2007'02.01.Thu
British American Tobacco - Quarterly Report to 31 March 2006
May 03, 2006
LONDON, May 3 /Xinhua-PRNewswire/ --
Summary
THREE MONTHS RESULTS 2006 2005
Change
Revenue - as reported GBP 2,297m GBP 2,107m
+9%
- like-for-like GBP 2,297m GBP 2,060m
+12%
Profit from operations - GBP 616m GBP 582m
+6%
as reported
- like-for-like GBP 652m GBP 559m
+17%
Adjusted diluted earnings 22.05p 19.26p
+14%
per share
- Reported Group profit from operations grew 6
per
cent to GBP616 million. However, profit from
operations would have been 17 per cent higher
or 8
per cent at constant rates of exchange, if
exceptional items and the impact arising from
the
change in terms of trade following the sale
of
Etinera are excluded. This like-for-like
information provides a better understanding
of the
subsidiaries' trading results. All the
regions
contributed to this good result.
- Group volumes from subsidiaries grew by 1 per
cent
to 161 billion on a reported basis, while, on
a
like-for-like basis, growth was 3 per cent.
The
four global drive brands achieved an
excellent
overall volume growth of 14 per cent or 18
per cent
on a like-for-like basis.
- Revenue, on a like-for-like basis, increased
by 12
per cent or 5 per cent at constant rates of
exchange.
- Adjusted diluted earnings per share rose by
14 per
cent, as a result of the increase in the
profit
from operations, the improved contribution
from
associate companies and the benefit from the
share
buy-back programme, partially offset by
higher
taxation and minority interests. Basic
earnings per
share were higher at 21.81p (2005: 20.35p).
- The Chairman, Jan du Plessis, commented
"British
American Tobacco has made a good start to
2006,
with the first quarter's results maintaining
the
momentum achieved in 2005. Although exchange
gains
are unlikely to continue at the recent level
as the
year progresses, there is no doubt that the
Group
is performing well."
SOURCE British American Tobacco
-0- 05/03/2006
/CONTACT: INVESTOR RELATIONS - David Betteridge, or
Teresa La Thangue, or Catherine Armstrong,
+44-(0)-20-7845-2888, PRESS OFFICE - Ralph Edmondson,
+44(0)20-7845-1180, or Rachael Cummins,
+44-(0)-20-7845-1519, all for British American Tobacco /
PR
2007'02.01.Thu
Kingdom Hotel Investments Announces its First Investment in Asia
May 02, 2006
PHUKET, Thailand, May 3 /Xinhua-PRNewswire/ -- Kingdom
Hotel Investments ("KHI"), the leading hotel and
resort investment company, chaired by HRH Prince Alwaleed
Bin Talal, is pleased to announce it has signed a contract
to acquire the Karon Beach Hotel Phuket (currently managed
by Crowne Plaza) from LaSalle Investment Management for an
undisclosed sum. Details of the acquisition remain
confidential pending final completion of the transaction.
This is KHI's first acquisition in Asia and offers a prime
freehold location in an area of rebounding tourist demand.
KHI will re-brand the Hotel as a Movenpick.
The Resort opened in 1984 as the Karon Villa Resort and
was acquired by LaSalle Investment Management in December
2003. The resort was closed during 2004 and most of 2005
and was subject to a significant refurbishment program
following which, the resort was re-opened in August 2005.
It is now poised to benefit from the recovery of tourist
arrivals and room rates in the region as well as the
repositioning with the Movenpick Brand.
The hotel is located on the West Coast of Phuket, in
the heart of the Karon Beach resort area, one of Thailand's
most popular beach resort destinations. The resort is
spread across a lush and exceptionally well landscaped site
of 82,688 sqm on Karon Beach. It comprises 352 rooms
(including 186 villa-suites with private plunge pools) as
well as 30 two-bedroom apartments to be sold leasehold and
managed by the hotel. The hotel also holds the second
largest ballroom in Phuket, which will help drive year
round occupancy by adding bookings from the convention
market.
This acquisition, with its large number of suites
represents a unique offer in the hotel market and will
enable the hotel to achieve higher average rates versus
competitors. KHI plans for the new Movenpick hotel include
raising additional debt and completing the sale of the 30
apartments (Ancillary real estate) within a period of two
years.
HRH Prince Alwaleed Bin Talal, Chairman of KHI said:
"This is a rare opportunity to purchase a fully
refurbished hotel in a pristine site on Phuket's most
popular West Coast. The hotel will benefit from the
recovery of tourist arrivals to the region, and through
Movenpick will capture increasing levels of European
demand."
Sarmad Zok, Chief Executive Officer of KHI, said:
"We are delighted by the addition of The Hotel in
Phuket to our portfolio, which represents continued global
diversification into the world's Emerging Markets. This
existing hotel is the first of many investment
opportunities for KHI in Asia since the opening of KHI's
Asian offices in Singapore earlier on this year."
Andrew Heithersay, National Director of LaSalle
Investment Management, said: "We have achieved our
investment objective on behalf of our LaSalle Asia Recovery
Fund and wish Kingdom Hotel Investments every success in
their future endeavours at this beautiful resort."
Notes to Editors
About Kingdom Hotel Investments:
KHI, headquartered in Dubai, UAE, is a leading hotel
and resort acquisition and development company focused on
the first class and luxury market segments in international
high growth markets such as the Middle East, Asia, Africa,
emerging markets and Europe. The Company has ownership
interests in 28 properties in 14 countries including 17
operational hotels and resorts (3,618 rooms) and 11 hotels
and resorts (3,203 rooms) currently under construction or
in the initial stages of development.
About Crowne Plaza Karon Beach Phuket:
The Crowne Plaza Karon Beach Phuket resort, opened in
1984 as the Karon Villa Resort and is located on the
island's West Coast in the heart of Karon Beach in
Thailand's most popular beach resort destinations.
Together with the beaches of Patong and Kata, Karon is
regarded as the focal point of Phuket's key tourist
market.
The resort measures 82,688m2, which includes 352 rooms
(166 in a 5-storey tower and 186 villa-type rooms with
private plunge pools). Other features include a large Spa,
three swimming pools and a health club. 30 two-bedroom
apartments (120m2), with dedicated gardens and a swimming
pool are also included in the site. These are to be sold
subject to a rental pool management programme.
About LaSalle Investment Management:
LaSalle Investment Management is a major force in the
world's real estate capital markets with $30 billion of
assets under management invested in private real estate,
both separate accounts and funds, and publicly listed real
estate securities. Our 550 employees are located in 24
offices across North America, Europe and Asia Pacific. We
deliver innovative, customised investment strategies across
the globe to a broad range of investors such as pension
funds, insurance companies and high net worth money
managers. We measure our success in terms of both
performance and client satisfaction and consequently enjoy
one of the highest rates of client retention in the
industry.
LaSalle is a wholly owned, but operationally
independent, division of Jones Lang LaSalle Inc., one of
the world's leading real estate service providers. Jones
Lang LaSalle is a publicly held, New York Stock Exchange
listed company (ticker: JLL).
Enquiries
Kingdom Hotel Investments
c/o Brunswick
Kate Holgate/Sophie Robinson
Tel: +44-207-404-5959
LaSalle Investment Management
Andrew Heithersay
Tel: +65-6533-6116
SOURCE Kingdom Hotel Investments
2007'02.01.Thu
James Bond - Casino Royale Teaser Trailer
May 03, 2006
LOS ANGELES, May 3 /Xinhua-PRNewswire/ -- Casino Royale
is the 21st James Bond film adventure and stars Daniel Craig
in his debut as "007." The film is based on
creator Ian Fleming's first novel about the debonair and
dangerous British secret agent.
Casino Royale introduces JAMES BOND before he holds his
license to kill. But Bond is no less dangerous, and with
two professional assassinations in quick succession, he is
elevated to "00" status.
Produced by Albert R. Broccoli's EON Productions'
Michael G. Wilson and Barbara Broccoli, Casino Royale is
directed by Martin Campbell from a screenplay by Neal
Purvis & Robert Wade and Paul Haggis.
SATELLITE INFORMATION
EUROPE
1st Feed
May 4th, 2006
5:00AM - 5:15AM London Local (0400-0415 GMT)
2nd Feed
May 4th, 2006
9:00AM -9:15AM London Local (0800-0815 GMT)
Satellite: Eutelsat W2 @ 16E D9 C3
Downlink freq: 11675.000 V
Symbol rate: 5.632
FEC: 3/4
Color: PAL
Arqiva Uplink trouble number: +44.(0) 1962.823000
Pactv London trouble number: +44.207.702.1427
ASIA/PACIFIC
1st Feed
May 5th, 2006
5:00AM - 5:15AM Tokyo Local (2000-2015 GMT on 5/4/06)
2nd Feed
May 5th, 2006
9:00AM - 9:15AM Tokyo Local (0000-0015 GMT)
Satellite: PAS-2/08C MCPC CH.4 (169' E)
Downlink Frequency: 3901.000 MHz Horizontal
FEC: 3/4
Symbol Rate: (Ms/s): 30.80000
Virtual Channel: Virtual Channel: 4, Network ID: 1
Color: NTSC
LATIN AMERICA
1st Feed
May 4th, 2006
6:00AM - 6:15AM Buenos Aires Local (0900-0915 GMT)
2nd Feed
May 4th, 2006
9:00AM - 9:15AM Buenos Aires Local (1200-1215 GMT)
Satellite: PAS-9/10C MCPC CH.06 (58' W)
Downlink Frequency: 3880.000 MHz Horizontal
FEC: 7/8
Symbol Rate: 27.69000
Virtual Channel: 6, Network ID 5002
Color: NTSC
Trouble#: PAS NAPA 1.707-251-1111
Playout: Pacific TV 1.310.287.3800
For information or hard copy: Toni Nicholls -
310-244-4321
Casino Royal (C) 2006 Danjaq, LLC, United Artists
Corporation, Columbia Pictures Industries, Inc. 007 Gun
Logo (C) 1962 Danjaq, LLC and United Artist Corporation.
JAMES BOND, 007, 007 Gun Logo and all other James Bond
related trademarks (TM) Danjaq, LLC. All Rights Reserved.
SOURCE Sony Pictures; MGM
-0- 05/03/2006 P
/CONTACT: Toni Nicholls, +1-310-244-4321, for Sony
Pictures/
/Web site: http://www.blackdiamondmedia.com /
2007'02.01.Thu
Embraer Presents The Lineage 1000 Business Jet
May 03, 2006
Ultra-large Aircraft Is Company's Fourth Business Jet
Offering
SAO JOSE DOS CAMPOS, Brazil, May 3 /Xinhua-PRNewswire/
-- Embraer (NYSE: ERJ) today introduced the Lineage 1000,
an ultra-large business jet based on the EMBRAER 190
commercial jet platform. Embraer unveiled plans for the
Lineage 1000 at the European Business Aviation Convention
& Exhibition (EBACE), to be held in Geneva,
Switzerland, May 3-5, 2006. The aircraft is the fourth in
Embraer's growing business jet portfolio.
"When we unveiled the Phenom jets only 12 months
ago, we asserted to the business aviation community our
firm commitment to stay in this industry and grow our
presence," said Mauricio Botelho, Embraer President
and CEO. "We are now taking advantage of the EMBRAER
190 platform to launch the Lineage 1000, a premium product
with superior comfort and performance characteristics.
This is yet another demonstration of Embraer's long-term
vision and will to serve our customers with a product line
that spans the market."
Presented as an 'ultra-large' business jet, the Lineage
1000 features an oversized cabin space with a luxurious
interior in five distinct areas, where up to 19 passengers
will enjoy a variety of ambiences for lounging, dining,
conferencing or relaxing.
"The Lineage 1000 is in a class of its own,"
said Luis Carlos Affonso, Embraer Senior Vice-President,
Executive Jets. "Abounding with space, premium
comfort, refined appointments and convenient amenities, the
Lineage 1000 will deliver the ultimate in travel comfort,
performance and operational economics."
The Lineage 1000 offers the flexibility of interior
customizations with the possibility of up to three
lavatories and even a stand-up shower. The airplane's
generous baggage compartment is complemented by a walk-in
luggage area conveniently accessible in flight. The
distinctive luxury of the
Lineage 1000 combined with prime engineering -- featuring
fly-by-wire technology -- will offer a superior travel
experience.
Underneath all the luxury lies a solid and proven
aircraft platform based on the reputable EMBRAER 190, from
which the Lineage 1000 inherits the expert design for high
performance and high utilization, with low operating
costs.
The Lineage 1000 is expected to enter service in
mid-2008.
For more information on the Lineage 1000, go to
http://www.embraer.com .
Embraer Image Gallery
Visit the Embraer Image Gallery at
http://www.embraer.com
Embraer (Empresa Brasileira de Aeronautica S.A. (NYSE:
ERJ)
(Bovespa: EMBR3 EMBR4) is the world's leading manufacturer
of Commercial jets up to 110 seats with 36 years of
experience in designing, developing, manufacturing, selling
and providing after sales support to aircraft for the global
Airline, Executive, and Defense and Government markets.
With headquarters in Sao Jose dos Campos, state of Sao
Paulo, the Company has offices and customer service bases
in the United States, France, Portugal, China and
Singapore. Embraer is among Brazil's leading exporting
companies. As of March 31, 2006, Embraer had a total
workforce of 17,144 people, and its firm order backlog
totaled US$ 10.4 billion.
This document may contain projections, statements and
estimates regarding circumstances or events yet to take
place. Those projections and estimates are based largely
on current expectations, forecasts on future events and
financial tendencies that affect the Company's businesses.
Those estimates are subject to risks, uncertainties and
suppositions that include, among others: general economic,
political and trade conditions in Brazil and in those
markets where the Company does business; expectations on
industry trends; the Company's investment plans; its
capacity to develop and deliver products on the dates
previously agreed upon, and existing and future
governmental regulations. The words "believe,"
"may," "is able," "will be
able," "intend," "continue,"
"anticipate," "expect" and other
similar terms are supposed to identify potentialities. The
Company does not feel compelled to publish updates nor to
revise any estimates due to new information, future events
or any other facts. In view of the inherent risks and
uncertainties, such estimates, events and circumstances may
not take place. The actual results can therefore differ
substantially from those previously published as Company
expectations.
SOURCE Empresa Brasileira de Aeronautica S.A.
-0- 05/03/2006
/CONTACT: Brazil, Rosana Dias, +011-55-12-3927-1311,
or cell,
+011-55-12-9724-4929, or fax, +011-55-12-3927-2411; or
North America, Betsy Talton, +1-954-359-3432, or cell,
+1-954-609-8560, or fax, +1-954-359-4755; or Europe, Middle
East and Africa, Stephane Guilbaud, +011-331-4938-4455, or
cell, +011-336-7522-8519, or fax, +011-331-4938-4456, or
Catherine Fracchia, +011-331-4938-4530, or cell,
+011-336-7523-6903, or fax, +011-331-4938-4456, all of
Embraer/
/Web site: http://www.embraer.com.br /
(ERJ)
2007'02.01.Thu
Banco Itau Holding Financeira S.A. And ITAUSA -- Investimentos Itau S.A. Announce Acquisition of BankBoston's Operations in Latin America
May 03, 2006
SAO PAULO, Brazil, May 3 /Xinhua-PRNewswire/ --
1. Banco Itau Holding Financeira S.A. (NYSE: ITU)
(ITAU) and Itausa -- Investimentos Itau S.A. (ITAUSA)
announce today that they have entered into an agreement
with Bank of America Corporation (BAC) dated 05-01-2006
which involves:
* The acquisition of BankBoston (BKB) in Brazil by ITAU
pursuant to the issuance of 68,518 thousand non-voting ITAU
shares, equal to an approximate 5.8% share of ITAU's total
capital;
* The exclusive right for ITAU to acquire BKB's
operations in Chile and Uruguay, as well as certain other
financial assets owned by clients of Latin America.
This transaction, the largest stock swap ever to be
completed in the Brazilian financial services industry,
secures ITAU's leadership amongst private Brazilian
institutions in the asset management, custody business, and
in the high net worth individual and large corporate sectors
and provides it with the opportunity to expand its
operations into new markets in Latin America.
2. DESCRIPTION OF THE ACQUIRED BUSINESSES
BankBoston Brazil
With R$ 23 billion in assets, BKB Brazil is a
recognized leader in the main segments where it operates
such as the high net worth individuals segment, including a
significant credit card operation, as well as the small,
middle market and large corporate sectors. With
approximately R$ 26 billion in assets under management, BKB
has a strong presence in this market in Brazil.
BankBoston Chile
Chile's mature and stable economy and its financially
solid institutions have earned the country an Investment
Grade, Baa1 rating by Moody's. BKB Chile has total assets
of R$ 5 billion, with 44 branches and 58,000 clients,
ranking 12th amongst the Chilean financial institutions in
terms of total assets.
BankBoston Uruguay and OCA
BKB Uruguay has a significant presence in the market
with 15 branches, ranking 3rd amongst the private banks in
terms of total assets.
The credit card company OCA has 23 branches and is
currently the largest credit card issuer in Uruguay with a
market share of approximately 50%.
BKB Uruguay and OCA jointly serve approximately 372,000
clients.
3. PURCHASE PRICE AND TRANSACTION STRUCTURE
* The acquisition of BKB Brazil will be effected in
stock pursuant to the issuance of 68,518 thousand new
non-voting ITAU shares, equal to an approximate 5.8% share
of ITAU's total capital. Based on the non-voting shares
average price on 04-28-06, these newly-issued shares would
be valued at
R$ 4.5 billion.
* The same transaction structure is expected for the
remaining acquisitions in valuation and the amounts
involved will be generally in line with their respective
asset bases vis-a-vis BKB Brazil.
* BAC will become a shareholder of ITAU, thus
maintaining an important presence in the region, through a
significant investment, and will appoint one member of
ITAU's Board of Directors. BAC shall not increase its
stake above 20% of the issued and outstanding capital of
ITAU. The new shares to be issued will be subject to a
3-year lock-up and BAC will not have a right of first
refusal, but will have tag along rights, in the event of a
change of control at ITAU.
The acquisition of BKB Brazil will be effected pursuant
to a Brazilian stock merger and will therefore not give rise
to preemptive subscription rights on the part of ITAU's
current shareholders.
It is management's intention to effect the write-off of
the goodwill amount resulting from this transaction in the
fiscal year of 2006. It is estimated that ITAU's net income
will be reduced in R$ 2.2 billion in 2006, net of taxes, as
a result of the amortization of goodwill. These
write-offs, however, should not impact dividends/interest
on own capital distributions to the pro forma shareholder
base in the year, which should be higher than those paid
out in 2005.
Based on the pro forma consolidated data as of
12-31-05, the Basle Ratio will be only slightly affected,
equaling 16.7% pro forma for the goodwill amortization.
The transaction is expected to be EPS accretive in the
second half of 2007.
4. PRO FORMA ANALYSIS
The following table provides a pro forma analysis of
some of ITAU's key metrics and variables taking into effect
the results of the transaction including all of BKB's
businesses:
PRO
FORMA
INFORMATION AS OF BKB BKB
Combined Evol.
DEC. 31, 2005 ITAU Brazil(*)
Ex-Brazil(1) ITAU+BKB %
R$ Billions
Assets 151.2 22.6 7.4
181.2 19.8%
Loans (including
sureties and
endorsements) 67.8 11.6 4.2
83.6 23.4%
Deposits 52.0 5.9 5.0
62.9 21.0%
Assets under
Management (AUM) 120.3 26.0 22.4
168.7 40.3%
Shareholders'
Equity 15.6 2.1 1.1
18.9 21.6%
US$ Billions
Assets 64.6 9.7 3.2
77.4 19.8%
Loans (including
sureties and
endorsements) 28.9 5.0 1.8
35.7 23.4%
Deposits 22.2 2.5 2.1
26.9 21.0%
Assets under
Management (AUM) 51.4 11.1 9.6
72.1 40.3%
Shareholders'
Equity 6.6 0.9 0.4
8.1 21.6%
# of Employees 51,036 4,800 2,200
58,036 13.7%
# of Clients
(thousand) 16,649 203 450
17,303 3.9%
# of Branches 2,391 66 82
2,539 6.2%
Efficiency Ratio(*) 50.3% 77.3% 78.0%
52.7% 2.4 p.b.
Basle ratio 17.0% 14.7% 15.8%
16.7% -0.3 p.b.
(*) Adjusted for hedge transactions at BKB
Brazil
(1) Transaction not concluded. ITAU holds an
option.
ITAU's pro forma market share in the Brazilian market
is summarized below:
ITAU
BKB PRO FORMA
ASSETS (*) 8.7%
1.4% 10.1%
LOANS
Large Corporates 8.7%
4.0% 12.7%
Small and Medium Corporates 9.9%
2.8% 12.7%
DEPOSITS (*) 7.6%
0.6% 8.2%
AUM (**) 13.4%
3.3% 16.7%
CREDIT CARDS (***) 18.4%
0.7% 19.2%
(*) Central Bank of Brazil - DEC 05
(**) ANBID - MAR 06
(***) ABECS - DEC 05
5. Key Drivers
The key drivers for the acquisition agreement are
summarized below:
* Leadership position in assets under management,
custody and in the high net worth individual and large
corporate sectors;
* Significant economies of scale in the large corporate
and middle market segment;
* Acquisition of a premium credit card client base;
* Opportunity to expand into foreign markets in which
ITAU does not currently have a presence.
ITAU views the addition of a set of highly qualified
professionals and of an attractive branch network to its
operations and current structure as key features of this
transaction. ITAU's experience in the recruitment and
retention of employees and the natural turn-over among
ITAU's own employees should lead to a smooth integration
process and to the maximum utilization of BKB's team.
ITAU will continue to strengthen its tradition of
providing differentiated service to its customers in the
various market segments. ITAU's current operations and
transactions with its clients, creditors and suppliers will
not experience any change as a result of the acquisition.
ITAU will continue to operate in Brazil and internationally
substantially in the same form as it does today.
A preliminary analysis of the loan portfolios of large
and middle market corporations has indicated that they are
complementary to ITAU's current portfolios, which should
allow for, in the majority of the cases, the maintenance of
its current levels of operation with the combined customer
base, at the current credit line levels.
ITAU's objective is to keep BKB's branches, which are
highly regarded for their superior facilities, and
integrate them with the Itau Personnalite branch network.
ITAU also intends to maintain BKB's relationship management
team so as to ensure the continuity of the high standards of
service provided to the high net worth individual segment.
BKB's individual and corporate clients will enjoy the
benefits of ITAU's structure such as its branch network,
ATMs and its Internet Banking service (Bankline) as soon as
the integration of BKB's into ITAU's operations is
completed. It is expected that this integration will be
completed within 6 months after the closing of this
transaction.
In the context of their new partnership, ITAU and BAC
will pursue business opportunities which may be mutually
beneficial. As an example, ITAU will seek to serve BAC's
clients in Brazil and to handle remittances from/to the
U.S. through BAC.
6. IMPACT OF THE TRANSACTION ON ITAUSA
Taking into effect the capital increase at ITAU to be
effected in connection with the stock merger, the variation
of its economic stake and the amortization of goodwill, it
is estimated that ITAUSA's net income will be positively
impacted in the amount of R$0.6 billion.
7. BANCO ITAU HOLDING FINANCEIRA
ITAU's sustainability, built over the course of the
last 60 years, is the result of a culture based on value
creation for its shareholders, on performance leadership
and ethics, associated with the quality of its services.
Today, these values are shared by 51 thousand employees
serving more than 16 million clients, through its network
of 2,391 branches and 22 thousand ATMs.
With a market capitalization of R$73 billion (US$ 35
billion) on 04-28-06, ITAU has been named Brazil's best
bank by several publications in the last 3 years,
including: Global Finance, Latin Finance and The Banker,
published by the Financial Times group. Ratings from
Moody's and Fitch Ratings place ITAU as the country's best
financial institution regarding financial strength and
individual rating. In August 2005, ITAU received the award
as Latin America's most ethical bank according to a survey
conducted by the rating company Management & Excellence
(M&E), based in Madrid, and by the American magazine
Latin Finance. In February 2006, according to Euromoney
magazine, for the second consecutive year, ITAU Private
Bank was the sole Brazilian institution listed among the
world's 10 best private banks with operations in Brazil.
ITAU is part of the DJSWI -- Dow Jones Sustainability
World Index, since its inception, and is the only Latin
American bank to be part of such index.
In 2005, the English consulting firm Interbrand rated
ITAU's brand as the most valuable Brazilian brand, at
US$1.3 billion.
8. ITAUSA -- INVESTIMENTOS ITAU S.A.
ITAUSA is one of Brazil's largest industrial and
financial conglomerates. Its international strategy is
based on the consistent maintenance of high liquidity
levels and a solid capital base in Brazil and abroad.
ITAUSA is comprised of a group of companies operating
in diverse segments such as the financial and real estate
sectors, as well as in the manufacturing of wood panels,
sanitary chinaware and metal fittings, chemical products
and electronics.
The high regard for human capital, ethical business
practices and the continuous and sustainable creation of
shareholder value are common aspects present in all of the
group's businesses. These principles ensure the group's
competitiveness through the continuous improvement in the
quality of services and products, based on in-house
development as well as the absorption of the most
state-of-the-art technologies available, and have enabled
the group to achieve a leadership position in the segments
in which it operates.
9. BANK OF AMERICA CORPORATION
BAC is one of the world's largest financial
institutions, serving individual consumers, small and
middle market businesses and large corporations with a full
range of banking, investing, asset management and other
financial and risk-management products and services. The
company provides unmatched convenience in the U.S., serving
more than 54 million consumer and small business
relationships with more than 5,700 retail banking offices,
more than 16,700 ATMs and award-winning online banking with
more than 19 million active users. BAC is the number 1
overall Small Business Administration (SBA) lender in the
United States and the number 1 SBA lender to minority-owned
small businesses. The company serves clients in 175
countries and has relationships with 98% of the US Fortune
500 companies and 79% of the Global Fortune 500. BofA stock
(NYSE: BAC) is listed on the New York Stock Exchange.
10. CONCLUSION
These acquisitions are consistent with ITAU's strategy
to invest in businesses that create value for its
shareholders, with a view towards the sustainability of the
bank and reaffirm ITAU's confidence in the future of Brazil.
The conclusion of this transaction is subject to the
approval of the Brazilian Central Bank of Brazil and other
relevant authorities.
Alfredo Egydio Setubal Henri Penchas
Investor Relations Director Investor
Relations Director
Banco Itau Holding Financeira S.A. Itausa --
Investimentos Itau S.A.
SOURCE Banco Itau Holding Financeira S.A.
-0- 05/02/2006
/CONTACT: Geraldo Soares, Banco Itau Holding
Financeira,
+011-5511-5019-1549, or investor.relations@itau.com.br/
/Web site: http://www.itau.com /
2007'02.01.Thu
TCOM Increases Expectations for New Business in 2006 After Successfully Launching Subaye.com
May 02, 2006
TCOM Investors and Business Partners Experience Chinese
Business and SMEs Receptivity with Subaye.com e-commerce
services
HONG KONG, May 3 /Xinhua-PRNewswire/ -- Telecom
Communications, Inc. (OTC Bulletin Board: TCOM) announced
today the conclusion of their new growth strategy product
line, Subaye.com ( http://www.subaye.com ) and IBS v5.0 the
biz to biz to consumer vale chain. TCOM hosted a Business
Mission that began on April 24th to introduce and educate
shareholders, investors and technology professionals on a
number of business activities and opportunities with TCOM
in China. The Business Mission started in the TCOM offices
in Hong Kong and continued onto Beijing. The Business
Mission subsequently traveled to Guangzhou, their trip
coinciding with the Guangzhou Fair, the largest and busiest
trade fair in China.
"The atmosphere in Guangzhou and Hong Kong with
the SMEs showcase created a warm reception for our IBS v5.0
e-commerce service Business Mission," said Tim Chen,
CEO of TCOM. "We wanted to impress upon our
investors, shareholders and business partners the explosive
business potential of our business in China. The Chinese
SMEs enthusiasm for the e-commerce services that coincided
with our visit paralleled the receptivity our Business
Mission enjoyed in meetings with Chinese TCOM business
partners. Both the Business Mission events and the
wireless communication entertainment and SME e-commerce
services clearly demonstrated to the Business Mission
participants the tremendous opportunity that exists between
mobile communications and entertainment in China. The
Business Mission participants' reaction to the trip has
increased our expectations for the TCOM business
opportunity in China in 2006. An updated forecast for our
2006 revenues will be released in the near future after
follow up discussions are completed within this
month."
TCOM previously announced its Subaye.com IBS v5.0
annual fee model sales in July, and Alpha is operating as a
sales office in China to provide full service to SME's
internet business services of IBS v5.0 and Subaye.com value
chain, as 100,000 SMEs move fast into B-B-C e-commerce
market through IBS v5.0. The primary results of sales and
marketing show 3,126 SMEs have been become members to
Subaye.com. All members will be paid an annual fee of $900
beginning on July 1, 2006. We are forecasting that 20,000
SMEs will become members in 2006, approx. $18 million
annual fee. This amount excludes revenue generated by
provided entertainment contents to the majority internet
and wireless players such as KONG, BIDU, LTON and LONG as
well as revenue sharing models and long term cooperation's.
About Telecom Communications, Inc.
Telecom Communications, Inc. (TCOM) is a Total
Solutions Provider that offers Integrated Communications
Network Solutions and Internet Content Service in universal
voice, video, data web and mobile communications for
interactive media applications, technology and content
leaders in interactive multimedia communications. It
develops, markets and sells a universal media software
solution for enterprise-wide deployment of integrated
voice, video, data web and mobile communications and media
applications. Telecom Communications, Inc. does business
in Asia via its wholly owned subsidiaries, Alpha Century
Holdings Ltd. ( http://www.subaye.com ), IC Star MMS, Ltd.
( http://www.icstarmms.com ) and 3G Dynasty Inc. (
http://www.skyestar.com ).
Safe Harbor
The statements made in this release constitute
"forward-looking" statements, usually containing
the words "believe," "estimate,"
"project," "expect," or similar
expressions. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such
differences include, but are not limited to, changing
economic conditions, interest rates trends, continued
acceptance of the Company's products in the marketplace,
competitive factors and other risks detailed in the
Company's periodic report Filings with the Securities and
Exchange Commission. By making these forward- looking
statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of
this release.
For more information, please contact:
Ms. Sandy Tang
Telecom Communications, Inc.
Tel: +852-2782-0983
Email: pr@tcom8266.com
SOURCE Telecom Communications, Inc.
2007'02.01.Thu
Deutsche Bank Builds its Lead in Global Foreign Exchange
May 03, 2006
Annual Euromoney Survey Demonstrates Soaring Trading
Volumes in FX Market
LONDON, May 3 /Xinhua-PRNewswire/ -- Today Euromoney
reveals the results of its global foreign exchange survey,
which shows Deutsche Bank extending its lead over its
rivals in terms of overall market share.
Deutsche Bank accounts for an astonishing 19.26% share
of the global FX market, according to over 6,322
institutions that took part in this year's survey. Total
turnover accounted for by the survey was over $85
trillion.
Deutsche Bank increased its market share by 2.54
percentage points compared to the 2005 survey. UBS remains
in second place, with a share of 11.86% -- down more than
half a percentage point on 2005, despite more than doubling
its volume from $4.9 trillion to almost $10 trillion.
Citigroup remained in third place overall, but was the
most improved bank overall by market share, rising 2.89
percentage points to 10.39%. Citi was also the highest
ranking bank overall for the quality of its FX research.
Other notable moves saw Royal Bank of Scotland break
into the top five overall with a market of 6.43%, from 11th
place last year; and Bank of America as the highest climber
among the top 20 ranked banks overall, moving to 8th place
from 16th last year.
The growing importance of leveraged funds in the FX
market is demonstrating by the dramatic rise in the number
of such funds participating, from 371 to 607 in absolute
numbers, and from $13 trillion to $31 trillion by total
turnover. Deutsche Bank has more than twice the market
share of the second-placed firm in leveraged funds,
Barclays Capital.
Full results, plus a complete methodology, are
available online now to subscribers only at
http://www.euromoney.com.
SOURCE Euromoney Magazine
-0- 05/03/2006
/CONTACT: Andrew Newby, head of Euromoney research,
+44-20-7779-8694, anewby@euromoney.com /
/web site: http://www.euromoney.com /
2007'02.01.Thu
CNH Reports First Quarter 2006 Net Income of $43 million, up $28 million from the First Quarter 2005
CNH Reports First Quarter 2006 Net Income of $43 million, up $28 million from the First Quarter 2005
May 02, 2006
-- Strong customer response to new brand focus
-- Equipment Operations first quarter margins higher
-- Full-year 2006 outlook stronger, with an expected
range of diluted EPS
of $1.30 to $1.40
LAKE FOREST, Ill., May 2 /Xinhua-PRNewswire/ -- CNH
Global N.V. (NYSE: CNH) today reported first quarter 2006
net income of $43 million, compared to net income of $15
million in the first quarter of 2005. Results include
restructuring charges, net of tax, of $3 million in the
first quarter of 2006, and $4 million in the first quarter
of 2005. First quarter diluted earnings per share were
$0.18, compared with $0.06 in 2005. Before restructuring,
net of tax, first quarter diluted earnings were $0.20 per
share, compared with $0.08 in 2005.
"Our results show that CNH's renewed focus on
customers and dealers, through its new global brand
structure implemented last year, is gaining traction,"
said Harold Boyanovsky, CNH president and chief executive
officer. "Our global brands organization - Case IH and
New Holland in agricultural equipment and Case and New
Holland Construction in construction equipment - is making
an impact in the marketplace. We now expect our net sales
of equipment for the full year will rise by about 5 to 10%.
"We are particularly pleased by the 2 percentage
point improvement in our Equipment Operations gross
margin," Boyanovsky said. "We are on track for
another year of improved results."
Highlights for the quarter included the following:
-- Case IH launched 10 new models of its highest
horsepower agricultural
tractors, featuring new Tier 3 compliant engines and
innovative fuel-
savings options including high pressure fuel
injection systems and
AutoShift and Powershift transmissions.
-- New Holland introduced new models of its highest
horsepower
agricultural tractors with Tier 3 compliant
engines.
-- Case Construction launched two models of crawler
excavators with Tier 3
compliant engines.
-- New Holland Construction introduced a new line of
five backhoe loaders
and launched two new models of compact wheel loaders
and new styling
for its entire product offering.
-- Pricing, in the quarter, was higher than all
economics and currency
related cost increases, resulting in positive net
recovery. Pricing
was strongest in North America. Raw material cost
increases are
moderating, except for oil related commodities which
are continuing to
increase.
-- Research and development spending increased in the
quarter from the
same period in 2005, reflecting CNH's investments in
quality and
product differentiation.
-- Inventory levels at the end of the first quarter
2006, in terms of days
supply, were the same as at the end of the first
quarter last year.
-- CNH Equipment Operations $500 million bond offering,
completed in the
quarter, is facilitating further repayment of debt
to Fiat and debt
guaranteed by Fiat.
EQUIPMENT OPERATIONS - First Quarter Financial Results
Net sales of equipment, comprising the company's
agricultural and construction equipment businesses, were
$3.0 billion for the 2006 first quarter, compared to $2.8
billion for the same period in 2005. Net of currency
variations, net sales increased by 6% over the prior year's
first quarter, including approximately 2% pricing.
Agricultural Equipment Net Sales
-- Agricultural equipment net sales were $2.0 billion
for the first
quarter, essentially at the same level as the prior
year, but up 2%
excluding currency variations.
-- Excluding currency variations, sales in North
America are up 7% and
sales in Rest-of-World markets were up 14%, while
sales in Western
Europe declined by 4%. Excluding currency
variations, sales in Latin
America declined by 18% as the market for combines
has continued to
decline, more than anticipated.
-- Total retail unit sales of CNH's agricultural
tractors and combines
increased by approximately 11% compared to the first
quarter last year.
First quarter 2006 production of agricultural
tractors and combines was
approximately 23% higher than retail, following the
company's normal
seasonal pattern to increase company and dealer
inventories in
anticipation of the spring selling season.
Construction Equipment Net Sales
-- Net sales of construction equipment were
approximately $1.0 billion for
the first quarter, an increase of 14% compared to
approximately
$0.9 billion in the first quarter of last year, and
up 16% excluding
currency variations.
-- Excluding currency variations, sales in North
America were up 13%, in
Latin America up 50%, in Rest-of-World markets up
40%, and in Western
Europe sales were up 6%.
-- Total retail unit sales of CNH's major construction
equipment products
increased by approximately 21% compared to the first
quarter last year.
Production was higher than retail by approximately
13%.
Gross Margin
Equipment Operations gross margin (defined as net sales of
equipment less cost of goods sold) for agricultural and
construction equipment was
$488 million in the first quarter of 2006, compared to $409
million in the first quarter of last year. As a percent of
net sales, gross margin was 16.5% for the first quarter of
2006, up 2 percentage points from the first quarter of
2005.
-- Agricultural equipment gross margin increased in
both dollars and as a
percent of net sales compared to the prior year's
first quarter. The
improvement was more than accounted for by positive
net pricing which
was higher than currency and economics cost
changes.
-- Construction equipment gross margin also increased
in both dollars and
as a percent of net sales. Higher volume, mix,
positive net price
recovery and manufacturing efficiencies contributed
to the improvement.
Industrial Operating Margin
Equipment Operations industrial operating margin
(defined as net sales of equipment, less cost of goods
sold, SG&A and R&D costs) was $154 million in the
first quarter of 2006, or 5.2% of net sales, compared to
$99 million or 3.5% of net sales in the same period of
2005. The improvement was driven by the higher Equipment
Operations gross margin, noted above. Increased
investments in R&D to improve product quality and
increase product differentiation by brand, were partial
offsets to the gross margin improvement. SG&A remained
constant as a percent of net sales. Currency variations
related to SG&A costs were favorable.
Adjusted EBITDA
Adjusted EBITDA for Equipment Operations (defined as
net income excluding net interest expense, income tax
provision (benefit), depreciation and amortization and
restructuring) was $157 million for the quarter, or 5.3% of
net sales, compared to $130 million in the first quarter of
2005, or 4.6% of net sales. Interest coverage, on a last
12 months basis (defined as total adjusted EBITDA for the
past 12 months divided by total net interest expense for
the past 12 months) was 3.9 times for the period ending
March 31, 2006, compared with 3.0 times for the similar
period ending March 31, 2005.
FINANCIAL SERVICES - First Quarter Financial Results
Financial Services operations reported net income of
$52 million, compared to $49 million for the first quarter
last year. In the first quarter of 2006, Financial
Services in the U.S. closed a $1.2 billion retail asset
backed securitization ("ABS") transaction. In the
first quarter of 2005, Financial Services closed a $1.4
billion ABS transaction. Financial Services recorded
higher credit losses in the first quarter of 2006 than in
the first quarter of 2005, primarily related to its
operations in Brazil.
NET DEBT AND OPERATING CASH FLOW
Equipment Operations Net Debt (defined as total debt less
cash and cash equivalents, deposits in Fiat affiliates cash
management pools and intersegment notes receivables) was
$0.6 billion at March 31, 2006, compared to $0.7 billion at
December 31, 2005 and $1.6 billion at March 31, 2005. Net
debt to net capitalization was 10.8% at March 31, 2006,
down from 12.5% at December 31, 2005. Net debt decreased
in the quarter principally because of the $122 million of
cash generated by operating activities.
Cash generation was positive as improved net income and
changes in accruals more than offset the small increase in
working capital in the period. Working capital (defined as
accounts and notes receivable, excluding inter-segment notes
receivable, plus inventories less accounts payables), net of
currency variations, increased by approximately $80 million
in the quarter, substantially less than the $466 million
increase in the first quarter of 2005. At incurred
currency rates, working capital at March 31, 2006 was
$2.2 billion, compared to $2.1 billion on December 31, 2005
and to
$2.8 billion on March 31, 2005.
Financial Services Net Debt increased by approximately
$240 million to $4.0 billion at March 31, 2006 from
December 31, 2005, reflecting increases in the receivables
portfolio, mostly in North America.
AGRICULTURAL EQUIPMENT MARKET OUTLOOK FOR 2006
CNH believes that for the full year 2006, worldwide
industry unit retail sales of agricultural tractors will be
slightly higher than in 2005. Industry unit retail sales of
under-40 horsepower tractors in North America are expected
to be down 5 to 10% from the high levels of 2005. Sales of
over-40 horsepower tractors in North America are expected
to remain at about the same level as in 2005. Agricultural
tractor markets in Western Europe and Latin America could
be down as much as 5%, but tractor industry unit retail
sales in Rest-of-World markets are now expected to be up
from 10 to 15%.
Worldwide industry unit retail sales of combine
harvesters may be down about 10%, with North America down
about 5% and Western Europe and Rest-of-World Markets down
5 to 10%. Industry sales in Latin America could be down 30
to 35%, continuing the decline which started in the fourth
quarter of 2004.
CONSTRUCTION EQUIPMENT MARKET OUTLOOK FOR 2006
CNH believes that for the full year 2006, worldwide
industry unit retail sales of construction equipment will
be stronger than in 2005. Worldwide industry unit retail
sales of heavy construction equipment are expected to
increase by 5 to 10%, led by increases of 10 to 15% in the
North American and Rest-of-World markets. Industry unit
sales in Western Europe and Latin America should be flat to
perhaps down 5%.
Worldwide industry unit retail sales of light
construction equipment also could be up 5 to 10%, with
sales in North America, Latin America and Rest-of-World
Markets all up 5 to 10%. In Western Europe, industry retail
unit sales are expected to be flat to up as much as 5%
compared with full year 2005.
CNH OUTLOOK FOR 2006
CNH expects that its net sales of equipment for the full
year will increase in the range of 5 to 10%. Continuing
pricing and ongoing margin improvements at Equipment
Operations will drive better results. Profitability at
Financial Services is expected to be up slightly compared
with 2005 results. Results of CNH's joint ventures are
expected to remain in line with 2005. The benefit of the
improvement at Equipment Operations will be partially
offset by an increase in CNH's effective tax rate, as
previously stated.
CNH anticipates that 2006 diluted earnings per share,
before restructuring, net of tax, should be in the range of
$1.30 to $1.40, compared with $0.95 for the full year 2005.
Full-year restructuring costs, net of tax, are expected to
be slightly higher than in 2005, as CNH recognizes the
balance of the costs related to the planned manufacturing
rationalization in Europe.
The company's previously announced $120 million
contribution to its U.S. defined benefit pension plan was
made in April, 2006. After considering this contribution,
Equipment Operations expects to generate cash and to use
that cash to further reduce its net debt by approximately
$250 million, as compared with year-end 2005 levels.
CNH management will hold a conference call later today
to review its first quarter results. The conference call
Webcast will begin at approximately 10:00 a.m. U.S. Eastern
Time. This call can be accessed through the investor
information section of the company's Web site at
http://www.cnh.com and is being carried by CCBN.
CNH Case New Holland is a world leader in the
agricultural and construction equipment businesses.
Supported by more than 11,000 dealers in 160 countries, CNH
brings together the knowledge and heritage of its Case and
New Holland brand families with the strength and resources
of its worldwide commercial, industrial, product support
and finance organizations. More information about CNH and
its Case and New Holland products can be found online at
http://www.cnh.com .
Forward-looking statements. This press release
includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical
fact contained in this press release, including statements
regarding our competitive strengths, business strategy,
future financial position, budgets, projected costs and
plans and objectives of management, are forward-looking
statements. These statements may include terminology such
as "may," "will," "expect,"
"could," "should," "intend,"
"estimate," "anticipate,"
"believe," "outlook,"
"continue," "remain," "on
track," "goal," or similar terminology.
Our outlook is predominantly based on our interpretation of
what we consider key economic assumptions and involves risks
and uncertainties that could cause actual results to differ.
Crop production and commodity prices are strongly affected
by weather and can fluctuate significantly. Housing starts
and other construction activity are sensitive to interest
rates and government spending. Some of the other
significant factors for us include general economic and
capital market conditions, the cyclical nature of our
business, customer buying patterns and preferences, foreign
currency exchange rate movements, our hedging practices, our
and our customers' access to credit, actions by rating
agencies concerning the ratings on our debt and asset
backed securities and the ratings of Fiat S.p.A., risks
related to our relationship with Fiat S.p.A., political
uncertainty and civil unrest or war in various areas of the
world, pricing, product initiatives and other actions taken
by competitors, disruptions in production capacity, excess
inventory levels, the effect of changes in laws and
regulations (including government subsidies and
international trade regulations), technological
difficulties, results of our research and development
activities, changes in environmental laws, employee and
labor relations, pension and health care costs, relations
with and the financial strength of dealers, the cost and
availability of supplies from our suppliers, raw material
costs and availability, energy prices, real estate values,
animal diseases, crop pests, harvest yields, government
farm programs and consumer confidence, housing starts and
construction activity, concerns related to modified
organisms and fuel and fertilizer costs. Additionally, our
achievement of the anticipated benefits of our profit
improvement initiatives depends upon, among other things,
industry volumes as well as our ability to effectively
rationalize our operations and to execute our brand
strategy. Further information concerning factors that could
significantly affect expected results is included in our
Form 20-F for the year ended December 31, 2005.
We can give no assurance that the expectations
reflected in our forward-looking statements will prove to
be correct. Our actual results could differ materially from
those anticipated in these forward-looking statements. All
written and oral forward-looking statements attributable to
us are expressly qualified in their entirety by the factors
we disclose that could cause our actual results to differ
materially from our expectations. We undertake no
obligation to update or revise publicly any forward-looking
statements.
CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales
Performance(1)
Worldwide N.A. W.E
L.A. ROW
'06 '06 '06
'06 '06
B(W) B(W) B(W)
B(W) B(W)
First Quarter 2006 Industry Unit Sales Preliminary
Estimate Compared
with First Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a 3% n/a
n/a n/a
- Over 40 horsepower n/a 4% n/a
n/a n/a
Total Tractors 14% 4% 2%
(4)% 33%
Combine Harvesters (12)% 9% (12)%
(37)% 4%
Total Tractors and Combines 13% 4% 1%
(8)% 32%
Construction Equipment:
Light Construction
Equipment:
Tractor Loaders & Backhoes 6% (1)%
(11)% 13% 25%
Skid Steer Loaders 5% 2% (6)%
77% 27%
Other Light Equipment 16% 47% 8%
29% 9%
Total Light Equipment 11% 15% 4%
27% 14%
Total Heavy Equipment 14% 25% (4)%
17% 16%
Total Light & Heavy
Equipment 12% 18% 2%
21% 15%
Second Quarter 2006 Industry Unit Sales Forecast
Compared with Second
Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors 0-5% (0-5)% ~(5)%
Flat ~20%
Combine Harvesters ~(10)% (10-15)% (0-5)%
(35-40)% (5-10)%
Construction Equipment:
Total Light Equipment 5-10% 10-15% 0-5%
10-15% 5-10%
Total Heavy Equipment 5-10% 5-10% 0-5%
(0-5)% 10-15%
Full Year 2006 Industry Unit Sales Forecast Compared
with Full Year
2005 Estimated Actual
Agricultural Equipment:
Agricultural Tractors 0-5% (0-5)% (0-5)%
(0-5)% 10-15%
Combine Harvesters ~(10)% ~(5)% (5-10)%
(30-35)% (5-10)%
Construction Equipment:
Total Light Equipment 5-10% 5-10% 0-5%
5-10% 5-10%
Total Heavy Equipment 5-10% 10-15% (0-5)%
(0-5)% 10-15%
(1) Excluding India
CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales
Performance(1)
Worldwide N.A. W.E
L.A. ROW
'05 '05 '05
'05 '05
B(W) B(W) B(W)
B(W) B(W)
1st Qtr '05 Industry Unit Sales Revised Estimate
Compared with 1st Qtr
'04 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a 0% n/a
n/a n/a
- Over 40 horsepower n/a 14% n/a
n/a n/a
Total Tractors 5% 6% (2)%
(3)% 12%
Combine Harvesters (16)% 39% 9%
(55)% 28%
Total Tractors and Combines 5% 7% (1)%
(16)% 12%
Construction Equipment:
Light Construction
Equipment:
Tractor Loaders & Backhoes 28% 23%
6% 79% 42%
Skid Steer Loaders 6% 4% 26%
4% 3%
Other Light Equipment 20% 50% 16%
29% 12%
Total Light Equipment 17% 18% 16%
53% 16%
Total Heavy Equipment 0% 20% 12%
33% (16)%
Total Light & Heavy
Equipment 10% 19% 14%
42% (3)%
2nd Qtr '05 Industry Unit Sales Revised Estimate
Compared with 2nd Qtr '04
Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a (7)% n/a
n/a n/a
- Over 40 horsepower n/a 7% n/a
n/a n/a
Total Tractors 4% (2)% (3)%
(21)% 25%
Combine Harvesters (9)% 2% 9%
(66)% 18%
Total Tractors and Combines 3% (2)% (2)%
(27)% 25%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes 15% 5%
8% 63% 28%
Skid Steer Loaders 3% (5)% 10%
74% 39%
Other Light Equipment 22% 38% 14%
122% 26%
Total Light Equipment 15% 8% 13%
69% 28%
Total Heavy Equipment 13% 21% (1)%
44% 12%
Total Light & Heavy
Equipment 14% 12% 9%
54% 19%
3rd Qtr '05 Industry Unit Sales Revised Estimate
Compared with 3rd Qtr '04
Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a (7)% n/a
n/a n/a
- Over 40 horsepower n/a 3% n/a
n/a n/a
Total Tractors 10% (3)% (9)%
(26)% 46%
Combine Harvesters (12)% 2% 4%
(68)% 44%
Total Tractors and Combines 9% (3)% (8)%
(31)% 46%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes 12% 11%
(16)% 21% 31%
Skid Steer Loaders 9% 9% (11)%
44% 28%
Other Light Equipment 15% 38% 5%
58% 15%
Total Light Equipment 13% 18% 0%
30% 20%
Total Heavy Equipment 13% 13% (1)%
15% 19%
Total Light & Heavy
Equipment 13% 16% 0%
21% 20%
CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales
Performance(1)
Worldwide N.A. W.E
L.A. ROW
'05 '05 '05
'05 '05
B(W) B(W) B(W)
B(W) B(W)
4th Qtr '05 Industry Unit Sales Revised Estimate
Compared with 4th Qtr '04
Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a 5% n/a
n/a n/a
- Over 40 horsepower n/a (2)% n/a
n/a n/a
Total Tractors 12% 1% (11)%
(20)% 60%
Combine Harvesters (19)% (14)% 20%
(45)% (12)%
Total Tractors and Combines 11% 1% (11)%
(23)% 58%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes 10% 20%
0% 41% 22%
Skid Steer Loaders 0% (1)% 11%
6% (3)%
Other Light Equipment 14% 32% 0%
16% 21%
Total Light Equipment 9% 7% 2%
28% 18%
Total Heavy Equipment 7% 8% (5)%
0% 15%
Total Light & Heavy
Equipment 8% 7% 0%
12% 17%
Full Year 2005 Industry Unit Sales Revised Estimate
Compared with Full
Year 2004 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower n/a (4)% n/a
n/a n/a
- Over 40 horsepower n/a 5% n/a
n/a n/a
Total Tractors 8% 0% (6)%
(19)% 34%
Combine Harvesters (14)% 1% 10%
(58)% 19%
Total Tractors and Combines 7% 0% (6)%
(25)% 34%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes 15% 9%
(1)% 47% 30%
Skid Steer Loaders 4% 1% 8%
32% 16%
Other Light Equipment 18% 39% 9%
45% 18%
Total Light Equipment 13% 12% 8%
43% 20%
Total Heavy Equipment 8% 15% 1%
21% 5%
Total Light & Heavy
Equipment 11% 13% 6%
30% 13%
(1) Excluding India
CNH GLOBAL N.V.
CONSOLIDATED SELECTED FINANCIAL DATA
(In Millions, except per share data)
(Unaudited)
March 31,
December 31,
2006
2005
BALANCE SHEETS
Total assets $17,750
$17,318
Short-term debt $1,412
$1,522
Long-term debt, including current
maturities $4,943
$4,765
Total liabilities $12,603
$12,266
Equity $5,147
$5,052
Three
Months Ended
March 31,
2006
2005
STATEMENTS OF OPERATIONS
Revenues:
Net sales $2,950
$2,823
Finance and interest income 211
180
Total revenues $3,161
$3,003
Net income $43
$15
Per share data:
Basic earnings per share $0.30
$0.06
Diluted earnings per share $0.18
$0.06
Dividends per share $-
$-
STATEMENTS OF CASH FLOWS
Net cash from operating activities $(108)
$(461)
Net cash from investing activities 115
406
Net cash from financing activities (75)
(134)
Other, net 17
(10)
Increase (decrease) in cash and cash
equivalents (51)
(199)
Cash and cash equivalents, beginning
of period 1,245
931
Cash and cash equivalents, end of
period $1,194
$732
Note:
For a complete set of CNH's condensed consolidated
financial statements,
please go to http://www.cnh.com .
SOURCE CNH Global N.V.
-0- 05/02/2006
/CONTACT: Thomas Witom, News and Information,
+1-847-955-3939, or Albert Trefts, Jr., Investor Relations,
+1-847-955-3821, both of CNH Global N.V./
/Web site: http://www.cnh.com /
(CNH)
2007'02.01.Thu
Photo Advisory: Hong Kong Disneyland Shines for Golden Week
May 02, 2006
HONG KONG, May 2 /Xinhua-PRNewswire/ -- Hong Kong
Disneyland celebrated the start of the May Golden Week
today with a series of special guest moments to make a
visit to the theme park even more exciting.
(Photos:
http://xprnnews.xfn.info/hkdisney/20060502/photo1.htm
http://xprnnews.xfn.info/hkdisney/20060502/photo2.htm
http://xprnnews.xfn.info/hkdisney/20060502/photo3.htm
http://xprnnews.xfn.info/hkdisney/20060502/photo4.htm
http://xprnnews.xfn.info/hkdisney/20060502/photo5.htm
http://xprnnews.xfn.info/hkdisney/20060502/photo6.htm )
About Hong Kong Disneyland
Opened on September 12, 2005 and located on lush Lantau
Island overlooking Penny's Bay, Hong Kong Disneyland Resort
is a brand-new, world-class family entertainment and
recreation centre consisting of a magical, Disneyland-style
theme park of shows and attractions, Hong Kong Disneyland
Hotel (400 guestrooms), Disney's Hollywood Hotel (600
guestrooms) and Inspiration Lake, a public area featuring
boat rentals and a 3.5 hectare arboretum. Offering guests
of all ages a full day immersed in imagination and
creativity uniquely Disney, Hong Kong Disneyland is home to
Mickey Mouse, Snow White, Mulan and other Disney characters
beloved the world over.
For further inquiries please contact:
Susan Chan
Director, Publicity
Hong Kong Disneyland
Tel: +852-3550-2207
Email: susan.chan@disney.com
Zoey Tsang
Ogilvy Public Relations Worldwide
Tel: +852-2884-8575 / +852-9550-1503
Email: zoey.tsang@ogilvy.com
SOURCE Hong Kong Disneyland
2007'02.01.Thu
Hughes Achieves Major Milestone - One Million VSATs Shipped
May 02, 2006
Worldwide Leader Continues Market Dominance
GERMANTOWN, Md., May 2 /Xinhua-PRNewswire/ -- Hughes
Network Systems, LLC (HUGHES), the global leader in
broadband satellite network solutions and services, today
announced that it shipped its one millionth satellite
terminal in Q1 of this year. This marks a major milestone
in the global very small aperture terminal (VSAT) industry,
which Hughes started in the mid-1980s when it shipped the
first VSATs to Wal-Mart.
For over 20 years since it conceived and delivered the
first VSATs, Hughes has consistently maintained the
position of worldwide market leader in satellite networks.
These networks provide rapid, reliable transmission of data,
voice, video and multimedia to virtually an unlimited number
of sites over continent-wide areas covered by geostationary
satellites. Customers of HughesNet solutions and services
include many of the world's leading companies, spanning a
wide range of vertical sectors from retail, to oil/gas, to
automotive, banking and entertainment/media, as well as
government and multi-national organizations.
"We are extremely proud of reaching this
significant milestone," said Pradman Kaul, chairman
and CEO of Hughes. "In addition to manufacturing
products and providing networking solutions around the
globe, we have also brought the capabilities of broadband
satellite technology to the small business and consumer
markets that are not served by terrestrial providers. We
now have over 275,000 subscribers in the US enjoying the
benefits of HughesNet high-speed satellite internet access,
a major milestone in itself."
According to the Comsys VSAT Report 2005, Hughes holds
over 55% cumulative market share of the global VSAT
business.
"Hughes' presence casts a shadow over almost every
player in the market," said Simon Bull, senior
consultant at Communication Systems Ltd (COMSYS).
"Its dominance of the enterprise VSAT industry is
remarkable by the fact that the company has been able to
sustain its lead for almost twenty years in technology,
market share, and financial results."
About Hughes Network Systems
Hughes Network Systems, LLC (HUGHES) is the global
leader in providing broadband satellite networks and
services for large enterprises, governments, small
businesses, and consumers. HughesNet encompasses all
broadband solutions and managed services from Hughes,
bridging the best of satellite and terrestrial
technologies. To date, Hughes has shipped more than one
million systems to customers in over 100 countries. Its
broadband satellite products are based on the IPoS (IP over
Satellite) global standard, approved by the TIA, ETSI, and
ITU standards organizations.
Headquartered outside Washington, D.C., in Germantown,
Maryland, USA, Hughes maintains sales and support offices
worldwide. Hughes is a wholly owned subsidiary of Hughes
Communications, Inc. (OTC Bulletin Board: HGCM). For
additional information, please visit http://www.hughes.com
.
HUGHES, HUGHESNET, and IPOS are trademarks of Hughes
Network Systems, LLC.
SOURCE Hughes Network Systems, LLC
-0- 05/02/2006
/CONTACT: Judy Blake of Hughes Network Systems, LLC,
+1-301-601-7330, jblake@hns.com; or Donna Taylor,
+1-202-775-2650, dtaylor@brodeur.com, for Hughes Network
Systems, LLC/
/Web site: http://www.hns.com
http://www.hughes.com/
(HGCM)
2007'02.01.Thu
Xinhua Finance Makes Second Payment for Acquisition of Leading Institutional Research Firm, Washington Analysis, LLC
May 02, 2006
SHANGHAI, China, May 2 /Xinhua-PRNewswire/ -- Xinhua
Finance Limited ("Xinhua Finance") (TSE Mothers:
9399; OTC: XHFNY), China's unchallenged leader in financial
information and media, today announced details of the second
consideration payment to be made to the original
shareholders of Washington Analysis, LLC ("Washington
Analysis") pursuant to the agreement and plan of
merger ("Agreement") signed in July 2005.
Pursuant to the Agreement, further purchase
consideration for Washington Analysis will be payable
depending on Washington Analysis' financial performance
during 2005, 2006 and 2007.
Xinhua Finance is pleased to announce that Washington
Analysis has reported net income for 2005 of US$2.8
million. Accordingly, the original shareholders of
Washington Analysis will be entitled to additional cash
consideration of US$2.9 million and will be issued 3,543 of
Xinhua Finance shares pursuant to the Agreement.
Details of the issuance:
1. No. of shares issued : 3,543 shares
Issue price per share: US$821.576 (JPY 93,520).
Price is based on average closing share price for
fifteen trading
days up to and including 26 April 2006.
2. Total amount of the issue price : US$2,910,899
3. Amount to be added to share capital : HK$20 per
share
4. Date of issuance: May 3, 2006
5. Use of proceeds: The shares are part of
consideration of the shares of
Washington Analysis that were acquired in July
2005.
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.
For more information, please visit
www.xinhuafinance.com .
More information:
Xinhua Finance
Hong Kong / Shanghai
Ms. Joy Tsang
Tel: +852-3196-3983, +852-9486-4364,
+86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Japan
Mr. Sun Jiong
Tel: +81-3-3221-9500
Email: jsun@xinhuafinance.com
Taylor Rafferty (IR Contact)
Japan
Mr. James Hawrylak
Tel: +81-3-5733-2621
Email: James.hawrylak@taylor-rafferty.com
United States
Mr. David Leeney
Tel: +1-212-889-4350
Email: xinhuafinance@taylor-rafferty.com
SOURCE Xinhua Finance Limited
2007'02.01.Thu
Sorin Group Presents New Heart Valve Prostheses Designed to Restore the Patients' Natural Physiological Conditions
May 02, 2006
-- Sorin Group has Organized at the AATS Congress in Philadelphia a Satellite Symposium to Present the Freedom SOLO Aortic Valve and the New MEMO 3D Annuloplasty Ring (CE and FDA Approval Pending)
PHILADELPHIA, May 2 /Xinhua-PRNewswire/ -- Sorin Group,
Europe's largest medical technology company specialized in
the treatment of cardiovascular diseases and leader in
Cardiac Surgery, presented today, at the 86th AATS
Congress, the latest clinical results on Freedom SOLO valve
(available in Europe) and MEMO 3D Annuloplasty Ring (CE and
FDA pending) during the Satellite Symposium "Aortic
and Mitral Valves Treatment: back to physiological
conditions" chaired by Dr. Hargrove (Presbyterian
Medical Center, Philadelphia) and Dr. Beholz (Charite
University Hospital, Berlin, Germany).
Dr. Hargrove presented his experience in mitral valve
repair using AnnuloFlex Ring (Sorin Group flexible
annuloplasty ring) with a minimally invasive surgical
approach.
Dr. Repossini (Istituto Humanitas-Gavazzeni, Bergamo,
Italy) presented his clinical results and long-term
experience with Freedom SOLO aortic valve.
Freedom Solo is a unique pericardial valve, easy to
implant in supra-annular positioning, designed to mimic the
native aortic valve and ensuring excellent haemo-dynamic
performance.
Prof. Fischlein (Friederich-Alexander University
Hospital, Erlangen, Germany) introduced the innovative Memo
3D ring design and presented the first clinical implant.
MEMO 3D represents an innovative and unique achievement
in the growing segment of heart valve repair, confirming
Sorin Group's strong commitment to product innovation and
new therapies. "Memo 3D is the result of the
combination of two major Sorin Group in house technologies
which lead to a device able to restore the natural mitral
annulus three-dimensional motility during cardiac cycle
thanks to an innovative stent-like core structure. We can
say this ring represents a real break-through in cardiac
surgery practice," said Franco Vallana, President of
the Cardiac Surgery Business Unit. Memo 3D, currently
undergoing FDA Pre-Market Review, will soon be launched
both in the European and US markets.
At the AATS meeting, where Sorin Group celebrates 20
years of clinical experience with its Carbomedics
mechanical heart valves, Sorin Group is also present with a
number of further events: Dr. Bavaria (Hospital of the
University of Pennsylvania, Philadelphia) presenting
technical considerations on Sorin Group Carbo-Seal Valsalva
AAP, the first aortovalvular prosthesis with Valsalva
sinuses; Dr. McCarty (Pinnacle Health at Harrisburg
Hospital, Harrisburg, Pennsylvania) presenting the Novadaq
system (distributed in the US by CarboMedics); Dr.
Repossini and Dr. Beholz performing wet-labs on pig hearts
in order to demonstrate the easy suturing technique of
Freedom SOLO.
About MEMO 3D Annuloplasty Ring
- Innovative cell-structure design, capable of
mimicking the physiological
three-dimensional motility of the native mitral
annulus and
accommodating the anatomical saddle shape;
- Shape memory and super-elastic alloy core, aimed at
restoring the native
shape and function;
- Sorin Group's exclusive Carbofilm(TM) coating for
enhanced haemo- and
bio-compatibility;
- Ease of implant, according to a pre-defined line and
thanks to a
particular configuration of the silicon filler.
Sorin Group:
Sorin Group (Reuters code: SORN.MI), a world leader in
the development of medical technologies for cardiac
surgery, offers innovative therapies for cardiac rhythm
dysfunctions, interventional cardiology and the treatment
of chronic kidney diseases. Sorin Group includes: Dideco,
CarboMedics, COBE Cardiovascular, Stockert, Mitroflow, ELA
Medical, Sorin Biomedica, Bellco and Soludia. Sorin Group
has more than 4,700 employees working at facilities in more
than 80 countries throughout the world to serve over 5,000
public and private treatment centers.
For additional information http://www.sorin.com .
For more information, please contact:
Marilena Giavara,
Director, Investor Relations
Tel: +44-20-7003-8730
Email: marilena.giavara@sorin.com
Francesca Caprari,
Director, Communications & Industry Affairs
Tel: +39-02-6332322
Email: francesca.caprari@sorin.com
Laura Villa,
Investor Relations Manager
Tel: +39-02-6332316
Email: laura.villa@sorin.com
SOURCE Sorin Group
2007'02.01.Thu
FreeStar Technology Corp. Secures $10 Million Financing
May 02, 2006
SHANGHAI, China, May 2 /Xinhua-PRNewswire/ -- FreeStar
Technology Corp. (OTC Bulletin Board: FSRT), an
international card payments processor and technology
company, announced at the end of April that it has signed a
private placement agreement to secure $10 million in
financing from Svensk Kredit och Finans AB, based in
Stockholm, Sweden. Svensk Kredit och Finans AB is a
privately owned and independent venture firm investing in
companies with high quality products and services with
exceptional growth potential. Svensk Kredit och Finans AB
targets companies with growth opportunities in the
Scandinavian markets where its owners see opportunities to
support this growth with its extensive Scandinavian
business network.
The agreement provides for the purchase of 25 million
newly issued shares of restricted common stock at a
weighted-average price of $0.40 per share, and two-year
warrants to purchase an additional 25 million shares at
strike prices ranging from $1.50 to $3.00.
Magnus Erneving, CEO of Svensk Kredit och Finans AB,
said, "We have identified a number of opportunities
for Rahaxi-Freestar in the European and Scandinavian market
where we can assist. We consider our involvement with
Freestar a long-term investment."
Paul Egan, chief executive officer of FreeStar
Technology Corp., said, "Our ability to access the
financial markets in this fashion indicates the confidence
which the financial community has in FreeStar's future.
This $10 million financing, combined with the $9.2 million
financing which we completed in March, further strengthens
our balance sheet and provides us with the resources we
need in order to execute our business plan. In addition,
our revenue base continues to grow. Freestar's
international expansion strategy includes forming strategic
business relationships with strong influential partners
within the local financial target markets we are pursuing.
We are therefore looking forward to the mutual opportunities
with Standardbolag AB, through its ownership in Svensk
Kredit och Finans AB. We are very excited about the value
which we believe we are building for FreeStar
shareholders."
For information about Standardbolag AB please visit
www.standardbolagen.se .
About Freestar Technology Corp.
FreeStar Technology Corp. is a payment processing
company. Its wholly owned subsidiary Rahaxi Processing
Oy., based in Helsinki, has developed and operates a robust
Northern European BASE24 credit card processing platform.
Rahaxi currently processes in excess of 1.8 million card
payments per month for such companies as Finnair, Ikea and
Stockman. Freestar is based in Dublin, Ireland, and
maintains satellite offices in Santo Domingo, Dominican
Republic; Helsinki, Finland; and Geneva, Switzerland. For
more information, please visit http://www.freestartech.com
.
Forward Looking Statements:
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175
under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. When used in this
press release, the words "expects,"
"anticipates," "believes,"
"plans," "will" and similar expressions
are intended to identify forward-looking statements. These
are statements that relate to future periods and include,
but are not limited to, statements regarding our adequacy
of cash, expectations regarding net losses and cash flow,
statements regarding our growth, our need for future
financing, our dependence on personnel, and our operating
expenses. All statements, other than statements of fact,
included in this release, including, without limitation,
statements regarding potential future plans and objectives
of the companies, are forward-looking statements that
involve risks and uncertainties. Forward-looking
statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from
those projected. These risks and uncertainties include,
but are not limited to, those discussed above as well as
risks set forth above under "Factors That May Affect
Our Results." These forward-looking statements speak
only as of the date hereof. There can be no assurance that
such statements will prove to be accurate and actual results
and future events could differ materially from those
anticipated in such statements. Technical complications
that may arise could prevent the prompt implementation of
any strategically significant plan(s) outlined above. The
companies caution that these forward-looking statements are
further qualified by other factors including, but not
limited to, those set forth in FreeStar's Form 10-KSB
filing and other filings with the U.S. Securities and
Exchange Commission (available at http://www.sec.gov ).
FreeStar undertakes no obligation to publicly update or
revise any statements in this release, whether as a result
of new information, future events, or otherwise.
For more information, please contact:
FreeStar Technology Corporation
Paul Egan
Tel: +1-809-368-2001
Email: pegan@freestartech.com
or
Investor Relations:
Stern & Co.
Arun Chakraborty
Tel: +1-212-888-0044
Email: achakrab@sternco.com
SOURCE FreeStar Technology Corp.
2007'02.01.Thu
Advanced Energy(R) Celebrates Its 25-Year Anniversary With New Product Launches
May 02, 2006
AE(R) Facilities in Germany, the U.K., Japan, Taiwan,
Korea, China and the U.S.A. to Observe the May 5 Date With
Local Celebrations
FORT COLLINS, Colo., May 2 /Xinhua-PRNewswire/ --
Advanced Energy Industries, Inc. (Nasdaq: AEIS) this week
celebrates the 25th anniversary of the corporation.
Enterprising co-founder and current Chairman of the Board
Douglas S. Schatz established Advanced Energy, financing
the business with a second mortgage. AE has since grown
into a publicly traded and globally recognized leader in
innovative power and control technologies that drive
high-growth, plasma thin film and nanotech manufacturing
processes. AE serves its customers across the globe with
18 facilities in seven countries, including design and
launch centers, a high-volume manufacturing center and
worldwide sales and support offices. In addition, AE also
serves our global customers through an expert network of
representatives, distributors and partners.
AE maintains a keen commitment to its customers and the
industries it serves, including the semiconductor, flat
panel display, data storage, solar cell, architectural
glass and other advanced product applications. Beyond
award-winning technology, world-class support centers and
leading application expertise, AE plans to extend its
commitments to customers by launching new products into
multiple global markets over the next 12 months. These new
products will offer AE customers competitive advantages and
complement the company's existing portfolio of precise,
flexible power systems; reliable gas and liquid
flow-management systems; accurate thermal instruments; and
global support services.
To honor the talents and contributions of all of AE's
worldwide employees, each facility will hold its own
celebration on or around May 5.
Dr. Hans Betz, president and CEO of AE, stated,
"While technology remains the backbone of AE, our
current culture emphasizes partnering with our customers
around the world to proactively understand and address the
issues critical to their success. This in turn will help
grow our business and our continued success."
Historical Snapshot
In 1981, Mr. Schatz invented AE's first commercial
product, the IT 2500, which greatly improved on the
competitively available products. Mr. Schatz then
leveraged the core technology in the IT 2500 to develop the
MDX magnetron drive-a power supply more reliable, more
efficient and more than 10 times smaller than any other
commercially available power supply at the time. In 1983,
the MDX won Industrial Research and Development Magazine's
prestigious "R&D 100" award which honors the
100 most significant inventions in the U.S.A. each year.
Since then, AE has enjoyed a 25-year history of
expansion with a lengthy list of technology and business
awards and commercial successes. The company posted sales
of $325.5 million for the full-year 2005.
Historical Highlights
1981 Founded in Colorado, U.S.A. on May 5
1987 Japanese office opened
1990 German office opened
1993 U.K. office opened
1995 Listed on Nasdaq
1996 Korean office opened
1998 RF Power Products acquired
1999 Taiwan office opened
2000 China office opened
2001 Sekidenko acquired
2002 Aera(R) Corporation acquired
2002 Litmas(TM) acquired
2002 Dressler(R) acquired
About Advanced Energy
Advanced Energy is a global leader in the development
and support of technologies critical to high-technology
manufacturing processes used in the production of
semiconductors, flat panel displays, data storage products,
compact discs, digital video discs, architectural glass and
other advanced product applications.
Leveraging a diverse product portfolio and technology
leadership, AE creates solutions that maximize process
impact, improve productivity and lower cost of ownership
for its customers. This portfolio includes a comprehensive
line of technology solutions in power, flow management,
thermal instrumentation and plasma and ion beam sources for
original equipment manufacturers (OEMs) and end-users around
the world.
AE operates in regional centers in North America, Asia
and Europe and offers global sales and support through
direct offices, representatives and distributors. Founded
in 1981, AE is a publicly held company traded on the Nasdaq
National Market under the symbol AEIS. More information can
be found at www.advanced-energy.com
Advanced Energy(R), AE(R), Aera(R), Litmas(TM) and
Dressler(R) are trademarks of Advanced Energy Industries,
Inc.
SOURCE Advanced Energy Industries, Inc.
-0- 05/02/2006
/CONTACT: Marna Shillman, Corporate Communication
Manager,
+1-970-407-6280, marna.shillman@aei.com, or Cathy Kawakami,
Investor Relations Director, +1-970-407-6732,
cathy.kawakami@aei.com, both of Advanced Energy Industries,
Inc./
/Web site: http://www.advanced-energy.com /
(AEIS)
2007'02.01.Thu
China Guiyang CMCC Builds Converged Network Using FlexLight Networks' GPON Technology
May 02, 2006
BEIJING and PLEASANTON, Calif., May 2
/Xinhua-PRNewswire/ -- Guiyang CMCC, a provincial operator
of CMCC (China Mobile Communication Corporation), has
selected FlexLight Networks' Gigabit Passive Optical
Network (GPON; ITU-T G.984) system for deployment in its
metro Converged Network.
Using FlexLight's GPON system enables Guiyang CMCC to
efficiently backhaul cellular traffic from its mobile base
stations, at the same time deliver Data and TDM services to
its business customers on a single fiber.
Guiyang CMCC selected the FlexLight Networks solution
after evaluating different technologies. "After
several months of field trials, we accepted FlexLight's
GPON solution because it provides a rich set of interfaces,
high bandwidth and innovative network architecture for our
data services. These applications include Mobile traffic
backhauling, and Mobile BTS connection, and enable us to
reduce fiber trenching and maintenance, simplify network
management and reduce overall costs", said Mr. Xie
Seng, project manager of Guiyang CMCC Planning Department.
"Watching CMCC, the world's largest mobile
operator, use GPON technology in a backhauling application
makes us confident of our success in the Chinese market. I
can see that GPON will play an important role in CMCC's
broadband access network and mobile backhauling," said
Mr. Simon Wang, country manager of FlexLight China.
About Guiyang CMCC
Founded in Jan 2002, Guiyang CMCC is responsible for
mobile network construction, service providing and
management of Guiyang city. CMCC Guiyang has built a stable
integrated network covering the entire city while providing
1,040,000 users with quality services. Currently, its main
services are mobile voice, data, IP phone and multi-media
services.
About FlexLight Networks
Founded in September 2000 and operated today by a
dynamic team of high-powered and experienced optical
network specialists and telecommunications executives,
FlexLight Networks' suite of Gigabit PON optical access
products leverages leading-edge technology to deliver a
solution that conquers access bandwidth bottlenecks and
optimizes service flexibility for the delivery of voice,
video and data. For more information please consult
http://www.FlexLight-networks.com .
For more information, please contact:
Eyal Shraga
Tel: +972-9-7633111
Email: eyal@flexlight-networks.com
SOURCE Flexlight Networks
2007'02.01.Thu
Symbol Technologies Launches Portfolio of RFID Generation 2 and Specialty Tag Inlays
May 01, 2006
High-Performance Tag Inlays Available Through New Certified Label Converter Program
LAS VEGAS, May 1 /Xinhua-PRNewswire/ -- Symbol
Technologies, Inc. (NYSE: SBL), The Enterprise Mobility
Company(TM), today introduced at RFID Journal Live!, a
portfolio of Radio Frequency Identification (RFID) inlays
based on the Generation 2 (Gen 2) standards set forth by
the Electronic Product Code (EPC) standards body. Symbol
also unveiled a prototype of a hardened metal mount tag
which will be the first in a line of RFID Asset Tag
products designed to provide intelligent asset management
solutions for customers.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20041029/SYMBOLOGO )
Symbol's patent-protected dual dipole technology
enables Symbol high-performance Gen 2 RFID inlays and tags
to be read from any orientation at distances of up to 30
feet. This innovative RFID antenna design uses two
antennas and allows the tag to perform faster read and
write functions regardless of the position of the RFID
reader antenna, which is ideal for high-speed conveyor belt
applications used in distribution warehouses as well as
luggage processing at airports. Tag performance is further
enhanced by Symbol's antenna design and packaging process,
which compresses the antenna and chip into a small,
low-powered inlay that can be easily attached to a variety
of materials from plastic and glass to cardboard and wood.
Symbol's first RFID Asset Tag will be a 6x6 inch metal
mount tag designed for intelligent asset management
applications that require assets to not only be read but
also written to in process. This reusable specialty tag
will be able to track assets in rough environments where
the tagged item sustains heavy knocks and blows, as well as
those that are out of reach by providing a read distance of
up to 50 feet.
"Customers are going beyond mandates to find real
value in RFID by using readers and tags to gain insight
into their supply-chain processes and better quantify
working capital," says Anthony Bartolo, vice president
and general manager of Symbol's RFID and wireless
infrastructure divisions. "By leveraging Symbol's
patented dual dipole antenna design and unique charge pump
technologies, Symbol RFID inlay products can be optimized
for different applications to help ensure fast business
processes or the best read performance over long distances.
By offering a complete, high-performance RFID system of Gen
2-compliant tags and readers, Symbol is helping
organizations looking to truly benefit from RFID gain a
competitive advantage."
New Channel for RFID Tag Products
Symbol's portfolio of inlays will be sold to customers
by Symbol Certified Label Converter Program (SCLC) partners
who convert the inlays into EPC labels of all different form
factors. Symbol has worked closely with authorized label
converters to train and certify them to deliver the highest
quality RFID tags. Symbol's RFID inlay portfolio is
available today in various sizes for label converters that
serve the needs of customers in the retail supply chain and
aviation, consumer packaged goods (CPG), government, and
manufacturing industries.
"George Schmitt & Company gains an edge over
competitors by leveraging Symbol's RFID experience and
broad product portfolio that have made it a deployment
leader in the RFID marketplace," said William Gunther,
President of George Schmitt & Co. "As a Symbol
certified label converter, our customers can feel confident
that we are getting the best RFID education and training and
providing them with the highest performing inlay products in
the industry."
Symbol's network of SCLC companies are selected for
their experience and commitment to RFID and are fully
qualified, trained and certified by Symbol as experts in
RFID tag supply and systems support. Partners can opt for
standard Symbol partner certification or premium
certification, which gives the label converter deeper
access to Symbol's inlay portfolio.
Current SCLC members include premium partner George
Schmitt & Co., and partners The Kennedy Group; Lowry
Computer Products; Marnlen RFiD; Mid South Graphics; Moore
Wallace; National Label Company; NCR; Paxar Corp.; Plitek,
LLC; The R and V Group, LLC; Repacorp Label Products; RSI
ID Technologies; and Zebra Technologies.
For more information about the Symbol's Certified Label
Converter Program (SCLC), please go to
http://www.symbol.com/labelconverters .
About Symbol Technologies
Symbol Technologies, Inc., The Enterprise Mobility
Company(TM), is a recognized worldwide leader in enterprise
mobility, delivering products and solutions that capture,
move and manage information in real time to and from the
point of business activity. Symbol enterprise mobility
solutions integrate advanced data capture products, radio
frequency identification technology, mobile computing
platforms, wireless infrastructure, mobility software and
world-class services programs. Symbol enterprise mobility
products and solutions are proven to increase workforce
productivity, reduce operating costs, drive operational
efficiencies and realize competitive advantages for the
world's leading companies. More information is available
at http://www.symbol.com .
For more information, please contact:
For media information
Bill Abelson,
Symbol Technologies, Inc.
Tel: +1-631-738-4751
Email: bill.abelson@symbol.com
Joey Marquart,
Edelman Public Relations
Tel: +1-212-704-8133
Email: joey.marquart@edelman.com
For financial information
Lori Chaitman,
Symbol Technologies, Inc.
Tel: +1-631-738-5050
Email: lori.chaitman@symbol.com
For industry analyst information
Shirley Schroedl,
Symbol Technologies, Inc.
Tel: +1-631-738-4823
Email: shirley.schroedl@symbol.com
SOURCE Symbol Technologies, Inc.
2007'02.01.Thu
Thomson Scientific Announces Sponsorship With China's State Intellectual Property Office
May 01, 2006
PHILADELPHIA and LONDON, May 1 /Xinhua-PRNewswire/ --
Thomson Scientific, a business of The Thomson Corporation,
today announced it has secured an exclusive sponsorship
deal with China's State Intellectual Property Office (SIPO)
to sponsor the SIPO China Intellectual Property News (CIPN)
Public Intellectual Property Contest - known as the Thomson
Scientific Cup China Public Intellectual Property Knowledge
Contest.
In keeping with Thomson's vision of supporting global
innovation, Thomson Scientific has become the first company
to sponsor the Contest, which launched in 2005 with the aim
of improving public awareness of Intellectual Property (IP)
rights and, in line with the Chinese Government's 11th
Five-Year Plan, enhancing the ability of innovation for
Chinese enterprises.
Thomson Scientific has worked closely with SIPO's CIPN
to develop the Contest and to gauge professional and
academic understanding of IP issues. Launched to mark
World Intellectual Property Day 2006 (26 April), this
knowledge Contest asks questions on subjects including
piracy restrictions, the date China joined the Patent
Cooperation Treaty, the time limit for protection of an
invention patent, and trademarks that are not protected by
China's trademark act. The Contest will run until July
2006, with the results providing an insight into how
Chinese organizations currently view and utilize IP.
According to Thomson, which has more than 30 years
experience in China, this Contest is timely as, in 2005,
more patents were filed with China's SIPO than with the
Korean, Japanese or US patent offices, reflecting a true
shift towards innovation originating from Chinese
enterprises and nationals, as well as from foreign
companies that are registering patents in China.
Robert Cullen, president and chief executive officer of
Thomson Scientific & Healthcare explains: "China
has ambitions to be an originator of ideas as well as a
producer of products. It is clear from the number of
patents being registered with the State Intellectual
Property Office that real innovation is increasing in
China. Thomson Scientific is in a position to offer
Chinese Universities and Enterprises access to the largest
commercial collection of patent data, the latest
technologies, and advanced data visualization tools to help
them to innovate further."
Cullen continues: "Central to innovation is access
to reliable quality patent data. Thomson is known as an
authoritative and reliable source of patent data
information, and its products and services can be used to
help Chinese enterprises achieve their objectives to
innovate faster and with higher frequency."
This Contest is the latest demonstration by Thomson
Scientific of its commitment to China: it also has a
partnership with The Ministry of Information Industry (MII)
to develop the Thomson Joint Laboratory for Intellectual
Property Development which enables Chinese citizens to
access its patent databases through the MII Lab facility.
In addition, Robert Cullen will host C-Level EIU
roundtable discussions on innovation in China in Shanghai
and Beijing on 17 and 18 May 2006, and Thomson is set to
launch a dedicated Innovation in China website. For more
information about Thomson innovation in China visit
http://www.innovationinchina.com .
About The Thomson Corporation
The Thomson Corporation ( http://www.thomson.com ),
with 2005 revenues of $8.7 billion, is a global leader in
providing integrated information solutions to business and
professional customers. Thomson provides value-added
information, software tools and applications to more than
20 million users in the fields of law, tax, accounting,
financial services, higher education, reference
information, corporate e-learning and assessment,
scientific research and healthcare. With operational
headquarters in Stamford, Conn., Thomson has approximately
40,000 employees and provides services in approximately 130
countries. The Corporation's common shares are listed on
the New York and Toronto stock exchanges (NYSE: TOC;
Toronto).
Thomson Scientific is a business of The Thomson
Corporation. Its information solutions assist
professionals at every stage of research and development -
from discovery to analysis to product development and
distribution. Thomson scientific information solutions can
be found at http://www.scientific.thomson.com .
For more information, please contact:
The Americas
Rodney Yancey,
Manager, Corporate Communications
Thomson Scientific
Tel: +1-215-386-0100 x1396
Email: rodney.yancey@thomson.com
Europe
Ryan Sheppard,
Senior Director, Marketing Services
Thomson Scientific
Tel: +44-207-424-2177
Email: ryan.sheppard@thomson.com
China
Allison Wright
Grayling China
Tel: +852-2164-8300
Email: allison.wright@hk.grayling.com
SOURCE Thomson Scientific
2007'02.01.Thu
World-Renowned Physicist To Help Lead Global University-Research Consortium for Semiconductor Industry
May 01, 2006
Industry Veteran Strengthens SRC's Lead in Globalization of Innovation
RESEARCH TRIANGLE PARK, N.C., May 1 /Xinhua-PRNewswire/
-- Semiconductor Research Corporation (SRC), the world's
leading university-research consortium for semiconductors
and related technologies, today named well-known physicist
Dr. Steven Hillenius as vice president for the consortium's
community of 23 companies and partners and 100 universities
worldwide. His patents cover techniques that are used in
virtually every integrated circuit manufactured today.
"This is a great time to be an innovator and the
perfect time to help guide SRC. Companies, governments and
universities across the planet are stepping up their
efforts to collaborate," Dr. Hillenius said of his new
position. "Researchers who have the courage to pursue
their ideas are in high demand. I'm very impressed with SRC
and its opportunity to help direct some of the world's best
tech talent for the benefit of humankind."
For more than 20 years, Dr. Hillenius has been a global
leader in research and patent success for high-performance
semiconductor structures and devices. Prior to joining SRC,
Dr. Hillenius headed influential technology development and
collaborative interactions for Agere Systems and Bell
Laboratories. He managed partnerships and joint development
programs with major industry players that included NEC, ST
Microelectronics, TSMC and Chartered Semiconductor.
"Dr. Hillenius is a major-league researcher whom
the industry is lucky to have join SRC's senior management
team," said Larry Sumney, CEO and president of SRC.
"His perspectives and accomplishments distinguish him
at the top of the field of semiconductor research and
that's the kind of resource that the industry and
governments expect from their investments in SRC."
As the technological demands of the semiconductor
industry have rapidly advanced during the past 30 years,
Dr. Hillenius has led several key developments in the
field. His team at Bell Laboratories was the first in the
industry to produce 60nm transistors, conducted much of the
early materials innovation on high-k gate dielectrics and
demonstrated novel three-dimensional device structures.
His awards include the 2005 Agere Innovation Award,
given to the Agere inventor of the most commercially
significant patent -- Planar Isolation Technique for
Integrated Circuits, which allows transistors to be packed
more closely and significantly increases their density on
an integrated circuit. Dr. Hillenius also received the
AT&T Patent Recognition Award in 1992, similarly
presented for that year's most commercially significant
patent - CMOS Integrated Circuit Technology Utilizing Slow
and Fast Diffusing Donor Ions to Form the N-Well, which
improves the electrical isolation within semiconductors to
allow lower power consumption. He holds eight patents that
resulted from his device and process research and has
published more than 60 technical papers.
Dr. Hillenius has served in leadership roles in several
professional, research and industrial standards
organizations. He is a past president of the IEEE Electron
Devices Society and a current board member of the IEEE. He
was an organizer and contributor to the International
Technology Roadmap for Semiconductors for several years. He
was elected an IEEE Fellow in 1996. He has been involved
with SRC as a university liaison, participating member of
its science advisory groups, technical advisory board and
board of directors.
"Dr. Hillenius' record of guidance and support to
SRC and its members, in a variety of advisory roles,
reflects the kind of commitment to the industry that has
helped to make SRC into an indispensable resource for the
advancement of semiconductor technology," said Hans
Stork, chairman of the SRC Board of Directors and chief
technology officer for Texas Instruments. "His new
role on the senior management team will serve to further
the influence and pace of the SRC in benefiting the global
chip industry."
Dr. Hillenius received his B.S. in Physics from the
University of Delaware in 1973 and his Ph.D. in Physics
from the University of Virginia in 1979.
The naming of Dr. Hillenius to replace Dr. Ralph Cavin,
who is retiring from the SRC leadership team at the end of
this year, comes at a point of growing momentum for the
consortium. Last month, SRC announced Applied Materials as
its newest member. Several other strategic members of the
semiconductor community are in discussion about joining
SRC.
About the SRC
As the pioneer of collaborative research for the
semiconductor industry, SRC's goal is to define common
industry needs, invest in and manage the research that
would expand the industry knowledge base and attract
premier students to help innovate and transfer
semiconductor technology to the commercial industry.
Established in 1982, SRC is based in Research Triangle
Park, NC, and drives long-term semiconductor research
contracts on behalf of its participating members: Advanced
Micro Devices, Inc., Applied Materials, Inc., Axcelis
Technologies, Inc., Cadence Design Systems, Freescale
Semiconductor, Inc., Hewlett-Packard Co., IBM Corp., Intel
Corp., LSI Logic Corp., Mentor Graphics Corp., The Mitre
Corp., Novellus Systems, Inc., Rohm and Haas Electronic
Materials and Texas Instruments Corp. Strategic partners
are SEMATECH, Semiconductor Equipment and Materials
International and Semiconductor Industry Association. SRC
also seeks to leverage funding from global government
agencies. For more information, visit http://www.src.org .
For more information, please contact:
Scott Stevens of SRC
Tel: +1-512-413-9540
Email: Scottstevens12@hotmail.com
Lisa Green of SRC
Tel: +1-919-941-9469
Email: Lisa.Green@src.org
SOURCE Semiconductor Research Corporation
2007'02.01.Thu
MEDIA ADVISORY: SUPERMAN RETURNS - Worldwide Satellite Trailer Debut
May 01, 2006
Following a mysterious absence of several years, the
Man of Steel comes back to Earth in the epic
action-adventure SUPERMAN RETURNS, a soaring new chapter in
the saga of one of the world's most beloved superheroes.
While an old enemy plots to render him powerless once and
for all, Superman faces the heartbreaking realization that
the woman he loves, Lois Lane, has moved on with her life.
Or has she? Superman's bittersweet return challenges him to
bridge the distance between them while finding a place in a
society that has learned to survive without him. In an
attempt to protect the world he loves from cataclysmic
destruction, Superman embarks on an epic journey of
redemption that takes him from the depths of the ocean to
the far reaches of outer space.
Directed by Bryan Singer, SUPERMAN RETURNS stars
newcomer Brandon Routh, Kate Bosworth, James Marsden, Frank
Langella, Academy Award-winner(R) Eva Marie Saint, Parker
Posey, Sam Huntington, Kal Penn and Oscar-winner(R) Kevin
Spacey.
SUPERMAN RETURNS will be released worldwide Summer
2006.
EUROPE
1st Feed
May 3rd, 2006
2:00AM - 2:15AM London Local (0100-0115 GMT)
2nd Feed
May 3rd, 2006
10:00AM - 10:15AM London Local (0900-0915 GMT)
Satellite: Eutelsat W2 @ 16E D9 C3
Downlink freq: 11675.000 V
Symbol rate: 5.632
FEC: 3/4
Color: PAL
Arqiva Uplink #: 44.(0) 1962.823000
Pactv London #: 44.207.702.1427
ASIA/PACIFIC
1st Feed
May 3rd, 2006
10:00AM - 10:15AM Tokyo Local (0100-0115 GMT)
2nd Feed
May 3rd, 2006
4:00PM - 4:15PM Tokyo Local (0700-0715 GMT)
Satellite: PAS-2/08C MCPC CH.2 (169' E)
Downlink Frequency: 3901.000 MHz (H)
FEC: 3/4
Symbol Rate: (Ms/s): 30.80000
Virtual Channel: Virtual Channel: 2, Network ID: 1
Color: NTSC
LATIN AMERICA
1st Feed
May 2nd, 2006
10:00PM - 10:15PM Buenos Aires Local (0100-0115 GMT on
5/3/06)
2nd Feed
May 3rd, 2006
6:00AM - 6:15AM Buenos Aires Local (0900-0915 GMT)
Satellite: PAS-9/10C MCPC CH.06 (58' W)
Downlink Frequency: 3880.000 MHz (H)
FEC: 7/8
Symbol Rate: 27.69000
Virtual Channel: 6, Network ID 5002
Color: NTSC
Trouble number: PAS NAPA at 707.251.1111
Playout:Pacific TV: 310.287.3800
NORTH AMERICA
1st Feed
May 2nd, 2006
9:00-9:15PM ET
2nd Feed
May 3rd 2006
9:30-9:45AM ET
Satellite: IA 6, Transponder 9, C-Band
DL Frequency: 3880 (V)
Audio: 6.2/6.8
Playout: Pacific TV:310.287.3800
Uplink: Vyvx Steele Valley:800.922.4424
For more information or hard copy:
Johnny Jones
Tel: 818-954-1268
SOURCE Warner Bros. Pictures
2007'02.01.Thu
Xinhua Far East Changes Jiangxi Copper's Ratings Outlook to Negative, Triggered by Possible Downward Surprises
April 30, 2006
HONG KONG, April 30 /Xinhua-PRNewswire/ -- Xinhua Far
East China Ratings today commented that the likelihood of
downward surprises on the issuer rating for Jiangxi Copper
Co., Ltd. ("JXCC" or "the Company", SH
600362, HK 358) was increasing and changed the Company's
rating outlook to negative from stable. Its issuer credit
rating remains BB+.
Xinhua Far East reiterated that its rationale for
maintaining a non-investment grade rating for JXCC,
initiated in 2003, was primarily a concern over the
Company's inadequate information disclosure and
transparency. As such, it is quite difficult for general
investors to timely assess JXCC's hedging strategies and
maximum exposures in the volatile copper spot and futures
market, thereby undermining the predictability of its
volatility in commodity trading and hedging. The change in
outlook is prompted by Xinhua Far East's intensified concern
that JXCC has become increasingly vulnerable to trading
surprises amid prevailing strong volatilities in copper
spot and futures market.
Xinhua Far East has observed from the Company's public
information that JXCC has maintained and managed open
positions in copper futures markets which have resulted in
net hedging gains or losses. However, there is inadequate
disclosed information about critical aspects in risk
management, such as maximum trading exposures and stop loss
limits. Thus it is challenging for investors to assess if
the company can maintain a stable financial profile in a
timely manner, particularly during times of high market
volatility. As a result, uncertainty over an abrupt change
in the company's credit profile has also increased.
Xinhua Far East noted that the gain/loss resulting from
the Company's futures trading has been rising considerably
in recent years, and the figure is subject to further
increases as the market becomes more volatile and the
Company expands its production scale. In 2005, the Company
incurred a net loss of RMB 546 million, or 29.5% of its net
profit, from its positions in the futures market, compared
with a 10.3% gain, 12.2% loss, and 4.3% gain in 2002, 2003,
and 2004, respectively.
Xinhua Far East recognizes the Company's leading
position in China's copper industry and its ability to
generate positive operating results and sound financial
profile in 2005. Xinhua Far East will reconsider the
rating in the event that the Company provides more timely
disclosure of its futures trading strategies and risk
management practices to public investors.
JXCC is China's largest copper producer. In 2005, it
produced 422 thousand tons of copper, about 16.8% of the
total national output. The Company also realized a
turnover growth rate of 25.5% and net profit growth rate of
61.9% in 2005.
Jiangxi Copper is a constituent of the Xinhua/ FTSE
China 200 Index. As of market close on April 28, 2006, its
total market capitalization and investable capitalization
were RMB17.5 billion and RMB3.5 billion respectively.
For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating .
Note to Editors:
About Xinhua FTSE China 200 Index
Xinhua FTSE China 200 Index is the large cap index in
the Xinhua FTSE China A Share Index Series and includes the
top 200 companies in China by market cap. It is designed as
a tradable index and is calculated in real-time every 15
seconds. For daily data and further information, see
http://www.xinhuaftse.com .
About Xinhua Far East China Ratings
Xinhua Far East China Ratings (Xinhua Far East) is a
pioneering venture in China that aims to rank credit risks
among corporations in China. It is a strategic alliance
between Xinhua Finance (TSE Mothers: 9399), and Shanghai
Far East Credit Rating Co., Ltd. Shanghai Far East became
a Xinhua Finance partner company in 2003 and the first
China member of The Association of Credit Rating Agencies
in Asia in December 2003.
Capitalizing on the synergy between Xinhua Finance and
Shanghai Far East, Xinhua Far East's rating methodology and
process blend unique local market knowledge with
international rating standards. Xinhua Far East is
committed to provide investors with independent, objective,
timely and forward-looking credit opinions on Chinese
companies. It aims to help investors differentiate the
credit risks among the corporations in China, thereby,
cultivating their awareness and promoting information
disclosures and transparency in China market.
For more information, see
http://www.xfn.com/creditrating .
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 21 news bureaus
and offices in 18 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
About Shanghai Far East Credit Rating Co., Ltd
Shanghai Far East Credit Rating Co., Ltd. is the first
and leading professional credit rating company with
comprehensive business coverage in China. It is an
independent agency established by the Shanghai Academy of
Social Sciences with the mission to develop internationally
accepted standards for capital market in China. The company
is a pioneer in conducting bond-rating business in China.
For years, it has been authorized by the Shanghai branch of
the PBOC to undertake loan certificate credit rating.
Since establishment, it has rated over 1,000 corporate
long-term bonds and commercial papers, based on the
principles of objectivity, fairness and independence. The
company has also maintained over 50% market share in the
loan certificate-rating sector in Shanghai for three
consecutive years. With its strong local presence and
knowledge, it provides investors with unique and the most
insightful credit opinion.
For more information, see http://www.fareast-cr.com .
For more information, please contact:
Hong Kong
Joy Tsang,
Corporate & Investor Communications Director,
Xinhua Finance
Tel: +852-3196-3983, +8621-6113-5999 or
+852-9486-4364
Email: joy.tsang@xinhuafinance.com
US
Taylor Rafferty (IR/PR Contact in US)
David Leeney
Tel: +1-212-889-4350
Email: david.Leeney@taylor-rafferty.com
SOURCE Xinhua Far East China Ratings
2007'02.01.Thu
AWOX Introduces World's First DMA / Home Media Server Reference Design Based on TI's DaVinci(TM) Technology
April 29, 2006
New SALAI Reference Design from AWOX to be Produced by Thomson Allows ODMs to Develop Next Generation Networked Entertainment Devices in Record Design Cycle Time
HOUSTON and MONTPELLIER, France, April 29
/Xinhua-PRNewswire/ -- AWOX, a leader in the home
networking market, today announced the availability of
SALAI, an advanced digital media adaptor (DMA) and Home
Media server reference design based on TI's DaVinci(TM)
technology. SALAI will be produced in Thomson's facility
at Batam Indonesia for ODM's next generation digital media
adaptor devices. Leveraging TI's fully programmable
TMS320DM644x processors based on DaVinci(TM) technology and
TI's WLAN development kit for consumer electronics, AWOX has
integrated its highly flexible UPnP (Universal Plug and
Play) compliant software architecture on SALAI, enabling
OEMs to get to market quickly with robust and interoperable
innovative digital media solutions. With the SALAI complete
hardware and software platform, a flexible turn-key solution
is now available to manufacturers to easily develop software
plug-ins in order to customize advanced feature sets based
on the requirements of their customers.
"Whenever a manufacturer wants a solution that
offers seamless connectivity for networked audio and video
content anywhere in the home, AWOX software based
architecture facilitates it," said Alain Molinie, CEO
of AWOX. "With DaVinci technology, TI has brought all
of the pieces together on one DSP platform giving us a
neatly packaged end-to-end solution that is available
today. Also, because DaVinci technology supports all major
codecs, it has allowed us to offer greater capabilities like
high definition (HD) video, gaming, video on demand (VoD)
and personal video recording (PVR) on a single
device."
AWOX's reference platform is capable of supporting
MPEG-2 1080iHD, WMV9/VC-1 and MPEG4 ASP in 720p format. A
wide range of advanced coding technologies such as MPEG-1,
MPEG-2 MPEG-4, DivX, Nero, H.264, WMV9 and VC-1 are also
supported in standard definition format. In addition, the
solution includes an HDMI port and supports both Internet
Protocol (IP) DVB-T networks, allowing OEMS to develop
hybrid products very quickly. By offering a complete
reference platform that includes a hard disc drive, an LCD
connector, USB 2.0 OTG standard support, a wide variety of
peripheral sets, (memory card, compact flash) and
transcoding capabilities, SALAI addresses the
interoperability challenges OEMs are facing in shaping
digital convergence in the home.
"We are delighted to have Thomson manufacturing
SALAI, a new reference design based on DaVinci Technology
from Texas Instruments and very excited by our
collaboration which will enable Awox to market high tech
products produced with high quality level," said Alain
Molinie. "With its inherent flexibility and
connectivity, SALAI addresses the key requirements of
triple play service delivery at an affordable price
point," he continued.
"The inherent integration of DaVinci technology
translates into quicker time-to-market as well as a reduced
bill of materials (BOM), enabling companies like AWOX to
meet product price points with appropriate margins,"
said Arnaud Duclap, business development manager for TI's
DSP group in Europe. "In addition, TI's CE WLAN DK
1.0 for stationary platforms seamlessly connects to DaVinci
technology and allows manufacturers to easily embed
full-featured WLAN into their products that meets the
performance needed for multimedia throughout the
home."
TI's TMS320DM644x Processors Based on DaVinci
Technology Reduce System Cost
The TMS320DM644x architecture is a highly integrated
system-on-chip (SoC) that has absorbed many of the external
components required for digital video, dropping hardware
bill of materials by as much as 50 percent. The DM644x
devices are based on TI's performance-leading
TMS320C64x+(TM) DSP core, an ARM926 processor, video
accelerators, external memory/storage interfaces and
networking, video and audio peripherals that match consumer
entertainment equipment specs. TI's DaVinci technology is
the industry's first platform optimized for streaming
video, image and audio performance. With limitless
scalability options, DaVinci technology helps streaming
media manufacturers keep up with their ever-evolving
industry.
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real-world
signal processing requirements. In addition to
Semiconductors, the company's businesses include Sensors
& Controls, and Educational & Productivity
Solutions. TI is headquartered in Dallas, Texas, and has
manufacturing, design or sales operations in more than 25
countries.
Texas Instruments is traded on the New York Stock
Exchange under the symbol TXN. More information is located
on the World Wide Web at http://www.ti.com .
About AWOX
AWOX is the European leader in the development of
middleware technologies for aggregation of digital content
on home networks. Aggregation of content enables users to
share their music or movies stored on their computer or set
top boxes in digital format (MP3, DIVX¡) with their
audiovisual devices anywhere within the home. Various
members of the family can share the same multimedia file
simultaneously, in different places, and totally
independently.
AWOX patented modular software platform supports a wide
range of integrated multimedia products. The company's core
business is developing software and electronic products for
license to OEMs, operators and consumer electronics
manufacturers, based on UPnP (Universal Plug and Play) and
DLNA (Digital Living Network Alliance) standards. AWOX's
modular architecture helps manufacturers to rapidly add
network functionality by adapting AWOX's hardware reference
design, customizing AWOX's internationalized user interface,
and developing new plug-ins. AWOX also uses its own
technologies to develop innovative electronic products for
the consumer market.
With headquarters in Montpellier, France and operations
in Paris and Singapore, AWOX can be contacted on the World
Wide Web at http://www.awox.com .
About Thomson - Partner to the Media &
Entertainment Industries
Thomson (Euronext Paris: 18453; NYSE: TMS) provides
services, systems and technology to help its Media &
Entertainment clients -¨C content creators, content
distributors and users of its technology ¨C- realize their
business goals and optimize their performance in a rapidly
changing technology environment. The Group is the preferred
partner to the Media & Entertainment Industries through
its Technicolor, Grass Valley, RCA and Thomson brands. For
more information: http://www.thomson.net .
About Thomson's Technology Division
Thomson's Technology division develops and supplies
advanced products, services and technologies to
entertainment and media companies. One of three divisions
of Thomson, S.A., it has four business units: Corporate
Research; Intellectual Property & Licensing, which has
a portfolio of more than 50,000 patents; Silicon Solutions,
which develops advanced integrated circuits; and Software
& Technology Solutions, which focuses on content
security, image quality and user interface.
Trademarks
DaVinci and TMS320C64x+ are trademarks of Texas
Instruments. All other trademarks and registered
trademarks are property of their respective owners.
For more information, please contact:
Maxime Boiron
Texas Instruments
Tel: +33-4-93-22-16-55
Email: m-boiron2@ti.com
Christy Brunton
Texas Instruments
Tel: +1-281-274-5805
Email: cbrunton@ti.com
SOURCE Texas Instruments Incorporated
2007'02.01.Thu
Neil H. Smith Named CEO of InterGen
April 29, 2006
BURLINGTON, Mass., April 29 /Xinhua-PRNewswire/ --
InterGen today announced the appointment of Neil H. Smith
as its new Chief Executive Officer. Mr. Smith replaces
John Stokes, who has been CEO of the global power company
since August of 2005.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20060428/NEF010 )
"Neil has been instrumental in InterGen's growth
from an international development company to a global
operating company," said AIG Highstar Capital II
Managing Partner Christopher Lee. "His hands-on
management experience and leadership skills uniquely
position him to run InterGen's extensive operating platform
and manage the ambitious growth plans InterGen's new
shareholders envision."
"Neil has proven his capability to lead this
complex and geographically diverse business and has the
full support of both owners," added Jim Leech, Senior
Vice-President, Teachers' Private Capital, Ontario
Teachers' Pension Plan.
Mr. Smith has been with InterGen since its inception in
1995 and has held numerous positions of leadership beginning
with his first role as Vice President, Development in
InterGen's Latin America and Asia-Pacific Regions,
progressing to the position of Managing Director of
InterGen's United Kingdom business and then finally to
President and Chief Operating Officer in July of 2002.
Prior to joining InterGen, Mr. Smith was a Development
Manager with the J. Makowski Company which was restructured
to create InterGen in 1995. Mr. Smith holds a Bachelor of
Science degree in Political Science from Emory University
and a Master of Business Administration degree from the
Harvard Business School. He is a member of the Board of
Directors of the Wood Group, a UK-based international
energy services company.
InterGen is a global power generation firm with 10
InterGen power plants representing an equity share of 5,500
MW of production capacity. InterGen plants and development
projects are located in the UK, the Netherlands, Mexico,
the Philippines, China, Australia Singapore and Spain.
InterGen is jointly owned by the Ontario Teachers' Pension
Plan and AIG Highstar Capital II, L.P.
For more information, please contact:
Sarah Webster
Tel: +1-617-669-6927
SOURCE InterGen
2007'02.01.Thu
China (Shanghai) International Wedding & Photographic Equipment Exhibition Opens July 13th
April 28, 2006
SHANGHAI, China, April 28 /Xinhua-PRNewswire/ -- The
China (Shanghai) International Wedding& Photographic
Equipment Exhibition (Spring & Autumn), which is
sponsored by the Shanghai World Expo (Group) Co., Ltd,
China Council for the Promotion of International Trade,
Shanghai Sub-council and Shanghai Photographers'
Association, and organized by the Shanghai International
Exhibition Service Corporation has been widely recognized
and actively participated by its peers since its first
version in 2002. It has become one of the world's largest
and most influential brand wedding exhibitions, serving as
the most important platform to promote trade and exchanges
between manufacturers.
Based on the last nine successful exhibitions, the 10th
China (Shanghai) International Wedding & Photographic
Equipment Exhibition will be held from July 13th to 16th
2006, at Shanghaimart. During the same period, based on
cooperation with the world's largest photographic equipment
sponsor, Koelnmesse International GmbH, the China
International Image and Photographic Equipment Exhibition
will also be launched at the Shanghai International
Exhibition Center.
To date, the exhibition has attracted morn than 300
manufacturers from both home and abroad. The exhibition
booths cover an area of 35,000 square meters, including
23,000 sq meters for wedding and photographic exhibitions
and 12,000 sq meters for photographic equipment
exhibitions. The wedding exhibition will be on the first
to the seventh floors, and all exhibition booths sold out.
Wedding apparel, formal attires, photo albums, photo frames,
photo studio backdrop props, digital anaphase production,
color makeup, decorations, thematic photograph and children
photographs are all exhibited.
The wedding apparel and formal attire from Taiwan
deserve a particular mention as their unique design and
exquisite workmanship, gain a high reputation worldwide.
This year, five brands from Taiwan: viz. swarovski, Taipei
Jinghua, Liyisha, Yunshangjiayi and Linly, will showcase
the new trend of wedding apparel. The exhibition also
attracts some famous manufacturers, including Chengjingyu
from Korea, Changqing from Malaysia, Bride Assemble,
Jinlan, Frapret, Baroc, Daini from Hong Kong and Taiwan,
and some domestic exhibitors, like Jinsha, Liyi, Mingdian,
Tianxiang, Yingjun, Pinsha, Dennis, Manke, Youth Year,
Jiamei, Xinyuan, Pear River, Lianbainian, Huayua Holiday,
Photoso.
In addition, some other exhibitors actively
participate, such as famous photo album makers like
Qian-qiao, Taiwan Dear album, Jingchen, Dengxijia, Shanyue,
Meiyi, Wangbin, Jingpin, Jindrong, WinToFree and Ruixiang;
and backdrop, anaphase production and thematic photograph
brands, like Huachang, Romance Bride, Yijiang, Xingxin,
Rongxiang, Yishijie, Zhiyu, Jiabao, Poto, ShOpenSesame,
Luyi, Sengri, Laowu Photograph, Vision Photograph, Paris
Fashion and GuPhoto; and some famous color makeup and
decoration brands, like Deep Blue, Dayyong, Yizhenyuan,
Jintaizi, Aimei, Qian-Hui, Jieni, Caizi, Hengsheng, Fangu,
Huahong, Guanhua, JinghuaFlower, Egypt Queen, Dayang,
Mingyan.
To expand the exhibition's influence, from this March,
the sponsors have published advertisements in professional
media and websites, such as China Photo Press, People's
Photography, Photograph Friends, Portrait Photography,
Photo Studio Vision, Today Portrait, Discovering Resource
Photography, Photo World, Digital Photo, China Photo Info,
and mass media like Yangcheng Evening News, Jiefang Daily,
Shanghai Morning Post, Xinmin Evening News, The Bund,
Oriental Radio Station and bus TV. Meanwhile, publicity
releases have also been published in professional and forms
of mass media such as newspapers, magazines, radio stations,
TV stations and websites as well as related domestic and
overseas media.
The Shanghai International Exhibition Co., Ltd. will
organize a 30,000 strong professional audience from
nationwide photo studios, wedding celebration companies,
developing and printing trade and digital photography as
well as purchase delegations from Europe and America,
Southeast Asia, and other areas like Hong Kong and Taiwan
for negotiation and order placing in the exhibition, making
it an ideal platform to promote trade cooperation.
About Shanghai International Exhibition Co., Ltd.
(SIEC)
Shanghai International Exhibition Co., Ltd. (SIEC) is
jointly invested by Shanghai World Expo (Group) Co., Ltd.
and the Council for the Promotion of International Trade,
Shanghai. The SIEC was founded on July 1st, 1984 with the
approval of the Ministry of Foreign Trade & Economic
Cooperation and the People's Government of Shanghai
Municipality.
The SIEC is a full member of Union des Foires
Internationales (UFI). The SIEC has held 500 international
exhibitions of various themes and sizes. It also has
successfully held a number of solo exhibitions at national
level.
"AUTO SHANGHAI," "SHANGHAITEX,"
"CHINA CYCLE," "FASHION SHANGHAI,"
"ELE/PT COMM CHINA" are among the first eight
exhibitions approved excellent by THE EVALUATION COMMITTEE
OF SHANGHAI CONVENTIONAL & EXHIBITION INDUSTRIES.
For more information, please contact:
Miss Lina Zhang or Tina Ji, Project Manager
Add: 8/F, OOCL Plaza, 841 Yan An Zhong Road,
Shanghai 200040, China
Tel: +86-21-6279-2828
Fax: +86-21-6545-5124
Email: info@siec-ccpit.com
Web: http://www.siec-ccpit.com
SOURCE Shanghai International Exhibition Co., Ltd.
2007'02.01.Thu
World Health Organization Releases New Child Growth Standards
April 28, 2006
Standards Confirm That All Children Worldwide Have the Potential to Grow the Same
GENEVA, April 28 /Xinhua-PRNewswire/ -- New
international Child Growth Standards for infants and young
children released today by the World Health Organization
(WHO) provide evidence and guidance for the first time
about how every child in the world should grow.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20040610/CNTH001LOGO )
The new WHO Child Growth Standards confirm that
children born anywhere in the world and given the optimum
start in life have the potential to develop to within the
same range of height and weight. Naturally there are
individual differences among children, but across large
populations, regionally and globally, the average growth is
remarkably similar. For example, children from India, Norway
and Brazil all show similar growth patterns when provided
healthy growth conditions in early life. The new standards
prove that differences in children's growth to age five are
more influenced by nutrition, feeding practices,
environment, and healthcare than genetics or ethnicity.
With these new standards, parents, doctors,
policymakers and child advocates will know when the
nutrition and healthcare needs of children are not being
met. Under-nutrition, overweight and obesity, and other
growth-related conditions can then be detected and
addressed at an early stage.
"The WHO Child Growth Standards provide new means
to support every child to get the best chance to develop in
the most important formative years," said Dr LEE
Jong-wook, Director-General of WHO. "In this regard,
this tool will serve to reduce death and disease in infants
and young children."
The new Standards are the result of an intensive study
initiated by WHO in 1997 to develop a new international
standard for assessing the physical growth, nutritional
status and motor development in all children from birth to
age five. WHO and its principal partner, the United
Nations University, undertook the Multicentre Growth
Reference Study (MGRS) which is a community-based,
multi-country project involving more than eight thousand
children from Brazil, Ghana, India, Norway, Oman, and the
United States of America.
The children in the study were selected based on an
optimal environment for proper growth: recommended infant
and young child feeding practices, good healthcare, mothers
who did not smoke, and other factors associated with good
health outcomes.
Since the late 1970s, the National Center for Health
Statistics / WHO growth reference has been in use to chart
children's growth. This reference was based on data from a
limited sample of children from the United States. It
contains a number of technical and biological drawbacks
that make it less adequate to monitor the rapid and
changing rate of early childhood growth. It describes only
how children grow in a particular region and time, but does
not provide a sound basis for evaluation against
international standards and norms.
The new standards are based on the breast-fed child as
the norm for growth and development. This brings coherence
for the first time between the tools used to assess growth,
and national and international infant feeding guidelines
which recommend breast-feeding as the optimal source of
nutrition during infancy. This will now allow accurate
assessment, measurement and evaluation of breast-feeding
and complementary feeding.
"The WHO Child Growth Standards are a major new
tool for providing the best health care and nutrition to
all the world's children," said Dr. Adenike Grange,
President of the International Pediatric Association (IPA).
Dr. Jane Schaller, Executive Director of the IPA added,
"We encourage all of our IPA Member Pediatric
Associations and Societies from countries and regions
throughout the world to adopt and use these standards in
the best interests of all children, and to advocate that
these standards be adopted by their governments."
The first of this set of new growth charts to be
released includes growth indicators such as weight-for-age,
length/height-for-age, and weight-for-length/height. For
the first time, there now exists a Body Mass Index (BMI)
standard for children up to age five, as well as the
Windows of Achievement standard for six key motor
development milestones such as sitting, standing and
walking.
"The new standards are important for parents,
health professionals, and other caregivers to assess the
growth and development of children at the individual and
population level," said Dr Cutberto Garza (Boston
College, USA), Director of the United Nations University
Food and Nutrition Program and Chair of the Multicentre
Growth Reference Study.
The WHO Child Growth Standards is available at
http://www.who.int/childgrowth .
NOTE TO EDITORS:
Samples of the Child Growth Standards Charts are
available in .pdf format at:
http://www.who.int/nutrition/media_page ,
username: WHOstandards
password: media
Other media materials, such as backgrounders, photos
and graphics, and information about obtaining b-roll can be
accessed at the above website. Additionally, the full
statement of endorsement from the International Pediatric
Association is posted.
For further information, or to arrange interviews,
please contact:
Sharad Agarwal, Communications Officer,
Nutrition for Health and Development, WHO/HQ, Geneva
Tel: +41-22-791-1905
Mobile: +41-79-509-0686
Email: agarwals@who.int
Jane McElligott, Communications Adviser,
Noncommunicable diseases and Mental Health, WHO/HQ
Tel: +41-22-791-3353
Mobile: +41-79-477-1740
Email: mcelligottj@who.int
SOURCE World Health Organization
2007'02.01.Thu
Corning CEO: Company is Delivering "Remarkable Results"
April 28, 2006
"We are after sustainable performance," Weeks tells shareholders
CORNING, N.Y., April 28 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) Chief Executive Officer Wendell P.
Weeks today told shareholders that the company is continuing
to make progress on its financial goals and on growing its
position in key markets, including liquid crystal display
(LCD) glass substrates. At the same time, he said, Corning
is working to become a more balanced company.
Reflecting on the company's accomplishments over the
past year, Weeks said, "We have focused on consistent
operating priorities: protecting our financial health,
improving our profitability, investing in our future, and
always living our values. These priorities have been the
foundation of our success over the past three years, and I
think it's fair to say the results have been
remarkable."
Weeks made his comments to more than 500 shareholders
assembled for the company's annual meeting in Corning, N.Y.
and hundreds more listening through a live Web cast. He
told them that the penetration of LCD technology into the
global TV market has more than doubled in 2005, from 5
percent to 11 percent, and that the company expects it to
increase to between 18 percent and 19 percent during 2006.
"We are the world's leading supplier of LCD glass, and
growing consumer demand for LCD TV fuels a continued
industry migration to larger sizes, which plays to our
strengths," he said.
Financial Health and Profitability
Weeks pointed out that, over the past year, Corning has
strengthened both its balance sheet and its cash flow. The
company ended 2005 with $600 million more cash than debt,
the first time it has more cash than debt in 25 years.
Improved operating cash flow has funded aggressive
expansion of the display and diesel businesses. The
overall financial improvements resulted in an important
milestone last year, he said, when the company regained
investment-grade credit ratings.
Regarding profitability, Weeks pointed to the fact that
in 2005 the company improved net profit before special
charges by more than $500 million for the third straight
year. This improvement in net profit before special
charges is a non-GAAP financial measure. This and all
non-GAAP financial measures are reconciled on the company's
investor relations Web site and in attachments to this news
release.
Investing in the Future
Weeks told shareholders that Corning's focus on three
major growth opportunities - LCD glass,
fiber-to-the-premises and diesel products - continues to
strengthen the company's position in those markets. While
LCD is driving current revenue growth, he added that
fiber-to-the-premises (FTTP) is also promising. "We
are maintaining our position as a leading supplier of
optical fiber cable, and optical hardware and equipment to
Verizon," he said, "and we are also working with
other customers on their access network architectures and
deployment plans."
Regarding the diesel substrates and filters that help
engine manufacturers reduce emissions, he said, "We've
won a leading share of the heavy-duty market and we
successfully entered the light-duty diesel market."
The company's diesel plant in Erwin, N.Y. is responsible
for providing these products for trucks, buses and other
heavy-duty vehicles as well as for passenger cars.
Weeks added that 2006 "will be an important year
of execution - on many fronts. In this year we must
deliver - in Display, Diesel and FTTP. We also expect to
improve performance in all our businesses through continued
cost reduction and sustained manufacturing
improvement."
Uncertainty and volatility are "facts of
life"
In reviewing the company's business strategy with
shareholders, Weeks emphasized that "we place big bets
on long, difficult technology developments for new systems.
Sometimes these bets pay off - and sometimes they don't. So
our growth rate can be hard to predict. The implication is
that uncertainty and volatility are facts of life for all
of us."
Corning is working to mitigate the effects of this
volatility by improving both its financial strength and the
diversity of its cash-generating businesses, he said.
"This is our goal, but it will take time."
"Over the long sweep of time, we will become more
balanced by both growing new businesses through innovation
and improving the performance of our established
businesses," he said. "We know that our journey
will not be a smooth ride but we won't lose faith in our
future when we encounter the inevitable bumps in the
road," he said.
In closing, Weeks pledged to shareholders to keep the
momentum going. "You can count on us to stay focused
on our mission. This Management Committee is not after
peak performance during our brief time at the helm of this
great company. What we are after is sustainable
performance. Our goal is to ensure that we set up the next
generation of Corning leaders for success."
Other Business
In other business during the Annual Meeting,
shareholders elected the following directors to three-year
terms: James B. Flaws, 57, vice chairman and chief
financial officer, Corning Incorporated; James R. Houghton,
70, chairman, Corning Incorporated; James J. O'Connor, 68,
retired chairman and CEO, Unicom Corporation; Deborah D.
Rieman, 56, retired president and CEO, Check Point Software
Technologies, Incorporated; Peter F. Volanakis, 50, chief
operating officer, Corning Incorporated. Shareholders also
elected to a two-year term Padmasree Warrior, 44, executive
vice president and chief technology officer, Motorola,
Inc.
Shareholders also approved the following measures: an
amendment to the 2002 Worldwide Employee Share Purchase
Plan; the 2006 Variable Compensation Plan; and an amendment
of the 2003 Equity Plan for Non-employee Directors.
Shareholders also ratified the appointment of
PricewaterhouseCoopers LLP as Corning's independent
auditors for 2006.
A shareholder proposal seeking annual election of all
directors passed. The non-binding proposal requests the
Board of Directors to take necessary steps, in the most
expeditious manner possible, to adopt annual election of
each director. The Board agreed to review this matter
following the vote. Since 1985, Corning's certificate of
incorporation and by-laws have specified classified Board
elections, putting about a third of the Board up for
election each year.
Webcast Information
The company hosted a live audio webcast of the 2006
annual meeting of shareholders in Corning, N.Y., from 11
a.m. to 12:15 p.m. EDT, April 27, 2006. To access the
webcast archive, go to
http://www.corning.com/investor_relations and click on the
webcast link. No password or registration is required.
The webcast will be archived on the Web site for one year
following the broadcast.
Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with,
or an alternative to, GAAP. Corning's non-GAAP net income
and EPS measure excludes restructuring, impairment and
other charges and adjustments to prior estimates for such
charges. Additionally, the company's non-GAAP measure
excludes adjustments to asbestos settlement reserves
required by movements in Corning's common stock price,
gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method
investments, or adjustments to deferred tax assets, and
gains or losses recognized in equity earnings from
restructuring, impairment or other charges or credits taken
by equity method companies. Corning's free cash flow
financial measures are also non-GAAP measures. The company
believes presenting non-GAAP free cash flow, net income and
EPS measures are helpful to analyze financial performance
without the impact of unusual items that may obscure trends
in the company's underlying performance. These non-GAAP
measures are reconciled on the company's Web site at
http://www.corning.com/investor_relations and accompany
this news release.
As a result of a planned restatement, the company's
previously issued consolidated financial statements,
including those contained in its 2005 Form 10-K and its
first, second and third quarter 2005 Form 10-Qs, can no
longer be relied upon. Corning intends to file an amended
2005 Form 10-K and its first quarter 2006 Form 10-Q by May
10, 2006.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is a
diversified technology company that concentrates its
efforts on high-impact growth opportunities. Corning
combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties
of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize
significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life
sciences industries.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes or fluctuations in global economic
and political conditions; tariffs, import duties and
currency fluctuations; product demand and industry
capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of
critical components and materials; new product development
and commercialization; order activity and demand from major
customers; capital spending by larger customers in the
liquid crystal display industry and other businesses;
changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs;
possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability
or major health concerns; ability to obtain financing and
capital on commercially reasonable terms; adequacy and
availability of insurance; capital resource and cash flow
activities; capital spending; equity company activities;
interest costs; acquisition and divestiture activities; the
level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product
and components performance issues; changes in key
personnel; stock price fluctuations; and adverse litigation
or regulatory developments. These and other risk factors
are identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.
For more information, please contact:
Media Relations Contact:
Lydia Lu
Tel: +86-21-5467-4666-1900
Email: lulr@corning.com
M. Elizabeth Dann
Tel: +1-607-974-4989
Email: dannme@corning.com
Investor Relations Contact:
Kenneth C. Sofio
Tel: +1-607-974-7705
Email: sofiokc@corning.com
SOURCE About Corning Incorporated
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