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VASCO Reports Results for Second Quarter and First Six Months of 2010

July 28, 2010 By vani Leave a Comment

OAKBROOK TERRACE, Ill. and ZURICH, July 27 /PRNewswire-FirstCall/ — VASCO Data Security International, Inc. (Nasdaq: VDSI) (www.vasco.com), today reported financial results for the second quarter and six months ended June 30, 2010.

Revenue for the second quarter of 2010 increased 1% to $24.7 million from $24.5 million in the second quarter of 2009, and for the first six months of 2010, increased 2% to $48.7 million from $47.6 million for the first six months of 2009.

Net income for the second quarter of 2010 was $1.1 million, or $0.03 per diluted share, a decrease of $0.9 million, or 47%, from $2.0 million, or $0.05 per diluted share, for the second quarter of 2009. Net income for the first six months of 2010 was $1.7 million, or $0.04 per diluted share, a decrease of $3.8 million, or 70%, from $5.5 million, or $0.14 per diluted share, for the comparable period in 2009.

Other Financial Highlights:

— Gross profit was $17.4 million, or 70% of revenue, for the second
quarter of 2010 and $34.1 million, or 70% of revenue, for the first six
months of 2010. Gross profit was $16.7 million or 68% of revenue for
the second quarter of 2009 and $33.4 million, or 70% of revenue, for
the first six months of 2009.

— Operating expenses for the second quarter and first six months of
2010 were $15.9 million and $31.8 million, respectively, an increase of
3% from $15.4 million reported for the second quarter of 2009 and an
increase of 16% from $27.3 million reported for the first six months of
2009.

Operating expenses for the second quarter and first six months of
2010 included $0.6 million and $1.2 million, respectively, of expenses
related to stock-based incentives. Operating expenses for the second
quarter of 2009 included $0.4 million of expenses related to stock-
based incentives. For the first six months of 2009, operating expenses
reflected a benefit of $1.3 million related to stock-based incentives,
including the reversal in the first quarter of 2009 of $2.0 million of
long-term performance-based incentive award reserves that had been
accrued at December 31, 2008.

— Operating income for the second quarter and first six months of 2010
was $1.6 million and $2.3 million, respectively, an increase of $0.2
million, or 17%, from $1.4 million reported for the second quarter of
2009 and a decrease of $3.8 million, or 62%, from $6.1 million reported
for the first six months of 2009. Operating income, as a percentage of
revenue, for the second quarter and first six months of 2010 was 6% and
5%, respectively, compared to 6% and 13% for the comparable periods in
2009.

— Earnings before interest, taxes, depreciation and amortization
(EBITDA) was $2.2 million and $3.8 million for the second quarter and
first six months of 2010, respectively, a decrease of 31% from $3.2
million reported for the second quarter of 2009 and a decrease of 56%
from $8.5 million reported for the first six months of 2009.

— Net cash balances, cash balances less borrowing under VASCO’s line of
credit, at June 30, 2010 totaled $76.0 million compared to $76.1
million and $67.6 million at March 31, 2010 and December 31, 2009,
respectively.

Operational and Other Highlights:

— VASCO won 480 new customers in Q2 2010 (56 new banks and 424
new enterprise security customers). For the first six months of
2010, VASCO won 918 new customers (108 banks and 810 enterprise
security customers). Although management considers the number of
new customers as an indicator of the momentum of our business and
effectiveness of our distribution channel, the number of new
customers is not indicative of future revenue.

— VASCO enhances its presence in the Australian and New Zealand
market by partnering with Westcon Group.

— The Ohio Housing Finance Agency (OHFA) chooses VASCO’s DIGIPASS
for Web to secure its Lender Online application.

— VASCO announces a secure solution for document viewing. VASCO
has incorporated its VACMAN Controller authentication technology
with Adobe(R) LiveCycle(R) Rights Management Enterprise Suite 2
(ES2), offering a secure solution for documents that need to be
accessed over the Internet.

— VASCO announces new members of the DIGIPASS Pack family:
DIGIPASS Pack for Remote Authentication Gold and Platinum
Edition, which are based on IDENTIKEY(R) Server software, VASCO’s
comprehensive authentication server, with DIGIPASS(R) GO6
authenticators. Both packs are total solutions for strong user
authentication in a box.

— VASCO launches DIGIPASS for Windows. DIGIPASS for Windows
adds strong authentication to secure networks and applications
without using hardware-based devices or mobile phones as client
authentication platforms.

— VASCO launches IDENTIKEY Server Banking Edition; IDENTIKEY
supports EMV-CAP based and Hardware Security Module (HSM) based
authentication.

— VASCO launches DIGIPASS Pack for Remote Authentication
including DIGIPASS for Mobile. The new packs include DIGIPASS
for Mobile licenses, enabling the use of a mobile phone as an
authentication device.

— VASCO’s aXsGUARD Gatekeeper offers PKI and SSL-VPN client
support.

Guidance for full-year 2010:

VASCO is revising its guidance for the full-year 2010 as follows:

— Revenue growth of 5% to 10% for the full-year 2010 over full-year
2009, down from 15% to 20% announced at the end of the first quarter of
2010, and

— Operating margin as a percentage of revenue for full-year 2010 is
projected to be in the range of 5% to 10%, no change from guidance
previously announced.

“While discussions with customers, both existing and new, regarding potential new projects remained strong, the number of units shipped in the second quarter of 2010 fell short of our expectations,” stated T. Kendall Hunt, Chairman & CEO. “The shortfall was primarily in the European banking market where the recovery is progressing more slowly than we had expected. Revenue growth in the second quarter from banking markets outside of Europe, as well as the growth in our enterprise security business, however, continued to meet our expectations. We also made good progress in the development of new products and in the preparation for the launch of our authentication services product line.”

“Based on both the number and size of new projects being discussed, as well as the number of proposals we have tentatively won pending the completion of purchase agreements, we remain confident that growth will return in the banking market and we expect to see an increase in deliveries in late 2010 or early 2011,” said Jan Valcke, VASCO’s President and COO. “We continue to invest aggressively in new people, products and the infrastructure needed to support our anticipated future growth.”

Cliff Bown, Executive Vice President and CFO added, “During the second quarter of 2010 our balance sheet continued to show strength. Despite the weakening of the Euro against the U.S. Dollar, our net cash and working capital balances remained relatively constant as compared with our balances at the end of the first quarter. At the end of the second quarter, our net cash balance was $76.0 million and compares to $76.1 million and $67.6 million at March 31, 2010 and December 31, 2009, respectively. Our working capital at June 30, 2010 was $83.7 million and compares to $86.3 million and $87.6 million at March 31, 2010 and December 31, 2009, respectively. Days sales outstanding in net accounts receivable at June 30, 2010 decreased to 71 days from 83 days at March 31, 2010.

Conference Call Details

In conjunction with this announcement, VASCO Data Security International, Inc. will host a conference call today, July 27, 2010, at 10:00 a.m. EDT – 16:00h CET. During the conference call, Mr. Ken Hunt, CEO, Mr. Jan Valcke, President and COO, and Mr. Cliff Bown, CFO, will discuss VASCO’s results for the second quarter and first six months ended June 30, 2010.

To participate in this conference call, please dial one of the following numbers:

USA/Canada: +1 800-747-0367

International: +1 212-231-2937

And mention VASCO to be connected to the conference call.

The conference call is also available in listen-only mode on www.vasco.com. Please log on 15 minutes before the start of the conference call in order to download and install any necessary software. The recorded version of the conference call will be available on the VASCO website 24 hours a day for approximately 60 days after the call.

VASCO Data Security International, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three months ended

Six months ended

June 30,

2010

2009

2010

2009

Net revenue

$ 24,742

$ 24,458

$ 48,656

$ 47,633

Cost of goods sold

7,306

7,746

14,532

14,224

Gross profit

17,436

16,712

34,124

33,409

Operating costs:

Sales and marketing

7,727

8,033

15,656

15,092

Research and development

3,327

3,017

6,598

5,461

General and administrative

4,698

4,200

9,347

6,565

Amortization of purchased intangible assets

108

110

223

217

Total operating costs

15,860

15,360

31,824

27,335

Operating income

1,576

1,352

2,300

6,074

Interest income, net

165

134

308

Other income (expense), net

142

1,206

202

958

Income before income taxes

1,781

2,723

2,636

7,340

Provision for income taxes

696

681

978

1,835

Net income

$ 1,085

$ 2,042

$ 1,658

$ 5,505

Net income per share:

Basic

$ 0.03

$ 0.05

$ 0.04

$ 0.15

Diluted

$ 0.03

$ 0.05

$ 0.04

$ 0.14

Weighted average common shares outstanding:

Basic

37,404

37,322

37,400

37,315

Diluted

38,201

38,091

38,242

38,056

See accompanying notes to consolidated financial statements.

VASCO Data Security International, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

June 30,

December 31,

2010

2009

ASSETS

(unaudited)

Current assets:

Cash and equivalents

$ 75,993

$ 67,601

Accounts receivable, net of allowance for doubtful accounts

19,184

30,400

Inventories

8,261

9,015

Prepaid expenses

1,288

1,588

Foreign sales tax receivable

792

1,086

Deferred income taxes

442

563

Other current assets

280

632

Total current assets

106,240

110,885

Property and equipment, net

4,660

5,189

Goodwill

11,765

13,813

Intangible assets, net of accumulated amortization

1,547

1,797

Other assets

1,032

1,040

Total assets

$ 125,244

$ 132,724

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

3,744

$ 4,505

Deferred revenue

6,879

7,188

Accrued wages and payroll taxes

4,324

5,178

Income taxes payable

2,894

3,097

Other accrued expenses

4,666

3,285

Total current liabilities

22,507

23,253

Deferred compensation

892

490

Deferred revenue

277

Deferred tax liability

245

328

Total liabilities

23,737

24,348

Stockholders’ equity :

Common stock

Additional paid-in capital

68,128

67,371

Accumulated income

38,376

36,718

Accumulated other comprehensive income

(5,034)

4,250

Total stockholders’ equity

101,507

108,376

Total liabilities and stockholders’ equity

$ 125,244

$ 132,724

Reconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
to net income (in thousands):

Three months

Six months

ended June 30,

2010

2009

2010

2009

(in thousands, unaudited)

EBITDA

$ 2,248

$ 3,235

$ 3,764

$ 8,537

Interest income, net

165

134

308

Provision for income taxes

(696)

(681)

(978)

(1,835)

Depreciation and amortization

(530)

(677)

(1,262)

(1,505)

Net income

$ 1,085

$ 2,042

$ 1,658

$ 5,505

EBITDA is a non-GAAP financial measure within the meaning of applicable U.S. Securities and Exchange Commission rules and regulations. We use EBITDA as a measure of performance, a simplified tool for use in communicating our performance to investors and analysts and for comparisons to other companies within our industry. As a performance measure, we believe that EBITDA presents a view of our operating results that is most closely related to serving our customers. By excluding interest, taxes, depreciation and amortization we are able to evaluate performance without considering decisions that, in most cases, are not directly related to meeting our customers’ requirements and were either made in prior periods (e.g., depreciation and amortization), or deal with the structure or financing of the business (e.g., interest) or reflect the application of regulations that are outside of the control of our management team (e.g., taxes). Similarly, we find that the comparison of our results to those of our competitors is facilitated when we do not need to consider the impact of those items on our competitors’ results.

EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States. While we believe that EBITDA, as defined above, is useful within the context described above, it is in fact incomplete and not a measure that should be used to evaluate our full performance or our prospects. Such an evaluation needs to consider all of the complexities associated with our business including, but not limited to, how past actions are affecting current results and how they may affect future results, how we have chosen to finance the business and how regulations and the other aforementioned items affect the final amounts that are or will be available to shareholders as a return on their investment. Net income determined in accordance with U.S. GAAP is the most complete measure available today to evaluate all elements of our performance. Similarly, our Consolidated Statement of Cash Flows, which will be filed as part of our annual report on Form 10-K, provides the full accounting for how we have decided to use resources provided to us from our customers, lenders and shareholders.

About VASCO:

VASCO is a leading supplier of strong authentication and e-signature solutions and services specializing in Internet security applications and transactions. VASCO has positioned itself as global software company for Internet security serving a customer base of approximately 10,000 companies in more than 100 countries, including approximately 1,500 international financial institutions. VASCO’s prime markets are the financial sector, enterprise security, e-commerce and e-government.

Forward Looking Statements:

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “mean,” “potential” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the VASCO’s public filings with the U.S. Securities and Exchange Commission for further information regarding VASCO and its operations.

This document may contain trademarks of VASCO Data Security International, Inc. and its subsidiaries, including VASCO, the VASCO “V” design, DIGIPASS, VACMAN, aXsGUARD and IDENTIKEY.

For more information contact:

Jochem Binst, +32 2 609 97 00, jbinst@vasco.com

Filed Under: International News Tagged With: 5 million, 6 million, comparable period, diluted share, firstcall, Gross Profit, incentives, Months Ended June, nasdaq, net income, Oakbrook Terrace, operating expenses, PRNewswire, second quarter, six months, Vasco Data Security, Vasco Data Security International, Vasco Data Security International Inc, Vdsi, zurich

Allscripts Amends Framework Agreement With Misys to Reduce the Size of Planned Secondary Offering

July 28, 2010 By vani Leave a Comment

CHICAGO, July 27 /PRNewswire-FirstCall/ — Allscripts (Nasdaq: MDRX), the leading provider of clinical software, information and connectivity solutions for physicians, and Eclipsys (Nasdaq: ECLP), a leading enterprise provider of solutions and services for hospitals and clinicians, today announced that Allscripts has amended its June 9, 2010 Framework Agreement with Misys plc (LSE: MSY) (Misys) to reduce the minimum size of the secondary offering of Allscripts shares from 36 million shares to 25 million shares.

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The reduction in the size of the secondary offering is contingent on approval by Allscripts and Eclipsys stockholders of the merger proposals being submitted to the shareholders of each company at meetings scheduled for August 13, 2010. All other financial terms of the June 9, 2010 Framework Agreement remain unchanged.

Glen Tullman, Chief Executive Officer of Allscripts, said, “We believe the amendment provides greater certainty in advance of closing the proposed merger with Eclipsys. The combination of Allscripts and Eclipsys represents an opportunity to deliver value to shareholders, and we continue to believe that the combined company will be uniquely positioned in the healthcare information technology space.”

In a separate announcement, Misys today announced that it has been informed by ValueAct Capital, its 25.7% shareholder, that ValueAct intends to participate as a purchaser in the placing of Allscripts shares. Specifically, ValueAct has informed Misys in writing that it intends to submit an order to the book runners for 5 million Allscripts shares at a price of $16.50. At prices above $16.50, ValueAct may adjust the number of shares it purchases.

Tullman commented, “We are pleased that ValueAct Capital has indicated its intention to participate in the secondary offering and believe that this action underscores the strategic merit and compelling value of the proposed combination for our investors.”

Allscripts and Eclipsys are also confirming that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for the merger expired at 11:59 pm Eastern time on July 26, 2010.

About Allscripts

Allscripts uses innovation technology to bring health to healthcare. More than 160,000 physicians, 800 hospitals and nearly 10,000 post-acute and homecare organizations utilize Allscripts to improve the health of their patients and their bottom line. The company’s award-winning solutions include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, care management, emergency department information systems and homecare automation. Allscripts is the brand name of Allscripts-Misys Healthcare Solutions, Inc. To learn more, visit www.allscripts.com.

About Eclipsys

Eclipsys is a leading provider of advanced integrated clinical, revenue cycle and performance management software, clinical content and professional services that help healthcare organizations improve clinical, financial and operational outcomes. For more information, see www.eclipsys.com.

Cautionary Statement

Allscripts has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Allscripts has filed with the SEC for more complete information about Allscripts and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Allscripts will arrange to send you the prospectus if you request it by calling collect 312-506-1230.

Important Information for Investors and Stockholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication is being made in respect of the proposed merger transaction involving Allscripts-Misys Healthcare Solutions, Inc. (“Allscripts”) and Eclipsys Corporation (“Eclipsys”). In connection with the proposed transaction, Allscripts and Eclipsys have each filed with the SEC a definitive joint proxy statement, which also constitutes a prospectus of Allscripts and an information statement for Allscripts’ stockholders. Allscripts and Eclipsys have each mailed the definitive joint proxy statement/prospectus/information statement to their respective stockholders on or about July 15, 2010. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ CAREFULLY IN THEIR ENTIRETY THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS/ INFORMATION STATEMENT REGARDING THE PROPOSED TRANSACTION, AND ANY OTHER RELEVANT DOCUMENTS FILED BY EITHER ALLSCRIPTS OR ECLIPSYS WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and stockholders of Allscripts and Eclipsys may obtain a free copy of the definitive joint proxy statement/prospectus/information statement, as well as other filings containing information about Allscripts and Eclipsys, without charge, at the website maintained by the SEC (http://www.sec.gov). Copies of the definitive joint proxy statement/prospectus/information statement and the filings with the SEC that are incorporated by reference in the definitive joint proxy statement/prospectus/information statement can also be obtained, without charge, on the investor relations portion of Allscripts’ website (www.allscripts.com) or the investor relations portion of Eclipsys’ website (www.eclipsys.com) or by directing a request to Allscripts’ Investor Relations Department at 222 Merchandise Mart Plaza, Suite 2024, Chicago, Illinois 60654, or to Eclipsys’ Investor Relations Department at Three Ravinia Drive, Atlanta, Georgia 30346.

Allscripts and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Allscripts’ directors and executive officers is available in Allscripts’ proxy statement for its 2009 annual meeting of stockholders and Allscripts’ Annual Report on Form 10-K for the year ended May 31, 2009, which were filed with the SEC on August 27, 2009 and July 30, 2009, respectively. Eclipsys and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Eclipsys’ directors and executive officers is available in Eclipsys’ proxy statement for its 2010 annual meeting of stockholders and Eclipsys’ Annual Report on Form 10-K for the year ended December 31, 2009, which were filed with the SEC on March 26, 2010 and February 25, 2010, respectively. Investors and stockholders can obtain free copies of these documents from Allscripts and Eclipsys using the contact information above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive joint proxy statement/prospectus/information statement and other relevant materials that have been filed with the SEC.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the federal securities laws. Statements regarding the proposed merger between Eclipsys and Allscripts, the respective stockholder meetings of Eclipsys and Allscripts with respect to the approval of the proposed merger, the proposed total number of shares to be sold, the per share price of such shares, and purchasers in, the secondary offering of Allscripts shares, the anticipated benefits of the proposed transaction, including future financial and operating results, the strategic opportunities available to the combined company, the combined company’s plans, objectives, expectations and intentions, platform and product integration, the connection and movement of data among hospitals, physicians, patients and others, merger synergies and cost savings, client attainment of “meaningful use” and accessibility of federal stimulus payments, enhanced competitiveness and accessing new client opportunities, market evolution, the benefits of the combined companies’ products and services, the availability of financing, future events, developments, future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Allscripts, Eclipsys or the combined company or the proposed transaction.

Such risks, uncertainties and other factors include, among other things: any conditions or contingencies imposed in connection with the proposed merger; the ability to obtain governmental approvals of the merger on the proposed terms and schedule contemplated by the parties; the failure of Eclipsys’ stockholders to approve the merger agreement; the failure of Allscripts’ stockholders to approve the issuance of shares in the merger; the possibility that Eclipsys and/or the Allscripts stockholder meetings could be delayed as a result of pending litigation; the possibility that the proposed transaction does not close, including due to the failure to satisfy the closing conditions; the market factors that could affect the total number of shares and the per share price of the shares sold in the secondary offering of Allscripts shares; the failure of ValueAct Capital to purchase shares of Allscripts in the secondary offering; the possibility that the expected synergies, efficiencies and cost savings of the proposed transaction will not be realized, or will not be realized within the expected time period; potential difficulties or delays in achieving platform and product integration and the connection and movement of data among hospitals, physicians, patients and others; the risk that the contemplated financing is unavailable; the risk that the Allscripts and Eclipsys businesses will not be integrated successfully; disruption from the proposed transaction making it more difficult to maintain business and operational relationships; competition within the industries in which Allscripts and Eclipsys operate; failure to achieve certification under the Health Information Technology for Economic and Clinical Health Act could result in increased development costs, a breach of some customer obligations and could put Allscripts and Eclipsys at a competitive disadvantage in the marketplace; unexpected requirements to achieve interoperability certification pursuant to the Certification Commission for Healthcare Information Technology could result in increased development and other costs for Allscripts and Eclipsys; the volume and timing of systems sales and installations, the length of sales cycles and the installation process and the possibility that Allscripts’ and Eclipsys’ products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; competitive pressures including product offerings, pricing and promotional activities; Allscripts’ and Eclipsys’ ability to establish and maintain strategic relationships; undetected errors or similar problems in Allscripts’ and Eclipsys’ software products; the outcome of any legal proceeding that has been or may be instituted against Allscripts, Misys plc or Eclipsys and others; compliance with existing laws, regulations and industry initiatives and future changes in laws or regulations in the healthcare industry, including possible regulation of Allscripts’ and Eclipsys’ software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; Allscripts’ and Eclipsys’ ability to attract and retain qualified personnel; the implementation and speed of acceptance of the electronic record provisions of the American Recovery and Reinvestment Act of 2009; maintaining Allscripts’ and Eclipsys’ intellectual property rights and litigation involving intellectual property rights; risks related to third-party suppliers and Allscripts’ and Eclipsys’ ability to obtain, use or successfully integrate third-party licensed technology; and breach of Allscripts’ or Eclipsys’ security by third parties. See Allscripts’ and Eclipsys’ Annual Reports on Form 10-K and Annual Reports to Stockholders for the fiscal years ended May 31, 2009 and December 31, 2009, respectively, the definitive joint proxy statement/prospectus/information statement mailed by Allscripts and Eclipsys to their respective stockholders on or about July 15, 2010, and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to Allscripts’ and Eclipsys’ respective businesses. The statements herein speak only as of their date and neither Allscripts nor Eclipsys undertakes any duty to update any forward-looking statement whether as a result of new information, future events or changes in their respective expectations.

Filed Under: International News Tagged With: Allscripts, chief executive officer, Clinical Software, Combined Company, Connectivity Solutions, Eclipsys, firstcall, Framework Agreement, Healthcare Information Technology, Lse, Merger Proposals, Misys Plc, Msy, nasdaq, PRNewswire, Purchaser, Secondary Offering, stockholders, technology space, today announced that

Rentrak Announces Official Box Office Totals for Weekend of July 23, 2010

July 26, 2010 By vani Leave a Comment

LOS ANGELES, July 25 /PRNewswire-FirstCall/ — Rentrak Corporation (Nasdaq: RENT), today announced the official weekend theatrical box office numbers for the weekend period of July 23 through July 25, 2010 according to the company’s Box Office Essentials™ theatrical box office data collection and analytical service.

To access the Top-12 grossing motion pictures for the weekend, per data collected as of Sunday, July 25, 2010, please visit RENTRAK.com.

About Box Office Essentials

Box Office Essentials collects data for virtually every movie theater in the United States, Canada, Guam and Puerto Rico. Delivered in near-real-time, the data is collected through an electronic connection with thousands of theater box offices, allowing users to view online reports from anywhere around the world, while watching virtually the minute-by-minute sale of tickets. Box Office Essentials delivers robust amounts of data which is transformed into a comprehendible view of the market. Used by every studio as well as many independent distribution entities, the service gives users up to-the-minute information enhancing the ability to make faster and better-informed business decisions.

About Rentrak Corporation

Rentrak Corporation is a global digital media measurement and research company, serving the most recognizable companies in the entertainment industry. With a reach across numerous platforms including box office, home entertainment, video on demand and linear television, broadband and mobile, Rentrak has developed more efficient metrics to be used as alternative currencies for the evaluation and selling of media. Rentrak is headquartered in Portland, Oregon, with additional offices worldwide. For more information on any of Rentrak’s services, please visit www.rentrak.com.

Filed Under: International News Tagged With: analytical service, Box Office Numbers, Box Office Totals, Digital Media Measurement, Distribution Entities, Electronic Connection, entertainment industry, firstcall, Home Entertainment, Independent Distribution, Informed Business Decisions, Motion Pictures, movie theater, nasdaq, office essentials, PRNewswire, Recognizable Companies, rentrak corporation, s box, weekend period

Entravision Communications Corporation Schedules Second Quarter 2010 Earnings Release and Teleconference

July 24, 2010 By vani Leave a Comment

SANTA MONICA, Calif., July 23 /PRNewswire-FirstCall/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release second quarter 2010 financial results after market hours on Thursday, August 5, 2010.

The company will also host a teleconference to discuss its second quarter 2010 financial results on Thursday, August 5, 2010 at 5:00 p.m. Eastern Time. To access the teleconference, please dial (412) 858-4600 ten minutes prior to the start time. The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, August 19, 2010, which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 442613. The webcast will also be archived on the Company’s Web site for 30 days.

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

SOURCE Entravision Communications Corporation

Filed Under: International News Tagged With: Affiliate Group, Earnings Release, Entravision Communications Corporation, firstcall, Hispanic Consumers, Hispanic Markets, Investor Relations Portion, live webcast, New York Stock, New York Stock Exchange, passcode, PRNewswire, Radio Operations, santa monica, Spanish Language Media, Spanish Language Radio, Telefutura, univision, Univision Television Network, York Stock Exchange

TRW to Present at the J.P. Morgan Auto Conference on August 9, 2010

July 24, 2010 By vani Leave a Comment

LIVONIA, Mich., July 23 /PRNewswire-FirstCall/ — TRW Automotive Holdings Corp. (NYSE: TRW) is scheduled to present at the J.P. Morgan Auto Conference in Detroit, MI on Monday, August 9, 2010. The session, which will be simultaneously webcast, is scheduled to begin at 11:25 a.m. (Eastern Time), and is expected to run for approximately thirty minutes. During the session, TRW’s executive vice president and chief financial officer, Joseph S. Cantie, will provide a general business overview and discuss other related matters, followed by a question and answer period.

To access the live webcast, please visit the investor information section of the Company’s website at www.trw.com. A replay of the webcast will be available for approximately one week following the event.

About TRW

With 2009 sales of $11.6 billion, TRW Automotive ranks among the world’s leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 26 countries and employs over 60,000 people worldwide. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services. All references to “TRW Automotive”, “TRW” or the “Company” in this press release refer to TRW Automotive Holdings Corp. and its subsidiaries, unless otherwise indicated. TRW Automotive news is available on the internet at www.trw.com.

SOURCE TRW Automotive Holdings Corp.

Filed Under: International News Tagged With: Answer Period, Automotive News, Automotive Products, Automotive Suppliers, Braking Systems, Business Overview, Engine Components, Fastening Systems, firstcall, Investor Information Section, J P Morgan, live webcast, Livonia Michigan, Morgan Auto, Occupant Safety Systems, PRNewswire, Seat Belts, suspension systems, Trw Automotive Holdings, Trw Automotive Holdings Corp

Collectors Universe Declares Quarterly Cash Dividend of $0.30 per Common Share

July 24, 2010 By vani Leave a Comment

NEWPORT BEACH, Calif., July 23 /PRNewswire-FirstCall/ — Collectors Universe, Inc. (Nasdaq: CLCT), a leading provider of value-added authentication and grading services to dealers and collectors of high-value collectibles, today announced that, pursuant to its previously adopted dividend policy, the Board of Directors has declared the Company’s quarterly cash dividend of $0.30 per share of common stock for the first quarter of fiscal 2011. The cash dividend will be paid on August 20, 2010 to stockholders of record on August 6, 2010.

About Collectors Universe

Collectors Universe, Inc. is a leading provider of value added services to the high-value collectibles markets. The Company authenticates and grades collectible coins, sports cards, autographs and stamps. The Company also compiles and publishes authoritative information about United States and world coins, collectible trading cards and sports memorabilia and collectible stamps and operates its CCE dealer-to-dealer Internet bid-ask market for certified coins and its Expos trade show and conventions business. This information is accessible to collectors and dealers at the Company’s web site, http://www.collectors.com, and is also published in print.

Filed Under: International News Tagged With: Autographs, Collectible Coins, Collectible Stamps, Collectors Universe Inc, common stock, conventions, Dividend Policy, First Quarter, firstcall, Grading Services, nasdaq, Newport Beach, Quarterly Cash Dividend, Sports Cards, sports memorabilia, stockholders, trade show, Trading Cards, value added services, World Coins

Fannie Mae Redemption

July 24, 2010 By vani Leave a Comment

WASHINGTON, July 23 /PRNewswire-FirstCall/ — Fannie Mae (OTC Bulletin Board: FNMA) will redeem the principal amounts indicated for the following securities issues on the redemption dates indicated below at a redemption price equal to 100 percent of the principal amount redeemed, plus accrued interest thereon to the date of redemption:

Principal
Amount

Security
Type

Interest
Rate

Maturity Date

CUSIP

Redemption Date

$50,000,000

MTNR

3.000%

February 2, 2018

3136FJU33

August 2, 2010

$7,812,000

FINP

6.000%

August 3, 2022

3135A03G2

August 3, 2010

$65,000,000

MTN

2.000%

August 3, 2012

3136FHY66

August 3, 2010

$75,000,000

MTN

3.375%

February 3, 2016

3136FJ3L3

August 3, 2010

$25,000,000

MTNR

3.250%

November 3, 2015

3136FJQN4

August 3, 2010

$50,000,000

MTN

3.000%

February 3, 2015

3136FJS69

August 3, 2010

$75,000,000

MTN

1.500%

February 3, 2014

3136FJY47

August 3, 2010

$50,000,000

MTN

1.250%

February 3, 2015

3136FJZ20

August 3, 2010

$400,000,000

MTN

1.100%

February 3, 2012

31398AF31

August 3, 2010

$15,000,000

MTN

5.550%

February 4, 2028

3136F8S63

August 4, 2010

$30,000,000

MTNR

3.000%

February 4, 2019

3136F95Q2

August 4, 2010

$10,000,000

MTNR

3.000%

February 4, 2019

3136F95S8

August 4, 2010

$65,000,000

MTN

2.000%

February 4, 2015

3136FJ3W9

August 4, 2010

$50,000,000

MTN

3.400%

February 4, 2015

3136FJQ61

August 4, 2010

$100,000,000

MTN

1.900%

February 4, 2013

3136FJZ61

August 4, 2010

$100,000,000

MTN

3.000%

May 4, 2015

3136FMMM3

August 4, 2010

$75,000,000

MTN

0.550%

May 4, 2015

3136FMPC2

August 4, 2010

$50,000,000

MTN

2.530%

May 4, 2017

3136FMPN8

August 4, 2010

$250,000,000

MTN

2.530%

February 4, 2014

31398AF64

August 4, 2010

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae’s applicable Offering Circular, and that no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in the light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Filed Under: International News Tagged With: affordable housing, august 4, Fannie Mae, february 2, Federal Charter, firstcall, Fnma, Global Capital, Housing Market, liquidity, maturity date, Mortgage Bankers, MTN, otc bulletin board, Principal Amounts, PRNewswire, Redemption Price, Secondary Mortgage Market, Security Type, Type Interest

Syngenta 2010 Half Year Results

July 23, 2010 By vani Leave a Comment

Syngenta 2010 Half Year Results
Volume upturn in Q2; strong emerging market performance

PR Newswire

BASEL, Switzerland, July 22

BASEL, Switzerland, July 22 /PRNewswire-FirstCall/ –

* Sales up 1 percent at $6.7 billion: 3 percent lower at constant exchange rates(1)
* Q2: volume growth offsetting lower Crop Protection prices, notably NAFTA
* Seeds growth accelerating, increased margin
* Investments driving emerging market growth: sales up 15 percent(1)
* Earnings per share(2) $13.95, 9 percent lower
* Earnings per share $13.39 after restructuring and impairment, 10 percent lower

Reported Financial Highlights

Excluding Restructuring, Impairment

H1 2010
$m

H1 2009
$m

Actual
%

H1 2010
$m

H1 2009
$m

Actual

CER(1)
%

Sales

6,740

6,655

+ 1

6,740

6,655

+ 1

- 3

Crop Protection

4,996

5,000

4,996

5,000

- 4

Seeds

1,763

1,676

+ 5

1,763

1,676

+ 5

+ 2

Operating Income

1,558

1,783

- 13

1,652

1,833

- 10

Net Income(3)

1,254

1,402

- 11

1,307

1,440

- 9

Earnings per share

$13.39

$14.96

- 10

$13.95

$15.36

- 9

Mike Mack, Chief Executive Officer, said:

“After a slow first quarter start, demand for our products has increased significantly in 2010, following a 2009 season characterized by low pest pressure and credit constraint. This is evidenced by solid volume growth in the second quarter, leading to a reduction in the high level of channel inventories which resulted in a competitive pricing environment in developed markets, notably North America. In the emerging markets we saw a strong performance throughout the first half, particularly in Latin America, as growers continued to invest in new technology. Our longstanding focus on operational efficiency is enabling us to confront a challenging short term environment while continuing to expand our platforms for future growth.

“The first half of 2010 saw many successes for our business. Sales of new Crop Protection products increased by 14 percent with two pipeline products being launched this year. We opened new capacity for the fungicide AMISTAR® in May and are seeing immediate demand for the increased output. The profitability of our Seeds business improved with excellent grower response to our expanded triple stack offer. We will build on our growing corn seed franchise with the launch of AGRISURE VIPTERA™ in the fall, and we will also be the first company bringing to market a water optimization solution in corn.”

Financial Performance 1st Half 2010

Sales $6.7 billion

Reported sales were up one percent reflecting a positive contribution from exchange rates. At constant exchange rates, sales were three percent lower. Crop Protection sales* were four percent lower, with three percent volume growth partly offsetting lower prices. Seeds sales were two percent higher, driven by volume growth of three percent.

EBITDA margin 28.6 percent

EBITDA was nine percent lower (CER) at $1.9 billion. Gross margin was maintained despite lower prices due to the favorable evolution of raw material costs and to portfolio enhancement in Seeds. The Seeds EBITDA margin increased, while in Crop Protection profitability reflected lower prices and higher operating expenses linked to investments in emerging markets and in R&D. Currency movements including hedging made a positive contribution of $57 million to EBITDA.

Earnings per share $13.95

Earnings per share excluding restructuring and impairment were nine percent lower. After charges for restructuring and impairment, earnings per share were $13.39 (2009: $14.96).

Business Highlights

Crop Protection

A slow start to the northern hemisphere season due to cold weather was followed by significant volume growth in the second quarter. High channel inventories, built up in the course of 2009, were progressively drawn down in the second quarter but resulted in a competitive first half price environment, notably in NAFTA. As a consequence some of the price gains implemented by Syngenta in the first half of 2009 were reversed. Emerging markets saw a generally robust performance with limited impact from price.

In Europe, Africa and the Middle East grower sentiment was affected by the lower wheat price, particularly in France, where the business was also affected by high channel inventory, government credit reforms and the phasing of oilseed rape herbicide sales. In Eastern Europe, our customers began to resume investment in high value inputs and we were able to ease credit constraints in an improved economic environment. In NAFTA, the season progressed well leading to a rapid recovery in consumption in the second quarter, although price competition remained intense in certain segments, notably glyphosate and fungicides. Sales in Latin America surpassed the record level of 2008, with higher soybean acreage in both Brazil and Argentina and increased disease pressure. We reinforced our market-leading position notably for fungicides. Growth in Asia Pacific was strong in the emerging markets, particularly China and Vietnam, more than offsetting a decline in the largest market Japan.

Selective herbicide sales were lower with declines concentrated in older products. Sales of corn and soybean herbicides showed good growth notably in the USA, where their importance in dealing with glyphosate-resistant weeds is increasingly being recognized. A significant reduction in Non-selective herbicides mainly reflected developments in the glyphosate market, with US prices coming down sharply from mid-2009. Fungicide sales increased by six percent, with the lead product AMISTAR® up 17 percent despite lower US pricing in the second quarter. Two other major fungicides, RIDOMIL GOLD® and SCORE®, also showed double digit growth with stable pricing. Insecticide sales were unchanged with strong growth in newer products offsetting declines in older chemistries. Seed care sales were lower owing largely to high inventories of treated seed in the USA.

Professional products benefited from signs of recovery in consumer markets, notably in the Garden & Ornamentals area.

New products: Sales of new products (defined as those launched since 2006) increased by 14 percent (CER) to $295 million. Sales of the nematicide seed treatment AVICTA® doubled following its launch on corn in the USA. The cereal herbicide AXIAL® showed strong growth in Eastern Europe and further expansion in its largest market Canada. The insecticide DURIVO® grew rapidly on rice and vegetables across Asia. The fungicide REVUS®, used on vegetables and vines, expanded outside Europe and is now sold in all regions. Isopyrazam, a broad spectrum fungicide with a new mode of action, was launched on barley in the UK.

Capacity expansion: New capacity for AMISTAR® was opened at Grangemouth, UK in May. The opening will result in a production increase of approximately 20 percent in 2010, with immediate demand for the increased output.

R&D pipeline: The combined peak sales potential of our Crop Protection pipeline is in excess of $2 billion. An initial launch in granular form of INVINSA™, a unique product for crop stress protection in field crops, is scheduled for later this year. The late development pipeline also includes sedaxane, a seed treatment fungicide; bicyclopyrone, a corn and sugar cane herbicide; and an insecticide cyantraniliprole.

EBITDA was 13 percent lower (CER) at $1.6 billion with a margin (CER) of 31.8 percent (2009: 35.2 percent).

Seeds

Growth in Seeds was broad-based with a noticeable acceleration in the second quarter.

Corn & Soybean saw growth of eight percent after adjusting for a one off change in US sales terms, which brought sales forward from the first quarter of 2010 to the fourth quarter of 2009. Sales of our proprietary triple stack corn in the US market expanded significantly to represent around 60 percent of total, approaching market penetration rates. Sales grew rapidly in Latin America and Eastern Europe.

Diverse Field Crops showed solid internal growth supplemented by the acquisition of the Monsanto sunflower business in August 2009. The main driver was Eastern Europe, where sales increased by more than 30 percent as growers resumed investment in high quality hybrids and varieties.

Growth in Vegetables accelerated, led by NAFTA where sales of watermelon and sweet corn, for which capacity has recently been expanded, grew strongly. Sales in Latin America and the emerging markets of Asia Pacific also grew strongly.

Flowers sales were slightly lower owing to weakness in the US market, although in Europe sales showed a significant upturn reflecting an enhanced portfolio and more favorable consumer sentiment.

R&D pipeline: Our broad spectrum lepidoptera trait AGRISURE VIPTERA™ received approval from the U.S. Department of Agriculture and from the Japanese regulatory authorities in the first half of the year. The trait will be launched in the USA as part of a multi-stack offer in the fourth quarter and will provide growers with a new standard for pest control and yield performance. Also this year Syngenta will bring to market AGRISURE ARTESIAN™, the industry’s first water optimization solution, based on native traits. Over the next two years a complete range of refuge reduction options in corn will be launched, including AGRISURE E-Z REFUGE™ (refuge in a bag).

EBITDA of $352 million was up seven percent (CER), driven by gross margin expansion. The EBITDA margin (CER) reached 20.1 percent (2009: 19.1 percent) and remains on track to reach the full year target of 15 percent in 2011.

Net financial expense

Net financial expense at $55 million was slightly higher compared with the first half of 2009 ($46 million).

Taxation

The underlying tax rate for the period was 19 percent, unchanged compared with the first half of 2009. In the second half of the year the tax rate is likely to be higher than in the same period last year; over the medium term a tax rate in the low to mid-twenties is expected.

Cash flow

Free cash flow was $74 million (2009: $79 million). Fixed capital expenditure of $266 million (2009: $364 million) reflected the concluding phase of capacity expansion projects for key active ingredients. Average trade working capital as a percentage of sales was 43 percent (2009: 40 percent) reflecting an increase in inventories in the second half of 2009. We continue to target a reduction in trade working capital as a percentage of sales as continued volume growth reduces inventories.

Dividend and share repurchase

A dividend of CHF 6.00 per share (2009: CHF 6.00) was paid in the second quarter, representing a total payout of $524 million. In line with Syngenta’s objective of returning around $750 million to shareholders in 2010, 288,700 shares were repurchased in the first half at a total cost of $67 million. The total cash return to shareholders in the first half was $591 million.

Outlook

Mike Mack, Chief Executive Officer, said:

“In the second half of 2010 we expect positive volume momentum to continue. As we approach the main season in Latin America, we are assuming that the current favorable fundamentals will support further growth in our business there. This, coupled with careful control of costs and increasing profitability in Seeds, should allow us to achieve full year operating income around last year’s level. As indicated earlier in the year, the evolution of earnings per share** will reflect increased net financial expense and a higher tax rate.

“Looking ahead, our focus will be on achieving further market share gains in developed markets while building on our track record of operational efficiency. This will enable us to continue investing in emerging markets, which represent the main growth driver for our business and where we have established leadership positions. We remain firmly committed to our investments in R&D, which will accelerate new product launches and build on our ability to deliver integrated solutions to growers worldwide.”

Crop Protection

For a definition of constant exchange rates, see Appendix A of full English version.

1st Half

Growth

2nd Quarter

Growth

Product line

2010
$m

2009
$m

Actual
%

CER
%

2010
$m

2009
$m

Actual
%

CER
%

Selective Herbicides

1,620

1,615

- 4

877

814

+ 8

+ 5

Non-selective Herbicides

548

691

- 21

- 25

316

362

- 13

- 16

Fungicides

1,488

1,356

+ 10

+ 6

681

634

+ 7

+ 5

Insecticides

700

673

+ 4

349

318

+ 10

+ 8

Seed Care

369

392

- 6

- 10

130

135

- 4

- 6

Professional Products

242

225

+ 7

+ 4

122

115

+ 6

+ 4

Others

- 38

- 39

-68

- 68

Total

4,996

5,000

- 4

2,486

2,415

+ 3

Selective Herbicides: major brands AXIAL®, CALLISTO® family, DUAL®/BICEP® MAGNUM, FUSILADE®MAX, TOPIK®

Sales volume was slightly higher with a substantial increase in Latin America, partially offset by lower volumes in Europe due to the phasing of oilseed rape herbicides in France and Germany, which reduced sales by $47 million. The decline in total sales (CER) was due to lower prices, mainly in NAFTA, in a more competitive environment. The CALLISTO® range showed growth in a strong pre-emergence corn herbicide market in the USA.

Non-selective Herbicides: major brands GRAMOXONE®, TOUCHDOWN®

In non-selectives, TOUCHDOWN® sales decreased significantly in NAFTA due to lower prices affecting the first half comparison. Volume was also lower reflecting high channel inventories. GRAMOXONE® sales were lower with some related weakness, notably in Latin America and Asia Pacific.

Fungicides: major brands ALTO®, AMISTAR®, BRAVO®, REVUS®, RIDOMIL GOLD®, SCORE®, TILT®, UNIX®

Fungicide sales were six percent higher on strong volume growth in Latin America, NAFTA and Asia Pacific. Volume growth was partially offset by price declines, mainly in NAFTA due to high channel inventory and a competitive environment. AMISTAR® sales increased significantly with volume 31 percent higher, characterized by increased usage intensity and growers’ focus on plant performance in key crops including rice and vegetables in Asia Pacific, soybean in Latin America and corn in NAFTA. REVUS® continued to show strong growth, with launches in nine new countries. Our new fungicide, isopyrazam, was introduced in the United Kingdom on barley with first sales in the second quarter. Additional launches in further countries are planned in key cereals and fruit and vegetable markets.

Insecticides: major brands ACTARA®, DURIVO®, FORCE®, KARATE®, PROCLAIM®, VERTIMEC®

Insecticide sales were flat with strong growth in DURIVO® and ACTARA® offset by a more competitive environment in some of the older chemistries. DURIVO® continued to perform strongly in rice and vegetables in Asia Pacific and continued its expansion into new markets, notably with successful launches in Latin America and Japan. ACTARA® sales growth was broad based with strong gains in Latin America and Asia Pacific.

Seed Care: major brands AVICTA®, CRUISER®, DIVIDEND®, MAXIM®

Seed care sales were 10 percent lower owing largely to high inventories of treated seed in the USA. The decline in the USA was partially offset by growth in CRUISER® in Latin America and Asia Pacific.

Professional Products: major brands FAFARD®, HERITAGE®, ICON®

Professional product sales were four percent higher as the consumer-led areas of our Lawn & Garden business showed signs of recovery. Both Western and Eastern Europe showed double digit growth and the emerging Latin America business expanded rapidly.

1st Half

Growth

2nd Quarter

Growth

Crop Protection
by region

2010
$m

2009
$m

Actual
%

CER
%

2010
$m

2009
$m

Actual
%

CER
%

Europe, Africa, Mid. East

1,790

1,810

- 1

- 5

831

823

+ 1

NAFTA

1,662

1,882

- 12

- 15

942

989

- 5

- 8

Latin America

710

550

+ 29

330

262

+ 26

Asia Pacific

834

758

+ 10

+ 2

383

341

+ 12

+ 5

Total

4,996

5,000

- 4

2,486

2,415

+ 3

Europe, Africa and the Middle East: Sales were lower due to a prolonged winter in Western Europe which delayed the start of the season as well as the phasing of oilseed rape herbicides. In France, overall consumption of crop protection products was lower as a result of high channel inventory. Declines in Western Europe were partially offset by growth in Eastern Europe where the credit situation in most countries eased. This supported a return to investment in high value inputs, notably in the Ukraine where sales increased almost 60 percent. Africa and the Middle East showed strong growth in selective herbicides, fungicides and seed care.

NAFTA: Sales were lower in NAFTA due to a more competitive environment. High channel inventory and a more cautious stance by distributors, as well as marketing actions to speed technology adoption, contributed to price pressure. Excluding glyphosate, price was 11 percent lower while volume was slightly higher primarily on an expanded fungicide market. TOUCHDOWN® accounted for more than 40 percent of the sales decline in NAFTA.

Latin America: Latin America completed an excellent season with significantly higher sales; slightly higher than the record first half level of 2008. Soybean acreage in the region expanded and increased disease pressure resulted in greater usage intensity and a reinforcement of Syngenta’s market leading position. Liquidity also improved markedly and soybean prices were supported by Chinese demand. Growth was led by PRIORI Xtra®, our leading fungicide for the treatment of soybean rust.

Asia Pacific: Growth in Asia Pacific continued as strong government support for agriculture enabled growers to continue investing in yield improvement, notably in rice and vegetables. Growth was primarily due to increased demand for fungicides, led by AMISTAR®, with sales up 12 percent.

Seeds

For a definition of constant exchange rates, see Appendix A of full English version.

1st Half

Growth

2nd Quarter

Growth

Product line

2010
$m

2009
$m

Actual
%

CER
%

2010
$m

2009
$m

Actual
%

CER
%

Corn & Soybean

806

843

- 4

- 7

253

213

+ 19

+ 16

Diverse Field Crops

386

304

+ 27

+ 19

193

155

+ 24

+ 19

Vegetables

360

322

+ 12

+ 9

200

180

+ 11

Flowers

211

207

+ 2

- 1

+ 9

+ 8

Total

1,763

1,676

+ 5

+ 2

727

622

+ 17

+ 14

Corn & Soybean: major brands AGRISURE®, GARST®, GOLDEN HARVEST®, NK®

Corn and Soybean sales were up by eight percent adjusting for the impact of advanced sales in the fourth quarter of 2009. Growth occurred across all regions, led by a strong season in the US and good growth in Latin America and Eastern Europe. Sales of our proprietary triple stack corn AGRISURE® 3000 GT in the USA showed a significant advance, representing around 60 percent of our portfolio.

Diverse Field Crops: major brands NK® oilseeds, HILLESHOG® sugar beet

Diverse Field Crops sales increased significantly on good underlying growth supplemented by acquisitions. Sales expanded in Eastern Europe, with significant growth in Russia and the Ukraine on higher sunflower acreage. The acquisition of Monsanto’s sunflower business added 12 percent to product line sales.

Vegetables: major brands DULCINEA®, ROGERS®, S&G®, Zeraim Gedera

Vegetables continued to show excellent growth with sales up nine percent. Underlying growth excluding acquisitions and divestments was 10 percent, with double digit expansion in all regions with the exception of Europe, where sales were unchanged. Growth continued to reflect the ongoing progress of high value products in our strategic crops, notably tomato, watermelon and sweet corn.

Flowers: major brands Fischer, Goldfisch, Goldsmith Seeds, S&G®, Yoder

Flowers sales were down slightly due to NAFTA where the market was characterized by lower consumer demand in a subdued economic environment. The decline in NAFTA was partially offset by growth in Europe and Asia Pacific as those markets began to show signs of recovery.

1st Half

Growth

2nd Quarter

Growth

Seeds by region

2010
$m

2009
$m

Actual
%

CER
%

2010
$m

2009
$m

Actual
%

CER
%

Europe, Africa, Mid. East

762

659

+ 16

+ 9

297

251

+ 18

+ 15

NAFTA

826

880

- 6

- 7

329

300

+ 9

+ 8

Latin America

+ 52

+ 122

Asia Pacific

113

+ 18

+ 11

+ 24

+ 16

Total

1,763

1,676

+ 5

+ 2

727

622

+ 17

+ 14

Announcements and Meetings

Third quarter trading statement 2010

October 14, 2010

Announcement of 2010 Full Year Results

February 9, 2011

First quarter trading statement 2011

April 15, 2011

AGM

April 19, 2011

Syngenta is one of the world’s leading companies with more than 25,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.

Note to the editor:

Further information, documents and images will be available on our website www.syngenta.com/hyr2010.

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta’s publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.

(1)

Growth at constant exchange rates, see Appendix A of full English version.

(2)

EPS on a fully-diluted basis, excluding restructuring and impairment.

(3)

Net income to shareholders of Syngenta AG.

(*)

Crop Protection sales include $24 million of inter-segment sales.

(**)

Fully diluted, excluding restructuring and impairment

Syngenta International AG

Media contact:

Analyst/Investor contacts:

Media Office

Medard Schoenmaeckers

Jennifer Gough

CH-4002 Basel

Switzerland +41 61 323 2323

Switzerland +41 61 323 5059

Switzerland

USA +1 202 737 6521

Tel: +41 61 323 23 23

John Hudson

Fax: +41 61 323 24 24

Switzerland +41 61 323 6793

www.syngenta.com

USA +1 202 737 6520

Filed Under: International News Tagged With: Basel Switzerland, Business Sales, chief executive officer, Crop Protection Products, earnings per share, emerging market, Emerging Markets, firstcall, half year, latin america, market performance, Mike Mack, operating income, Operational Efficiency, Pest Pressure, Pipeline Products, Pr Newswire, Results Volume, upturn, Volume Growth

Weatherford Reports Second Quarter Results

July 21, 2010 By vani Leave a Comment

GENEVA, July 20 /PRNewswire-FirstCall/ — Weatherford International Ltd. (NYSE: WFT) today reported second quarter 2010 income of $80 million, or $0.11 per diluted share, excluding an after tax loss of $0.15 per diluted share. The excluded after tax loss was comprised of an $82 million non-cash charge for a fair value adjustment to the put option issued in connection with the TNK-BP acquisition and $24 million, net of tax, for severance and investigation costs. Second quarter diluted earnings per share reflect an increase of ten percent over the second quarter of 2009 diluted earnings per share of $0.10, before severance and investigation costs.

(Logo: http://photos.prnewswire.com/prnh/19990308/WEATHERFORDLOGO)

(Logo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO)

Second quarter revenues were $2,438 million, or 22 percent higher than the same period last year, and four percent higher than the prior quarter. Segment operating income of $308 million improved 14 percent year-over-year and 16 percent sequentially. International revenues were up seven percent versus the year ago quarter and five percent versus the prior quarter. Eastern Hemisphere revenues carried the international growth rate, increasing 16 percent versus the year ago quarter and nine percent versus the prior quarter, while Latin America revenue fell 12% compared to the year ago quarter and four percent sequentially due to lower project activity in Mexico. North America revenue increased 61 percent versus the year ago quarter and grew three percent versus the prior quarter. Stronger performance in the U.S. land market more than offset Canada’s traditional seasonal decline and one month of severely reduced activity in the Gulf of Mexico.

Sequentially, the company’s second quarter diluted earnings per share, before charges, were $0.04 higher than the first quarter of 2010 diluted earnings per share of $0.07, before severance, investigation costs and fair value adjustment for the put option.

Weatherford Chairman and CEO Bernard J. Duroc-Danner commented, “The second quarter was progress with the United States and Russia singled out as the highest performers. The outlook for North America appears constructive. Client feedback leads us to believe that operators are planning to accelerate activity in international markets.”

North America

Revenues for the quarter were $921 million, which is a 61 percent increase over the same quarter in the prior year. Revenues were up three percent sequentially, which is the first sequential increase for the second quarter in North America since 2005.

Operating income was $129 million compared to break-even operating results for the second quarter of 2009 and was up $17 million sequentially. The current quarter’s margins improved 140 basis points to 14.0%.

Middle East/North Africa/Asia

Second quarter revenues of $601 million were one percent higher than the second quarter of 2009 and six percent higher than the prior quarter. On a sequential basis, strong performances in Iraq and China were partially offset by weakness in Saudi Arabia and Libya.

The current quarter’s operating income of $78 million decreased 37 percent as compared to the same quarter in the prior year and decreased six percent compared to the prior quarter.

Europe/West Africa/FSU

Second quarter revenues of $506 million were 39 percent higher than the second quarter of 2009 and 11 percent higher than the prior quarter. The year-over-year increase was largely due to our acquisition of TNK-BP’s oilfield service business in the third quarter of 2009. All product lines showed sequential growth.

The current quarter’s operating income of $63 million was flat compared to the same quarter in the prior year and increased 63 percent sequentially.

Latin America

Second quarter revenues of $410 million were 12 percent lower than the second quarter of 2009 and four percent lower than the prior quarter. Consistent with the prior quarter, Mexico was the largest contributor to the sequential decline in revenue due to a decrease in volumes of project-based work.

The current quarter’s operating income of $38 million declined 56 percent as compared to the same quarter in the prior year and increased 22 percent compared to the prior quarter.

Reclassifications and Non-GAAP

Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.

Conference Call

The company will host a conference call with financial analysts to discuss the 2010 second quarter results on July 20, 2010 at 8:00 a.m. (CDT). The company invites investors to listen to a play back of the conference call at the company’s website, http://www.weatherford.com in the “investor relations” section.

Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 53,000 people worldwide.

Contact:

Andrew P. Becnel

+41.22.816.1502

Chief Financial Officer

Contact:

Karen David-Green

+1.713.693.2530

Vice President – Investor Relations

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford’s prospects for its operations which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.’s reports and registration statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the outcome of pending government investigations, the demand for and pricing of Weatherford’s products and services, domestic and international economic and regulatory conditions and changes in tax and other laws affecting our business. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated.

Weatherford International Ltd.

Consolidated Condensed Statements of Income

(Unaudited)

(In 000s, Except Per Share Amounts)

Three Months

Six Months

Ended June 30,

2010

2009

2010

2009

Net Revenues:

North America

$ 921,443

$ 571,415

$ 1,811,987

$ 1,408,768

Middle East/North Africa/Asia

600,777

592,908

1,165,756

1,174,854

Europe/West Africa/FSU

505,774

364,968

960,475

733,811

Latin America

410,277

465,541

838,301

933,540

2,438,271

1,994,832

4,776,519

4,250,973

Operating Income (Expense):

North America

129,361

(709)

241,688

122,327

Middle East/North Africa/Asia

78,009

123,553

160,805

257,579

Europe/West Africa/FSU

62,834

62,614

101,362

137,557

Latin America

37,984

85,759

69,063

177,976

Research and Development

(53,530)

(46,113)

(102,387)

(95,134)

Corporate Expenses

(42,732)

(40,834)

(89,852)

(80,433)

Revaluation of Contingent Consideration

(81,753)

(89,563)

Exit and Restructuring

(27,309)

(30,905)

(71,341)

(55,782)

102,864

153,365

219,775

464,090

Other Income (Expense):

Interest Expense, Net

(95,719)

(93,498)

(191,058)

(184,561)

Devaluation of Venezuelan Bolivar

(63,859)

Other, Net

(14,186)

(3,871)

(23,404)

(17,410)

Income (Loss) Before Income Taxes

(7,041)

55,996

(58,546)

262,119

Benefit (Provision) for Income Taxes:

Provision for Operations

(19,095)

(8,829)

(29,980)

(44,633)

Benefit from Devaluation of Venezuelan Bolivar

23,973

Benefit from Exit and Restructuring

2,888

3,388

5,331

6,729

(16,207)

(5,441)

(676)

(37,904)

Net Income (Loss)

(23,248)

50,555

(59,222)

224,215

Net Income Attributable to Noncontrolling Interest

(3,316)

(8,574)

(7,351)

(17,432)

Net Income (Loss) Attributable to Weatherford

$ (26,564)

$ 41,981

$ (66,573)

$ 206,783

Earnings (Loss) Per Share Attributable to Weatherford:

Basic

$ (0.04)

$ 0.06

$ (0.09)

$ 0.30

Diluted

$ (0.04)

$ 0.06

$ (0.09)

$ 0.29

Weighted Average Shares Outstanding:

Basic

743,209

700,424

740,537

699,375

Diluted

743,209

709,412

740,537

706,024

Weatherford International Ltd.

Selected Income Statement Information

(Unaudited)

(In 000s)

Three Months

Ended

6/30/2010

3/31/2010

12/31/2009

9/30/2009

6/30/2009

Net Revenues:

North America

$ 921,443

$ 890,544

$ 736,443

$ 620,496

$ 571,415

Middle East/North Africa/Asia

600,777

564,979

593,154

600,110

592,908

Europe/West Africa/FSU

505,774

454,701

478,259

404,390

364,968

Latin America

410,277

428,024

618,225

524,883

465,541

$ 2,438,271

$ 2,338,248

$ 2,426,081

$ 2,149,879

$ 1,994,832

Operating Income (Expense):

North America

$ 129,361

$ 112,327

$ 41,625

$ 33,259

$ (709)

Middle East/North Africa/Asia

78,009

82,796

82,452

101,943

123,553

Europe/West Africa/FSU

62,834

38,528

48,893

44,468

62,614

Latin America

37,984

31,079

49,271

54,343

85,759

Research and Development

(53,530)

(48,857)

(50,216)

(49,300)

(46,113)

Corporate Expenses

(42,732)

(47,120)

(48,990)

(44,272)

(40,834)

Revaluation of Contingent Consideration

(81,753)

(7,810)

(6,295)

27,368

Exit and Restructuring

(27,309)

(44,032)

(26,897)

(17,887)

(30,905)

$ 102,864

$ 116,911

$ 89,843

$ 149,922

$ 153,365

Supplemental Information

(Unaudited)

(In 000s)

Three Months

Ended

6/30/2010

3/31/2010

12/31/2009

9/30/2009

6/30/2009

Depreciation and Amortization:

North America

$ 81,040

$ 80,660

$ 83,658

$ 79,737

$ 77,253

Middle East/North Africa/Asia

75,139

72,290

72,739

65,771

60,921

Europe/West Africa/FSU

52,058

48,958

50,376

44,864

35,190

Latin America

44,753

42,479

42,751

43,403

35,971

Research and Development

2,324

2,224

1,980

1,940

2,017

Corporate

2,943

2,781

2,197

2,194

2,341

$ 258,257

$ 249,392

$ 253,701

$ 237,909

$ 213,693

We report our financial results in accordance with generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP performance measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure we may present from time to time is operating income or income from continuing operations excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for operating income, net income or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended June 30, 2010, March 31, 2010, and June 30, 2009 and for the six months ended June 30, 2010 and June 30, 2009. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Weatherford International Ltd.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(In 000s, Except Per Share Data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2010

2009

2010

2009

Operating Income:

GAAP Operating Income

$ 102,864

$ 116,911

$ 153,365

$ 219,775

$ 464,090

Exit and Restructuring

27,309

44,032

30,905

71,341

55,782

Revaluation of Contingent Consideration

81,753

7,810

89,563

Non-GAAP Operating Income

$ 211,926

$ 168,753

$ 184,270

$ 380,679

$ 519,872

Benefit (Provision) for Income Taxes:

GAAP Benefit (Provision) for Income Taxes

$ (16,207)

$ 15,531

$ (5,441)

$ (676)

$ (37,904)

Devaluation of Venezuelan Bolivar

(23,973)

Exit and Restructuring

(2,888)

(2,443)

(3,388)

(5,331)

(6,729)

Non-GAAP Benefit (Provision) for Income Taxes

$ (19,095)

$ (10,885)

$ (8,829)

$ (29,980)

$ (44,633)

Net Income (Loss) Attributable to Weatherford:

GAAP Net Income (Loss)

$ (26,564)

$ (40,009)

$ 41,981

$ (66,573)

$ 206,783

Total Charges, net of tax

106,174

(a)

89,285

(b)

27,517

(c)

195,459

49,053

(d)

Non-GAAP Net Income

$ 79,610

$ 49,276

$ 69,498

$ 128,886

$ 255,836

Diluted Earnings (Loss) Per Share Attributable to Weatherford:

GAAP Diluted Earnings (Loss) per Share

$ (0.04)

$ (0.05)

$ 0.06

$ (0.09)

$ 0.29

Total Charges, net of tax

0.15

(a)

0.12

(b)

0.04

(c)

0.26

0.07

(d)

Non-GAAP Diluted Earnings per Share

$ 0.11

$ 0.07

$ 0.10

$ 0.17

$ 0.36

Note (a): This amount is comprised of an $82 million charge for the revaluation of contingent consideration included as part of our acquisition of the Oilfield Services Division (“OFS”) of TNK-BP. We also incurred investigation costs in connection with on-going investigations by the U.S. government and severance charges associated with the Company’s restructuring activities.

Note (b): This amount is primarily comprised of a $38 million charge, net of tax, related to our supplemental executive retirement plan that was frozen on March 31, 2010 and a $40 million charge, net of tax, related to the devaluation of the Venezuelan Bolivar. In addition, we incurred a charge of $8 million for the revaluation of contingent consideration included as part of our OFS acquisition. We also incurred investigation costs in connection with on-going investigations by the U.S. government and severance charges and facility closure costs associated with the Company’s restructuring activities.

Note (c): This amount represents investigation costs incurred in connection with on-going investigations by the U.S. government and costs related to the Company’s withdrawal from sanctioned countries. Also included are severance charges associated with the Company’s reorganization activities.

Note (d): This amount represents investigation costs incurred in connection with on-going investigations by the U.S. government and costs related to the Company’s withdrawal from sanctioned countries. Also included are severance charges associated with the Company’s reorganization activities.

Weatherford International Ltd.

Consolidated Condensed Balance Sheet

(Unaudited)

(In 000s)

June 30,

December 31,

2010

2009

Current Assets:

Cash and Cash Equivalents

$ 222,783

$ 252,519

Accounts Receivable, Net

2,471,078

2,504,876

Inventories

2,371,489

2,239,762

Other Current Assets

1,253,261

1,143,449

6,318,611

6,140,606

Long-Term Assets:

Property, Plant and Equipment, Net

6,774,500

6,991,579

Goodwill

4,128,966

4,156,105

Other Intangibles, Net

749,654

778,786

Equity Investments

539,817

542,667

Other Assets

303,179

256,440

12,496,116

12,725,577

Total Assets

$ 18,814,727

$ 18,866,183

Current Liabilities:

Short-term Borrowings and Current Portion of Long-term Debt

$ 628,108

$ 869,581

Accounts Payable

1,127,875

1,002,359

Other Current Liabilities

994,757

924,948

2,750,740

2,796,888

Long-term Liabilities:

Long-term Debt

6,005,472

5,847,258

Other Liabilities

383,871

423,333

6,389,343

6,270,591

Total Liabilities

9,140,083

9,067,479

Shareholders’ Equity:

Weatherford Shareholders’ Equity

9,603,780

9,719,672

Noncontrolling Interest

70,864

79,032

Total Shareholders’ Equity

9,674,644

9,798,704

Total Liabilities and Shareholders’ Equity

$ 18,814,727

$ 18,866,183

Weatherford International Ltd.

Net Debt

(Unaudited)

(In 000s)

Change in Net Debt for the Three Months Ended June 30, 2010:

Net Debt at March 31, 2010

$ (6,628,951)

Operating Income

102,864

Depreciation and Amortization

258,257

Exit and Restructuring

27,309

Revaluation of Contingent Consideration

81,753

Capital Expenditures

(217,664)

(Increase) Decrease in Working Capital

92,668

Income Taxes Paid

(133,382)

Interest Paid

(70,023)

Acquisitions and Divestitures of Assets and Businesses, Net

40,649

Other

35,723

Net Debt at June 30, 2010

$ (6,410,797)

Change in Net Debt for the Six Months Ended June 30, 2010:

Net Debt at December 31, 2009

$ (6,464,320)

Operating Income

219,775

Depreciation and Amortization

507,649

Exit and Restructuring

71,341

Revaluation of Contingent Consideration

89,563

Capital Expenditures

(448,751)

(Increase) Decrease in Working Capital

(96,352)

Income Taxes Paid

(224,117)

Interest Paid

(209,620)

Acquisitions and Divestitures of Assets and Businesses, Net

81,860

Other

62,175

Net Debt at June 30, 2010

$ (6,410,797)

June 30,

March 31,

December 31,

Components of Net Debt

2010

2009

Cash

$ 222,783

$ 207,099

$ 252,519

Short-term Borrowings and Current Portion of Long-Term Debt

(628,108)

(991,440)

(869,581)

Long-term Debt

(6,005,472)

(5,844,610)

(5,847,258)

Net Debt

$ (6,410,797)

$ (6,628,951)

$ (6,464,320)

“Net Debt” is debt less cash. Management believes that Net Debt provides useful information regarding the level of

Weatherford indebtedness by reflecting cash that could be used to repay debt.

Working capital is defined as accounts receivable plus inventory less accounts payable.

SOURCE Weatherford International Ltd.

Filed Under: International News Tagged With: diluted earnings per share, diluted share, earnings per share, Eastern Hemisphere, firstcall, Gulf Of Mexico, International Revenues, Investigation Costs, latin america, Mexico North, operating income, PRNewswire, Quarter Results, Quarter Revenues, Seasonal Decline, Severance, Tnk Bp, Weatherford International, Weatherford International Ltd, Wft

Qatar Airways selects Hamilton Sundstrand APS3200 Auxiliary Power Unit

July 21, 2010 By vani Leave a Comment

FARNBOROUGH, England, July 20 /PRNewswire-FirstCall/ — Qatar Airways has selected Hamilton Sundstrand Power Systems’ APS3200 Auxiliary Power Unit (APU) for its new fleet of 24 Airbus A320 aircraft family. Hamilton Sundstrand is a subsidiary of United Technologies Corp. (NYSE: UTX).

The APS3200 APU is currently on board more than 1,600 Airbus A320 aircraft around the world and has accumulated more than 23 million hours since entering service on the Airbus A320 aircraft family.

“The APS3200 has been a popular choice with airlines since its introduction to service in 1994. Hamilton Sundstrand has a long-standing relationship with Qatar Airways, providing customer support and repair services on the airline’s existing fleet of more than 20 A320 family aircraft,” said Danny Di Perna, Hamilton Sundstrand Power Systems vice president and general manager. “We are extremely pleased to have Qatar Airways as a valued customer, and are looking forward to continuing to grow our excellent working relationship as Qatar Airways also takes delivery of its new A320 fleet.”

Qatar Airways is headquartered in Doha, capital of the State of Qatar. Launched in January 1974, the country’s national airline has been going through a rapid expansion program, operating one of the world’s youngest aircraft fleets. Qatar Airways flies to 92 destinations across Europe, Middle East, Africa, Asia Pacific, North America and South America with a fleet of 84 single- and twin-aisle aircraft. The airline currently has orders for more than 200 aircraft pending delivery and worth over US $40 billion.

Hamilton Sundstrand Power Systems, based in San Diego, Calif., currently has more than 13,000 APUs in commercial and military service.

With 2009 revenues of $5.6 billion, Hamilton Sundstrand is headquartered in Windsor Locks, Conn. Among the world’s largest suppliers of technologically advanced aerospace and industrial products, the company designs, manufactures and services aerospace systems and provides integrated system solutions for commercial, regional, corporate and military aircraft. It also is a major supplier for international space programs.

United Technologies Corp., based in Hartford, Conn., is a diversified company providing high technology products and services to the building and aerospace industries worldwide.

Filed Under: International News Tagged With: Africa Asia, airbus a320 aircraft, Aircraft Fleets, Apus, Auxiliary Power Unit, Auxiliary Power Unit Apu, East Africa, Expansion Program, firstcall, Hamilton Sundstrand, National Airline, Nyse, Perna, PRNewswire, Qatar Airways, Rapid Expansion, State Of Qatar, United Technologies, United Technologies Corp, Windsor Locks

Black Hawk Receives Coarse Gold Results From Dun Glen Project

July 20, 2010 By vani Leave a Comment

FOX ISLAND, Wash., July 19 /PRNewswire-FirstCall/ — Black Hawk Exploration, Inc. (OTC Bulletin Board: BHWX), announced further news to our press release of July 1st, 2010, which showed the results of the additional assays from potential gold bearing dumps at Dun Glen. The 12 previous samples were drawn from a single 60 foot trench. ALS Chemex reported to BHWX that all samples had indications of gold mineralization and 4 samples graded between .1 and .28 oz per ton. These were re-submitted to ALS Chemex for additional fire screen testing to detect the coarse gold nugget effects. The results from the additional 4 fire screen evaluations are as follows:

Location

Au PPM

Au opt

Fire Screen (ppm)

Increased %

DGD-08

5.10

0.15

7.02

+38%

DGD-09

9.75

.28

13.05

+34%

(DGD-07 and DGD-11 showed decreases of 10% and 23% from the original Fire Assay)

These results are in addition to 3 additional dumps previously sampled. Each of these associated dump targets had overall averages as follows: the Auld Lang Syne of 0.15 oz per ton gold, the Black Hole of 0.23 oz per ton gold and the Monroe of 0.04 oz per ton gold. The sampling on the Black Hole and Monroe dumps had areas on the dumps with numerous values higher than 0.2 oz per ton gold. The Black Hole, in particular, had 18 out of 87 samples greater than 0.2 oz per ton gold and four samples were greater than 0.8 oz per ton gold (0.83, 1.86, 4.27, and 4.77 opt gold). “We are pleased with the results from samples DGD-08 and DGD-09 which showed significant increases. The fire screen results showed a greater amount of gold in the assayed results from the fraction testing for coarse gold (ie, nugget effect),” stated Black Hawk’s CEO Kevin M. Murphy.

Black Hawk provides a free report “Summary with Recommendations for Dun Glen Project” which is only available via electronic format. If you wish to receive a copy of the report, please request by emailing to CEO@BlackHawkExploration.com

About Black Hawk Exploration, Inc.:

Black Hawk is a diversified metals and energy exploration company with its current focus on gold and silver discovery through its Dun Glen holdings. Black Hawk is committed to an aggressive program of value added property acquisition, project generation, asset diversity and building shareholder value.

“Safe Harbor” Statement:

Under The Private Securities Litigation Reform Act of 1995: The statements in all press releases that relate to the company’s expectations, with regard to the future impact on the company’s results from new projects in development, are forward-looking statements. A complete disclosure of our “SAFE HARBOR” statement is posted on our website at www.BlackHawkExploration.com under the heading “NEWS”.

SOURCE Black Hawk Exploration, Inc.

Filed Under: International News Tagged With: Als Chemex, assays, Auld Lang Syne, Black Hawk, black hole, Dumps, Dun, Electronic Format, Exploration Inc, Fire Screen, firstcall, Fox Island, Further News, Gold Mineralization, Gold Nugget, hawk, Kevin M Murphy, Nugget Effect, otc bulletin board, PRNewswire

Midroog Ltd., an Affiliate of Moody’s Investors Services, Rates Company Notes and Potential New Debt of Elbit Imaging

July 19, 2010 By vani Leave a Comment

TEL AVIV, Israel, July 18 /PRNewswire-FirstCall/ — Elbit Imaging Ltd. (Nasdaq: EMITF) (“Elbit”) announced today that Midroog Ltd., an affiliate of Moody’s Investors Services, has given a rating of “A2/Negative,” on a local scale, to all of Elbit’s outstanding notes, as well as to an extension of the Series G Notes in an aggregate principal amount of up to NIS 200 million that Elbit may issue. The above mentioned credit rating was also ratified for additional Series G Notes in an aggregate principal amount of up to NIS 400 million that Elbit may issue in exchange for outstanding notes, subject to certain conditions, as previously announced by Elbit on March 17, 2010.

Elbit is examining the possibility of a future debt offering, but there is no certainty that any such debt offering will be executed.

Any future debt offering, if made, will be executed in Israel to residents of Israel only. Any debt instruments that may be offered will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from U.S. registration requirements.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers – Initiation, construction, and sale of commercial and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India. In certain circumstances and depending on market conditions, Elbit may operate and manage a commercial and entertainment center prior to its sale; (ii) Hotels – Hotels operation and management, primarily in major European cities; (iii) Image Guided Treatment – Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment; (iv) Residential Projects – Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India and in Eastern Europe; (v) Fashion Apparel – distribution and marketing of fashion apparel and accessories in Israel; and (vi) Other Activities – (a) venture capital investments; (b) investments in hospitals and farm and dairy plants in India, which are in preliminary stages; and (c) wholesale trade of home applications in India.

Any forward-looking statements in our releases include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as “believe,” “expect,” “intend,” “estimate” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2009, under the caption “Risk Factors.” In addition, a potential offering would be subject to risks facing any public offering, including without limitation, general economic conditions, the conditions of the capital markets, the interest level of investment banks and investors in the offering and the performance of our businesses. Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.

For Further Information:

Company Contact:

Investor Contact:

Dudi Machluf

Mor Dagan

Chief Executive Officer (Co-CEO)

Investor Relations

Tel: +972-3-608-6024

Tel: +972-3-516-7620

dudim@elbitimaging.com

mor@km-ir.co.il

Filed Under: International News Tagged With: applicable exemption, Central And Eastern Europe, Debt Instruments, Elbit, Emitf, entertainment center, Entertainment Centers, european cities, firstcall, magnetic resonance imaging, march 17, nasdaq, Principal Fields, PRNewswire, Property Projects, registration requirements, Retail Sector, securities act of 1933, tel aviv israel, Ultrasound Treatment

Broadcom’s Offer for Innovision Research & Technology PLC is Declared Wholly Unconditional

July 14, 2010 By vani Leave a Comment

IRVINE, Calif., July 13 /PRNewswire-FirstCall/ — Broadcom Corporation (Nasdaq: BRCM), a global leader in semiconductors for wired and wireless communications, today announced its subsidiary, Broadcom International Ltd. (“Broadcom”), has declared the Offer for Innovision Research & Technology PLC, (a company listed on the Alternative Investment Market of the London Stock Exchange: INN) wholly unconditional as all of the Conditions to the Offer have been satisfied or waived. The Offer will remain open until further notice and at least 14 days notice will be given if Broadcom decides to close the Offer.

Level of acceptances

As at 3.30 p.m. (London time) on July 12, 2010, Broadcom had received valid acceptances of the Offer in respect of a total of 71,936,369 Innovision Shares, representing approximately 78.57 percent of the existing issued share capital of Innovision. These acceptances include acceptances of the Offer by (a) all of the Innovision Directors (pursuant to the irrevocable undertakings given by them as described in the Offer Document) in respect of, in aggregate, 274,317 Innovision Shares, representing approximately 0.3 percent of the existing issued share capital of Innovision (b) certain of the Innovision Shareholders (pursuant to the irrevocable undertakings given by them as described in the Offer Document) in respect of, in aggregate, 27,615,897 Innovision Shares, representing approximately 30.16 percent of the existing issued share capital of Innovision and (c) certain of the Innovision Shareholders (pursuant to the letters of intent given by them as described in the Offer Document) in respect of, in aggregate, 12,025,175 Innovision Shares, representing approximately 13.14 percent of the existing issued share capital of Innovision. Broadcom holds direct interest in 9,640,611 Innovision shares representing approximately 10.53 percent of the existing issued share capital of Innovision.

The total number of Innovision shares Broadcom may count toward the satisfaction of its acceptance condition is 71,936,369 Innovision shares representing approximately 78.57 percent of the existing issued share capital of Innovision.

Delisting and re-registration

Following receipt of sufficient acceptances (i.e. 75 percent), Broadcom intends to procure that Innovision will apply for the cancellation of the admission to trading of Innovision Shares on AIM.

A notice period of not less than 20 business days prior to delisting from AIM will commence as soon as Broadcom has received sufficient acceptances to procure the delisting of the Innovision Shares. Delisting is likely to reduce significantly the liquidity and marketability of any Innovision Shares in respect of which the Offer has not been accepted.

It is also proposed that, after Innovision Shares are delisted, Innovision will be re-registered as a private limited company.

Compulsory acquisition

Broadcom intends, assuming it becomes so entitled (by receiving 90 percent acceptances), to acquire compulsorily any outstanding Innovision shares pursuant to the provisions of the Companies Act.

Settlement

The consideration to which any Innovision Shareholder is entitled under the Offer will be settled (i) in the case of complete acceptances received on or before the date of this announcement, on or before July 27, 2010; and (ii) in the case of complete acceptances received after the date of this announcement but while the Offer remains open for acceptance, within 14 days of such receipt, in each case in the manner described in the Offer Document.

Acceptance of the Offer

Innovision Shareholders who have not yet accepted, and wish to accept, the Offer should take action to accept the Offer as soon as possible. Details of the procedure for doing so are set forth in the Offer Document (including, in the case of certificated Innovision Shares, the Form of Acceptance) sent to Innovision Shareholders on June 18, 2010.

Further information about the Offer, including the Offer Document, is available at

http://investor.broadcom.com/rule-2-5disclaimer.cfm?doc=29.

Other than as expressly set out in this announcement, capitalized terms used in this announcement shall have the meaning given to them in the Offer Document published by Broadcom on June 18, 2010.

This announcement does not constitute, and must not be construed as, an offer to sell or an invitation to purchase or subscribe for any securities or the solicitation of an offer to purchase or subscribe for any securities, pursuant to the Offer or otherwise. The Offer is being made pursuant to the Offer Document and accompanying documentation. Innovision Shareholders who accept the Offer may only rely on the Offer Document and accompanying documentation for all the terms and conditions of the Offer.

About Broadcom

Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry’s broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything®.

Broadcom, one of the world’s largest fabless communications semiconductor companies, with 2009 revenue of $4.49 billion, and holds more than 4,050 U.S. and 1,650 foreign patents, and has more than 7,900 additional pending patent applications, and one of the broadest intellectual property portfolios addressing both wired and wireless transmission of voice, video, data and multimedia.

A FORTUNE 500® company, Broadcom is headquartered in Irvine, Calif., and has offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at +1.949.926.5000 or at www.broadcom.com.

Note:

The Offer is not being made, directly or indirectly, in or into the United States or by use of the mails of, or by any means or instrumentality (including, without limitation, facsimile or other electronic transmission, telex or telephone) of inter-state or foreign commerce of, or any facility of, a national, state or other securities exchange of, the United States, nor will it be made directly or indirectly in or into Canada, Australia or Japan and the Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia or Japan or any other such jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction. Accordingly, copies of this announcement are not being, will not be and must not be mailed or otherwise forwarded, distributed or sent in, into or from the United States, Canada, Australia or Japan or any other such jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction and persons receiving this announcement (including without limitation custodians, nominees and trustees) must not mail, forward, distribute or send it in, into or from the United States, Canada, Australia or Japan or any other such jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction.

Cautions regarding Forward-Looking Statements:

All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, the length of time the offer will remain open. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Important factors that may cause such a difference for Broadcom in connection with the acquisition of Innovision include, but are not limited to the risk factors that can be found at http://www.broadcom.com/press/additional_risk_factors/Q22010.php.

Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement, except as required by law.

Broadcom®, the pulse logo, Connecting everything®, and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

Filed Under: International News Tagged With: Alternative Investment Market, Broadcom, Broadcom Corporation, firstcall, further notice, global leader, Innovision, International Ltd, Irrevocable Undertakings, irvine calif, Letters Of Intent, london stock exchange, London Time, nasdaq, PRNewswire, Research Technology, Share Capital, shareholders, Technology Plc, wireless communications

Sarah Russell Appointed CEO of AEGON’s Global Asset Management Business

July 14, 2010 By vani Leave a Comment

THE HAGUE, The Netherlands, July 13, 2010 /PRNewswire-FirstCall/ — AEGON has appointed Sarah Russell as the new Chief Executive Officer of AEGON Asset Management, effective August 1. Ms. Russell succeeds Erik van Houwelingen, who is leaving AEGON to pursue career opportunities elsewhere. Ms. Russell’s appointment marks a new stage in the development of AEGON’s global asset management organization, which was established in October last year.

Ms. Russell has spent nearly 20 years in international finance and investment management both in Europe and her native Australia. Ms. Russell has a master’s in applied finance from Macquarie University in Sydney and was, until recently, the Chief Executive Officer of ABN AMRO Asset Management.

“Sarah Russell brings significant experience and expertise to this key leadership position within our global asset management organization,” said AEGON CEO Alex Wynaendts. “Her appointment comes at an important time following the successful start-up phase of this new business over the past two years. Sarah will be charged with leading AEGON Asset Management into a new period of development and growth, in line with our ambitions.

“We are very grateful to Erik van Houwelingen for his considerable contributions in bringing together our asset management capabilities of the Americas, Europe and Asia into one global company. Today, we are well positioned to achieve the objectives we established when launching the organization: to improve service and extend our broader expertise for the benefit of our customers, to make better use of our worldwide resources and to build a leading global asset management business.”

AEGON Asset Management was officially launched last year as part of a wider objective to manage AEGON more as one international company. The organization groups together AEGON’s asset management businesses in North America, Europe and Asia, employing 1,300 people and managing more than EUR 200 billion in assets.

Ms. Russell’s appointment is subject to regulatory approval.

About AEGON

As an international life insurance, pension and investment company based in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 28,000 people and have some 40 million customers across the globe.

First quarter Full year
Key figures – EUR 2010 2009
Underlying earnings
before tax 488 million 1.2 billion
New life sales 538 million 2.1 billion
Gross deposits (excl.
run-off) 7.8 billion 28 billion
Revenue generating
investments
(end of period) 388 billion 363 billion

Forward-looking statements

The statements contained in this press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

– Changes in general economic conditions, particularly in the United
States, the Netherlands and the United Kingdom;

– Changes in the performance of financial markets, including emerging
markets, such as with regard to:

– The frequency and severity of defaults by issuers in our fixed income
investment portfolios; and

– The effects of corporate bankruptcies and/or accounting restatements on
the financial markets and the resulting decline in the value of equity
and debt securities we hold;

– The frequency and severity of insured loss events;

– Changes affecting mortality, morbidity and other factors that may
impact the profitability of our insurance products;

– Changes affecting interest rate levels and continuing low or rapidly
changing interest rate levels;

– Changes affecting currency exchange rates, in particular the EUR/USD
and EUR/GBP exchange rates;

– Increasing levels of competition in the United States, the Netherlands,
the United Kingdom and emerging markets;

– Changes in laws and regulations, particularly those affecting our
operations, the products we sell, and the attractiveness of certain
products to our consumers;

– Regulatory changes relating to the insurance industry in the
jurisdictions in which we operate;

– Acts of God, acts of terrorism, acts of war and pandemics;

– Effects of deliberations of the European Commission regarding the aid
we received from the Dutch State in December 2008;

– Changes in the policies of central banks and/or governments;

– Lowering of one or more of our debt ratings issued by recognized rating
organizations and the adverse impact such action may have on our
ability to raise capital and on our liquidity and financial condition;

– Lowering of one or more of insurer financial strength ratings of our
insurance subsidiaries and the adverse impact such action may have on
the premium writings, policy retention, profitability of its insurance
subsidiaries and liquidity;

– The effect of the European Union’s Solvency II requirements and other
regulations in other jurisdictions affecting the capital we are
required to maintain;

– Litigation or regulatory action that could require us to pay
significant damages or change the way we do business;

– Customer responsiveness to both new products and distribution channels;

– Competitive, legal, regulatory, or tax changes that affect the
distribution cost of or demand for our products;

– The impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including our ability to
integrate acquisitions and to obtain the anticipated results and
synergies from acquisitions;

– Our failure to achieve anticipated levels of earnings or operational
efficiencies as well as other cost saving initiatives; and

– The impact our adoption of the International Financial Reporting
Standards may have on our reported financial results and financial
condition.

Further details of potential risks and uncertainties affecting the company are described in the company’s filings with Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact information
Media relations: Greg Tucker
+31(0)70-344-8956
gcc-ir@aegon.com

Investor relations: Gerbrand Nijman
+31(0)70-344-8305
877-548-9668 – toll free USA only
ir@aegon.com

http://www.aegon.com

Filed Under: International News Tagged With: Abn Amro, AEGON, Aegon Asset Management, Applied Finance, Asset Management Business, Asset Management Capabilities, Career Opportunities, chief executive officer, firstcall, Global Asset Management, International Finance, Investment Management, leadership position, Macquarie University, Management Organization, native australia, north america europe, Sarah Russell, University In Sydney, Worldwide Resources

Infosys Technologies (Nasdaq: INFY) Announces Results for the Quarter Ended June 30, 2010

July 14, 2010 By vani Leave a Comment

BANGALORE, India, July 13 /PRNewswire-FirstCall/ –

Highlights

Consolidated results for the quarter ended June 30, 2010

Revenues were $ 1,358 million for the quarter ended June 30, 2010; QoQ growth was 4.8%; YoY growth was 21.0%

* Net income after tax* was $ 326 million for the quarter ended June 30, 2010; QoQ decline was 6.6%; YoY growth was 4.2%
* Earnings per American Depositary Share (ADS)** was 0.57 for the quarter ended June 30, 2010; QoQ decline was 6.6%; YoY growth of 3.6%
* 38 clients were added during the quarter by Infosys and its subsidiaries
* Gross addition of 8,859 employees (net addition of 1,026) for the quarter by Infosys and its subsidiaries
* 1,14,822 employees as on June 30, 2010 for Infosys and its subsidiaries

* Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in Q4 FY10, QoQ decline was 3.6%

** Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in Q4 FY10, QoQ decline was 3.4%

“While the global economic environment remains uncertain, we continue to see greater demand for services from our clients,” said S. Gopalakrishnan, CEO and Managing Director. “The challenge for the industry is to enhance the investment to grow the business, given the uncertainty in the environment.”

Business outlook

The company’s outlook (consolidated) for the quarter ending September 30, 2010 and for the fiscal year ending March 31, 2011, under International Financial Reporting Standards (IFRS), is as follows:

Outlook under IFRS#

Quarter ending September 30, 2010

* Consolidated revenues are expected to be in the range of $ 1,413 million to $ 1,427 million; YoY growth of 22.4% to 23.7%
* Consolidated earnings per American Depositary Share are expected to be in the range of $ 0.59 to $ 0.60; YoY growth of 5.4% to 7.1%

Fiscal year ending March 31, 2011##

* Consolidated revenues are expected to be in the range of $ 5.72 billion to $ 5.81 billion; YoY growth of 19.0% to 21.0%
* Consolidated earnings per American Depositary Share are expected to be in the range of $ 2.42 to $ 2.52; YoY growth of 5.2% to 9.6%

# Exchange rates considered for major global currencies: AUD / USD – 0.86; GBP / USD – 1.50; Euro / USD – 1.23

## Excluding the income from sale of our investment in OnMobile Systems, Inc. of US $ 11 mn in fiscal 2010, the EPS growth is expected to be in the range of 6.1% to 10.5%

Expansion of services and significant projects

With insight and experience of three decades, and improved and enhanced portfolio of services and products, we offer greater value to our clients and stakeholders.

Transformation

We continue to drive transformation for our existing clients; a number of new clients have solicited our help to make their businesses more dynamic and profitable.

A leading aero structures manufacturer engaged our aerospace engineering team to design and develop components for their commercial airplane program. For a global consumer electronics leader, we are re-engineering their global service exchange platform to help meet their growing service needs. A major transformation project we won this quarter was from a large manufacturer of computer systems and provider of related services, in which we are providing business, functional and consulting expertise. A provider of secure electronic payments and credit/debit card processing services engaged us to improve their reporting, monitoring, business intelligence and service. It is also consulting us to analyze and recommend process improvements. A leading global chemical company engaged us to define sales requirements and implement a sales force automation package for their North American sales force. A producer of specialist aluminium products sought our services for globally harmonizing business processes and implementing next generation enterprise resource planning software. For a global specialty retailer, we conceptualized and launched a platform that provides a comprehensive view of their competitors’ pricing and assortment. We helped a large UK-based retailer revamp its promotions and improve its marketing effectiveness. A European retailer of office automation services consulted us to harmonize their processes and consolidate applications across Europe. A major transformational project won this quarter was from a leading European pipeline engineering company for whom we have implemented an enterprise resource planning system across 32 countries.

Operations

Leading global companies continue to engage us to manage their operations and ensure larger returns to scale for them.

Our expertise in manufacturing and operations helped us win a deal with a global telecom company. We will run the client’s quality and business compliance operations, helping it to offer competitive new products in emerging markets. A European telecom major chose us to design, develop, deploy and maintain an agent desktop application. Among the clients who opted for our product lifecycle management services are a leading oilfield service company and an agri-business major. For a global internet services company, we will develop and maintain a new content management product. A global financial services company selected us to develop a platform for merchants worldwide to deliver card members offers through multiple channels. An investment management company partnered us to implement a new commission system for its wholesale brokers to develop scale and reduce time to market. We managed the North American customer relationship management applications for a manufacturer of automobiles and motorcycles. Another automobile manufacturer selected us as a key partner for development projects in their strategic order management and distribution portfolio. We are implementing a centralized loyalty management system with real time access for a leading retail company. We were instrumental in implementing a single multi-channel order management platform for a reputed British retailer. Our retail solutions team was selected as the single strategic vendor for application services for a North American apparel retailer. We also developed a web property for the B2C online sales for another specialty retailer.

Innovation

We have won major strategic projects this quarter on our strength and ability to innovate products and processes.

A European telecom giant chose us to develop their next generation set top box platform to offer consumers high-definition content and a host of other services. For a large global retailer, we are creating rich mobile applications, with an aim to enhance the shopping experience for their customers. An aircraft manufacturer chose us as their partner to design a new aircraft development program.

“The volatile currency environment is a concern for the industry,” said V. Balakrishnan, Chief Financial Officer. “Our flexible financial and operating model enables us to prioritize our investments and focus on high quality growth even in this tough environment.”

About Infosys Technologies Ltd.

Infosys (Nasdaq: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 114,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2010 and on Form 6-K for the quarters ended June 30, 2009, September 30, 2009 and December 31,2009. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

Filed Under: International News Tagged With: American Depositary Share, Business Outlook, Consolidated Earnings, Consolidated Results, consolidated revenues, financial reporting standards, firstcall, Fiscal Year Ending March, global economic environment, gopalakrishnan, Infosys Technologies, Infy, international financial reporting standards, managing director, nasdaq, net income, Onmobile, q4, Quarter Ended June, Year Ending March

AEGON Appoints Global Head of Human Resources

July 7, 2010 By vani Leave a Comment

THE HAGUE, The Netherlands, July 6, 2010 /PRNewswire-FirstCall/ — AEGON has appointed Carla Mahieu as its global head of human resources, reporting to CEO Alex Wynaendts. The appointment, effective September 1, 2010, is part of the strategic objective to more fully leverage AEGON’s considerable resources across its businesses.

Ms. Mahieu, a Dutch national, brings more than 25 years’ experience to the new position, having held senior management positions in human resources at Royal Dutch Shell and Royal Philips Electronics as well as the recruitment firm Spencer Stuart. Ms. Mahieu’s appointment will support AEGON’s efforts to attract, develop and retain the best talent in the international life insurance, pension and investment industry.

“We are delighted to have attracted someone of Carla’s caliber to AEGON,” said CEO Alex Wynaendts. “This is an extremely important position. Ours is a service business, and as such, AEGON’s reputation depends on the quality of our people and their ability to develop and deliver the services our customers require and expect. AEGON has tremendous resources across its many markets. Carla will play an integral role in ensuring that we are fully leveraging the expertise and talent of our people and putting those resources to work for our customers, business partners, and for the benefit of our entire organization.”

As part of its long-term strategy, AEGON has taken a more integrated approach to managing its worldwide operations in recent years, and the appointment of Ms. Mahieu will now extend that approach to talent and human resource management. She will work closely with local and regional HR officers to ensure a more coordinated approach to identifying persons and capabilities that may prove beneficial to AEGON’s operations internationally. In addition, she will implement a more consistent approach to measuring employee satisfaction across the AEGON Group.

Ms. Mahieu has a degree in economics from the University of Amsterdam and is currently an independent advisor in the area of human resources and change management.

About AEGON

First quarter Full year
Key figures – EUR 2010 2009

Underlying earnings
before tax 488 million 1.2 billion
New life sales 538 million 2.1 billion
Gross deposits (excl.
run-off) 7.8 billion 28 billion
Revenue generating
investments
(end of period) 388 billion 363 billion

Forward-looking statements

– Changes in general economic conditions, particularly in the United
States, the Netherlands and the United Kingdom;
– Changes in the performance of financial markets, including emerging
markets, such as with regard to:
– The frequency and severity of defaults by issuers in our fixed income
investment portfolios; and
– The effects of corporate bankruptcies and/or accounting restatements
on the financial markets and the resulting decline in the value of
equity and debt securities we hold;
– The frequency and severity of insured loss events;
– Changes affecting mortality, morbidity and other factors that may
impact the profitability of our insurance products;
– Changes affecting interest rate levels and continuing low or rapidly
changing interest rate levels;
– Changes affecting currency exchange rates, in particular the EUR/USD
and EUR/GBP exchange rates;
– Increasing levels of competition in the United States, the Netherlands,
the United Kingdom and emerging markets;
– Changes in laws and regulations, particularly those affecting our
operations, the products we sell, and the attractiveness of certain
products to our consumers;
– Regulatory changes relating to the insurance industry in the
jurisdictions in which we operate;
– Acts of God, acts of terrorism, acts of war and pandemics;
– Effects of deliberations of the European Commission regarding the aid
we received from the Dutch State in December 2008;
– Changes in the policies of central banks and/or governments;
– Lowering of one or more of our debt ratings issued by recognized rating
organizations and the adverse impact such action may have on our
ability to raise capital and on our liquidity and financial condition;
– Lowering of one or more of insurer financial strength ratings of our
insurance subsidiaries and the adverse impact such action may have on
the premium writings, policy retention, profitability of its insurance
subsidiaries and liquidity;
– The effect of the European Union’s Solvency II requirements and other
regulations in other jurisdictions affecting the capital we are
required to maintain;
– Litigation or regulatory action that could require us to pay
significant damages or change the way we do business;
– Customer responsiveness to both new products and distribution channels;
– Competitive, legal, regulatory, or tax changes that affect the
distribution cost of or demand for our products;
– The impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including our ability to integrate
acquisitions and to obtain the anticipated results and synergies from
acquisitions;
– Our failure to achieve anticipated levels of earnings or operational
efficiencies as well as other cost saving initiatives; and
– The impact our adoption of the International Financial Reporting
Standards may have on our reported financial results and financial
condition.

Contact information

Media relations: Greg Tucker
+31(0)70-344-8956
gcc-ir@aegon.com

Investor relations: Gerbrand Nijman
+31(0)70-344-8305
877-548-9668 – toll free USA only
ir@aegon.com

http://www.aegon.com

SOURCE AEGON N.V.

Filed Under: International News Tagged With: AEGON, Aegon Group, consistent approach, Employee Satisfaction, Entire Organization, firstcall, global head, human resource management, integral role, International Life Insurance, Investment Industry, Mahieu, management positions, Recruitment Firm, Royal Dutch Shell, Royal Philips Electronics, Service Business, Spencer Stuart, term strategy, Worldwide Operations

New Publication Highlights 2-Year Durability and Effectiveness of Macroplastique(R)New Publication Highlights 2-Year Durability and Effectiveness of Macroplastique(R)

March 5, 2010 By vani Leave a Comment

MINNEAPOLIS, March 3 /PRNewswire-FirstCall/ — Uroplasty, Inc. (NYSE Amex:
UPI) highlighted results from a two-year, multicenter clinical study of
Macroplastique that will be published in the April 2010 print edition of The
Journal of Urology(R). The 24-month study evaluated the durability of
Macroplastique for stress urinary incontinence in women with previously
documented success at 12 months. Substantial, durable results were sustained
during 2 years with 84% of patients maintaining significant improvement from
their 12-month assessment. Additionally, 67% of the patients implanted with
Macroplastique were dry at the 24-month follow-up visit.

“This study clearly demonstrates that Macroplastique provides a high
level
of long-term effectiveness,” said Uroplasty Chief Executive Officer and
President David Kaysen. “The effectiveness means major improvements in
quality
of life for women who previously suffered from unwanted urinary leakage.
While other urethral bulking agents may be absorbed into the body, potentially
diminishing their clinical benefit, Macroplastique is composed of a permanent
silicone elastomer that contributes to sustained, measurable patient
improvement,” added Mr. Kaysen.

The study, titled “Durability of Urethral Bulking Agent Injection for
Female Stress Urinary Incontinence: 2-Year Multicenter Study Results” followed
67 Macroplastique patients with successful outcomes at 12 months for up to 24
months. Highlights of the study include:

— 84% of patients had sustained success from 12 months to 24 months
— 67% of patients were dry at 24 months
— Of the 38 dry patients at 12 months, 87% maintained their cure at 24
months
— 41% who were considered improved at 12 months were dry at 24 months
— Overall “Incontinence Quality of Life” scores and all subscale scores
showed statistically significant improvements
— Patient and physician assessments rated 85% of patients dry or markedly
improved at 24 months

“This long term, multicenter study of Macroplastique demonstrated
sustained results over two years,” said Dr. Gamal Ghoniem of the Cleveland
Clinic Florida and the study’s primary author. “Using widely accepted outcome
measures, we confirmed that patients sustained clinical improvements over a
prolonged period of time. This positively impacted their quality of life and
delayed the need for further treatment. This study further supports the
strong scientific evidence of the effectiveness of Macroplastique for the
treatment of stress urinary incontinence,” concluded Dr. Ghoniem.

Macroplastique is an injectable soft-tissue urethral bulking agent for
treating adult female stress urinary incontinence primarily due to intrinsic
sphincter deficiency.

Macroplastique is made up of two parts – a water-soluble gel that is
absorbed and removed from the body in urine and a synthetic, rubber-like,
silicone elastomer implant material that is permanent and not absorbed by the
body. This permanent material causes the bulking effect around the urethra
after implantation.

“The study highlighted the durability and efficacy of Macroplastique,
which has been the leading urethral bulking agent in Europe for over 18
years,” added Mr. Kaysen. “Macroplastique is being used by urologists across
the United Stated because it offers sustained clinical results. We anticipate
the Macroplastique market share to continue to grow as physicians and patients
search for lasting solutions for female stress urinary incontinence,”
concluded Mr. Kaysen.

In addition to Dr. Ghoniem, the contributing authors included Dr.
Jacques
Corcos, McGill Urology Associates, Montreal, Canada, Dr. Craig Comiter,
University of Arizona, Dr. O. Lenaine Westney, University of Texas, and Dr.
Sender Herschorn, University of Toronto, Canada.

About Uroplasty, Inc.

Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with
wholly-owned
subsidiaries in The Netherlands and the United Kingdom, is a medical device
company that develops, manufactures and markets innovative proprietary
products for the treatment of voiding dysfunctions. Our primary focus is the
continued commercialization of our Urgent(R) PC system, which we believe is
the only FDA-approved minimally invasive nerve stimulation device designed for
office-based treatment of urinary urgency, urinary frequency and urge
incontinence – symptoms often associated with overactive bladder. We also
offer Macroplastique(R) Implants, an injectable bulking agent for the
treatment of adult female stress urinary incontinence primarily due to
intrinsic sphincter deficiency. Please visit Uroplasty, Inc. at

http://uroplasty.com.

For complete information regarding Macroplastique indications,
contraindications, warnings, precautions, instructions for use, storage,
adverse reactions and disclaimer of warranties, please refer to the
instructions for use brochure available at the Uroplasty website.

Forward-Looking Information

This press release contains forward-looking statements, which reflect our
best estimates regarding future events and financial performance. These
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from our anticipated results. We
discuss in detail the factors that may affect the achievement of our forward-
looking statements in our Annual Report on Form 10-K filed with the SEC. In
particular, our ability to continue to grow the market share of Macroplastique
is subject to a number risks, including the risk that superior technology is
developed for the control of adult female urinary incontinency, that
competitors with superior personnel and financial resources are able to better
market their products, or that physicians select other products because of
delivery methods or otherwise.

For Further Information:
Uroplasty, Inc. EVC Group
David Kaysen, President and CEO, Doug Sherk (Investors)
or Medi Jiwani, Vice President, 415.896.6820
CFO, and Treasurer, Chris Gale (Media)
952.426.6140 646.201.5431

SOURCE Uroplasty, Inc.

David Kaysen, President and CEO, or Medi Jiwani, Vice President, CFO, and
Treasurer, +1-952-426-6140; Doug Sherk (Investors), +1-415-896-6820, Chris
Gale (Media), +1-646-201-5431

Filed Under: International News Tagged With: Amex, Bulking Agents, chief executive officer, clinical benefit, firstcall, journal of urology, Macroplastique, nyse amex, president david, PRNewswire, Significant Improvements, Silicone Elastomer, Stress Incontinence, Stress Urinary Incontinence, Subscale Scores, Term Effectiveness, Upi, Urinary Incontinence In Women, Urinary Leakage, Uroplasty Inc

Gastar Exploration Updates Donelson #4 Drilling Status

March 5, 2010 By vani Leave a Comment

HOUSTON, March 3 /PRNewswire-FirstCall/ — Gastar Exploration Ltd. (NYSE
Amex: GST) announced today that the Donelson #4 well was drilled to a total
depth of 19,000 feet; however, while addressing hole stability problems, the
well experienced a significant gas kick and will have to be plugged back to
approximately 18,100 feet and re-drilled to revised total depth of 18,700
feet. This second sidetrack operation is expected to take four to six weeks
and require approximately $1.0 million in gross additional costs. The
revised
estimate of gross costs for the well is now $14 million to drill and
complete.
Gastar has a 67% before payout working interest and approximate 50% before
payout net revenue interest in the Donelson #4.

J. Russell Porter, Gastar’s President and CEO, commented, “We are
encouraged since the Donelson #4 encountered several strong drilling breaks
and gas shows in the targeted lower Bossier formations. We have obtained
certain log information that confirms the presence of the B5 sand and the top
of the B6 sand, which are the sands producing in the offset Belin #1 and
Donelson #3 wells. While the additional costs and delays to re-drill a
portion of the well will affect our first quarter 2010 production levels and
capital expenditures, these deep Bossier wells provide the opportunity for
excellent rates of return and prolific production levels.”

About Gastar Exploration

Gastar Exploration Ltd. is an exploration and production company focused
on finding and developing natural gas assets in North America. The Company
pursues a strategy combining deep natural gas exploration and development with
lower risk CBM and shale resource development. The Company owns and operates
exploration and development acreage in the deep Bossier gas play of East
Texas
and Marcellus Shale play in West Virginia and Pennsylvania. Gastar’s CBM
activities are conducted within the Powder River Basin of Wyoming. For more
information, visit our web site at www.gastar.com.

The NYSE Amex has not reviewed and does not accept responsibility for the
adequacy of this release.

Company Contact:
Gastar Exploration Ltd.
J. Russell Porter, Chief Executive Officer
713-739-1800 / rporter@gastar.com

Investor Relations Counsel:
Lisa Elliott / Anne Pearson
DRG&E : 713-529-6600
lelliott@drg-e.com / apearson@drg-e.com

SOURCE Gastar Exploration Ltd.

J. Russell Porter, Chief Executive Officer of Gastar Exploration Ltd.,
+1-713-739-1800, rporter@gastar.com; or Investor Relations Counsel: Lisa
Elliott, lelliott@drg-e.com or Anne Pearson, apearson@drg-e.com, both of
DRG&E, +1-713-529-6600

Filed Under: International News Tagged With: Amex, Belin, capital expenditures, CBM, East Texas, Exploration And Production, Exploration Ltd, firstcall, Gastar Exploration, Gross Costs, Marcellus Shale, Natural Gas Assets, natural gas exploration, nyse amex, Powder River, powder river basin, PRNewswire, Prolific Production, Russell Porter, Stability Problems

Solta Medical Completes Acquisition of Aesthera Corporation

March 2, 2010 By vani Leave a Comment

HAYWARD, Calif., March 1 /PRNewswire-FirstCall/ — Solta Medical, Inc.
(Nasdaq: SLTM), a global leader in the medical aesthetics market, today
announced the successful completion of its acquisition of Aesthera
Corporation. The transaction brings together the Isolaz brand of products for
the treatment of acne with Solta’s leading brands for skin tightening and skin
resurfacing, Thermage and Fraxel.

“We are delighted with the swift completion of the acquisition of Aesthera
which we announced earlier this week,” said Stephen J. Fanning, Chairman of
the Board, President, and CEO of Solta Medical. “We look forward to
successfully integrating the Isolaz brand into our global sales and marketing
organization, and providing dermatologists and aesthetic physicians with yet
another superior solution for their patients.”

Under the agreement, Solta acquired Aesthera for consideration of $5.25
million in Solta common stock and cash, with potential additional base line
milestones of $750,000 for a consideration of $6.0 million. In addition,
there are $10 million of stretch milestones which would be paid to Aesthera
shareholders if Aesthera achieves revenue ranging from $14 to $21 million in
the twelve months beginning April 1, 2010. Excluding acquisition and
integration related charges, the transaction is expected to be accretive to
Solta Medical’s earnings within twelve months, and becomes increasingly
accretive to Solta Medical shareholders as Aesthera achieves the higher
milestone revenue and payments.

About Solta Medical, Inc.

Solta Medical, Inc. is a global leader in the medical aesthetics market
providing innovative, safe, and effective anti-aging solutions for patients
that enhance and expand the practice of medical aesthetics for physicians. The
company offers products to address aging skin under the industry’s two premier
brands: Thermage and Fraxel. Thermage is an innovative, non-invasive
radiofrequency procedure for tightening and contouring skin. As the leader in
fractional laser technology, Fraxel delivers minimally invasive clinical
solutions to resurface aging and sun damaged skin. Since 2002, over one
million Thermage and Fraxel procedures have been performed in nearly 80
countries. Thermage and Fraxel are the perfect complement for any aesthetic
practice. For more information about Solta Medical, call 1-877-782-2286 or log
on to www.Solta.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management’s current, preliminary expectations and are
subject to risks and uncertainties, which may cause Solta Medical’s actual
results to differ materially from the statements contained herein. Factors
that might cause such a difference include the possibility that the market for
the sale of these new products and initiatives does not develop as expected
and the remaining risks and uncertainties with the integration process, and
the risks relating to economic conditions and consumer and physician
confidence causing changes in consumer and physician spending habits that
affect demand for Solta’s products and treatments. Further information on
potential risk factors that could affect Solta Medical’s business and its
financial results are detailed in its Form 10-K for the year ended December
31, 2008, its Form10-Q for the quarter ended September 30, 2009, and other
reports as filed from time to time with the Securities and Exchange
Commission. Undue reliance should not be placed on forward-looking statements,
especially guidance on future financial performance, which speaks only as of
the date they are made. Solta Medical undertakes no obligation to update
publicly any forward-looking statements to reflect new information, events or
circumstances after the date they were made, or to reflect the occurrence of
unanticipated events.

Web Site: http://www.Solta.com

SOURCE Solta Medical, Inc.

Jack Glenn, Chief Financial Officer of Solta Medical, Inc., +1-510-786-6890;
or investors, Doug Sherk, dsherk@evcgroup.com, EVC Group, +1-415-896-6820, for
Solta Medical, Inc.

Filed Under: International News Tagged With: Aesthera Corporation, Aging Skin, board president, Dermatologists, firstcall, global leader, global sales, leading brands, Marketing Organization, Medical Aesthetics, Medical Inc, nasdaq, PRNewswire, Skin Resurfacing, Skin Tightening, Solta, Superior Solution, Swift Completion, Thermage, treatment of acne

TGC Industries Reports Fourth Quarter and Year-End 2009 Results

March 2, 2010 By vani Leave a Comment

PLANO, Texas, March 1 /PRNewswire-FirstCall/ — TGC Industries, Inc.
(Nasdaq: TGE) today announced financial results for the fourth quarter and
year-end 2009. Revenues were $15.7 million compared to $24.1 million in
the fourth quarter of 2008. The Company reported a net loss of $(2.7)
million, or $(0.15) per share, compared to net income of $2.2 million, or
$0.12 per diluted share, in the fourth quarter of 2008. (All per share
amounts have been adjusted to reflect the five percent stock dividend paid on
May 12, 2009 to shareholders of record as of April 28, 2009.) Fourth
quarter 2009 EBITDA* (earnings before net interest expense, taxes,
depreciation, and amortization) was a loss of $88 thousand compared to $7.6
million in last year’s fourth quarter.

Wayne Whitener, TGC Industries’ President and Chief Executive Officer, said,
“We continued to experience reduced demand for our services and a competitive
pricing environment during the fourth quarter. In response, we continued to
optimize our utilization, keeping our crew count aligned with expected demand
from our customers, and operated four crews in the lower 48 states throughout
the fourth quarter. We also operated three crews in Canada for the portion
of the quarter subsequent to the closing of our acquisition of Eagle Canada in
October.

“Throughout 2009, we responded to the weakening demand for seismic services by
aggressively managing our costs, including our crew count, which dropped from
a peak of nine crews in the first quarter to four crews in the second half of
the year. This led to a significant decline in revenues in the third and
fourth quarters as a result of a significant industry wide reaction to the
worldwide credit crisis and deep recession in the United States.

“We ended the year with approximately $25.5 million in cash and remain well
capitalized and strong financially, with the financial and operational
flexibility to take advantage of the expected upturn in the seismic market.

“In addition, our acquisition of Eagle Canada was a positive contributor to
our fourth quarter results. Also, the integration process is going according
to plan, and we are pleased that we are currently operating at full capacity
in Canada.

“We continue to see an uptick in bidding activity that started in late 2009
and believe the environment is beginning to improve and, therefore, are
cautiously optimistic regarding the remainder of 2010. We are now working
rigorously to improve our margins. Importantly, we have the ability to add
crews quickly as business conditions improve. Our total backlog, comprised of
our U.S. and Canadian backlog amounts, increased in the fourth quarter and is
currently approximately $49 million.”

FOURTH QUARTER 2009

Revenues for the fourth quarter of 2009 declined 34.7 percent year over year,
primarily due to continued diminished demand and a competitive pricing
environment for seismic services. Cost of services decreased 11.1 percent to
$13.4 million from $15.1 million a year ago. Cost of services as a
percentage of revenues increased to 85.4 percent in the 2009 fourth quarter
compared to 62.7 percent in the 2008 fourth quarter as a result of the
significant decline in margins. Selling, general and administrative expenses
(“SG&A”) were $2.4 million in the 2009 fourth quarter compared to $1.4
million in the comparable period of 2008. Loss from operations for the 2009
fourth quarter was $(3.8) million compared to income from operations of
$3.8 million in the fourth quarter of 2008. Interest expense for the quarter
declined 24.3 percent from a year ago to $237,970. Net loss was$(2.7)
million, or $(0.15) per share, compared to net income of $2.2 million, or
$0.12 per diluted share, in the fourth quarter of 2008. The effective tax
benefit rate for the quarter was 34.5 percent compared to an effective tax
expense rate of 37.1 percent in the fourth quarter of 2008.

FULL YEAR 2009

Revenues for 2009 increased 4.2 percent to $90.4 million from $86.8 million
in 2008. Cost of services rose 16.9 percent to $65.4 million compared to
$55.9 million a year ago. Cost of services as a percentage of revenues were
72.3 percent compared to 64.5 percent last year. Selling, general and
administrative expenses (“SG&A”) were $5.5 million in 2009 compared to $4.5
million in the comparable period of 2008. Income from operations was $4.9
million compared to $12.5 million in the same period of last year.
Interest expense for 2009 rose 9.8 percent from a year ago to $1.0 million.
Full year net income was $1.9 million, or $0.10 per diluted share, compared
to $6.9 million, or $0.38 per diluted share, for 2008. The effective tax
rate for 2009 was 51.6 percent compared to 40.1 percent for 2008. 2009
EBITDA* was $19.5 million, or 21.6 percent of revenues, compared to $26.4
million, or 30.4 percent of revenues, for 2008.

* A reconciliation of EBITDA (a non-GAAP financial measure) to reported
earnings can be found in the financial tables.

CONFERENCE CALL

TGC Industries has scheduled a conference call for Monday, March 1, 2010, at
9:30 a.m. Eastern Time. To participate in the conference call, dial
480-629-9819 a few minutes before the call begins and ask for the TGC
Industries conference call. A replay of the call will be available
approximately two hours after the live broadcast ends and will be accessible
until March 15, 2010. To access the replay, dial 303-590-3030 using a pass
code of 4216113#.

Investors, analysts, and the general public will also have the opportunity to
listen to the conference call over the Internet by visiting
http://www.tgcseismic.com. To listen to the live call on the web, please
visit the website at least fifteen minutes before the call begins to register,
download, and install any necessary audio software. For those who cannot
listen to the live webcast, an archive will be available shortly after the
call and will remain available for approximately 90 days at

http://www.tgcseismic.com.

TGC Industries, Inc., based in Plano, Texas with branch offices in Houston,
Oklahoma City and Calgary, Alberta, is one of the leading providers of
seismic data acquisition services throughout the continental United States
and Canada.

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. These forward-looking statements
are based on our current expectations and projections about future events. All
statements other than statements of historical fact included in this press
release regarding the Company are forward-looking statements. There can be no
assurance that those expectations and projections will prove to be correct.
We undertake no obligation to publicly update or revise these forward-looking
statements, whether as a result of new information, future events or
otherwise.

CONTACTS: Wayne Whitener
Chief Executive Officer
TGC Industries, Inc.
(972) 881-1099

Jack Lascar / Karen Roan
DRG&E (713) 529-6600

TGC Industries, Inc.
Statements of Income

Three Months Twelve Months
Ended Ended
December 31, December 31,
2009 2008 2009 2008
—- —- —- —-
(Unaudited) (Unaudited)

Revenue $15,746,727 $24,125,011 $90,431,899 $86,769,742

Cost and expenses
Cost of services 13,448,602 15,134,728 65,379,612 55,935,068
Selling, general,
administrative 2,386,430 1,423,803 5,522,939 4,468,883
Depreciation
and amortization
expense 3,739,473 3,778,206 14,621,237 13,911,124
——— ——— ———- ———-
19,574,505 20,336,737 85,523,788 74,315,075

INCOME (LOSS) FROM
OPERATIONS (3,827,778) 3,788,274 4,908,111 12,454,667

Interest expense 237,970 314,303 1,020,681 929,656
——- ——- ——— ——-

INCOME (LOSS) BEFORE
INCOME TAXES (4,065,748) 3,473,971 3,887,430 11,525,011

Income tax expense
(benefit) (1,402,801) 1,288,577 2,007,811 4,626,569
———- ——— ——— ———

NET INCOME (LOSS) $(2,662,947) $2,185,394 $1,879,619 $6,898,442
=========== ========== ========== ==========

Earnings (loss)
per common share:
Basic $(0.15) $0.12 $0.10 $0.38
Diluted $(0.15) $0.12 $0.10 $0.38

Weighted average
number of common
shares outstanding:
Basic 18,285,288 18,265,364 18,280,318 18,260,110
Diluted 18,285,288 18,277,726 18,344,041 18,337,184

TGC Industries, Inc.
Condensed Balance Sheets

December 31, December 31,
2009 2008
———— ————

Cash and cash equivalents $25,504,149 $24,114,351
Receivables (net) 9,455,224 5,853,908
Prepaid expenses and other 2,067,342 4,239,440
——— ———
Current assets 37,026,715 34,207,699
Other assets (net) 1,599,692 250,659
Property and equipment (net) 47,583,333 50,632,563
———- ———-
Total assets $86,209,740 $85,090,921
=========== ===========

Current liabilities $19,730,270 $17,238,656
Long-term obligations 6,507,147 11,451,835
Long-term deferred tax liability 7,278,931 5,973,000
Shareholders’ equity 52,693,392 50,427,430
———- ———-
Total liabilities & equity $86,209,740 $85,090,921
=========== ===========

TGC Industries, Inc.
Reconciliation of EBITDA to Net Income

Three Months Twelve Months
Ended Ended
December 31, December 31,
2009 2008 2009 2008
—- —- —- —-

Net income (loss) $(2,662,947) $2,185,394 $1,879,619 $6,898,442
Depreciation 3,739,473 3,778,206 14,621,237 13,911,124
Interest 237,970 314,303 1,020,681 929,656
Income tax expense
(benefit) (1,402,801) 1,288,577 2,007,811 4,626,569
———- ——— ——— ———

EBITDA $(88,305) $7,566,480 $19,529,348 $26,365,791

SOURCE TGC Industries, Inc.

Wayne Whitener, Chief Executive Officer of TGC Industries, Inc.,
+1-972-881-1099; or Jack Lascar or Karen Roan, both of DRG&E,
+1-713-529-6600, for TGC Industries, Inc.

Filed Under: International News Tagged With: Canada In October, chief executive officer, credit crisis, diluted share, firstcall, Fourth Quarter, Interest Expense, Lower 48, nasdaq, net interest, operational flexibility, PRNewswire, Quarter To Four, Seismic Services, Share Amounts, Stock Dividend, Tgc Industries Inc, Tge, upturn, Wayne Whitener

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