site at ceva-dsp/. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.
For those who cannot access the live broadcast, a replay will be available by dialing 1-877-519-4471 (passcode: 7595119) for U. S. domestic callers and +44-800-169-3875 (passcode: 7595119) for international callers from two hours after the end of the call until 11:59 p. m. (Eastern Time) on July 27, 2006. The replay will also be available at CEVA's web site at ceva-dsp/.
Headquartered in San Jose, Calif., CEVA is the leading licensor of digital signal processor (DSP) cores, multimedia and storage platforms to the semiconductor industry. CEVA licenses a family of programmable DSP cores, associated SoC system platforms and a portfolio of application platforms, including multimedia, audio, Voice over Packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2005, CEVA's IP was shipped in over 130 million devices. For more information visit ceva-dsp/.
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including Mr. Wertheizer's statements about achieving management goals relating to revenues and profitability, CEVA's cost costing measures and CEVA's ability to capitalize on the lucrative personal multimedia player market using its all-in-software approach. Additional forward-looking statements include Mr. Arieli's statements about the cost savings associated with the GPS divestment and achieving positive operating income in the near future. The risks, uncertainties and assumptions include: the ability of the CEVA-X line of products to continue to be a strong growth driver for the Company; intense competition within, and challenging period of growth experienced by, the industry in which the Company competes; failure of the market for the Company's technology to develop as expected, especially in the case of newly introduced or planned to be introduced technologies; the Company's ability to timely and successfully develop and introduce new technologies and penetrate new markets; the Company's reliance on revenue derived from a limited number of licensees; the Company's ability to capitalize on the lucrative personal multimedia player market; the Company's ability to realize cost savings from the GPS divestment; the Company's ability to continue its cost saving measures, and other risks relating to the Company's business, including, but not limited to, those that are described from time to time in the Company's Securities and Exchange Commission filings, including but not limited to its Annual Report on Form 10- K for the fiscal year ended December 31, 2005, and its quarterly reports filed after the Form 10-K. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - U. S. GAAP U. S. dollars in thousands, except per share data Quarter ended Six Months ended June 30, June 30, 2006 2005 2006 2005 Unaudited Unaudited Unaudited Unaudited Revenues: Licensing and royalties $7,455 $8,219 $14,615 $17,066 Other revenue 957 1,309 1,931 2,503 Total revenues 8,412 9,528 16,546 19,569 Cost of revenues 1,135 1,116 2,030 2,409 Gross profit 7,277 8,412 14,516 17,160 Operating expenses: Research and development, net 4,873 5,515 9,889 10,441 Sales and marketing 1,606 1,560 3,377 3,236 General and administrative 1,474 1,611 2,958 3,082 Amortization of intangible assets 141 218 331 441 Reorganization and severance charge -- 1,657 -- 1,657 Impairment of assets -- 510 -- 510 Total operating expenses 8,094 11,071 16,555 19,367 Operating income (loss) (817) (2,659) (2,039) (2,207) Interest and other income, net 630 443 1,171 778 Income (loss) before taxes on income (187) (2,216) (868) (1,429) Taxes on income 30 -- 150 160 Net income (loss) (217) (2,216) (1,018) (1,589) Basic and diluted net income (loss) per share $(0.01) $(0.12) $(0.05) $(0.08) Weighted-average number of Common Stock used in computation of net income (loss) per share (in thousands): Basic 19,142 18,742 19,104 18,713 Diluted 19,142 18,742 19,104 18,713 CEVA, INC. AND ITS SUBSIDIARIES Non-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS U. S. dollars in thousands, except per share data Quarter ended Six Months ended June 30, June 30, 2006 2005 2006 2005 Unaudited Unaudited Unaudited Unaudited Revenues: Licensing and royalties $7,455 $8,219 $14,615 $17,066 Other revenue 957 1,309 1,931 2,503 Total revenues 8,412 9,528 16,546 19,569 Cost of revenues 1,126 1,116 2,006 2,409 Gross profit 7,286 8,412 14,540 17,160 Operating expenses: Research and development, net 4,739 5,515 9,536 10,441 Sales and marketing 1,528 1,560 3,197 3,236 General and administrative 1,190 1,611 2,365 3,082 Amortization of intangible assets 141 218 331 441 Total operating expenses 7,598 8,904 15,429 17,200 Operating income (loss) (312) (492) (889) (40) Interest and other income, net 573 443 1,114 778 Income (loss) before taxes on income 261 (49) 225 738 Taxes on income 30 -- 150 160 Net income (loss) 231 (49) 75 578 Non-GAAP basic and diluted net income (loss) per share $0.01 $(0.003) $0.004 $0.03 Weighted-average number of Common Stock used in computation of non-GAAP net income (loss) per share (in thousands): Basic 19,142 18,742 19,104 18,713 Diluted 19,443 18,742 19,372 19,088.
The above non-GAAP condensed consolidated statements of operations have been adjusted to exclude the following items to U. S. GAAP reported net income (loss):
Quarter ended Six Months ended June 30, June 30, 2006 2005 2006 2005 Unaudited Unaudited Unaudited Unaudited Reported net income (loss) per U. S. GAAP (217) (2,216) (1,018) (1,589) Adjustments Equity based compensation expense included in cost of revenue 9 -- 24 -- Equity based compensation expense included in research and development expenses 134 353 Equity based compensation expense included in sales and marketing expenses 78 180 Equity based compensation expense included in general and administrative expenses 284 593 Interest and other income, net (1) (57) -- (57) -- Reorganization and severance charge (2) -- 1,657 -- 1,657 Impairment of assets (1) -- 510 -- 510 Non-GAAP net income (loss) 231 (49) 75 578 (1) Results for the second quarter of 2006 included a gain of $0.1 million reported in interest and other income related to the disposal of an investment. (2) Results for the second quarter of 2005 included a reorganization and severance charge of $1.7 million associated with the previously announced plans to reduce the Company's operating expenses, primarily those related to general and administrative functions, and a one-time impairment charge of $0.5 million principally arising from our decision to cease the CEVA Bluetooth technology line. This $0.5 million was comprised of the remaining intangibles attributed to the Bluetooth technology of $0.4 million and a $0.1 million charge related to the impairment of other redundant assets.
These adjustments reconcile the Company's reported results of operations to the non-GAAP results of operations. The Company believes that presentation of net loss and net loss per share excluding non-cash equity-based compensation, a gain related to the disposal of an investment, reorganization and severance charge and impairment of assets charge provides meaningful supplemental information to investors as it allows investors to better understand the underlying business trend of the Company and how the expenses associated with the adoption of SFAS 123R are reflected in the Company's statements of operations. The Company also believes that the non-GAAP presentation of excluding the equity-based compensation expense for its financial results for the first six months of 2006 in comparison to its financial results for the first six months of 2005 facilitates comparison of operating results across reporting periods since the Company's financial results for the first six months of 2005 would not have included equity-based compensation expense. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and budgeting purposes. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP, and are intended to provide additional insight into the Company's operations that, when viewed with its GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, offer a more complete understanding of factors and trends affecting the Company's business. These non-GAAP measures should not be viewed as a substitute for the Company's reported GAAP results, and may be different than the non-GAAP measures used by other companies.
CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS U. S. Dollars in Thousands June 30, December 31, 2006 2005 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $30,113 $35,111 Marketable securities and bank deposits 33,480 26,509 Trade receivables, net 6,086 6,159 Deferred tax assets 543 600 Prepaid expenses 769 1,040 Other current assets 1,267 1,042 Total current assets 72,258 70,461 Long-term investments: Severance pay fund 2,205 1,912 Deferred tax assets 382 292 Property and equipment, net 2,111 3,226 Investment 5,984 -- Goodwill 36,498 38,398 Other intangible assets, net 284 1,460 Total assets $119,722 $115,749 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $630 $548 Accrued expenses and other payables 8,929 7,778 Taxes payable 363 442 Deferred revenues 377 453 Total current liabilities 10,299 9,221 Accrued severance pay 2,337 2,100 Accrued liabilities 1,967 2,195 Total liabilities 14,603 13,516 Stockholders' equity: Common Stock: 19 19 Additional paid in-capital 142,722 138,818 Accumulated deficit (37,622) (36,604) Total stockholders' equity 105,119 102,233 Total liabilities and stockholders' equity $119,722 $115,749.
CONTACT: Yaniv Arieli, CFO of CEVA, Inc., +1-408-514-2941, or.
Web site: ceva-dsp/
RENO, Nev., July 20 /PRNewswire-FirstCall/ -- International Game Technology today reported operating results for the third quarter ended June 30, 2006.
Third quarter financial highlights: * Total revenues of $612.4 million, up 6%, and related gross profit up 8% from the prior year * Product sales revenues of $297.6 million, up 8% * Record gaming operations revenues of $314.8 million, up 3%, and related gross profit up 12% * International operating income up 10% * Fully diluted earnings per share of $0.33, up 3%
"IGT delivered another quarter of solid results, with record revenues in our gaming operations business and improved product sales revenues despite flat machine shipments," said IGT Chairman and CEO TJ Matthews. "The ability to post meaningful financial improvements in a market with limited new or expansion opportunities is a testament to the diversity and depth of IGT's business and product offerings."
For the third quarter of fiscal 2006, net income totaled $114.1 million or $0.33 per diluted share compared to $114.7 million or $0.32 per diluted share in the prior year. For the nine months ended June 30, 2006, net income totaled $358.8 million or $1.02 per diluted share compared to $331.1 million or $0.91 per diluted share in the same prior year period.
Third quarter revenues and gross profit from gaming operations improved to $314.8 million and $183.6 million, respectively, compared to $305.1 million and $164.5 million in the prior year. For the nine-month period ended June 30, 2006, revenues and gross profit from gaming operations totaled $917.7 million and $533.0 million, respectively, compared to $890.9 million and $459.7 million in the prior year-to-date period.
Third quarter gross margins on gaming operations grew to 58% compared to 54% in the prior year. Year-to-date gross margins were 58% versus 52% in the prior year. Margin improvement was primarily driven by the continued success of our low-denomination and multi-level progressive games, decreased jackpot expense, an increasing mix of central determination games, and positive shifts in interest rates. Prior year-to-date margins were also negatively impacted by asset obsolescence charges.
The installed base of recurring revenue machines ended the quarter at a record 46,200 units, an increase of 7,700 units from the prior year and an increase of 1,800 units from the immediately preceding quarter. Lease operations growth year-over-year was primarily the result of placements in Mexico. Incremental growth in domestic lease operations was also realized in New York and Rhode Island. Year-over-year growth in the casino operations market was driven by additional placements in domestic central determination and Class II markets including California, Alabama and Florida, as well as the emerging Oklahoma Instant Bingo market. International casino market placements increased with the introduction of wide-area progressive units in South Africa during the current year.
Product Sales Quarters Ended Nine Months Ended June 30, June 30, 2006 2005 2006 2005 Revenues (in millions) North America $187.2 $182.6 $595.3 $548.6 International 110.4 91.9 360.0 332.3 Total $297.6 $274.5 $955.3 $880.9 Gross Margin North America 53% 55% 54% 54% International 45% 48% 44% 42% Total 50% 52% 50% 49% Units Shipped North America 12,200 12,300 39,400 40,300 International 11,300 11,800 50,100 61,700 Total 23,500 24,100 89,500 102,000 Average Revenue Per Unit (ARPU) North America $15,300 $14,800 $15,100 $13,600 International $9,800 $7,800 $7,200 $5,400 Total $12,600 $11,400 $10,700 $8,600.
Third quarter worldwide product sales revenues and gross profits totaled $297.6 million and $148.9 million, respectively, compared to $274.5 million and $143.7 million in the prior year. Non-machine revenues of $88.5 million were comparable with the prior year and comprised 30% of total product sales revenues. Consolidated gross margins in the current quarter were 50% versus 52% in the prior year, primarily due to a slightly lower mix of non-machine sales.
Worldwide product sales revenues and gross profits for the nine-month period ended June 30, 2006 totaled $955.3 million and $481.6 million, respectively, compared to $880.9 million and $435.2 million in the same prior year period. Year-to-date non-machine revenues increased 18% to $270.0 million and comprised 28% of total product sales revenues. Non-machine revenue growth was driven primarily by higher gaming systems, parts and game theme conversion sales.
North America machine sales for the third quarter increased 11% compared to the prior year on flat unit volumes as a result of a more favorable premium product sales mix that includes the new AVP(R) Trimline machine. North America non-machine revenues totaled $63.3 million, down 10% from the prior year mostly due to lower parts sales. North America gross margins were 53% compared to 55% in the prior year mainly due to the lower contribution from non-machine revenues.
International product sales totaled $110.4 million in the third quarter compared to $91.9 million in the prior year, up 20% despite lower unit volumes. International non-machine revenues increased 40% to $25.2 million mainly due to higher parts sales. Improvements over the prior year quarter were realized in Europe, the UK, Australia and Asia, mostly due to an improved premium product mix and a greater contribution from non-machine revenues. Current quarter international gross margin declined to 45% versus 48% in the prior year primarily as a result of higher shipping costs.
Operating Expenses and Other Income/Expense.
Consolidated operating expenses totaled $160.9 million for the quarter and $464.6 million for the nine months ended June 30, 2006 compared to $140.8 million and $391.6 million in the prior year period, respectively. Operating expenses increased primarily as a result of additional share-based compensation related to the adoption of SFAS 123(R), increased legal and compliance fees, greater investment in systems and game development, and the addition of WagerWorks. Operating expenses included share-based compensation during the current quarter and nine months of $7.9 million and $24.5 million, respectively.
Other income, net, decreased $9.6 million for the quarter and $3.0 million year-to-date. Other income in the prior year quarter included financing fees realized on early customer loan repayments totaling $10.2 million, pretax.
Cash Flows & Balance Sheet.
Year-to-date, IGT generated $382.5 million in operating cash flows on net income of $358.8 million. Operating cash flows decreased from the prior year primarily due to increased receivables, additional prepayments to secure long-term licensing rights, the timing of income tax payments and the current year classification of excess tax benefits from employee stock plans in financing cash flows as a result of SFAS 123R accounting changes. Current year capital expenditures totaled $216.7 million compared to $166.2 million in the prior year, resulting from growth in our installed base and the construction of our Las Vegas campus.
Working capital increased to $950.7 million at June 30, 2006 compared to $219.6 million at September 30, 2005, primarily due to the reclassification of our zero coupon convertible debentures to non-current with the expiration of holders' rights to cash redemption on January 29, 2006. Because the market price condition for convertibility was satisfied with respect to the conversion period beginning July 18, 2006 through October 13, 2006, the debentures that include the net settlement feature will be classified in current liabilities for our fourth quarter.
Cash equivalents and short-term investments (inclusive of restricted amounts) totaled $579.0 million at June 30, 2006 compared to $688.1 million at September 30, 2005. Debt totaled $810.3 million at June 30, 2006 compared to $811.0 million at September 30, 2005.
On November 4, 2005, IGT unconsolidated approximately $139.2 million of assets and liabilities associated with past winner payments for progressive jackpot systems in New Jersey, and these amounts are no longer reflected in our balance sheet.
On June 13, 2006, our Board of Directors declared a quarterly cash dividend of $0.125 per share, payable on July 11, 2006 to shareholders of record on June 27, 2006.
The remaining authorization under the Company's stock repurchase program totaled 17.7 million shares at June 30, 2006. During the quarter, IGT prepaid $100.0 million in a structured share repurchase transaction designed to settle in cash or shares based on the closing stock price on June 29, 2006. Since the closing price of IGT stock was above the threshold price of $35.50, we received cash of $101.1 million upon settlement in July, and no material shares were repurchased during our third quarter.
As previously announced on June 30, 2006, IGT will host a conference call regarding its Third Quarter Fiscal Year 2006 earnings release on Thursday, July 20, 2006 at 6:00 a. m. (Pacific Daylight Time) with TJ Matthews, Chairman of the Board, and Maureen T. Mullarkey, Chief Financial Officer, of International Game Technology. The access numbers are as follows:
Domestic callers dial 888-889-4951, passcode IGT International callers dial 517-308-9004, passcode IGT.
The conference call will also be broadcast live over the Internet. A link to the webcast can be obtained by visiting our website at igt/InvestorRelations. Minimum requirements to listen to the broadcast include Windows Media Player and at least a 28.8Kbps connection to the Internet. If you are unable to participate during the live webcast, the call will be archived at igt/InvestorRelations until Friday, July 28, 2006.
Interested parties not having access to the Internet may listen to a taped replay of the entire conference call commencing at approximately 8:00 a. m. (Pacific Daylight Time) on Thursday, July 20, 2006. This replay will run through Friday, July 28, 2006. The access numbers are as follows:
Domestic callers dial 866-382-4790 International callers dial 203-369-0368.
In this release, we make some "forward looking" statements, which are not historical facts, but are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects and proposed new products, services, developments or business strategies. These statements are identified by their use of terms and phrases such as: anticipate; believe; could; estimate; expect; intend; may; plan; predict; project; forecast; on track; continue; and other similar terms and phrases including references to assumptions. These phrases and statements include, but are not limited to, the following:
* The ability to post meaningful financial improvements in a market with limited new or expansion opportunities is a testament to the diversity and depth of IGT's business and product offerings.
Although we believe that the expectations reflected in any of our forward looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward looking statements, are subject to change and to inherent known and unknown risks and uncertainties. We do not intend, and undertake no obligation, to update our forward looking statements to reflect future events or circumstances. We urge you to carefully review the following discussion of the specific risks and uncertainties that affect our business. These include, but are not limited to, changes in demand for IGT's products because of a reduction in the growth of markets or changes in the popularity of our products, the continuing or lingering impact of terrorist - related events on play per game and capital equipment purchases by casinos across our jurisdictions, a reduction in the pace of the replacement of machines, a decrease in the popularity of our recurring revenue games, the risks of conducting international operations, the adoption of new unfavorable gaming laws or laws applicable to gaming machine manufacturers, and the uncertainties generally associated with the development, manufacture and sales of gaming machines and systems. Historical results achieved are not necessarily indicative of future prospects of IGT. More information on factors that could affect IGT's business and financial results are included in our most recent Annual Report on Form 10-K and other public filings made with the Securities and Exchange Commission.
International Game Technology (igt/) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
Unaudited Condensed Consolidated Statements of Income Quarters Ended Nine Months Ended June 30, June 30, 2006 2005 2006 2005 (In millions, except per share amounts) Revenues Product sales $297.6 $274.5 $955.3 $880.9 Gaming operations 314.8 305.1 917.7 890.9 Total revenues 612.4 579.6 1,873.0 1,771.8 Costs and operating expenses Cost of product sales 148.7 130.8 473.7 445.7 Cost of gaming operations 131.2 140.6 384.7 431.2 Selling, general and administrative 92.9 86.3 270.2 236.5 Depreciation and amortization 22.4 17.2 62.9 50.8 Research and development 44.2 35.8 129.7 103.8 Bad debt provisions 1.4 1.5 1.8 0.5 Total costs and operating expenses 440.8 412.2 1,323.0 1,268.5 Operating income 171.6 167.4 550.0 503.3 Other income (expense), net 3.0 12.6 11.1 14.1 Income before tax 174.6 180.0 561.1 517.4 Income tax provisions 60.5 65.3 202.3 186.3 Net income $114.1 $114.7 $358.8 $331.1 Basic earnings per share $0.34 $0.33 $1.06 $0.96 Diluted earnings per share $0.33 $0.32 $1.02 $0.91 Weighted average shares outstanding Basic 338.0 343.5 337.0 344.8 Diluted 346.9 369.3 356.8 371.9 Unaudited Condensed Consolidated Balance Sheets June 30, September 30, 2006 2005 (In millions) Assets Current assets Cash and equivalents $356.3 $288.9 Investment securities, at market value 124.8 268.3 Restricted cash and investments 97.9 130.9 Receivables, net 448.8 426.0 Inventories 162.2 142.3 Other 297.2 180.8 Total current assets 1,487.2 1,437.2 Notes and contracts receivable, net 59.5 49.3 Property, plant and equipment, net 427.7 385.2 Jackpot annuity investments 343.1 469.4 Goodwill and intangibles, net 1,358.0 1,377.2 Other assets 270.7 146.1 Total assets $3,946.2 $3,864.4 Liabilities and Stockholders' Equity Current liabilities Current maturities of notes payable $-- $611.0 Accounts payable 100.2 96.7 Jackpot liabilities 170.1 203.9 Accrued income taxes 2.7 14.5 Dividends payable 42.4 42.6 Other accrued liabilities 221.1 248.9 Total current liabilities 536.5 1,217.6 Notes payable, net of current maturities 810.3 200.0 Non-current jackpot liabilities 376.4 501.9 Other liabilities 33.6 39.2 Total liabilities 1,756.8 1,958.7 Total stockholders' equity 2,189.4 1,905.7 Total liabilities and stockholders' equity $3,946.2 $3,864.4 Unaudited Condensed Consolidated Statements of Cash Flows Nine Months Ended June 30, 2006 2005 (In millions) Operations Net income $358.8 $331.1 Depreciation, amortization and other non-cash items 224.3 179.8 Changes in operating assets and liabilities: Receivables (33.6) 28.3 Inventories (14.2) (28.6) Prepaid and other assets (35.4) 27.2 Income taxes (53.5) 47.2 Accounts payable and accrued liabilities (19.9) 7.4 Jackpot liabilities (44.0) (30.1) Cash from operations 382.5 562.3 Investing Capital expenditures (216.7) (166.2) Restricted cash 23.0 26.5 Investment securities, net 141.2 (187.0) Jackpot annuity investments, net 19.6 15.9 Investment in unconsolidated affiliates (56.0) -- Business acquisitions (3.9) (4.0) Other investing activities 5.9 26.2 Cash from investing (86.9) (288.6) Financing Debt proceeds (repayments), net (16.4) 0.5 Dividends paid (126.5) (124.6) Employee stock plans 113.0 49.0 Share repurchases (176.1) (200.0) Structured share repurchase plan (22.2) -- Cash from financing (228.2) (275.1) Foreign exchange rates effect on cash -- (2.7) Net change in cash and equivalents 67.4 (4.1) Beginning cash and equivalents 288.9 307.0 Ending cash and equivalents $356.3 $302.9 Unaudited Supplemental Data Quarters Ended Nine Months Ended Calculation of Earnings June 30, June 30, Per Share 2006 2005 2006 2005 (In millions, except per share amounts) Net income $114.1 $114.7 $358.8 $331.1 Interest expense on convertible debentures, net of tax 0.1 2.4 4.3 7.1 Diluted EPS Numerator $114.2 $117.1 $363.1 $338.2 Basic weighted average common shares outstanding 338.0 343.5 337.0 344.8 Dilutive effect of stock options 4.2 5.3 4.6 6.6 Dilutive effect of convertible debentures 4.7 20.5 15.2 20.5 Diluted EPS Denominator 346.9 369.3 356.8 371.9 Basic earnings per share $0.34 $0.33 $1.06 $0.96 Diluted earnings per share $0.33 $0.32 $1.02 $0.91 Quarters Ended Nine Months Ended Reconciliation of Net Income June 30, June 30, to Adjusted EBITDA 2006 2005 2006 2005 (In millions) Net income $114.1 $114.7 $358.8 $331.1 Income tax provisions 60.5 65.3 202.3 186.3 Other (income) expense, net (3.0) (12.6) (11.1) (14.1) Depreciation and amortization 60.9 49.9 173.9 150.3 Share-based compensation 8.3 0.9 25.9 2.9 Adjusted EBITDA $240.8 $218.2 $749.8 $656.5.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, including asset charges, share-based compensation, other expense, net, and discontinued operations) is a supplemental non-GAAP financial measure commonly used by management and industry analysts to evaluate our financial performance. Adjusted EBITDA provides useful information to investors regarding our ability to service debt and is a commonly used financial analysis tool for measuring and comparing gaming companies in several areas of liquidity, operating performance, valuation and leverage. Adjusted EBITDA should not be construed as an alternative to operating income (as an indicator of our operating performance) or net cash from operations (as a measure of liquidity) as determined in accordance with generally accepted accounting principles. All companies do not calculate Adjusted EBITDA in the same manner and IGT's presentation may not be comparable to those presented by other companies.
Nine Months Ended June 30, Calculation of Free Cash Flow 2006 2005 (In millions) Net cash from operations $382.5 $562.3 Investment in property, plant and equipment (48.7) (34.8) Investment in gaming operations equipment (153.2) (113.2) Investment in intellectual property (14.8) (18.2) Free Cash Flow before dividends 165.8 396.1 Dividends paid (126.5) (124.6) Free Cash Flow $39.3 $271.5.
Free cash flow is a supplemental non-GAAP financial measure commonly used by management and industry analysts to evaluate the discretionary amount of our net cash from operations. Net cash from operations is reduced by amounts expended for capital expenditures and dividends paid. Free cash flow should not be construed as an alternative to net cash from operations or other cash flow measurements determined in accordance with generally accepted accounting principles. All companies do not calculate free cash flow in the same manner and IGT's presentation may not be comparable to those presented by other companies.
International Game Technology.
CONTACT: Patrick Cavanaugh, Executive Director of Investor Relations, of.
International Game Technology, +1-866-296-4232.
Web site: igt/
LATHAM, N. Y., July 20 /PRNewswire-FirstCall/ -- Plug Power Inc. a leading provider of clean, reliable on-site energy will release financial results for the second quarter ended June 30, 2006, on Thursday, July 27, 2006.
In conjunction with the release, the Company will host a live conference call and webcast at 10:00 a. m. (EDT) the day of the release. The dial-in phone number for the conference call is (617) 597-5307, pass code 7584 (PLUG). The webcast can be accessed by going directly to the Company's Web site at plugpower/ and selecting the conference call link on the home page. A playback of the call will be available on the Web site for a period following the call.
About Plug Power.
Plug Power Inc. is an established leader in the deployment of clean, reliable, on-site energy products. More than 650 Plug Power fuel cell systems have been delivered to customers worldwide in commercial, public sector, telecommunications, utility and uninterruptible power supply markets. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit plugpower/.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that possible strategic benefits of the Smart Hydrogen transaction do not materialize, Plug Power's ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power's on-site energy products; market acceptance of Plug Power's on-site energy products; Plug Power's ability to manufacture on-site energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's on-site energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power's ability to protect its intellectual property; Plug Power's ability to lower the cost of its on-site energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's on - site energy products and other risks and uncertainties discussed under "Item IA-Risk Factors" in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2005, filed with the Securities and Exchange Commission ("SEC") on March 14, 2006, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this press release.
CONTACT: Cynthia Mahoney White, Manager, Public Relations & Marketing of.
Plug Power Inc., +1-518-782-7700 ext. 1973, or Mobile +1-518-527-1172, or.
Web Site: plugpower/
TOKYO and MOUNTAIN VIEW, Calif., July 20 /PRNewswire-FirstCall/ -- Nissho Electronics, bringing advanced technologies from the United States to Japan, and Arkivio Inc., providing leading Information Lifecycle Management (ILM) solutions for enterprise companies, announced today that ARKIVIO(R) AUTO-STOR ILM software for file systems will be resold and supported by Nissho Electronics in Japan. Arkivio has provided ILM solutions to some of the largest companies in Japan for the past two years.
The three year agreement establishes Nissho Electronics as a Tier 1 reseller of ARKIVIO software in Japan. Nissho has assigned and trained technical resources to demonstrate, implement, and support ARKIVIO AUTO-STOR.
The ARKIVIO AUTO-STOR classification system is unique in the industry and helps customers create processes and policies around different data types, user groups, and storage types. With its ability to support heterogeneous storage platforms including EMC, HP, Hitachi, NetApp, and SUN, the ARKIVIO software efficiently moves data to the right storage tier based on the data's value to the business as captured in the ARKIVIO classification system. This interoperability with leading vendors provides end users with transparent access to archived data when the data's business value increases.
"Hitachi Systems & Services, Ltd will also offer storage solutions based on ARKIVIO AUTO-STOR to the Japanese market as a partner of Nissho," said Masaki Nomoto, Department Manager Sales Department 3 of Hitachi Systems & Services, Ltd. "By using ARKIVIO AUTO-STOR to discover and classify data, Hitachi Systems & Services, Ltd will be able to offer a more effective ILM solution by properly migrating data across heterogeneous storage including Hitachi, NetApp and others with the ARKIVIO software."
"ARKIVIO AUTO-STOR has become the essential application for file system based storage environments and now we have expanded our capabilities in Japan with this agreement with Nissho," said Bob Grewal, vice president of worldwide sales at Arkivio. "Today's announcement provides Nissho's customers with the highest quality ILM solution to help lower cost of storage management operations while providing access to archived data for regulatory, legal, and governance purposes."
"ARKIVIO AUTO-STOR software's ability to move data across UNIX, Windows, and Linux files for any type of storage and support for the Japanese language match well with Nissho's business objective to bring leading technology to Japan," noted Norio Nakai, Managing Executive Officer of Nissho Electronics. "We have successfully implemented this solution with Japanese companies and look forward to growing our ILM business through this relationship."
About Nissho Electronics.
Nissho Electronics' mission is based on incorporating various leading edge technologies and products to provide customers with practical solutions and services. Using the world's leading edge technologies, Nissho Electronics is dedicated to providing services and solutions that are tailored to meet unique Japanese requirements.
Arkivio, Inc., providing leading Information Lifecycle Management (ILM) solutions for enterprise customers, offers software for data archiving and retention, regulatory compliance, storage consolidation, backup and recovery optimization, and capacity management across a tiered-storage infrastructure. The company's ARKIVIO(R) AUTO-STOR software redefines storage management by enabling customers to profile the criticality of their data within its lifecycle in order to automate its discovery, classification and placement on the most appropriate storage resource across heterogeneous DAS/NAS/SAN environments without deploying agents -- driving the cost per managed terabyte of storage to its lowest possible level, while providing significant ROI.
For more information on ARKIVIO(R) AUTO-STOR and its customer solutions, visit arkivio/ or contact Arkivio at: 2700 Garcia Avenue, Mountain View, CA 94043; Phone +1 (650) 237-6100; Fax (650) 237-9183.
(C) 2006 Arkivio, Inc. ARKIVIO is a registered trademark of Arkivio, Inc. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.
Nissho Electronics; Arkivio.
CONTACT: Marcelo T. Nakasu of Nissho Electronics USA, +1-408-969-9700,
ext. 105, nakasu@nelco; or Curtis Chan of CHAN & ASSOCIATES, INC,
+1-714-447-4993, ext. 100, or fax, +1-714-447-6020, cj_chan@chanandassoc,
Web site: arkivio/
TORONTO, July 20 /PRNewswire-FirstCall/ -- Alliance Atlantis Communications Inc. issued the following statement today in response to the Senior Management restructuring announced earlier today by Movie Distribution Income Fund ("the Fund"), Motion Picture Distribution LP ("the Partnership") and Motion Picture Distribution Inc. ("MPDI").
"On behalf of Senior Management team and Board of Directors at Alliance Atlantis, we support the decisions reached by the Board of Motion Picture Distribution Inc. We are confident that John Bailey, the Interim Chief Executive Officer of the Partnership and the rest of the senior management team will ensure the business is well managed during the transition period and well into the future," said Phyllis Yaffe, Chief Executive Officer of Alliance Atlantis Communications Inc.
"We would like to thank Victor and Patrice for their important contributions to the Partnership and wish them well in their future endeavours.
As we have previously stated, we are currently reviewing the strategic importance of the Motion Picture Distribution business and as promised, we will report back when this review has been concluded."
About Alliance Atlantis Communications.
Alliance Atlantis offers Canadians 13 well-branded specialty television channels boasting targeted, high-quality programming. The Company also co-produces and distributes the hit CSI franchise and indirectly holds a 51% limited partnership interest in Motion Picture Distribution LP, a leading distributor of motion pictures in Canada, with motion picture distribution operations in the United Kingdom and Spain. The Company's common shares are listed on the Toronto Stock Exchange - trading symbols AAC. A and AAC. B. The Company's Web site is allianceatlantis/.
This press release may contain forward-looking statements within the meaning of Canadian and U. S. securities laws. Such statements include, but are not limited to, statements of the Company's expectations and intentions that contain words such as "confident", "anticipate", "believe", "plan", "estimate", "expect", "intend", "will", "should", "may", and other similar expressions. These forward-looking statements are based on certain assumptions and reflect the Company's current expectations. The reader should not place undue reliance on them. They involve known and unknown risks, uncertainties and other factors that may cause them to differ materially from the anticipated future results or expectations expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements are the ability of the Partnership to attract and retain key personnel and other factors described in the Company's and the Partnership's materials filed with the security regulatory authorities from time to time, including their 2005 Annual Information Form and 2005 Management Discussion and Analysis. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Alliance Atlantis Communications Inc.
CONTACT: Andrew Akman, Vice President, Corporate Development and Investor.
Relations, Alliance Atlantis Communications Inc., Tel: (416) 966-7701, Email:
andrew. akman@allianceatlantis; Nicola McIsaac, Manager, Corporate.
Communications, Alliance Atlantis Communications Inc., Tel: (416) 969-4405,
MILTON, ON, July 20 /PRNewswire-FirstCall/ -- Systems Xcellence Inc., announces that it will hold a conference call to discuss its 2006 second quarter financial results. Mr. Gordon Glenn, President and Chief Executive Officer will host the call.
DATE: Thursday August 3, 2006 TIME: 8:30 am, Eastern Standard Time DIAL IN NUMBER: 416-644-3419 or 1-800-814-4853 TAPED REPLAY: 416-640-1917 or 1-877-289-8525 Available until August 10, 2006 REFERENCE NUMBER: 21197034 WEBCAST: A live audio webcast of the call will be available at sxc/ and newswire. ca/. Webcast attendees are welcome to listen to the conference in real-time or on-demand at your convenience. The webcast will be archived for 360 days. Please connect to this website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. About Systems Xcellence.
Systems Xcellence (SXC) is a leading provider of healthcare information technology solutions and services to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as U. S. federal, provincial and state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Milton, Ontario with offices and processing centers in Lombard, Illinois; Scottsdale, Arizona; Warminster, Pennsylvania; and Victoria, British Columbia. For more information please visit sxc/.
Systems Xcellence Inc.
CONTACT: Jeff Park, Chief Financial Officer, Systems Xcellence Inc., Tel:
(630) 559-3693, investors@sxc; Dave Mason, Investor Relations, The Equicom.
Group Inc., (416) 815-0700 ext. 237, dmason@equicomgroup; Susan Noonan,
Investor Relations - U. S., The SAN Group, LLC, (212) 966-3650,
SAN JOSE, Calif., July 20 /PRNewswire-FirstCall/ -- CEVA, Inc. , the leading licensor of digital signal processor (DSP) cores, multimedia and storage platforms to the semiconductor industry, and Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) jointly announced today the CEVA-TeakLite(TM) DSP and associated multimedia software chosen by ASTRI's IC Designs Group, which will be developed into a fully integrated, low power audio SoC platform solution. This is one of the projects driven by ASTRI IC Design Group's Multimedia Platform (MMP) initiative. The mission of MMP is to enable a platform-based solution with comprehensive video/audio codec Intellectual Properties (IP) for semiconductor companies in Hong Kong and Greater China. This solution is for developing a cost-effective SoC for a wide range of multimedia applications, such as portable multimedia players, IPTV, etc.
The CEVA-TeakLite's unique feature, which combines optimal performance and complete audio and imaging codec software, is the key factor for ASTRI's decision to licence the DSP. Using a single source for both the DSP and the software, the platform offers ASTRI the benefit of a highly optimized system that delivers power and performance advantages, and ease-of-integration -- all crucial factors in the successful development of a product for the highly competitive portable multimedia markets.
"By collaborating with a world-class IP company like CEVA, we are able to provide state-of-the-art technologies for manufacturers that compete at the highest level within the semiconductor industry," said Raymond Chiu, vice president and R&D director of ASTRI IC Designs Group. "CEVA's excellent track record in customer support and wealth of experience in partnering with companies that successfully bring products to market is the reason we partnered with them. We look forward to a successful long-term strategic partnership with CEVA."
"Partnering with ASTRI is of significant importance to our expansion strategy into the growing semiconductor industry in Greater China," said Gideon Wertheizer, CEO of CEVA. "ASTRI's relationship with local China-based fabless companies and proven track record in IP deployment provide an excellent platform from which we can deliver our CEVA-TeakLite DSP and multimedia software in highly optimized and affordable solutions to the portable multimedia markets."
Headquartered in San Jose, Calif., CEVA is the leading licensor of digital signal processor (DSP) cores, multimedia and storage platforms to the semiconductor industry. CEVA licenses a family of programmable DSP cores, associated SoC system platforms and a portfolio of application platforms including multimedia, audio, Voice over Packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2005, CEVA's IP was shipped in over 130 million devices. For more information, visit ceva-dsp/.
Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2001 to provide world-class innovative technologies, and build a new strategic framework for innovation and technology development. In 2006, ASTRI was appointed by the Innovation and Technology Commission to be the host of the HK R&D Center for Information and Communications Technologies to perform high-quality R&D for technology transfer to industry, develop needed technical human resources and act as a focal point that brings together industry and university R&D assets to enhance Hong Kong's technological competitiveness on a continuous basis. ASTRI's R&D activities focus on four closely interrelated technological domains -- IC Designs, Communications Technologies, Enterprise & Consumer Electronics, and Material & Packaging Technologies. ASTRI's objectives will be nothing short of establishing ASTRI as Greater China's best and the most strategic R&D center in the technology domain we work in, and become a truly strategic asset that would enable Hong Kong to capture values from competitive technologies for years to come. For more information about ASTRI, please visit astri/.
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including Mr. Wertheizer's statements about opportunities for CEVA in China's semiconductor industry and the partnering with ASTRI to better deliver CEVA's technologies to portable multimedia markets in China. The risks, uncertainties and assumptions include: intense competition within, and challenging period of growth experienced by, the industry in which the Company competes; failure of the market for the Company's technology to develop as expected, especially in the case of newly introduced or planned to be introduced technologies; the Company's ability to timely and successfully develop and introduce new technologies and other risks relating to CEVA's business, including, but not limited to, those that are described from time to time in the Company's Securities and Exchange Commission filings, including but not limited to its Annual Report on Form 10- K for the fiscal year ended December 31, 2005, and its quarterly reports filed after the Form 10-K. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Photo: NewsCom: newscom/cgi-bin/prnh/20051010/CEVALOGO.
AP Archive: photoarchive. ap/
PRN Photo Desk photodesk@prnewswire CEVA, Inc.
CONTACT: Richard Kingston of CEVA, Inc., info@ceva-dsp; CEVA Public.
Relations: Mike Sottak of Wired Island, Ltd., +1-408-876-4418 or.
mike@wiredislandpr; or Ms. Angela Mo, Director, Corporate Communications,
of Hong Kong Applied Science and Technology Research Institute Company.
Limited, (852) 3406-2800, Fax: (852) 3406-2801, corporate@astri, or.
Web site: ceva-dsp/
SAN FRANCISCO and TOKYO, July 20 /PRNewswire-FirstCall/ -- OpenTV Corp. , a leading provider of enabling technologies for advanced digital television services, announced today the availability of the OpenTV Integrated Browser validation platform on Windows(R) XP in partnership with Matsushita Electric Industrial Co., Ltd, one of the largest electronic product manufacturers in the world.
The Tnavi(TM) digital television portal can currently be accessed from Panasonic branded televisions, which are manufactured by Matsushita, and is also now available through other digitally-capable televisions manufactured by other electronics companies. The OpenTV Integrated Browser validation platform will enable consumer electronics manufacturers to confirm that the OpenTV Integrated Browser satisfies the quality requirements for Matsushita's Tnavi and is also expected, eventually, to provide content providers with a simple reference platform for validating their Tnavi content from a standard PC.
The OpenTV Integrated Browser includes Broadcast Markup Language (BML) support, specified by ARIB for data service of digital satellite and terrestrial television services, as well as an HTML browser for Tnavi and internet access.
"This new tool now allows manufacturers to integrate the Tnavi portal easily using the familiar Windows XP system," said Arata Hirao, General Manager of OpenTV Japan K. K. "Our efforts with Matsushita have helped take OpenTV's Integrated Browser to a leadership position within the Japanese market. With this validation platform, we expect more consumer electronics manufacturers to seriously consider integrating Tnavi as a standard feature for their digital televisions or set-top boxes. Building on this foundation, we continue to assess how these technologies and platforms may find value into countries outside Japan."
OpenTV plans to offer a free three-month trial through the end of this year to any consumer electronics manufacturers that wish to use the OpenTV Integrated Browser validation platform.
OpenTV is one of the world's leading providers of technologies and services enabling the delivery of digital and interactive television. The company's software has been integrated in over 67 million digital set-top - boxes in 96 countries. The software enables enhanced television, interactive shopping, interactive and addressable advertising, games and gaming, personal video recording, and a variety of consumer care and communication applications. For more information, please visit opentv/.
Tnavi(TM) is an internet service for digital television started by Matsushita Electric Industrial CO., Ltd in May 2003. Tnavi allows users to enjoy various convenient and informative services for free of charge by just plugging-in their Tnavi-compatible digital TV or digital TV tuners to a broadband connection (ADSL, FTTH, CATV, etc). The users can access living information such as weather forecast, news, and stock market. In addition, Tnavi provides more user friendly and convenient services for free of charge such as "Tnavi(TM) Shopping" which provides on-line transaction capability and "Tnavi(TM) Mail and Photo," in which users can exchange mails and photos or can archive their photos into personal albums. (Some paid services are included). More details are available at the Tnavi Total information web site: tnavi/ .
CONTACT: Reiko Obinata, +81-3-3515-1070, or marketing-j@opentv, or.
Barbara Cassidy, +1-415-962-5055, or cassidy@opentv, both of OpenTV; أو.
Ray Yeung, yeung@braincomm, or Matt Hantz, hantz@braincomm,
+1-212-986 6667, both of Brainerd Communicators, Inc., for OpenTV.
Web site: opentv/
SEATTLE, July 20 /PRNewswire-FirstCall/ -- Stonepath Group , the logistics services organization, announced today that it has signed a letter of intent with ComVest Investment Partners, II, LLC ("ComVest") and JTM Acquisition Corporation ("JTM," together with ComVest, "COMVEST-JTM") for the sale of its Stonepath Logistics International Services, Inc. ("SLIS") and Stonepath Logistics (Germany) GmbH units, for a proposed all cash price of $18 million. SLIS, which was acquired by Stonepath Group in 2002, is Stonepath's North American-based logistics business that provides international air and ocean logistics services. Stonepath Group's offshore subsidiaries, including those in Asia, will remain intact.
Dennis L. Pelino, Chairman of Stonepath Group, said, "Selling SLIS will enable the Company to significantly reduce borrowings and support its efforts to increase shareholder value. This has been a very challenging period for Stonepath and our shareholders and we are doing everything in our power to unleash the value of our assets while maintaining continuity for our customers and employees worldwide."
Pelino continued, "If this transaction is completed, Stonepath Group intends to sign long-term agency agreements with SLIS, which will continue handling transactions and shipments in the U. S. for our offshore businesses, as it has in the past."
JTM was formed and is led by Jason Totah, currently Stonepath Group's Chief Executive Officer. Due to the nature of this offer, additional procedures have been implemented by Stonepath Group, and by Mr. Totah, designed to protect the integrity by which Stonepath Group evaluates or negotiates strategic options with COMVEST-JTM, as well as to preserve Stonepath Group's ability to appropriately manage the operation of SLIS during this process. As a result of his role in the acquisition of SLIS, Jason Totah will be stepping down as Chief Executive Officer while the transaction is pending. Bob Arovas, currently the Company's CFO and President, will assume the role of interim CEO, and Bob Christensen, Chief Accounting Officer, will assume the role of interim CFO.
The sale is contingent upon the successful completion of negotiations between Stonepath and COMVEST-JTM and the satisfaction of customary conditions to closing, including corporate and third-party approvals. The companies expect to close the sale within a 45-day period.
The Board of Directors approved Stonepath Group entering into the letter of intent, which is non-binding with respect to either the buyers or the seller other than with regard to an exclusivity agreement with COMVEST-JTM included therein whereby Stonepath Group has agreed not to negotiate with persons other than COMVEST-JTM or solicit alternatives to the transaction with COMVEST-JTM for a 45-day period.
About ComVest Investment Partners.
The ComVest Group is a Leading Private Equity Firm focused on investing in middle-market companies. Since 1988 ComVest has invested more than $2 billion of equity capital in over 200 public and private companies world-wide. Through the firm's extensive financial resources and broad network of industry experts, the firm is able to offer its portfolio companies total financial sponsorship, critical strategic support, and business development assistance. The firm has offices in West Palm Beach, Florida and New York City, New York (comvest/).
About Stonepath Group.
Stonepath (stonepath) is a global, third-party logistics organization providing a full range of transportation and distribution solutions to multinational and local businesses including a diverse client mix of retail leaders, automotive and technology concerns, government agencies, and defense contractors.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future events and plans. We have based these forward-looking statements on our current expectations and projections about such future events and plans. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual events and plans to be materially different from any future events and plans expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "guidance," "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue" or the negative of such terms or other similar expressions. Although it is impossible to identify all of the factors that may cause our actual events and plans to differ materially from those set forth in such forward-looking statements, such factors include the inherent risks associated with any significant business transaction, including the ability to satisfy both parties' conditions to consummation of such a transaction. Risk factors that are relevant to an analysis of our business generally include, but are not limited to, those factors identified in our Securities and Exchange Commission filings (including our Annual Report on Form 10-K for 2005), other public documents and recent press releases, which can be found on our corporate web site, stonepath. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
CONTACT: John Brine, +1-212-254-8280, for Stonepath Group.
Web site: stonepath/
NEW YORK, July 20 /PRNewswire/ -- On July 14, Richard Altomare, CEO of Universal Express, Inc. (BULLETIN BOARD: USXP) updated the investment community in an all-new interview with wallst/ . Interview highlights include detailed discussions on the following topics:
- the company's synergistic business units - current capitalization - funding from Middle East partners - acquisition plans - laying the groundwork for long-term growth - upcoming milestones for investors to watch for.
To hear the interview in its entirety, and to read an in-depth report on the company, visit wallst/superstock/usxp/usxp2.html.
On July 13, George Jimenez, CEO of ACECOMM Corp. updated the investment community in an all-new interview with wallst/ . Interview highlights include detailed discussions on the following topics:
- the company's target markets - current capitalization, and capital requirements for the next 12 months - balance sheet strength - industry trends bolstering the company's near-term growth prospects - upcoming strategic milestones for investors to watch for.
On July 12, Jack Johnson, CEO of Iteris, Inc. updated the investment community in an all-new interview with wallst/ . Interview highlights include detailed discussions on the following topics:
- how the company's technology reduces traffic accidents and congestion on the world's roadways - motorist trends that bolster the company's growth prospects - current capitalization - how the company's technology improves on current standards - movement toward active safety systems in vehicles - upcoming milestones for investors to watch for.
To hear the interviews in their entirety, visit wallst/ , and click on "Interviews." Interviews require free registration, and can be accessed either by locating the respective company's ticker symbol under the appropriate exchange on the left-hand column of the "Interviews" page or by entering the respective company's ticker symbol in the Search Archive window at the bottom of the "Interviews" page.
(Logo: newscom/cgi-bin/prnh/20050927/LATU121LOGO ) About WallSt.
wallst/ is owned and operated by WallStreet Direct, Inc., a wholly owned subsidiary of Financial Media Group, Inc. The website is a leading provider of financial news, media, tools and community-driven applications for investors. wallst/ offers visitors free membership to its in-depth executive interviews, exclusive editorial content, breaking news, and several proprietary applications. In addition to its website, WallStreet Direct organizes investor conferences, publishes a newspaper, and provides multimedia advertising solutions to small and mid-sized publicly traded companies. We have received twenty thousand five hundred dollars from Universal Express, Inc. and are expecting to receive an additional two thousand two hundred fifty dollars from Universal Express, Inc. for media and advertising services for Universal Express, Inc. For a complete list of our advertisers, and advertising relationships, visit wallst/disclaimer/disclaimer. asp .
Contact: Nick Iyer Digital Wall Street, Inc. 1-800-4-WALL-ST.
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CONTACT: Nick Iyer of Digital Wall Street, Inc., +1-800-4-WALL-ST, for.
WallStreet Direct, Inc.
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CALGARY, Alberta, July 20 /PRNewswire-FirstCall/ -- Securac Corp. ("Securac") (BULLETIN BOARD: SECU) is pleased to announce the latest release of its Acertus(TM) Risk Assessment and Compliance Management Software 2005-A3. This release is a significant milestone for Securac as these new capabilities further positions Acertus(TM) for increased market penetration within North America. At Securac, improving the performance and enhancing the functionality of our software is an ongoing strategic activity and investment for our client base.
The enhancements to our Acertus(TM) application include: * Free-form Text entry within Surveys -- Users may now configure up to five free-form text entry boxes per survey question. For each free form text entry area configured, there would also be the ability to enter optional URLs to documents or other relevant web resources; * Approver enhancement -- A new, optional approver role is now available within the Risk Assessment product. Approvers would be able to determine if survey submissions are valid or not. Rejected surveys would be re-issued to the original respondent for further work. Users can choose whether to consider only approved or all survey responses when reporting; * Japanese Translation for SOX and ISO27001 -- The content for SOX and ISO27001 is available by default in English. Japanese translations of these assessment types are available in 2005-A3; * Improved quality of Japanese content translations -- Some of the content translations available in Japanese have been edited in order to improve the quality.
With these product enhancements, Securac's Acertus(TM) software is firmly positioned to enable our clients to have optimal visibility of the risks to their business and provides tangible evidence of their desire to adopt strong corporate compliance and governance standards.
"This release is a milestone for Securac's product lifecycle as we are now positioned to offer additional localized language and content solutions to clients who have a global presence and require international deployments," states Terry Allen, Chief Executive Officer. "Our whole approach to product development is listening to our customers and understanding our customer's needs. The issue of risk and compliance is on the global stage and the enterprise clients with whom we are dealing require these types of product capabilities, support and direction."
Securac is a vendor of corporate governance, risk assessment and compliance management software and services to corporate and public enterprises, consultants and regulated organizations. Acertus(TM), our integrated software platform for risk management and decision support, along with our professional services team of risk/governance experts and compliance specialists provide comprehensive governance, risk assessment and compliance programs from the boardroom to the operational level. Securac's principal office is located in Calgary, Alberta and it maintains a sales presence throughout North America.
Statements in this Press Release that are not statements of historical fact, including statements regarding potential market size, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risk and uncertainties which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to changing market conditions, the successful and timely completion of financing, the establishment of corporate alliances, the impact of competitive products and pricing, new product development and uncertainties related to the regulatory environment. Reference is made to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2005 for a description of these, as well as other, risks and uncertainties.
Contact Terry W. Allen Chief Executive Officer Securac Corp. Tel: 403-225-0403 tallen@securac.
CONTACT: Terry W. Allen, Chief Executive Officer of Securac Corp.,
NEW YORK, July 20 /PRNewswire/ -- On July 19, Gerald Wittenberg, Co-Director for BioCurex, Inc. (Pink Sheets: BOCX) updated the investment community in an exclusive interview with wallst/. Topics covered in the interview include an overview of the Company and the markets it serves, recent press releases, current capitalization, upcoming strategic and financial milestones.
To hear the interview in its entirety, visit wallst/ , and click on "Interviews." Interviews require free registration, and can be accessed either by locating the respective company's ticker symbol under the appropriate exchange on the left-hand column of the "Interviews" section of the site, or by entering the respective company's ticker symbol in the Search Archive window.
BioCurex, Inc. is a biotechnology company that is developing products based on patented/proprietary technology in the areas of cancer diagnosis, imaging and therapy. The technology identifies a cancer marker known as RECAF(TM), which is found on malignant cells from a variety of cancer types but is absent in most normal or benign cells.
BioCurex has signed a licensing agreement with Abbott Laboratories for BioCurex's RECAF(TM) Cancer technology as outlined in a joint press release dated March 29, 2005. The release noted that the cancer marker RECAF(TM) has emerged as a potential biomarker that may be useful in the development of new cancer diagnostics tests. Preliminary studies from the investigators at BioCurex have reported a high level of clinical sensitivity and specificity for RECAF in many of the most common cancers, including prostate, breast, colorectal, lung and others.
(Logo: newscom/cgi-bin/prnh/20050927/LATU121LOGO ) About WallSt.
wallst/ is owned and operated by WallStreet Direct, Inc., a wholly owned subsidiary of Financial Media Group, Inc. The website is a leading provider of financial news, media, tools and community-driven applications for investors. wallst/ offers visitors free membership to its in-depth executive interviews, exclusive editorial content, breaking news, and several proprietary applications. In addition to its website, WallStreet Direct organizes investor conferences, publishes a newspaper, and provides multimedia advertising solutions to small and mid-sized publicly traded companies. We are expecting to receive one hundred seventy five dollars from Biocurex, Inc. for the dissemination of this press release. For a complete list of our advertisers, and advertising relationships, visit wallst/disclaimer/disclaimer. asp.
Contact: Nick Iyer Digital Wall Street, Inc. 1-800-4-WALL-ST.
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PRN Photo Desk, photodesk@prnewswire WallStreet Direct, Inc.
CONTACT: Nick Iyer of Digital Wall Street, Inc., +1-800-4-WALL-ST, for.
WallStreet Direct, Inc.
Web site: wallst/
ANGLETON, Texas, July 20 /PRNewswire-FirstCall/ -- Benchmark Electronics, Inc. , a leading contract manufacturing provider, announced sales of $749 million for the quarter ended June 30, 2006, compared to $561 million for the same quarter last year. Second quarter net income was $27.5 million, or $0.42 per diluted share. In the comparable period last year, net income was $18.7 million, or $0.29 per diluted share. Excluding restructuring charges and the impact of stock-based compensation costs, the Company had net income before special items of $29.4 million, or $0.45 per diluted share, in the second quarter of 2006. All share and per share data appearing in this press release has been retroactively adjusted for the 3-for-2 stock split completed on April 3, 2006 to holders of record as of March 27, 2006.
"We experienced a strong second quarter with solid year-to-date growth in each of the industry sectors that we serve. Our commitment and focus on improving our operational effectiveness will drive Benchmark's continued success," stated Benchmark's President and CEO Cary T. Fu.
Second Quarter 2006 Financial Highlights * Operating margin for the second quarter was 4.4% on a GAAP basis and was 4.7%, excluding restructuring charges and the impact of stock-based compensation expenses. * Cash flows provided by operating activities for the second quarter was $1.9 million. * Cash and short-term investments balance at June 30, 2006 of $282 million. * No debt outstanding. * Accounts receivable balance at June 30, 2006 of $443 million; calculated days sales outstanding were 53 days. * Inventory of $481 million at June 30, 2006; inventory turns were 5.8 times. Third Quarter 2006 Guidance.
Revenues for the third quarter of 2006 are expected to be between $710 million and $750 million. Diluted earnings per share for the third quarter, excluding restructuring charges and the impact of stock-based compensation expenses, are expected to be between $0.40 and $0.45.
Full Year 2006 Guidance.
We are raising our full year guidance. Revenues for 2006 are now expected to be between $2.76 billion and $2.85 billion. The corresponding diluted earnings per share for 2006, excluding restructuring charges, the impact of stock-based compensation expenses and the first quarter tax benefit, are expected to be between $1.61 and $1.69.
Non-GAAP Financial Measures.
This press release includes financial measures for earnings and earnings per share that excludes certain items and therefore are not in accordance with generally accepted accounting principles (GAAP). A detailed reconciliation between the GAAP results and results excluding special items (non-GAAP) is included at the end of this press release. By disclosing this non-GAAP information, management intends to provide investors with additional information to further analyze the company's performance and underlying trends. Management utilizes a measure of net income and earnings per share on a non-GAAP basis that excludes certain items to better assess operating performance and to help investors compare our results with our previous guidance.
Non-GAAP information is not necessarily comparable to Non-GAAP information of other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made.
This news release contains certain forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," and similar expressions, and the negatives of such expressions, are intended to identify forward-looking statements. Although Benchmark believes that these statements are based upon reasonable assumptions, such statements involve risks, uncertainties and assumptions, including but not limited to industry and economic conditions, customer actions and the other factors discussed in Benchmark's Form 10-K for the year ended December 31, 2005 and its other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
Benchmark Electronics, Inc. is in the business of manufacturing electronics and provides its services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment, testing and instrumentation products, and telecommunication equipment. Benchmark's global operations include facilities in seven countries. Benchmark's Common Shares trade on the New York Stock Exchange under the symbol BHE.
A conference call hosted by Benchmark management will be held today at 10:00 am (Central time) to discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to our website at bench/ .
Benchmark Electronics, Inc. and Subsidiaries Consolidated Statements of Income (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 Net sales $749,171 $560,817 $1,400,415 $1,070,399 Cost of sales 696,871 522,071 1,302,749 994,168 Gross profit 52,300 38,746 97,666 76,231 Selling, general and administrative expenses 18,409 15,478 34,779 30,690 Restructuring charges 1,261 --- 4,030 --- Income from operations 32,630 23,268 58,857 45,541 Other income (expense): Interest expense (97) (85) (183) (152) Other 1,981 1,956 3,670 2,626 Total other income, net 1,884 1,871 3,487 2,474 Income before income taxes 34,514 25,139 62,344 48,015 Income tax expense 6,990 6,441 8,298 12,388 Net income $27,524 $18,698 $54,046 $35,627 Denominator for basic earnings per share - weighted average number of common shares outstanding during the period 64,320 62,560 63,963 62,500 Incremental common shares attributable to exercise of outstanding dilutive options 953 1,435 1,078 1,565 Denominator for diluted earnings per share 65,273 63,995 65,041 64,065 Earnings per share: Basic $0.43 $0.30 $0.84 $0.57 Diluted $0.42 $0.29 $0.83 $0.56 Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheet June 30, 2006 (Amounts in Thousands) (UNAUDITED) Assets Current assets: Cash and cash-equivalents $98,911 Short-term investments 183,110 Accounts receivable, net 443,264 Inventories, net 480,662 Other current assets 43,375 Total current assets 1,249,322 Property, plant and equipment, net 102,030 Other assets, net 7,983 Goodwill, net 112,990 Total assets $1,472,325 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $468,427 Other current liabilities 68,499 Total current liabilities 536,926 Other long-term liabilities 15,116 Shareholders' equity 920,283 Total liabilities and shareholders' equity $1,472,325 Benchmark Electronics, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Results Three and Six Months Ended June 30, 2006 (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Six Months Ended Ended June 30, 2006 June 30, 2006 Income from operations (GAAP) $32,630 $58,857 Stock-based compensation 1,177 1,662 Restructuring charges 1,261 4,030 Non-GAAP income from operations $35,068 $64,549 Net income (GAAP) $27,524 $54,046 Stock-based compensation, net of tax 835 1,207 Restructuring charges, net of tax 1,041 3,594 UK investment tax benefit --- (4,760) Non-GAAP net income $29,400 $54,087 Earnings per share: (GAAP) Basic $0.43 $0.84 Diluted $0.42 $0.83 Earnings per share: (Non-GAAP) Basic $0.46 $0.85 Diluted $0.45 $0.83 Weighted average shares used in calculating earnings per share: Basic 64,320 63,963 Diluted 65,273 65,041.
Benchmark Electronics, Inc.
CONTACT: Gayla J. Delly, Chief Financial Officer of Benchmark.

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Applying the priority - or client-named label to a file marks it visually for quick recognition. 118 3 Analytical Tools for the Analysis and Quantification of Drug-Membrane Interactions Fig. Fogex RENCY AB ProcessPI I I I CD ProcessQ I I I I 57 Fig. With the sole exception of sponsored advertisements appearing in the header or sidebar of the The Company's blog, The Company has not been compensated by any of the companies discussed, or by their affiliates, agents, officers or employees acra the preparation and distribution of any content appearing on The Company's website or electronically delivered.
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This corresponds to the delivered 34 eV minus the 1114 eV necessary to produce ionization. KEY TERMS Balanced Systems Floating Line Current Line Voltage Neutral Phase Current Phase Sequence Phase Voltage Single-Phase Equivalent Two-Wattmeter Method Unbalanced Systems Watts Ratio Forrx OUTLINE Three-Phase Voltage Generation Basic Three-Phase Circuit Connections Basic Three-Phase Relationships Examples Power in a Balanced System Measuring Power in Three-Phase Circuits Unbalanced Loads Power System Loads Circuit Analysis Using Computers 23 856 |||| CHAPTER 14 PARTIAL DERIVATIVES xy10 y _10 x _1 Domain of f(x, or propagation of the action potential along excitable membranes, occurs as the current flows into the depolarized zone and the contiguous membrane becomes depolarized.
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و. كامبريدج، المملكة المتحدة: مطبعة جامعة كامبريدج. Przymusinski [Prz88], showed that the INDEX 305 angular-momentum vectors, 29 bonds, 71 elliptic orbits, vi orbitals, 62 particles, 38 valence, 215 dispersion - free state, 92 interaction, 121, 193 of wave packet, 37 distribution of electrons in atoms, 22 of nuclides, 131, 133 distribution function, 234 divergence, 103 angle, 263, 265, 269 Doppler shift, 291 double bond, 173, 219 double cover, 290 Drude model, 121 Eo М€tvo М€s, 19 effective atomic size, 119 charge cloud, 165 core-charge product, 179 euclidean space-time, 21 nuclear forex market 24h clock gadget, 117, 179 quantum number, 66, 160 screening constant, 182 eigenfunction, 49, 55, 62, 65, 231, 277 eigenstate, 93, 98, 205 eigenvalue, 26, 5355, 216, 231, 277 of conjugate variables, 93 problem, 89 eikonal equation, 80, 104 Einstein field equations, 21 TGR, 273 Einstein, Albert, iii, 19, 38, 52, 108 electric dipole, 215 field, 245, 272 vector, 213, 273 electricity, 10, 74, 272 continuous distribution, 106 electromagnetic exch ange, 198 field, 4, 6, 10, 94, 272, 273 quantization, 100 interaction, 184, 269, 279 radiation, 185 signal, 109 transmission, 184 wave, 31, 36, 272 electron - pair bond, 28 - poor, 242 - rich, 242 affinity, 164 as standing wave, 41 beam, 34 capture, 132, 137, 246 classical radius, 109 configuration, 219, 277, 285, 291 deformation, 15 density, 61, 66, 69, 125, 198, 231, 234, 238 maximum, 279 diameter, 109 diffraction, 34, 232 emission, 31 exchange, 177, 279 extranuclear, 28 field, 174 flow, 242 fluid, forex market 24h clock gadget gas, 126 mass, 232 nature of, 7 orbit, 23 Chapter 8 Taking a First Look at C Pointers In This Chapter Addressing variables in memory Declaring and using pointer variables Recognizing the inherent dangers of pointers Passing pointers to functions Allocating objects off the heap (whatever that is) So far, the C language has been fairly conventional compared with other programming languages.
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1960. 43В°) Z j18 T j12 4 j8 1075. (1995). PRACTICE PROBLEMS 16. We obtain the following system of equations. Naval Research Laboratory Report 7599, Washington, DC.
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SquintoSP. This leads to the flow field experiencing a greater effective viscosity that comprises the fluid viscosity plus the turbulent viscosity, Ојeff Ојlam Ојt instead of Ојlam for a laminar flow. H :O O: N ONOHO. 269). 10) still applies but now Cp, co and m become the thermal capac - ity, the velocity and the mean free path of the electrons.
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We can be sure, nonetheless, that transport will continue to affect how people live, altering everyday experience by bringing novelties from afar for us to accept, reject, or modify just as our predecessors have always had to do. 1 M NaOH Maximum of absorption 218 nm E1 1cm 153 Оµ 14400 Wavelength (Ојm) DESLANOSIDE 14 59 В© 2002 ECV В· Editio Cantor Verlag Aulendorf (Germany) Wavenumber cm-1 EUROPEAN PHARMACOPOEIA 7. 7 Translation to the Clinic 279 [54] Daldrup-Link, H. 4 mGy skin surface dose.
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