2007'02.01.Thu
The9 Limited to Report First Quarter 2006 Unaudited Financial Results on May 24, 2006
April 28, 2006
SHANGHAI, China, April 28 /Xinhua-PRNewswire/ -- The9 Limited (Nasdaq: NCTY), a leading online game operator in China, announced today that it will host a conference call and webcast on Wednesday, May 24, 2006 at 9:00 PM, U.S. Eastern Time (corresponding with Thursday, May 25, 2006 at 9:00 AM Beijing Time), to discuss The9's first quarter 2006 unaudited financial results, which will be released shortly after the close of the U.S. market on the same day. The press release will also be posted on The9's Investor Relations section of its website located at http://www.corp.the9.com . Conference call details: Investors, analysts and other interested parties will be able to access the live conference by calling +1-617-614-2703, password "81178862." In the U.S., members of the financial community may also participate in the call by dialing toll-free +1-866-800-8649, password "81178862". A replay of the call will be available through May 31, 2006. The dial-in details for the replay: U.S. toll free number +1-888-286-8010, International dial-in number +1-617-801-6888; Password "61328951". Webcast details: The9 Limited will also provide a live webcast of the earnings call. Participants in the webcast should log onto the company's web site http://www.corp.the9.com 15 minutes prior to the call, then click on the icon for "Q1 2006 The9 Ltd. Earnings Conference Call" and follow the instructions. About The9 Limited The9 Limited is a leading online game operator in China. The9's business is primarily focused on operating and developing MMORPGs for the Chinese online game players market. The9 directly or through affiliates operates licensed MMORPGs, consisting of World of Warcraft(R), MU(R) and Mystina Online(R), in China. It has also obtained exclusive licenses to operate additional MMORPGs in China, including Guild Wars(R), Soul of The Ultimate Nation(R), and Granado Espada(R). In addition, The9 has developed its first proprietary MMORPG titled "Joyful Journey West", which entered all-access public open beta testing in August 2005. For further information, please contact Ms. Dahlia Wei Senior Manager, Investor Relations The9 Limited Tel: +86-21-5172-9990 Email: IR@corp.the9.com Web: http://www.corp.the9.com SOURCE The9 Limited
PR
2007'02.01.Thu
Ascom's Voice Over Wi-Fi(R) Handsets Powered by Texas Instruments VoIP and Wireless LAN Technologies
Ascom's Voice Over Wi-Fi(R) Handsets Powered by Texas Instruments VoIP and Wireless LAN Technologies
April 28, 2006
TI's Wireless LAN IP Phone Platform Delivers Portability, Enhanced Features to IP Phones
STOCKHOLM, Sweden, April 28 /Xinhua-PRNewswire/ --
Texas Instruments Incorporated (NYSE: TXN) (TI) and Ascom
Wireless Solutions, a market leader in on-site wireless
communication throughout Europe, announced that Ascom's i75
voice over Wi-Fi (VoWiFi) handsets are leveraging TI's
Wireless LAN (WLAN) IP phone platform, the TNETV1700. TI's
integrated hardware and software solution delivers the
performance and low power required for Ascom to deliver
extended talk and standby times to its enterprise
customers, and enhanced features such as wireless
telephony, alarm and messaging.
"With over 50 years of experience in on-site
wireless communications, Ascom is continuously taking
strides to deliver exceptional mobility to its
customers," said Staffan Ornbratt, product manager,
VoWiFi system, Ascom Wireless Solutions. "Leveraging
TI's leadership VoIP and wireless technology allows Ascom
to offer a VoWiFi experience that increases overall
efficiency and productivity of its users."
TI's TNETV1700 WLAN IP phone platform serves at the
center of Ascom's i75 handsets that support both the
802.11b and 802.11g radio networks, as well as the 802.11i
and 802.11e standards for an increased level of security
and voice quality. The VoWiFi handsets offer longer talk
and standby times based on the high performance and
ultra-low power consumption that the TNETV1700 delivers.
Built-in programmability allows for easy upgrades or
expansions as standards and capabilities evolve.
The Ascom i75 handsets are part of Ascom's complete,
standards-based VoWiFi package that also includes a smart,
robust messaging system, VoIP gateway that can be
integrated with current communications networks, and a
Portable Device Manager that simplifies network
administration tasks. Ascom offers two designs of its i75
handsets that are targeted at the healthcare and heavy
industry segments.
"We are pleased to be working with Ascom to bring
a higher quality, more productive experience to enterprise
IP phone users through our VoIP and WLAN technology,"
said Pamela Jordan, WLAN IP Phone product manager, Texas
Instruments. "By leveraging our programmable WLAN IP
phone platform, Ascom provides investment protection for
its customers, including the ability to update systems
through software to enhance capabilities or further
increase talk and standby times." Targeted at the
enterprise and residential markets, TI's WLAN IP phone
platform is a complete solution designed to help developers
get to market fast. It includes the TNETV1700 VoWLAN
processor, based on TI's proven, power-efficient OMAP(TM)
architecture used worldwide today by wireless leaders, and
TI's TNETW1230 WLAN chipset with software support to meet
existing and evolving standards. TI's award winning Telogy
Software(TM) for VoIP provides the industry's leading voice
processing software, and supports the transport of toll
quality voice over WLAN networks.
Other TI technology completing the solution includes
the TPS65013 power management conversion IC that provides
more than 95 percent power efficiency and steps-down power
partitions during periods of call inactivity; and the
highly integrated TLV320AIC21C dual codec with interfaces
to handset, headset, speakerphone and microphone.
For more information about TI's TNETV1700 WLAN IP phone
platform, visit http://www.ti.com/voip .
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company'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 Ascom Wireless Solutions
Ascom Wireless Solutions is a market leader in on-site
wireless communications for manufacturing and process
industries, hospitals and elderly care, secure
establishments, the retail sector and hotels. More than
70,000 systems are installed at major companies all over
the world, including the majority of university hospitals
in Europe. The company offers a broad range of customised
solutions, which enables quicker response through smart
integration with existing systems. Ascom Solutions can
include on-site paging, messaging, alarms, mobile devices,
voice and data communications. Founded in the 1950s and
based in Gothenburg, Sweden, Ascom Wireless Solutions is
part of the Ascom Group.
For more information about Ascom Wireless Solutions,
visit http://www.ascom.com/ws .
Trademarks
OMAP and Telogy Software are trademarks of Texas
Instruments. All other trademarks are the property of
their respective owners.
For more information, please contact:
Gary Silcott
Texas Instruments
Tel: +1-214-480-2048
Email: gsilcott@ti.com
Erin Arnold
Golin/Harris
Tel: +1-972-341-2506
Email: eanthony@golinharris.com
SOURCE Texas Instruments Incorporated
2007'02.01.Thu
TI Promotes Two Analog Executives to New Leadership Roles
April 28, 2006
Senior Vice President Gregg Lowe Will Lead TI's Overall Analog Strategy, and Art George Succeeds Lowe as Senior Vice President Responsible for High Performance Analog
DALLAS, April 28 /Xinhua-PRNewswire/ -- Texas
Instruments Incorporated (TI) (NYSE: TXN) announced today
that Gregg Lowe will be promoted to a new senior vice
president position to lead the company's entire analog
business unit, which includes both High Performance Analog
(HPA) and High Volume Analog and Logic (HVAL). In
addition, TI named Arthur L. George to succeed Lowe as
senior vice president and general manager of its High
Performance Analog business unit. George joins Lowe and
Chung-Shing (C.S.) Lee, senior vice president of the
company's High Volume Analog and Logic business unit, on
TI's strategy leadership team.
"TI has done what it takes to develop a strong
position in both high performance and application specific
analog, a combination that is unique in the industry,"
said Rich Templeton, TI president and chief executive
officer. "In his new role, Gregg will provide an even
sharper focus on both of these strategically important
business units of TI to take advantage of the strengths
that can serve customers better, enhance the company's
analog portfolio, complement TI's overall semiconductor
product line and accelerate revenue growth," Templeton
said. "Likewise, Art's leadership will help TI
continue to raise the bar for high performance analog
products and service."
Since beginning his career with TI's semiconductor
business in 1984, Lowe has held a number of positions in
engineering, sales and management in the United States and
Europe. Responsibilities have included management of TI's
European automotive sales team, worldwide microcontroller
business and worldwide ASIC business. He has held
management roles in the High Performance Analog business
for five years and was named senior vice president over the
business unit in March 2002. Lowe earned a bachelor's
degree in electrical engineering from the Rose Hulman
Institute of Technology and is a graduate of the Stanford
University Executive Program.
George has made significant contributions to TI's
worldwide analog and logic business units during his
22-year career with the company. He has managed or taken
part in the development of more than 800 integrated
circuits. Additionally, he was involved in two key
high-performance analog acquisitions, Burr-Brown
Corporation and Chipcon AS. Prior to his promotion to
senior vice president, George served as vice president and
manager of TI's High Performance Linear business unit,
which provides amplifier and interface products for a wide
range of markets. George earned a bachelor's degree in
electrical engineering from Southern University in Baton
Rouge, La., and a master's degree in engineering management
from Southern Methodist University in Dallas.
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company'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.
Trademarks
All registered trademarks and other trademarks belong
to their respective owners.
For more information, please contact:
Janell Mirochna
Tel: +1-214-480-6663
Email: j-mirochna1@ti.com
Sharon Hampton
Tel: +1-214-480-6127
Email: s-hampton@ti.com
SOURCE Texas Instruments Incorporated
2007'02.01.Thu
Save the Children Actively Takes Part in Global Action Week
April 28, 2006
Global Action Week 24 - 30 April 2006
BEIJING, April 27 /Xinhua-PRNewswire/ -- From this day
onwards, students from 10 elementary schools in Damshung
County and Lhundup County of Lhasa City of Tibet Autonomous
Region as well as the Central Elementary School and Junior
High School in Kezile Town of Wensu County of Xinjiang
Uygur Autonomous Region will depict what an ideal teacher
is like by drawing. More than 100 teachers in Mojiang
County Teacher Training School of Yunnan Province will
facilitate discussions on the theme of "Teachers'
Happiness and Sorrow". Deaf children in bilingual
sign language classes of Hefei Special Education Centre in
Anhui Province will tell people what an ideal teacher is
like through textbook plays. Leaders from Hefei Education
Bureau and Hefei Disabled Persons' Federation will be
present at the textbook plays and listen to opinions and
suggestions from teachers and students.
As a part of Global Action Week, Save the Children has
organized a series of thematic activities in Yunnan, Anhui,
Tibet and Xinjiang to fully advocate the concept of
"Every Child Needs A Teacher".
Global Action Week is one of several events organised
by the Global Campaign for Education (GCE) to mobilise
strong national and international political commitment for
Education for All (EFA) in Dakar Declaration. Global
Action Week is held in the last week of April every year,
with a different theme for each year. There are more than
2 million participants from over 70 countries every year.
This year China takes part in this global education
campaign for the first time.
This year the theme of Global Action Week is
"Every child needs a teacher". In China the
campaign is jointly launched by Action Aid, Save the
Children, Plan International and Volunteer Service
Organization (UK). UNICEF and civil society organisations,
schools and academic institutions in China also take part in
the campaign. Participating agencies will collect proposals
from teachers and conduct a wide range of activities such as
Back to School Day of government officials. Children and
their parents will express their views on good teachers;
teachers, especially those marginalized ones, will feel
free to express their needs. More people will be mobilised
to pay special attention to the shortage of qualified
teachers, especially in poor and remote mountainous areas.
In China, more than 40,000 people from about 200 civil
society organisations, schools and academic institutions in
over 10 provinces, autonomous regions and municipalities
will participate in Global Action Week activities.
For more information on the Global Action Week, please
contact:
Zeng Ming
Save the Children China Programme
Tel: +86-10-6500-6441/4408 x1616
Fax: +86-10-6500-6554
Email: zengming@savethechildren.org.cn
SOURCE Save the Children China Programme
2007'02.01.Thu
Avian Influenza - Situation In China - Update 11
April 28, 2006
BEIJING and GENEVA, April 28 /Xinhua-PRNewswire/ -- The
Ministry of Health in China has reported the country's 18th
case of human infection with the H5N1 avian influenza
virus. The patient is an 8-year-old girl from the
southwestern province of Sichuan. She developed symptoms
of fever and pneumonia on 16 April. She remains
hospitalized.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20040610/CNTH001LOGO )
According to the Ministry of Health, an initial
investigation determined that poultry deaths recently
occurred near the child's home.
Of the 18 laboratory-confirmed cases in China, 12 have
been fatal.
Cumulative Number of Confirmed Human Cases of Avian
Influenza A/(H5N1) Reported to WHO
27 April 2006
Country 2003 2004 2005
2006 Total
cases deaths cases deaths cases deaths cases
deaths cases deaths
Azerbaijan 0 0 0 0 0 0 8
5 8 5
Cambodia 0 0 0 0 4 4 2
2 6 6
China 0 0 0 0 8 5 10
7 18 12
Egypt 0 0 0 0 0 0 12
4 12 4
Indonesia 0 0 0 0 17 11 15
13 32 24
Iraq 0 0 0 0 0 0 2
2 2 2
Thailand 0 0 17 12 5 2 0
0 22 14
Turkey 0 0 0 0 0 0 12
4 12 4
Viet Nam 3 3 29 20 61 19 0
0 93 42
Total 3 3 46 32 95 41 61
37 205 13
Total number of cases includes number of deaths.
WHO reports only laboratory-confirmed cases.
For more information, please contact:
Ms Aphaluck Bhatiasevi
Communications Officer
World Health Organization, China
Tel: +86-10-6532-7189 to 92 x681 or
+86-10-6532-5687
Mobile: +86-1361-117-4072
Email: bhatiasevia@chn.wpro.who.int
SOURCE World Health Organisation
2007'02.01.Thu
Corning Introduces Next-Generation Cordierite Filter for Light-Duty Diesel Vehicles
April 28, 2006
Advanced Particulate Filter Provides Lasting Durability And High-Performance
CORNING, N.Y. April 28 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) announced today that it will begin
supplying a new, advanced cordierite diesel particulate
filter to light-duty diesel vehicle manufacturers.
Compared to traditional cordierite, Corning's monolithic
DuraTrap(R) AC filters offer low-pressure drop to help
reduce fuel consumption and increase the power rating.
They also offer improved thermal durability and
high-filtration efficiency.
DuraTrap AC filters are targeted to be the first
cordierite filters used in large-scale for diesel passenger
cars. They are optimized for use in light-duty diesel
vehicles that have new and advanced regeneration systems.
"With more than thirty years of experience working
with cordierite and a deep understanding of emissions
control technology, we were able to develop an advanced
cordierite filter that, we believe, has unique properties
and performance capabilities for the light-duty diesel
market," said Thomas R. Hinman, vice president and
general manager, Diesel Technologies. "The early
response from global diesel auto manufacturers on our new
DuraTrap AC filter has been extremely positive and we are
continuing to collaborate with our customers regarding
future applications for this product."
DuraTrap AC filters offer a unique performance
combination of relatively high-soot-mass limit with a
low-pressure drop, compared to traditional cordierite. The
filter's low-pressure drop allows for integrated
functionality in catalyzed-soot filter applications. In
addition, the new filter offers outstanding thermal
characteristics and a wide operating window. DuraTrap AC's
high-filtration efficiency will help light-duty auto makers
to meet the increasingly stringent Euro V emissions
regulations.
Corning will begin manufacturing and supplying DuraTrap
AC filters in the first half of 2007. This is the second
filter for light-duty diesel applications that Corning has
launched. In 2005, Corning introduced DuraTrap(R) AT
filters, which are being used by leading auto makers for
light-duty diesel applications as an effective alternative
to systems designed for silicon carbide.
Corning invented an economical, high-performance
cellular ceramic substrate in the early 1970s that is now
the standard for catalytic converters worldwide. In 1978,
Corning developed the cellular ceramic particulate filter
to remove soot from diesel emissions.
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 Contacts:
M. Elizabeth Dann
Tel: +1-607-974-4989
Email: dannme@corning.com
Lisa A. Burns
Tel: +1-974-4897
Email: burnsla@corning.com
Investor Relations Contact:
Kenneth C. Sofio
Tel: +1-607-974-7705
Email: sofiokc@corning.com
SOURCE Corning Incorporated
2007'02.01.Thu
Orb Powers Instant Access to Internet Radio and Podcasts From Mobile Phones on Any Carrier Network
April 28, 2006
Builds on Industry-Leading Instant Mobile Access to Home Audio
EMERYVILLE, Calif., April 28 /Xinhua-PRNewswire/ -- Orb
Networks, the pioneering developer of software for instant
enjoyment of content everywhere, today announced support
for playing and recording Internet radio and for enjoying
podcasts from any mobile device with a streaming Windows
Media(R) Player, RealPlayer(R), 3GP player, or
Macromedia(R) Flash(TM) Player on any carrier network and
WiFi.
No specialized mobile software or mobile fees other
than a data plan are required. Anyone can now play and
record Internet radio and enjoy podcasts from the native
Web browser and streaming media player of their mobile
phones and PDAs.
Because Orb(TM) support for instant mobile access to
iRadio and podcasts builds on its industry-leading support
for instant enjoyment everywhere of home music and
Audible.com(R) audiobook collections, users can mix and
match home and Internet content to create their own
completely personal mobile radio channels.
"The whole point of Orb is to empower our users to
instantly 'mycast' all their favorite content to themselves
wherever they are," said Ian McCarthy, Vice President
of Product Marketing for Orb Networks. "Consumers
demand more from mobile radio than an FM tuner in their
phones or specialized satellite-radio devices and
subscription services. Consumers need to be able to roll
their own programming from all their favorite audio
content, wherever it is. Orb puts that power in the
consumer's hands. Our users can mix and match content from
their favorite iRadio stations, podcasts, and home music
and audiobook collections to create their own completely
personal mobile radio."
Orb removes the media-format and bitrate challenges to
making Internet radio and podcasts available to everyone on
their everyday mobile devices. The free Orb software on a
user's always-connected Windows(R) XP PC acts as the user's
personal "mycast" server, serving up content
streams in the media format and bitrate appropriate to the
user's mobile device.
For example, an iRadio feed of a live FIFA World
Cup(TM) match available only in Windows Media Audio format
can still be enjoyed live (or recorded to play later) from
a Nokia(R) mobile phone's RealPlayer. Similarly,
.wma-format podcasts downloaded to the PC running Orb would
be streamed from that PC as Real Audio. Content providers
can publish iRadio feeds and podcasts in their own
preferred media format and bitrate and still be sure that
their audiences can enjoy the content on their everyday
mobile devices.
"I love the idea of someone being able to listen
to podcasts like The Media Center Show on any mobile device
without my having to host the show in multiple
formats," said Ian Dixon, host of the popular Media
Center Show on The Podcast Network. "I can leave the
conversions and plumbing to Orb."
Because Orb users have instant mobile access to their
favorite podcasts and iRadio stations, breaking-news and
other time-sensitive podcasts and iRadio programs can now
reach their audiences right away even when their listeners
are away from their PCs.
"Grassroots Enterprise is the firm that pioneered
the use of podcasting in the political sector," said
Arvind Rajan, CEO of Grassroots Enterprise, Inc. "Orb
dramatically expands the power of podcasting as an
effective medium for our clients to reach people with their
messages where and when it matters."
Orb is available now for free download at
http://www.orb.com .
About Orb Networks, Inc.
Orb Networks is the pioneering developer of software
and services that give people secure, free, and instant
access to all their digital media everywhere. The
award-winning Orb software makes it easy for consumers to
enjoy their home and Internet TV, music, videos, photos,
podcasts, and other digital content from mobile phones,
PDAs, and laptops everywhere. Orb is a member of the DLNA
and is a privately held company in Emeryville, California.
For more information about Orb, please visit
http://www.orb.com .
NOTE: Orb is a trademark of Orb Networks, Inc. All
other trademarks and/or registered trademarks are the
property of their respective owners.
For more information, please contact:
Ann Willey of Orb Networks, Inc.
Tel: +1-510-903-0944
Email: ann.willey@orb.com
Skype: annwilley
SOURCE Orb Networks, Inc.
2007'02.01.Thu
Bain Capital Completes Purchase of Sensata Technologies from Texas Instruments
April 28, 2006
Sale Creates Standalone Global Leader in Sensors and Controls
ATTLEBORO, Mass., April 28 /Xinhua-PRNewswire/ --
Sensata Technologies B.V., formerly the Sensors &
Controls business of Texas Instruments Incorporated, today
announced that Bain Capital, LLC, a leading global private
investment firm, has completed its purchase of the company.
The total value of the transaction, which was announced on
January 9, 2006, is $3.0 billion.
The sale creates a standalone company that is the
global leader in the sensors and controls business.
Headquartered in Attleboro, Massachusetts and with
additional manufacturing and technology development centers
located in Brazil, China, Holland, Japan, Korea, Malaysia,
and Mexico, the company also has sales offices around the
world. Sensata Technologies employs 5,400 people, including
3,750 in the Americas, 1,350 in Asia, and 300 in Europe.
"The completion of the sale is a significant
milestone in our company's history. We enter this new phase
of our growth and development with a new name -- Sensata
Technologies -- and a renewed commitment to excellence,
innovation and customer service," said Thomas Wroe,
Jr., President and Chief Executive Officer of Sensata
Technologies. "Our day-to-day operations will remain
the same, including our management team, staff and
locations, and so will our dedication to providing
customers with solutions that enable them to win in their
marketplaces. We will invest in our growth as a standalone
company for the benefit of our customers and
employees."
"Sensata Technologies is the preeminent supplier
of sensors and controls across a broad array of geographies
and applications, and enjoys long-standing customer
relationships," said Steve Zide, a Managing Director
at Bain Capital. "We are enthusiastic about the
company's long-term potential and look forward to
supporting the management team's strategies for worldwide
growth." Bain Capital has a strong track record of
purchasing non-core divisions of large, multinational
companies and partnering with the management team and
employees to build significant value.
Morgan Stanley, Goldman Sachs and Bank of America
provided financial advisory services to Bain Capital, and
JPMorgan Chase provided merger and acquisition advice.
About Sensata Technologies:
Sensata Technologies, formerly the Sensors &
Controls business of Texas Instruments, provides leaders in
the global automotive, appliance, aircraft, industrial and
HVAC markets with sensing and protection solutions that
improve safety and efficiency for millions of people every
day. Headquartered in Attleboro, Massachusetts, Sensata
Technologies has nine technology and manufacturing centers
in eight countries, and sales offices throughout the world.
For more information, visit http://www.sensata.com .
About Bain Capital:
Bain Capital ( http://www.baincapital.com ) is a global
private investment firm that manages several pools of
capital including private equity, venture capital, public
equity and leveraged debt assets with more than $38 billion
in assets under management. Since its inception in 1984,
Bain Capital has made private equity investments and add-on
acquisitions in over 230 companies around the world,
including such technology and manufacturing companies as
FCI, UGS, ChipPAC and Therma-Wave. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.
About Texas Instruments:
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company's businesses include 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 .
For more information, please contact:
Linda Megathlin for Sensata Technologies
Tel: +1-508-236-1761
Email: lmegathlin@sensata.com
Alex Stanton for Bain Capital
Tel: +1-212-780-1900
Email: alex@stantoncrenshaw.com
Chris Rongone for Texas Instruments
Tel: +1-214-480-6868
Email: c-rongone@ti.com
SOURCE Bain Capital, LLC
2007'02.01.Thu
Budweiser Tapped as Official Beer Sponsor of the 2010 and 2014 FIFA World Cup(TM) Events
April 28, 2006
ST. LOUIS, April 28 /Xinhua-PRNewswire/ --
Anheuser-Busch (NYSE: BUD), brewer of Budweiser and a
leader in international sports marketing, today announced
its continued partnership with the Federation
Internationale de Football Association (FIFA) as the
official beer of the 2010 and 2014 FIFA World Cup(TM)
tournaments. The brand also serves as the official beer
sponsor of the 2006 FIFA World Cup(TM) in Germany this
summer.
"In every corner of the world, football fans share
a passion for their favorite teams and players, and they
enjoy watching the games with a cold beer," said Tony
Ponturo, vice president of global media and sports
marketing, Anheuser-Busch, Inc. "As the most watched
international sporting event, the FIFA World Cup allows
Anheuser-Busch to connect our flagship brand with millions
of adult beer drinkers and football fans. Since 1986,
Budweiser has been a strong supporter of this tournament,
and we will continue to bring fans closer to the excitement
of the FIFA World Cup for the next eight years."
Anheuser-Busch supports its sponsorship of the FIFA
World Cup both in the host country and key international
markets. This includes use of the official tournament
marks for promotional purposes, such as packaging,
point-of-sale materials and other advertising. The company
also receives on-field signage, outdoor billboards and
pouring rights at FIFA World Cup venues.
In 2006, Anheuser-Busch has several activities
supporting its FIFA World Cup sponsorship including
Budweiser Cup, an amateur tournament that features six-man
football teams from around the world. Participating
countries include: Portugal, Germany, Greece, England,
Northern Ireland, United Arab Emirates, the Netherlands,
Italy, Argentina and the United States. Anheuser-Busch also
will sponsor the "Man of the Match" award given to
each game's outstanding player. In addition, special cans
and bottles with the World Cup logo will be available
throughout Europe.
Anheuser-Busch has been a FIFA World Cup partner since
1986. The 2014 FIFA World Cup will be Anheuser-Busch's
eighth consecutive tournament as a major event sponsor,
serving as a symbol of the company's commitment to football
around the world.
Budweiser is a world leader in sports marketing. In
addition to the FIFA World Cup, Budweiser is an official
sponsor of the F.A. Premier League, Major League Soccer and
the U.S. Olympic and National soccer teams. The King of
Beers also sponsors a variety of sports ranging from
baseball and basketball to motorsports and boxing,
including the 2008 Olympic Games, the 36th Ryder Cup, Major
League Baseball and the National Basketball Association.
Based in St. Louis, Anheuser-Busch is the leading
American brewer, holding nearly 50 percent share of U.S.
beer sales. The company brews the world's largest-selling
beers, Budweiser and Bud Light. Anheuser-Busch also owns a
50 percent share in Grupo Modelo, Mexico's leading brewer,
and a 27 percent share in Tsingtao, the No. 1 brewer in
China. Anheuser-Busch ranked No. 1 among beverage
companies in FORTUNE Magazine's Most Admired U.S. and
Global Companies lists in 2006. Anheuser-Busch is one of
the largest theme park operators in the United States, is a
major manufacturer of aluminum cans and is America's top
recycler of aluminum cans. For more information, visit
http://www.anheuser-busch.com .
For more information, please contact:
Dan Pierce
Anheuser-Busch
Tel: +1-314-577-7197
Email: daniel.pierce@anheuser-busch.com
Rick Oleshak
Anheuser-Busch
Tel: +1-314-577-9928
Email: rick.oleshak@anheuser-busch.com
SOURCE Anheuser-Busch
2007'02.01.Thu
SMIC Reports 2006 First Quarter Results
April 28, 2006
* All currency figures stated in this report are in US
dollars unless
stated otherwise.
* The financial statement amounts in this report are
determined in
accordance with US GAAP.
Highlights
-- Sales increased to $351.1 million in 1Q06, up 5.4%
from $333.1 million
in 4Q05.
-- Operating loss decreased to $6.0 million in 1Q06
from $8.8 million in
4Q05.
-- Net loss decreased to $8.7 million in 1Q06 from
$15.0 million in 4Q05.
-- Utilization rate increased to 95% in 1Q06 from 93%
in 4Q05.
-- Compared to 4Q05, wafer shipments increased 3.1% to
388,010 8-inch
equivalent wafers.
-- Capacity increased to 157,330 8-inch equivalent
wafers per month in
1Q06 from 152,219 8-inch equivalent wafers per month
in 4Q05.
SHANGHAI, China, April 28 /Xinhua-PRNewswire/ --
Semiconductor Manufacturing International Corporation
(NYSE: SMI; SEHK: 0981.HK) ("SMIC" or the
"Company"), one of the leading semiconductor
foundries in the world, today announced its consolidated
results of operations for the three months ended March 31,
2006. Sales increased 5.4% in the first quarter of 2006 to
$351.1 million from $333.1 million in the prior quarter.
The Company reported an increase in capacity to 157,330
8-inch equivalent wafers per month and a utilization rate
of 95% in the first quarter of 2006. Operating loss
decreased to $6.0 million in the first quarter of 2006
compared to an operating loss of $8.8 million in the fourth
quarter of 2005. Net loss decreased to $8.7 million in the
first quarter of 2006 compared to a net loss of $15.0
million in the fourth quarter of 2005.
"I am pleased to announce that our performance
during the first quarter exceeded our expectations as
quarterly revenues continued to increase to $351 million
during the first quarter helping to narrow our operating
loss to $6 million in the first quarter," said Dr.
Richard Chang.
"Our revenues from 0.13 micron and below
technologies increased to 47% of total revenues in the
first quarter. Revenues generated from 0.15 micron and
0.13 micron and below logic products as a percentage of our
logic revenues significantly increased to 14.5% and 13.3% in
the first quarter from 8.6% and 10.9% in the fourth quarter.
We expect that these trends will continue as we have
received a significant increase in 0.13-micron full flow
orders and as we commence commercial production for our
first 90 nanometer product.
The NAND flash development team has successfully taped
out a 2-gigabit NAND flash product during the first
quarter. The development remains on schedule to deliver
the first engineering samples in June and we target
commercial production of this product in the fourth quarter
of 2006.
Our Chengdu project began commercial production during
the first quarter allowing SMIC to now offer in-house
turn-key IC manufacturing for our customers. In addition,
our solar power module project is moving along nicely and
continues to improve its energy conversion rate. This
project is on schedule for starting commercial production
in the second quarter of this year.
We believe that the execution of our business plans
will lead to an increase in shareholder value."
Conference call / Webcast announcement details
Date: April 28, 2006
Time: 8:00 a.m. Shanghai time
Dial-in numbers and pass code: U.S. 1-617-614-2714 or
HK 852-3002-1672 (Pass code: SMIC).
A live webcast of the 2006 first quarter announcement
will be available at http://www.smics.com under the
"Investor Relations" section. An archived
version of the webcast, along with a soft copy of this news
release will be available on the SMIC website for a period
of 12 months following the webcast.
About SMIC
Semiconductor Manufacturing International Corporation
("SMIC", NYSE: SMI and HKSE: 0.981.HK),
headquartered in Shanghai, China, is an international
company and one of the leading semiconductor foundries in
the world, providing integrated circuit (IC) manufacturing
at 0.35um to 90nm and finer line technologies to customers
worldwide. Established in 2000, SMIC has four
8-inch wafer fabrication facilities in volume production in
Shanghai and Tianjin. In the first quarter of 2005, SMIC
commenced commercial production at its 12-inch wafer
fabrication facility in Beijing, the first 12-inch fab in
China. SMIC also maintains customer service and marketing
offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong. SMIC's pool of talents
includes over 2,500 semiconductor industry experts and
technical staff. SMIC has achieved ISO9001, ISO/TS16949,
OHSAS18001, TL9000, BS7799 and ISO14001 certifications.
For additional information, please visit
http://www.smics.com .
Safe harbor statements
(Under the Private Securities Litigation Reform Act of
1995)
This press release may contain, in addition to
historical information, "forward-looking
statements" within the meaning of the "safe
harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking
statements, including statements regarding our expectation
that the revenues generated from 0.13 micron as a
percentage of our overall revenue and 0.15 micron and 0.13
micron logic products as a percentage of our logic
revenues, the commencement of commercial production of our
first 90 nanometer products, and targeted dates for
commercial production of a 2-gigabit NAND flash product and
of our solar power module project, our belief that execution
of our business plans will lead to an increase in
shareholder value, our planned capital expenditures for
2006 under "Cashflow & Capex" below and the
statements under "2Q06 Outlook" below, are based
on SMIC's current assumptions, expectations and projections
about future events. SMIC uses words like
"believe," "anticipate,"
"intend," "estimate,"
"expect," "project" and similar
expressions to identify forward-looking statements,
although not all forward-looking statements contain these
words.
These forward-looking statements are necessarily
estimates reflecting the best judgment of SMIC's senior
management and involve significant risks, both known and
unknown, uncertainties and other factors that may cause
SMIC's actual performance, financial condition or results
of operations to be materially different from those
suggested by the forward-looking statements including,
among others, risks associated with cyclicality and market
conditions in the semiconductor industry, intense
competition, timely wafer acceptance by SMIC's customers,
timely introduction of new technologies, SMIC's ability to
ramp new products into volume, supply and demand for
semiconductor foundry services, industry overcapacity,
shortages in equipment, components and raw materials,
availability of manufacturing capacity and financial
stability in end markets.
Investors should consider the information contained in
SMIC's filings with the U.S. Securities and Exchange
Commission (SEC), including its annual report on Form 20-F
filed with the SEC on June 28, 2005, especially in the
"Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of
Operations" sections, and its registration statement
on Form A-1 as filed with the Stock Exchange of Hong Kong
(SEHK) on March 8, 2004, and such other documents that SMIC
may file with the SEC or SEHK from time to time, including
on Form 6-K. Other unknown or unpredictable factors also
could have material adverse effects on SMIC's future
results, performance or achievements. In light of these
risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may
not occur. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of
the date stated, or if no date is stated, as of the date of
this press release.
Except as required by law, SMIC undertakes no
obligation and does not intend to update any
forward-looking statement, whether as a result of new
information, future events or otherwise.
Summary:
Amounts in US$ Thousands, Except for EPS and Operating
Data
1Q06 4Q05 QoQ
1Q05 YoY
Sales 351,138 333,052 5.4 %
248,808 41.1 %
Cost of sales 307,768 290,094 6.1 %
233,696 31.7 %
Gross profit 43,370 42,958 1.0 %
15,112 187.0 %
Operating expenses 49,335 51,756 -4.7 %
37,086 33.0 %
Loss from operations (5,965) (8,798) -32.2 %
(21,974) -72.9 %
Other income (expenses) (8,865) (5,852) 51.5 %
(8,012) 10.6 %
Income tax 14 152 -90.8 %
9 60.5 %
Net loss after
Income taxes (14,844) (14,802) 0.3 %
(29,995) -50.5 %
Minority interest 947 (176) --
-- --
Cumulative effect of a
change in accounting
principle 5,154 -- --
-- --
Loss attributable to
holders of ordinary
shares (8,743) (14,978) -41.6 %
(29,995) -70.9 %
Gross margin 12.4 % 12.9 %
6.1 %
Operating margin -1.7 % -2.6 %
-8.8 %
Net loss per share -
basic/diluted(1) ($0.0005)($0.0008)
($0.0017)
Net loss per ADS -
basic/diluted ($0.0239)($0.0410)
($0.0831)
Wafers shipped (in 8"
wafers)(2) 388,010 376,227 3.1 %
284,912 36.2 %
Logic ASP(3) $945 $953 -0.8 %
$967 -2.3 %
Blended ASP $862 $855 0.8 %
$829 4.0 %
Simplified ASP(4) $905 $885 2.3 %
$873 3.7 %
Capacity utilization 95 % 93 %
85 %
Note:
1. Based on weighted average ordinary shares of 18,278
million in 1Q06,
18,251 million in 4Q05 and 18,054 million in 1Q05
2. Including copper interconnects
3. Excluding copper interconnects
4. Total sales/total wafers shipped
-- Sales increased to $351.1 million in 1Q06, up 5.4%
QoQ from $333.1
million in 4Q05 and up 41.1% YoY from $248.8 million
in 1Q05. Key
factors leading to these increases were the
following:
-- increased 8-inch equivalent wafer shipments to
388,010, up 3.1% QoQ
from 376,227 in 4Q05;
-- increased blended ASP by 0.8% QoQ; and
-- increased utilization rate to 95%.
-- Cost of sales increased to $307.8 million in 1Q06,
up 6.1% QoQ from
$290.1 million in 4Q05, primarily due to increased
wafer shipments and
depreciation expenses.
-- Gross profit increased to $43.4 million in 1Q06, up
1.0% QoQ from $43.0
million in 4Q05 and up 187.0% YoY from $15.1 million
in 1Q05.
-- Gross margins decreased to 12.4% in 1Q06 from 12.9%
in 4Q05.
-- R&D expenses decreased to $20.6 million in 1Q06,
down 17.5% QoQ from
$25.0 million in 4Q05, primarily due to the receipt
of subsidies for
such activities.
-- G&A expenses, including foreign exchange losses,
increased to $11.7
million in 1Q06, up 19.8% QoQ from $9.8 million in
4Q05, primarily due
to an increase in bad debt expense, personnel
related expenses, and
taxes.
-- Selling & marketing expenses decreased to $6.0
million in 1Q06, down
6.0% QoQ from $6.3 million in 4Q05.
-- Amortization of acquired intangible assets increased
to $11.0 million
in 1Q06, up 3.6% QoQ from $10.6 million in 4Q05.
-- Loss from operations decreased to a loss of $6.0
million in 1Q06, down
32.2% QoQ from $8.8 million in 4Q05 and from a loss
of $22.0 million in
1Q05.
-- Other non-operating loss of $8.9 million in 1Q06, up
51.5% QoQ from a
loss of $5.9 million in 4Q05, primarily due to an
increased share of
loss of an affiliate company and a one-time fixed
asset sale in the
previous quarter.
-- Interest expenses increased to $12.2 million in
1Q06, up 3.5% QoQ from
$11.8 million in 4Q05, primarily due to higher
interest rates.
-- Net loss decreased to $8.7 million, down 41.6% QoQ
from a net loss of
-- $15.0 million in 4Q05 and down 70.9% from a net loss
of $30.0 million
in 1Q05.
-- The Company recognized a one-time credit adjustment
of $5.2 million as
cumulative effect of change in accounting principle
regarding share-
based compensation charges upon the adoption of SFAS
123R.
1. Analysis of revenues
Sales analysis
By Application 1Q06 4Q05
3Q05 2Q05 1Q05
Computer 36.0 % 34.8 % 33.7
% 39.8 % 36.8 %
Communications 45.8 % 43.8 % 39.8
% 40.4 % 44.5 %
Consumer 13.3 % 16.6 % 22.8
% 15.2 % 13.6 %
Others 4.9 % 4.8 % 3.7
% 4.6 % 5.1 %
By Device 1Q06 4Q05
3Q05 2Q05 1Q05
Logic (including copper
interconnect) 62.8 % 65.3 % 65.5
% 58.9 % 61.9 %
DRAM(1) 32.4 % 31.3 % 31.0
% 36.5 % 33.0 %
Other (mask making & probing,
etc.) 4.8 % 3.4 % 3.5
% 4.6 % 5.1 %
By Customer Type 1Q06 4Q05
3Q05 2Q05 1Q05
Fabless semiconductor companies 41.8 % 43.2 % 43.2
% 42.2 % 48.1 %
Integrated device manufacturers
(IDM) 52.8 % 51.7 % 52.8
% 55.2 % 49.6 %
System companies and others 5.4 % 5.1 % 4.0
% 2.6 % 2.3 %
By Geography 1Q06 4Q05
3Q05 2Q05 1Q05
North America 43.5 % 39.2 % 42.9
% 40.8 % 40.4 %
Asia Pacific (ex. Japan) 21.3 % 28.2 % 25.7
% 26.3 % 26.9 %
Japan 3.3 % 3.6 % 4.5
% 6.0 % 8.0 %
Europe 31.9 % 29.0 % 26.9
% 26.9 % 24.7 %
Wafer revenue analysis
By Technology (logic, DRAM & 1Q06 4Q05
3Q05 2Q05 1Q05
Copper interconnect only)
0.13um and below 46.6 % 42.9 % 43.8
% 44.5 % 29.2 %
0.15um 8.7 % 5.2 % 2.7
% 2.5 % 12.5 %
0.18um 35.7 % 42.3 % 45.3
% 40.7 % 40.3 %
0.25um 1.6 % 3.3 % 3.1
% 3.9 % 4.6 %
0.35um 7.4 % 6.3 % 5.1
% 8.4 % 13.4 %
By Logic Only(1) 1Q06 4Q05
3Q05 2Q05 1Q05
0.13um and below(2) 13.3 % 10.9 % 14.7
% 12.6 % 5.4 %
0.15um 14.5 % 8.6 % 5.3
% 4.8 % 2.2 %
0.18um 57.7 % 65.3 % 67.4
% 59.4 % 59.8 %
0.25um 2.3 % 4.8 % 4.0
% 7.1 % 7.1 %
0.35um 12.2 % 10.4 % 8.6
% 16.1 % 25.5 %
Note:
1. Excluding 0.13mm copper interconnects
2. Represents revenues generated from manufacturing
full flow wafers
-- Sales from the communication products segment grew
faster than other
applications in 1Q06 compared to 4Q05.
-- Percentage of sales generated from North American
and European
customers in 1Q06 increased to 43.5% and 31.9%,
respectively as
compared to 39.2% and 29.0% in 4Q05, respectively.
-- Percentage of wafer revenues from 0.13mm and below
technologies
increased to 46.6% of sales in 1Q06, as compared
with 42.9% in 4Q05 and
29.2% in 1Q05.
-- Percentage of logic only wafer revenues from 0.13mm
and below
technologies increased to 13.3% of sales in 1Q06, as
compared with
10.9% in 4Q05 and 5.4% in 1Q05.
Capacity:
Fab / (Wafer Size)
1Q06(1) 4Q05(1)
Fab 1 (8")
43,000 43,441
Fab 2 (8")
47,954 46,451
Fab 4 (12")
30,220 27,368
Fab 7 (8")
15,000 15,000
Total monthly wafer fabrication capacity
136,174 132,260
Copper Interconnects:
Fab 3 (8")
21,156 19,959
Total monthly copper interconnect capacity
21,156 19,959
Note:
1. Wafers per month at the end of the period in 8"
wafers
-- As of the end of 1Q06, monthly capacity increased to
157,330 8-inch
equivalent wafers.
Shipment and Utilization:
8" wafers 1Q06 4Q05
3Q05 2Q05 1Q05
Wafer shipments including
Copper interconnects 388,010 376,227
355,664 330,499 284,912
Utilization rate(1) 95 % 93 % 92
% 87 % 85 %
Note:
1. Capacity utilization based on total wafer out
divided by estimated
capacity
-- Wafer shipments increased to 388,010 units of 8-inch
equivalent wafers
in 1Q06, up 3.1% QoQ from 376,227 units of 8-inch
equivalent wafers in
4Q05, and up 36.2% YoY from 284,912 8-inch
equivalent wafers in 1Q05.
-- Utilization rate increased to 95%.
2. Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands 1Q06 4Q05 QoQ
1Q05 YoY
Cost of sales 307,768 290,094 6.1 %
233,696 31.7 %
Depreciation 189,054 176,545 7.1 %
145,307 30.1 %
Other manufacturing
costs 118,714 113,549 4.5 %
88,389 34.3 %
Gross Profit 43,370 42,958 1.0 %
15,112 187.0 %
Gross Margin 12.4 % 12.9 %
6.1 %
-- Cost of sales increased to $307.8 million in 1Q06,
up 6.1% QoQ from
$290.1 million in 4Q05, primarily due to increased
wafer shipments and
depreciation expenses.
-- Gross profit increased to $43.4 million in 1Q06, up
1.0% QoQ from $43.0
million in 4Q05 and up 187.0% YoY from $15.1 million
in 1Q05.
-- Gross margins decreased to 12.4% in 1Q06 from 12.9%
in 4Q05.
Operating Expense Analysis
Amounts in US$ thousands 1Q06 4Q05
QoQ 1Q05 YoY
Total operating expenses 49,335 51,756
-4.7 % 37,086 33.0 %
Research and development 20,593 24,964
-17.5 % 15,956 29.1 %
General and administrative 11,749 9,803
19.8 % 8,164 43.9 %
Selling and marketing 5,970 6,349
-6.0 % 3,097 92.7 %
Amortization of acquired intangible
assets 11,023 10,640
3.6 % 9,869 11.7 %
-- Total operating expenses were $49.3 million in 1Q06,
a decrease of 4.7%
QoQ from $51.8 million in 4Q05.
-- R&D expenses decreased to $20.6 million in 1Q06,
down 17.5% QoQ from
$25.0 million in 4Q05, primarily due to the receipt
of subsidies for
such activities.
-- G&A expenses, including foreign exchange losses,
increased to $11.7
million in 1Q06, up 19.8% QoQ from $9.8 million in
4Q05, primarily due
to an increase in bad debt expense, personnel
related expenses, and
taxes.
-- Selling & marketing expenses decreased to $6.0
million in 1Q06, down
6.0% QoQ from $6.3 million in 4Q05.
-- Amortization of acquired intangible assets increased
to $11.0 million
in 1Q06, up 3.6% QoQ from $10.6 million in 4Q05.
Other Income (Expenses)
Amounts in US$ thousands 1Q06 4Q05
QoQ 1Q05 YoY
Other income (expenses) (8,865) (5,852) 51.5
% (8,012) 10.6 %
Interest income 4,595 4,120 11.5
% 1,928 138.3 %
Interest expense (12,201) (11,792) 3.5
% (7,688) 58.7 %
Other, net (1,259) 1,820 --
(2,252) -44.1 %
-- Other non-operating loss of $8.9 million in 1Q06, up
51.5% QoQ from a
loss of $5.9 million in 4Q05.
-- Interest expenses increased to $12.2 million in
1Q06, up 3.5% QoQ from
$11.8 million in 4Q05, primarily due to higher
interest rates.
3. Liquidity
Amounts in US$ thousands
1Q06 4Q05
Cash and cash equivalents
485,121 585,797
Short term investments
3,525 13,796
Accounts receivable
241,020 241,334
Inventory
196,585 191,238
Others
16,363 15,300
Total current assets
942,614 1,047,465
Accounts payable
286,884 262,318
Short-term borrowings
211,608 265,481
Current portion of long-term debt
246,081 246,081
Others
119,057 122,158
Total current liabilities
863,630 896,038
Cash Ratio
0.6x 0.7x
Quick Ratio
0.9x 0.9x
Current Ratio
1.1x 1.2x
Capital Structure
Amounts in US$ thousands 1Q06
4Q05
Cash and cash equivalents 485,121
585,797
Short-term investment 3,525
13,796
Current portion of promissory note 29,493
29,242
Promissory note 104,140
103,254
Short-term borrowings 211,608
265,481
Current portion of long-term debt 246,081
246,081
Long-term debt 431,504
494,556
Total debt 889,193
1,006,118
Net cash
(534,180) (539,021)
Shareholders' equity 3,019,086
3,026,099
Total debt to equity ratio 29.5 %
33.3 %
4. Cashflow & Capex
Amounts in US$ thousands
1Q06 4Q05
Net loss
(8,743) (14,978)
Depreciation & amortization
210,595 201,358
Amortization of acquired intangible asset s
11,024 10,640
Net change in cash
(100,676) 9,030
CAPEX plans
-- Capital expenditures for 1Q06 were $225 million.
-- Total planned capital expenditures for 2006 will be
approximately $1.1
billion and will be adjusted based on market
conditions.
5. 2Q06 outlook
The following statements are forward looking statements
which are based on current expectation and which involve
risks and uncertainties, some of which are set forth under
"Safe Harbor Statements" above.
-- Revenues expected to increase by 2% to 5% over
1Q06.
-- Utilization rate expected to be approximately 93% to
95%.
-- Gross margins expected to be roughly at the same
levels as 1Q06.
-- Operating expenses as a percentage of sales expected
to be at the same
levels as 1Q06.
-- Non-operating interest expense expected to be
approximately $11
million.
-- Capital expenditures expected to be approximately
$400 million to $450
million.
-- Depreciation and amortization expected to be
approximately $235 million
to $240 million.
6. Recent announcements
-- SMIC and CADENCE Deliver New Analog Mixed-Signal
Reference Flow to
Speed Fabless Chip Design [2006-04-13]
-- Announcement of 2005 Annual Results [2006-03-29]
-- SMIC Participates in SEMICON China 2006
[2006-03-21]
-- SMIC and Hangzhou Sicomm to Jointly Offer RF
Transmitter/Receiver Chip
[2006-03-21]
-- SMIC Receives Sony "Green Partner"
Certificates [2006-03-17]
-- Semiconductor Manufacturing International (Chengdu)
Corporation Holds
Grand Opening for Assembly and Testing Facility
[2006-03-17]
-- SMIC Signs Agreement with TTsilicon Ltd to Increase
Support for its
Fabless Semiconductors Customers in UK and Northern
Europe [2006-03-
14]
-- Tensilica, Virage Logic and SMIC Partner to Provide
Hard Macro Versions
of Diamond Standard Processor Cores [2006-02-21]
-- Clarification Announcement [2006-02-08]
-- Resignation of Non-executive Director and
Appointment of Non-executive
Director [2006-02-07]
-- SMIC reports 2005 fourth quarter results
[2006-02-06]
-- SMIC-Manufactured, Guoxin-Designed Chip Wins
Technology Innovation
Award [2006-01-18]
-- SMIC and ARC International to Jointly Bring
Configurable Processors to
China [2006-01-09]
-- SMIC Adopts Mentor Graphics' Eldo Simulator to
Analog Circuits for its
0.13-micron and Below Process Nodes [2006-01-06]
-- Infineon and SMIC Extend Agreement into 90nm
Manufacturing [2006-01-
06]
-- SMIC Extends NROM Technology License Agreement With
SAIFUN [2006-01-
04]
Please visit SMIC's website at
http://www.smics.com/website/enVersion/Press_Center/pressRelease.jsp
for further details regarding the recent announcements.
Semiconductor Manufacturing International
Corporation
CONSOLIDATED BALANCE SHEET
(In US dollars)
As of
the end of
March 31, 2006
December 31, 2005
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents 485,120,565
585,796,887
Short term investments 3,525,210
13,795,859
Accounts receivable, net of
allowances of $3,155,788 and
$1,091,340, respectively 241,020,392
241,333,914
Inventories 196,584,559
191,237,636
Prepaid expense and other current
assets 16,363,507
15,300,591
Total current assets 942,614,233
1,047,464,887
Land use rights, net 41,392,218
34,767,518
Plant and equipment, net 3,286,544,385
3,285,631,131
Acquired intangible assets, net 191,933,630
195,178,898
Long-term investment 16,762,335
17,820,890
Other non-current assets 2,342,957
2,552,407
TOTAL ASSETS 4,481,589,758
4,583,415,731
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 286,884,436
262,318,432
Accrued expenses and other current
liabilities 89,469,845
92,916,030
Short-term borrowings 211,607,902
265,481,082
Current portion of promissory note 29,492,874
29,242,001
Current portion of long-term debt 246,081,155
246,080,580
Income tax payable 93,634
--
Total current liabilities 863,629,846
896,038,125
Long-term liabilities:
Promissory note 104,140,277
103,254,436
Long-term debt 431,504,129
494,556,385
Other long-term payable 25,395,010
24,686,398
Total long-term liabilities 561,039,416
622,497,219
Total liabilities 1,424,669,262
1,518,535,344
Commitments
Minority interest 37,834,500
38,781,863
Stockholders' equity:
Ordinary shares£¬$0.0004 par
value, 50,000,000,000 shares
authorized, shares issued
and outstanding 18,318,402,283
and 18,301,680,867, respectively 7,327,361
7,320,674
Warrants 32,387
32,387
Additional paid-in capital 3,268,265,625
3,291,407,447
Notes receivable from
stockholders --
--
Accumulated other comprehensive
income 122,675
138,978
Deferred stock compensation --
(24,881,919)
Accumulated deficit (256,662,052)
(247,919,043)
Total stockholders' equity 3,019,085,996
3,026,098,524
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 4,481,589,758
4,583,415,731
Semiconductor Manufacturing International
Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
March 31, 2006
December 31, 2005
(unaudited)
(unaudited)
Sales 351,137,952
333,051,413
Cost of sales 307,767,802
290,093,917
Gross profit 43,370,150
42,957,496
Operating expenses:
Research and development 20,592,655
24,963,969
General and administrative 11,748,899
9,803,070
Selling and marketing 5,970,146
6,348,944
Amortization of acquired intangible
assets 11,023,590
10,639,905
Total operating expenses 49,335,290
51,755,888
Loss from operations (5,965,140)
(8,798,392)
Other income (expenses):
Interest income 4,595,384
4,119,974
Interest expense (12,201,407)
(11,791,740)
Others, net (200,656)
2,214,436
Total other income (expenses), net (7,806,679)
(5,457,330)
Net loss before income taxes (13,771,819)
(14,255,722)
Income tax 13,985
151,636
Minority interest 947,364
(175,970)
Share of loss of affiliate company (1,058,555)
(395,013)
Cumulative effect of a change in
accounting principle 5,153,986
--
Net loss (8,743,009)
(14,978,341)
Deemed dividends on preference shares --
--
Loss attributable to holders of
ordinary shares (8,743,009)
(14,978,341)
On the basis of net loss before
accounting change per share,
basic/diluted (0.0008)
(0.0008)
Cumulative effect of a change in
accounting principal per share,
basic/diluted 0.0003
--
Net loss per share, basic/diluted (0.0005)
(0.0008)
On the basis of net loss before
accounting change per ADS (0.0380)
(0.0410)
Cumulative effect of a change in
accounting principal per ADS 0.0141
--
Net loss per ADS, basic/diluted (1) (0.0239)
(0.0410)
Ordinary shares used in calculating
basic/diluted income per ordinary
share (in millions) 18,278
18,251
Amortization of deferred stock
compensation related to:
Cost of sales 3,127,678
2,937,243
Research and development 1,281,330
1,217,349
General and administrative 1,211,830
1,681,284
Selling and marketing 543,929
649,418
Total 6,164,767
6,485,294
(1) 1 ADS equals 50 ordinary shares
Semiconductor Manufacturing International
Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
(In US dollars)
For the
three months ended
March 31, 2006
December 31, 2005
(unaudited)
(unaudited)
Operating activities:
Loss attributable to holders of
ordinary shares (8,743,009)
(14,978,341)
Cumulative effect of a change in
accounting principle (5,153,986)
--
Net loss (13,896,995)
(14,978,341)
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Minority interest (947,364)
175,970
Gain (loss) on disposal of plant and
equipment 1,018
(1,776,513)
(Reversal of) Bad debt expense --
807,249
Depreciation and amortization 210,595,208
201,358,428
Amortization of acquired intangible
assets 11,023,590
10,639,905
Amortization of deferred stock
compensation 6,164,767
6,485,294
Non-cash interest expense on
promissory notes 1,465,312
2,037,607
Loss on long-term investment 1,058,555
519,284
Changes in operating assets and
liabilities:
Accounts receivable 313,522
(29,318,399)
Inventories (5,346,923)
(8,387,032)
Prepaid expense and other current
assets (853,466)
(5,937,696)
Accounts payable 3,521,334
(5,242,931)
Accrued expenses and other current
liabilities (10,144,265)
17,817,242
Income tax payable 93,634
--
Net cash provided by operating
activities 203,047,927
174,200,067
Investing activities:
Purchases of plant and equipment (197,518,652)
(208,688,953)
Purchases of acquired intangible
assets (1,439,000)
(3,749,999)
Purchase of short-term investments --
(12,183,063)
Proceeds paid for long-term
investment --
--
Sale of short-term investments 10,250,212
3,983,468
Proceeds received from living
quarter sales --
7,948,629
Proceeds from disposal of fixed
assets 1,167,914
2,630,000
Net cash used in investing
activities (187,539,526)
(210,059,918)
Financing activities:
Proceeds from short-term borrowings 65,125,158
64,320,752
Proceeds from long-term debt 59,988,601
49,909,022
Repayment of long-term debt (123,040,282)
-
Repayment of promissory notes --
(5,000,000)
Repayment of short-term borrowings (118,998,338)
(65,347,912)
Proceeds from exercise of employee
stock options 736,003
762,710
Collection of notes receivables from
employees --
247,137
Net cash provided by financing
activities (116,188,858)
44,891,709
Effect of foreign exchange rate
changes 4,135
(1,562)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (100,676,322)
9,030,296
CASH AND CASH EQUIVALENTS, beginning
of period 585,796,887
576,766,591
CASH AND CASH EQUIVALENTS, end of
period 485,120,565
585,796,887
For more information, please contact:
Investor Contacts:
Jimmy Lai
Tel: +86-21-5080-2000 x16088
Mobile: +852-9435-2603
Email: jimmy_lai@smics.com
Calvin Lau
Tel: +86-21-5080-2000 x16693
Mobile: +86-136-3646-8590
Email: calvin_lau@smics.com
Douglas Hsiung
Tel: +86-21-5080-2000 x12804
Mobile: +86-137-9527-2240
Email: douglas_hsiung@smics.com
SOURCE Semiconductor Manufacturing International
Corporation
2007'02.01.Thu
Philips Partners with EDDA Technology to Increase Detection Rate of Lung Lesions with Digital Radiography
April 27, 2006
Agreement with Diagnostic Image Analysis Software Developer to Enable Earlier Disease Diagnosis
AUSTIN, Texas, April 27 /Xinhua-PRNewswire/ -- At the
Society for Computer Applications in Radiology's (SCAR)
annual meeting, Royal Philips Electronics (NYSE: PHG; AEX:
PHI) today announced that it has entered a strategic
partnership with EDDA Technology to provide advanced
digital radiography solutions to assist in the detection of
lung lesions. Philips has licensed EDDA Technology's
IQQA-Chest software, which is designed to help clinicians
identify, quantify, evaluate and report pulmonary nodules.
The innovative software will be available as part of the
Philips digital radiography portfolio, providing an
integrated hardware and software solution.
By bridging the gap between the clinician's
interpretation based upon patient-specific knowledge and
computer analysis of the information captured by the X-ray,
IQQA-Chest helps clinicians increase their performance while
improving the efficiency for the analysis of each image. In
clinical environments, the solution has been shown to
increase the discovery rates of small nodules up to over 85
percent in comparison to detection without IQQA assistance,
which varies between 35 and 65 percent. The first
real-time interactive diagnostic analysis system,
IQQA-Chest integrates advanced computer analysis technology
into the clinicians' diagnostic process.
"Early diagnosis of diseases such as lung cancer
can dramatically improve the clinical outcome for
patients," commented Dr. Peter Reimer, global
marketing director General X-Ray, Philips Medical Systems.
"Through our partnership with EDDA Technology we're
providing clinicians with a new set of tools to aid in
their detection of lung lesions at an early stage.
IQQA-Chest complements our extensive radiography product
portfolio and will ultimately lead to greater diagnostic
confidence, resulting in better quality of care for
patients."
"Our partnership with Philips reflects the
increasingly important role that advanced computer
assistance plays in the diagnosis of potentially
life-threatening diseases," said Dr. Jian-Zhong Qian,
president and CEO of EDDA Technology. "By combining
IQQA-Chest with the broad Philips digital radiography
portfolio clinicians can benefit from a powerful diagnostic
solution across a wide range of equipment types. We are
pleased about the strategic alliance with Philips and look
forward to working closely together in future developments
of our innovative solution."
IQQA-Chest will be available in combination with the
entire Philips digital radiography portfolio, including
DigitalDiagnost, the company's state-of-the-art solution
for direct digital radiography. The product will initially
be available in the United States and China where the
product has received regulatory clearance, and will become
available in additional countries from 2007.
A demonstration of IQQA-Chest will be featured at the
Philips booth at the SCAR annual meeting, booth number
623.
IQQA is a registered trademark of EDDA Technology,
Inc.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE:
PHG; AEX: PHI) is one of the world's biggest electronics
companies and Europe's largest, with sales of $37.7 billion
(EUR 30.4 billion) in 2005. With activities in the three
interlocking domains of healthcare, lifestyle and
technology and 161,498 employees in more than 60 countries,
it has market leadership positions in medical diagnostic
imaging and patient monitoring, color television sets,
electric shavers, lighting and silicon system solutions.
News from Philips is located at
http://www.philips.com/newscenter .
About EDDA Technology, Inc.
EDDA Technology, Inc. is a clinical computer solution
provider in diagnostic imaging and analysis. EDDA offers a
series of new generation software products to enable early
detection of diseases and to enhance precision in diagnosis
and treatment. EDDA's goal is to deliver advanced
information analysis technologies that improve clinical
workflow and accuracy. A privately held Delaware
corporation, EDDA is headquartered in Princeton Junction,
New Jers
2007'02.01.Thu
Buongiorno Launches Version 4.0 of Its Digital Marketplace Technology Platform B!3A
April 27, 2006
HONG KONG, April 27 /Xinhua-PRNewswire/ -- Buongiorno
announces the launch of the newest generation of B!3A, the
Group's proprietary technology platform conceived to
design, build, manage and provide high quality services to
leading businesses and to mobile consumers globally.
The B!3A platform provides an extensive set of tools
that are necessary to perform all the key tasks needed to
create and operate a complete digital content marketplace.
Among the main features: Content aggregation, Content
management, Portal Management (browsing and downloading),
Service Delivery, Billing, Reporting and Business
Intelligence.
Companies licensing B!3A, get access to a turnkey
solution for competing in the digital content market.
The B!3A 4.0 release adds new functionalities enabling
Buongiorno business clients to step-up control over all
mobile content management and distribution services. New
components include:
-- a Multi channel publishing engine: A powerful
XML/XSLT based engine
allows generating and maintaining multiple interface
digital stores (WAP,
Web, etc.) which give access to a rich content
catalogue integrated with
the content repository or opened to external data
feeds.
-- a one-to-one ADServer component: Far from an
ordinary banner server,
the B!3A ADServer provides the definitive one-to-one
campaign management.
By leveraging its internal targeting engine, it
provides personalized
navigation and offering to every single profiled user.
-- a Business Intelligence Module: Every single
transaction related to
mobile services is captured in the real-time reporting
engine which
clearly answers what every digital service manager
wants to know: "How
much money am I earning at this very moment?"
The B!3A 4.0 release also expand the scale and
capabilities of all previous B!3A main features such as
multi format content repository (i.e. video clips, still
images, OTA objects, DRM protected full track music, ... );
integrated video encoding platform; multi virtual store
based music factory, peer to peer community services,
interactive mobile video and audio user generated content
management engine; high performance delivery engine, and
customer care and billing system.
B!3A 4.0 allows mobile and fixed operators, service
providers, and content providers to offer their customers
simple access to current and future messaging,
infotainment, and handset personalization services. The
B!3A platform, operating from Buongiorno Vitaminic data
centers, is currently managing services for a potential
audience of nearly 1 billion clients (50% of the total 2
billion mobile users worldwide).
For additional information: http://www.buongiorno.com
and http://www.blinko.com .
For more information, please contact:
Monica Montefusco, Global PR & Events Manager
Email: monica.montefusco@buongiorno.com
SOURCE Buongiorno Vitaminic SPA
2007'02.01.Thu
W.P. Stewart & Co., Ltd. Reports Net Income For First Quarter 2006 of $ 12.7 Million
April 27, 2006
Diluted Earnings Per Share of $0.28 for the First Quarter
HAMILTON, Bermuda, April 27 /Xinhua-PRNewswire/ -- W.P.
Stewart & Co., Ltd. today reported net income of $12.7
million, or $0.28 per share (diluted) and $0.28 per share
(basic), for the first quarter ended 31 March 2006. This
compares with net income in the first quarter of the prior
year of $12.8 million or $0.28 per share (diluted) and
$0.28 per share (basic).
Net income for the quarter ended 31 March 2006 of $12.7
million, adjusted for the add-back of $1.8 million,
representing non-cash expenses of depreciation,
amortization and other non-cash charges on a tax-effected
basis ("cash earnings"), was $14.5 million, or
$0.32 per share (diluted). In the same quarter of the
prior year, cash earnings were $15.3 million (net income of
$12.8 million adjusted for the add-back of $2.5 million
representing non-cash expenses of depreciation,
amortization and other non-cash charges on a tax-effected
basis), or $0.33 per share (diluted).
For the first quarter of 2006 there were 45,941,269
common shares outstanding on a weighted average diluted
basis compared to 45,861,264 common shares outstanding for
the first quarter of 2005 on the same weighted average
diluted basis.
Performance
Performance in the W.P. Stewart & Co., Ltd. U.S.
Equity Composite (the "Composite") for the first
quarter of 2006 was +1.5% pre-fee and +1.2% post-fee. This
compares with +4.2% for the S&P 500.
For the twelve month period ending 31 March 2006,
performance in the Composite was +14%, pre-fee and +12.8%,
post-fee. This compares with +11.7% for the S&P 500.
In each of the one, three, five and ten-year periods
ended 31 March 2006, performance of the W.P. Stewart U.S.
Equity Composite has exceeded the performance of the
S&P 500 on a pre-fee basis and for the one, five and
ten year periods on a post-fee basis.
Assets Under Management
Assets under management (AUM) at quarter-end were
approximately $9.4 billion, compared with approximately
$9.5 billion at 31 December 2005, and approximately $8.9
billion at 31 March 2005.
Total net flows of AUM for the quarter ended 31 March
2006 were approximately -$237 million, compared with total
net flows of approximately -$232 million and approximately
-$43 million in the fourth quarter and in the first quarter
of 2005, respectively.
In the quarter, net cash flows of existing accounts
were approximately -$31 million, compared with
approximately +$17 million and approximately +$31 million
in the fourth quarter and in the first quarter of 2005,
respectively.
Net new flows (net contributions to our
publicly-available funds and flows from new accounts minus
closed accounts) were approximately -$206 million for the
quarter compared to approximately -$249 million and
approximately -$74 million in the fourth quarter and in the
first quarter of 2005, respectively.
Look-Through Earning Power
W.P. Stewart & Co., Ltd. concentrates its
investments in large, generally less cyclical, growing
businesses. Throughout most of the Company's 30-year
history, the growth in earning power behind clients'
portfolios, as measured by earnings per share, has ranged
from approximately 10% to 20%, annually.
Currently the "look-through" earnings power
behind our clients' portfolios remains solidly positive
with portfolio earnings per share growth on a trailing four
quarter basis having advanced at the high end of the
historical range. The Company's research analysts expect
"look-through" portfolio earnings growth to be
within the 12-15% range over the next few years.
Revenues and Profitability
Revenues were $36.2 million for the quarter ended 31
March 2006, compared to $34.8 million for the same quarter
2005.
The average gross management fee was 1.14%, annualized,
for the quarter ended 31 March 2006, compared to 1.17%,
annualized, for the same quarter of the prior year.
Excluding performance fee based accounts, the average gross
management fee was 1.27% for the quarter ended 31 March
2006, compared to 1.28%, annualized, for the same quarter
of the prior year.
Total operating expenses increased approximately
$600,000 to $21.2 million, for the first quarter 2006, from
$20.6 million in the same quarter of the prior year.
During 2004, 2005 and through the first quarter of
2006, the Company issued restricted shares to various
employees. The non-cash compensation expense related to
these restricted share grants for the first quarter of
2006, which is included in "employee compensation and
benefits", was approximately $280,000 after adjusting
for a reversal of approximately $500,000 related to the
forfeiture of previously issued restricted shares. We
expect non-cash compensation expense related to these
restricted share grants to be at least $6.7 million for
2006.
Pre-tax income of $15.0 million was 41.4% of gross
revenues for the quarter ended 31 March 2006 compared to
$14.2 million or 40.9% of gross revenues in the comparable
quarter of the prior year.
The Company's provision for taxes for the quarter ended
31 March 2006 was $2.3 million versus $1.4 million in the
comparable quarter of the prior year. The tax rate was
15.6% of income before taxes for the quarter ended 31 March
2006 compared to 10% in the quarter ended 31 March 2005. The
increase in our tax rate relates to changes in the
allocation of our portfolio management activities among
various jurisdictions reflecting recent portfolio manager
departures and other management changes. The proportion of
our various activities based in high-tax jurisdictions has
increased somewhat relative to the activity based in
lower-tax jurisdictions. We are currently taking steps to
restore our historical geographical mix.
Other Events
The Company paid a dividend of $0.30 per common share
on 27 January 2006 to shareholders of record as of 13
January 2006, and will pay a dividend of $0.30 per common
share on 28 April 2006 to shareholders of record as of 13
April 2006.
Conference Call
In conjunction with this first quarter 2006 earnings
release, W.P. Stewart & Co., Ltd. will host a
conference call on Thursday, 27 April 2006. The conference
call will commence promptly at 9:15am (EDT). Those who are
interested in participating in the teleconference should
dial 1-800-370-0898 (within the United States) or
+973-409-9260 (outside the United States). The conference
ID is "W.P. Stewart". To listen to the live
broadcast of the conference over the Internet, simply visit
our website at www.wpstewart.com and click on the Investor
Relations tab for a link to the webcast.
The teleconference will be available for replay from
Thursday, 27 April 2006 at 12:00 noon (EDT) through Friday,
28 April 2006 at 5:00 p.m. (EDT). To access the replay,
please dial 1-877-519-4471 (within the United States) or
+973-341-3080 (outside the United States). The PIN number
for accessing this replay is 7280245.
You will be able to access a replay of the Internet
broadcast through Thursday, 4 May 2006, on the Company's
website at http://www.wpstewart.com. The Company will
respond to questions submitted by e-mail, following the
conference.
W.P. Stewart & Co., Ltd. is an asset management
company that has provided research-intensive equity
management services to clients throughout the world since
1975. The Company is headquartered in Hamilton, Bermuda and
has additional operations or affiliates in the United
States, Europe and Asia.
The Company's shares are listed for trading on the New
York Stock Exchange (NYSE: WPL) and on the Bermuda Stock
Exchange (BSX: WPS).
For more information, please visit the Company's
website at http://www.wpstewart.com, or call W.P. Stewart
Investor Relations (Fred M. Ryan) at 1-888-695-4092
(toll-free within the United States) or + 441-295-8585
(outside the United States) or e-mail to
IRINFO@wpstewart.com.
Statements made in this release concerning our
assumptions, expectations, beliefs, intentions, plans or
strategies are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve risks and uncertainties that
may cause actual results to differ from those expressed or
implied in these statements. Such risks and uncertainties
include, without limitation, the adverse effect from a
decline or volatility in the securities markets, a general
downturn in the economy, the effects of economic, financial
or political events, a loss of client accounts, inability of
the Company to attract or retain qualified personnel, a
challenge to our U.S. tax status, competition from other
companies, changes in government policy or regulation, a
decline in the Company's products' performance, inability
of the Company to implement its operating strategy,
inability of the Company to manage unforeseen costs and
other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations, industry capacity and trends, changes in
demand for the Company's services, changes in the Company's
business strategy or development plans and contingent
liabilities. The information in this release is as of the
date of this release, and will not be updated as a result
of new information or future events or developments.
W.P. Stewart & Co., Ltd.
Unaudited Condensed Consolidated Statements of
Operations
For the Three
Months Ended
Mar. 31, 2006 Dec. 31,
2005 Mar. 31, 2005
Revenue:
Fees $27,187,308
$34,339,458 $27,235,901
Commissions 8,260,794
10,087,334 7,189,398
Interest and other 798,077
1,035,520 408,497
36,246,179
45,462,312 34,833,796
Expenses:
Employee compensation and
benefits 7,738,837
12,575,819 7,227,596
Fees paid out 2,174,908
2,973,947 1,887,350
Commissions, clearance and
trading 1,642,079
2,103,729 1,486,802
Research and
administration 3,629,544
3,517,898 3,736,034
Marketing 1,711,094
1,600,230 1,539,959
Depreciation and
amortization 1,575,794
2,051,310 2,043,389
Impairment of intangible
asset -
12,452,978 -
Other operating 2,762,137
2,545,850 2,678,969
21,234,393
39,821,761 20,600,099
Income before taxes 15,011,786
5,640,551 14,233,697
Provision for taxes 2,347,675
2,868,987 1,423,370
Net income $12,664,111
$2,771,564 $12,810,327
Earnings per share:
Basic earnings per share $0.28
$0.06 $0.28
Diluted earnings per share $0.28
$0.06 $0.28
W.P. Stewart & Co., Ltd.
Unaudited Condensed Consolidated Statements of
Operations
%
Change From
Dec. 31, 2005
Mar. 31, 2005
Revenue:
Fees -20.83%
-0.18%
Commissions -18.11%
14.90%
Interest and other -22.93%
95.37%
-20.27%
4.05%
Expenses:
Employee compensation and benefits -38.46%
7.07%
Fees paid out -26.87%
15.24%
Commissions, clearance and trading -21.94%
10.44%
Research and administration 3.17%
-2.85%
Marketing 6.93%
11.11%
Depreciation and amortization -23.18%
-22.88%
Impairment of intangible asset -100.00%
0.00%
Other operating 8.50%
3.10%
-46.68%
3.08%
Income before taxes 166.14%
5.47%
Provision for taxes -18.17%
64.94%
Net income 356.93%
-1.14%
Earnings per share:
Basic earnings per share 366.67%
0.00%
Diluted earnings per share 366.67%
0.00%
W.P. Stewart & Co., Ltd.
Net Flows of Assets Under Management*
(in
millions)
For the
Three Months Ended
Mar. 31,
Dec. 31, Mar. 31,
2006
2005 2005
Existing Accounts:
Contributions $329
$260 $312
Withdrawals (360)
(243) (281)
Net Flows of Existing Accounts (31)
17 31
Publicly Available Funds:
Contributions 34
85 54
Withdrawals (69)
(38) (75)
Direct Accounts Opened 57
114 71
Direct Accounts Closed (228)
(410) (124)
Net New Flows (206)
(249) (74)
Net Flows of Assets Under
Management $(237)
$(232) $(43)
* The table above sets forth the total net flows of
assets under
management for the three months ended March 31,
2006, December 31, 2005
and March 31, 2005, respectively, which include
changes in net flows of
existing accounts and net new flows (net
contributions to our publicly
available funds and flows from new accounts minus
closed accounts). The
table excludes total capital appreciation or
depreciation in assets
under management with the exception of the amount
attributable to
withdrawals and closed accounts.
For more information, please contact:
Fred M. Ryan
W.P. Stewart & Co., Ltd.
Tel: +1-441-295-8585
SOURCE W.P. Stewart & Co., Ltd.
2007'02.01.Thu
Verizon Ethernet Services Receive Certification from Metro Ethernet Forum
April 27, 2006
Certification by Foremost Standards-Setting Authority Underscores Verizon Business' Leading Ethernet and IP Networking Capabilities for Business and Government Customers
BASKING RIDGE, N.J., April 27 /Xinhua-PRNewswire/ --
Verizon Business today announced that the Metro Ethernet
Forum (MEF), regarded as the foremost standards-setting
authority on carrier Ethernet services, has awarded
certification to the complete suite of Verizon global
Carrier Ethernet services. A leading provider of these
services, Verizon Business is among the first providers to
receive certification for adopting global Ethernet
interoperability standards as defined by the MEF.
"Achieving MEF certification is yet another
significant leadership milestone for us in the Ethernet
business market," said Ed McGuinness, chief marketing
officer for Verizon Business. "Verizon Business is
both adopting best practices and helping to define the
standards that enable companies to benefit from the
simplicity, flexibility and cost-savings associated with
Ethernet and IP networking. And because Verizon Business
has a local-to-global focus, our customers can rest assured
that their Ethernet services will have the same great look
and feel whether they span cities or continents."
By meeting the specifications for each of four key
Ethernet service areas identified and tested by the MEF --
E-LAN, Ethernet Virtual Private Line (EVPL), Ethernet
Private Line (EPL) and Dedicated SONET Ring Ethernet --
Verizon received certification for its comprehensive suite
of Ethernet services. In addition, Verizon was the only
service provider to be recognized for offering metro,
national and global Ethernet services.
According to Stan Hubbard of Light Reading, "MEF
services certification is a key step toward driving greater
enterprise adoption of feature-rich Ethernet services
because it ensures that carrier offerings measure up to a
common set of criteria. When businesses are faced with a
dizzying array of choices between best-effort and
carrier-grade Ethernet services, certification is a handy
tool for quickly identifying a short list of potential
solutions. Over the longer term, I cannot see major
enterprises willing to buy Ethernet from anyone that does
not provide a certified service, which is why it is
advantageous for Verizon to be among the first certified
Ethernet providers."
Verizon customer George Gonzalez, director of
technology with Bergen County Technical Schools, said,
"From an enterprise customer perspective, Carrier
Ethernet certification provides the assurance that
Verizon's Ethernet WAN solution conforms to a specific set
of requirements and standards. Verizon is clearly
committed to providing its customers the best Ethernet
services."
Verizon Business' Ethernet portfolio includes Ethernet
Private Line (EPL) and Ethernet Virtual Private Line
(EVPL), which provide service in 145 metro markets in the
United States and in nine European countries, as well as
between the U.S. and Europe; E-LAN Services with 53 metro
markets in the U.S.; and Ethernet Access for Private IP and
the Internet throughout the U.S., in 19 European countries
and in seven countries within the Asia-Pacific region.
Customers have the option of using Ethernet services
either as a stand-alone in the U.S. and Europe, or as a
means of quickly and easily accessing the Internet or
Private IP -- Verizon Business' MPLS-based virtual private
network (VPN) offering and its fastest-growing service in
the U.S., Europe and the Asia-Pacific region.
With MEF certification, Verizon Business is providing
one of the broadest, deepest and best sets of Ethernet
connections available today.
Verizon Business, a unit of Verizon Communications
(NYSE: VZ), is a leading provider of advanced
communications and information technology (IT) solutions to
large business and government customers worldwide.
Combining unsurpassed global network reach with advanced
technology and professional service capabilities, Verizon
Business delivers innovative and seamless business
solutions to customers around the world. For more
information, visit http://www.verizonbusiness.com .
VERIZON'S ONLINE NEWS CENTER: Verizon news releases,
executive speeches and biographies, media contacts, high
quality video and images, and other information are
available at Verizon's News Center on the World Wide Web at
http://www.verizon.com/news . To receive news releases by
e-mail, visit the News Center and register for customized
automatic delivery of Verizon news releases.
For more information, please contact:
Jo Perrin, Europe,
Verizon
Tel: +44-7770-916004
Maria Montenegro, U.S.
Verizon
Tel: +1-202-262-9374
SOURCE Verizon
2007'02.01.Thu
World Health Organization Releases New Child Growth Standards
April 27, 2006
Standards Confirm That All Children Worldwide Have the Potential to Grow the Same
GENEVA, April 27 /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
containes 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 breastfed 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 breastfeeding as the optimal source of
nutrition during infancy. This will now allow accurate
assessment, measurement and evaluation of breastfeeding 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.
As of April 27th, the WHO Child Growth Standards will
be available at http://www.who.int/childgrowth .
Samples of the Child Growth Standards Charts are
available in .pdf format (under embargo until Thursday, 27
April, 1200 GMT) 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: +41-22-791-19-05
Mobile: +41-79-509-0686
Email: agarwals@who.int.
Jane McElligott
Communications Adviser
Noncommunicable diseases and Mental Health
WHO/HQ
Tel: +41-22-791-33-53
Mobile: +41-79-477-17-40
Email: mcelligottj@who.int
SOURCE World Health Organization
2007'02.01.Thu
Kenilworth Systems Corporation Receives Letter of Intent from PAGCOR
April 27, 2006
MINEOLA, N.Y., April 27 /Xinhua-PRNewswire/ --
Kenilworth Systems Corporation (OTC Pink Sheets: KENS) ...
Kenilworth Systems Corporation ("Kenilworth")
today reported the Company has received a "Letter of
Intent" from the Philippines Amusement and Gaming
Corporation ("PAGCOR"), the Republic of the
Philippines chartered government gaming monopoly. PAGCOR
partially owns and exclusively operates all fourteen (14)
Filipino casinos, some of which are located in exclusive
resort facilities frequented by Asian patrons. The letter
underscores PAGCOR's intention to implement the
Roulabette(R) Project while the more formal Memorandum of
Agreement ("MOA") will be processed by the
Philippines Legislature.
Herbert Lindo, Chairman and CEO stated, "We
requested the letter to demonstrate PAGCOR's desire to
implement Project Roulabette(R) while the approval of the
MOA takes its normal time course. With the letter, the
Company now can go forward with negotiations with satellite
and cable companies that may wish to offer the patented
Roulabette(R) System to their subscribers and obtain
permission for the broadcasts in their respective
jurisdictions. He further stated, "We now may also
commence negotiations with design and manufacturing
organizations for the equipment required to make
Roulabette(R) available throughout the industrialized
world."
In the mutually signed Letter of Intent, the Company
guarantees to pay PAGCOR a monthly payment, for hosting the
broadcasts, when they commence, over a ten (10) year
contract period in the amount of US$1 million for year one
(1); US$2 million for years two (2) and three (3); US$5
million for years four (4) through seven (7) and US$10
million for every year there after. The initial broadcast
will emanate from the new Hyatt Hotel and Casino in Manila
and may include Philippine Resorts that have casinos, with
an expected starting date early in 2007. The Company also
guaranteed to have available US$25 million required in its
Business Plan which is incorporated in the MOA.
Mr. Lindo reiterated that "Kenilworth believes
Roulabette(R) will become a US$500 billion net win market
from wagering in five (5) years, by 2011, which will be
shared by all participating entities." The letter is
signed by Rene C. Figueora, Vice President - Administration
and Senior Managing Head RDD, PAGCOR.
FORWARD LOOKING STATEMENT
This release contains "forward-looking
statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation
Reform Act of 1995. "Forward-looking statements"
describe future expectations, plans, results, or strategies
and are generally preceded by words such as "may,"
"future," "plan" or "planned,"
"will" or "should,"
"expected," "anticipates,"
"draft," "eventually" or
"projected." You are cautioned that such
statements are subject to a multitude of risks and
uncertainties that could cause future circumstances,
events, or results to differ materially from those
projected in the forward-looking statements, including the
risks that actual results may differ materially from those
projected in the forward-looking statements as a result of
various factors, and other risks identified in a company's
annual report on Form 10-K or 10-Q and other filings made
by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating
the forward-looking statements included herein, and not
place undue reliance on such statements. The
forward-looking statements in this release are made as of
the date hereof and Kenilworth undertakes no obligation to
update such statements.
For more information, please contact:
Herbert Lindo,
Chairman & CEO of Kenilworth Systems Corp.
Tel: +1-516-741-1352
Email: Roulabette@aol.com
SOURCE Kenilworth Systems Corporation
2007'02.01.Thu
Demand Surges for Space at MIPIM ASIA 2006
April 27, 2006
PARIS, April 27 /Xinhua-PRNewswire/ -- Six months
before it welcomes the international property industry to
Hong Kong, MIPIM ASIA is already a major hit and has
extended its exhibition area by 25% to meet ever-growing
demand from interested companies.
MIPIM ASIA, which will be held from 27 to 29 September
2006 at the Hong Kong Convention and Exhibition Centre,
already reflects the diversity and increasing
internationalization of the real estate sector in this
region of the world.
"MIPIM not only helps in making new contacts but
also enables us to finalize already-announced transactions
with our partners," says George Jautze, CEO ING Real
Estate and Development. "With investments in Asia set
to double or even triple in the years ahead, we count on
MIPIM ASIA to boost our actions in this region, so we shall
naturally be attending this first event."
With 16 countries already represented and 46 companies
registered, this first MIPIM ASIA will be highly
international, featuring exhibiting companies such as:
-- Hong Kong Land -- one of the leading real estate
investment,
development and management firms in Asia, Hong Kong
Land manages
some 500,000 sq. meters of office and retail space
in the centre
of Hong Kong's business district. The group is
also developing
commercial and residential sites across Asia.
-- The Jerde Partnership -- a world-renowned
architecture and city
planning practice known for its innovative approach
to design.
Nearly 800 million people visit Jerde's unique
sites.
-- Sentosa -- located at the southern-most point of
Singapore,
Sentosa is a tropical island of 500 hectares that
has been
developed as Singapore's premium tourist site.
-- Dubai Properties -- a member of Dubai Holding,
Dubai Properties is
one the key developers in the United Arabs Emirates
and designs
large-scale real estate projects.
-- Sansiri -- offering high quality products and
services in retail
and residential real estate, Sansiri has a
reputation as one of the
largest real estate development and investments
players in
Thailand.
"The success of MIPIM ASIA 2006 reflects the
importance that real estate professionals give to this
international forum for the Asia Pacific region," says
Gilles Saint Georges Chaumet, Director of MIPIM ASIA.
"It is a meeting place where Asian and international
delegates will be able to lay the foundations for new
projects and partnerships with potential investors."
Based on the proven MIPIM concept, MIPIM ASIA will
offer real estate professionals from the entire Asia
Pacific region an opportunity to meet Asian and
international investors. As a communication and meeting
platform, MIPIM ASIA's role is to encourage business
dialogue between major players in the sector.
A consultative committee of high level real estate
professionals has been created to oversee the constant
improvement of the quality of this event:
-- Wilfred Wong, Vice Chairman, Shui On Land, China
-- Nick Brooke, Chairman, Professional Property
Services, Hong Kong
-- Srettha Thavisin, President, Sansiri Plc, Thailand
-- Daniel Teo, President, Hong How Group, Singapore
-- Peter Verwer, President, Property Council of
Australia, Australia
-- Thomas Ho, Property Director, MTRC, Hong Kong
-- Chun Wan Tong, Managing Director, Great Eagles
Development, Hong Kong
-- Jolyon Culbertson, Director and General Manager,
Swire
Properties, Hong Kong
-- Takayuki Hara, Director & Executive VP,
Mitsubishi Estates, Japan.
To access the press kit, information on exhibitors and
the agenda for MIPIM ASIA, go to www.mipimasia.com .
Note
Reed MIDEM is a leading organiser of professional,
international tradeshows. Reed MIDEM events have
established themselves as key dates in professional
diaries. The company hosts MIPDOC, MIPTV, MILIA, MIPCOM
JUNIOR and MIPCOM for the television and new media
industries, MIDEM for music professionals, MIPIM and MAPIC
for the property sector and GLOBAL CITY for urban
management specialists.
Reed MIDEM is a division of Reed Exhibitions, the
world's leading organiser of exhibitions and conferences
delivering over 460 events and serving 52 industry sectors.
Today Reed events are held in 38 countries throughout the
Americas, Europe, the Middle East and Asia Pacific.
For further information, please contact:
My-Lan CAO - Samantha GOMPEL
Tel: +33-1-41-904543 - 45 39
Fax: +33-1-41-906724
Email: mylan.cao@reedmidem.com /
samantha.gompel@reedmidem.com
Belinda CHAN, Creative Consulting Group, Hong Kong
Tel: +852-2372-0090
Email: belinda@creativegp.com
http://www.reedmidem.com
SOURCE Reed MIDEM
2007'02.01.Thu
King of Color Shoots New Motorola Color PEBL Handsets
April 27, 2006
David LaChapelle's dramatic vision features color PEBL handsets as covetable precious gems
LIBERTYVILLE, Ill., April 27 /Xinhua-PRNewswire/ --
Motorola, Inc. (NYSE: MOT) commissioned David LaChapelle,
world-renowned photographer and director, to capture the
highly anticipated colored PEBL(TM) handsets in a whimsical
photo shoot. These images, exclusively available to support
the public relations activities, bring together one of the
world's most unique and well-known photographers with one
of today's most innovative and visionary brands.
LaChapelle, whose approach to color is one of the most
distinctive in the visual arts, has created four
characteristically imaginative scenarios, each inspired by
one of the four PEBL color hues: orange, blue, green and
pink.
The concept casts the handsets as stunning gems on
display in a high-security museum, filled with ancient
artifacts from the natural world. Taken at LaChapelle's Los
Angeles studio in March 2006, the four shots depict a
striking female thief trying to steal the precious PEBL
Colors. LaChapelle creates a dark and mysterious imagery
for the set, which accentuates the handset's inspirational
vibrancy and design sophistication. Each picture discloses
a little more of the entire story:
-- ORANGE depicts the beautiful thief reaching through
a broken glass case
to steal the precious orange PEBL.
-- BLUE portrays the burglar dangling in mid-air,
having abseiled through
a glass ceiling. She swings into a guard, knocking
him to the floor
while snatching the blue PEBL from his grasp.
-- PINK shows the exquisite robber handing a pink PEBL
to her male
accomplice, while another carves through a metal
door to create an
escape route.
-- GREEN displays the thief ascending a rope ladder
through a broken glass
ceiling. Having nearly escaped, two guards try to
drag her into custody
while the green PEBL lies calmly in her open palm.
"David LaChapelle epitomizes color and creativity.
He is a perfect fit for this campaign and understands
completely that these two drivers are integral to
Motorola's design strategy and philosophy of self
expression," said Leslie Dance, corporate vice
president Global Marketing and Communications, Motorola.
"The photography is inspiring. It has the edge and
impact that we knew LaChapelle would bring to the PEBL
handset's vibrant look and energetic feel."
Consumers interested in additional information on the
Motorola PEBL colors, please visit
http://www.hellomoto.com/peblcolors.
Editors Note: For high-resolution images of Motorola's
consumer solutions, please visit:
www.motorola.com/motoinfo.
About David LaChapelle
David LaChapelle's work as a fashion and portrait
photographer, a filmmaker and music video director is
world-renowned. Recently ranked among the top ten most
important people in photography by American Photo,
LaChapelle got his first job from Andy Warhol working at
Interview Magazine.
Characterized by a strong use of color, LaChapelle's
often bizarre, but always stunning photographs have been
featured worldwide, however he shoots editorially for only
a small number of hand-picked publications such as Italian
Vogue, Vanity Fair, Rolling Stone, i-D, Vibe, Interview,
The Face and British GQ meaning that his work is highly
coveted by media outside of this circle.
David LaChapelle's photographs have been showcased in
gallery exhibitions around the world.
LaChapelle continues to create photographs that
confront our visual tastes and reimagine our contemporary
landscape.
http://www.davidlachapelle.com
About Motorola
Motorola is known around the world for innovation and
leadership in wireless and broadband communications.
Inspired by our vision of Seamless Mobility, the people of
Motorola are committed to helping you get and stay
connected simply and seamlessly to the people, information,
and entertainment that you want and need. We do this by
designing and delivering "must have" products,
"must do" experiences and powerful networks --
along with a full complement of support services. A Fortune
100 company with global presence and impact, Motorola had
sales of US $36.8 billion in 2005. For more information
about our company, our people and our innovations, please
visit http://www.motorola.com.
MOTOROLA and the Stylized M Logo are registered in the
US Patent & Trademark Office. All other product or
service names are the property of their respective owners.
For more information, please contact:
Shannon Swallow
Motorola, Inc.
Tel: +1-847-668-7086
Email: shannons@motorola.com
SOURCE Motorola, Inc.
2007'02.01.Thu
InterContinental Hotels Group Clinches Yet Another "Deal of the Year" Award
April 27, 2006
-- Award presented by HVS International in recognition
of Group's recent
landmark deal in Sichuan province
-- Past awards received for the InterContinental
Bangkok and Holiday Inn
Bangkok management contract in 2003 and successful
acquisition of
InterContinental Hong Kong in 2001
SHANGHAI, China, April 27 /Xinhua-PRNewswire/ --
InterContinental Hotels Group's recent landmark signing
with Chengdu International Exhibition & Convention
Group to manage six hotels and 4,500 rooms in Chengdu and
Jiuzhaigou in China's Sichuan province has been named
"Deal of the Year" by HVS International, the
world's largest hotel consulting, valuation and investment
services group. Presented earlier today at the China Hotel
Investment Summit held in Shanghai, the award is judged by a
panel of senior international hospitality professionals from
both the investment consultancy and hotel management sectors
worldwide.
This deal with Chengdu International Exhibition &
Convention Group, signed in February this year, is
InterContinental Hotels Group's largest single deal in
China. It puts the Group - which currently manages 52
hotels in China - in a strong position to reach its target
of having 125 hotels open in China by 2008.
Of the six hotels that are part of the deal, three
hotels will be located in Chengdu city as part of the New
Century City integrated complex, incorporating a convention
centre, shopping and entertainment facilities, offices and
residences. They comprise an InterContinental hotel and
two Holiday Inn hotels.
The other three properties, located in the
UNESCO-listed Jiuzhaigou Scenic Area, will be launched as
an InterContinental resort, a Holiday Inn hotel and an
Express by Holiday Inn hotel. The InterContinental resort
in Jiuzhaigou, currently operating as the Jiuzhai Paradise
Resort, is on the Golden Pillow Awards' list of Top 10
Resorts in China.
Commenting on the award, A. Patrick Imbardelli, chief
executive of InterContinental Hotels Group, Asia Pacific
said, "This accolade is more than an acknowledgement
of a superb deal signed with one of China's best known
developers. It is firm recognition of our commitment to
the Chinese market, our position as China's leading hotel
company, and proof that InterContinental Hotels Group is
indeed the partner of choice for hotel developers and
owners. This is yet another feather in the cap for the best
development team in the hotel industry."
InterContinental Hotels Group has a successful track
record of award-winning deals. In 2003, the Group received
the "Deal of the Year" award for its contract to
manage the InterContinental Bangkok and Holiday Inn
Bangkok. In 2001, the award was also presented to the Group
for its US$346 million acquisition of the InterContinental
Hong Kong, one of the largest acquisitions in the Asian
hotel industry.
InterContinental Hotels Group is the world's largest
hotel group by number of rooms and the largest
international hotel group in Greater China. It has a
portfolio of 52 hotels in nearly 30 cities across Greater
China, and more than 10 hotels are scheduled to open in
various locations throughout the year.
About InterContinental Hotels Group PLC
InterContinental Hotels Group PLC of the United Kingdom
(LON: IHG; NYSE: IHG (ADRs)) is the world's largest hotel
group by number of rooms. InterContinental Hotels Group
owns, manages, leases or franchises, through various
subsidiaries, over 3,600 hotels and 537,500 guest rooms in
nearly 100 countries and territories around the world. The
Group owns a portfolio of well recognised and respected
hotel brands including InterContinental(R) Hotels &
Resorts, Crowne Plaza(R) Hotels & Resorts, Holiday
Inn(R) Hotels and Resorts, Holiday Inn Express(R),
Staybridge Suites(R), Candlewood Suites(R) and Hotel
Indigo(TM), and also manages the world's largest hotel
loyalty programme, Priority Club(R) Rewards.
Asia Pacific is the fastest growing region for
InterContinental Hotels Group worldwide. The Group's
portfolio in this region includes more than 160 hotels and
over 45,000 guest rooms under the InterContinental(R)
Hotels & Resorts, Crowne Plaza(R) Hotels & Resorts,
Holiday Inn(R) Hotels and Resorts, and Express by Holiday
Inn(R) brands.
InterContinental Hotels Group offers information and
online reservations for all its hotel brands at
http://www.ichotelsgroup.com and information for the
Priority Club Rewards programme at
http://www.priorityclub.com .
For the latest news from InterContinental Hotels Group,
visit our online Press Office at http://www.ihgplc.com/media
.
For further press information and photos, please
contact:
Sharona Tao
Brand Public Relations & Communications Manager,
Greater China
InterContinental Hotels Group
Tel: +86-21-2893-3309
Fax: +86-21-2893-3399
Email: sharona.tao@ichotelsgroup.com
SOURCE InterContinental Hotels Group PLC
2007'02.01.Thu
OmniVision Expands Automotive CameraChip(TM) Family
April 27, 2006
SUNNYVALE, Calif., April 27 /Xinhua-PRNewswire/ --
OmniVision Technologies, Inc. (Nasdaq: OVTI), a world
leading supplier of CMOS image sensors, today launched its
OV7949, the newest member of its automotive CameraChip
family. The OV7949 is a new high-performance,
highly-integrated analog CMOS image sensor based on
OmniVision's proprietary OmniPixel(TM) architecture. The
single-chip sensor's excellent low-light sensitivity and
significantly reduced blooming make it ideal for automotive
applications.
Reduced blooming capability is important for rearview
cameras, which need to be able to `see' even when faced
with bright headlights of trailing vehicles. Similarly,
reduced blooming capability is important for `black box'
cameras, which are intended to visually document accidents
for liability or insurance purposes, where the brightness
of the brake lights of a vehicle directly in front of the
sensor can blur or disturb the image and prevent a clear
documentation of events.
"We believe the strong performance of the new
OV7949 in extreme low-light conditions, combined with
reduced blooming and exceptional dynamic range, make this
the sensor of choice for our automotive customers,"
commented Hasan Gadjali, Vice President Advanced Products
at OmniVision. "Product evaluation of the OV7949 by
top-tier automotive suppliers and OEMs is already underway,
and early feedback has been very encouraging."
The OV7949 is an enhanced, pin-compatible PQFP packaged
upgrade to its predecessor, the OV7940, which was launched
last year. The new OV7949 has an operating temperature
range of -40 degrees C to +105 degrees C and is built to
the stringent specifications of the Automobile Electronics
Council AEC-Q100 criteria encompassing a series of
preconditioning, humidity, high temperature cycle,
mechanical, optical and electrical test parameters.
The OV7949 is currently available in sample
quantities.
About OmniVision
OmniVision Technologies designs and markets
high-performance semiconductor image sensors. Its OmniPixel
and CameraChip products are highly integrated single-chip
CMOS image sensors for mass-market consumer and commercial
applications such as mobile phones, digital still cameras,
security and surveillance systems, interactive video games,
PCs and automotive imaging systems. Additional information
is available at http://www.ovt.com .
Safe-Harbor Statement
Certain statements in this press release, including
statements regarding the performance and capabilities of
and the anticipated demand for OmniVision's OV7949 CMOS
image sensor, are forward-looking statements that are
subject to risks and uncertainties. These risks and
uncertainties, which could cause the forward-looking
statements and OmniVision's results to differ materially,
include, without limitation: potential errors, design
flaws or other problems with the OV7949 CMOS image sensor;
customer acceptance and demand for the OV7949; and the
other risks detailed from time to time in OmniVision's
Securities and Exchange Commission filings and reports,
including, but not limited to, OmniVision's annual reports
filed on Form 10-K and quarterly reports filed on Form
10-Q. OmniVision disclaims any obligation to update
information contained in any forward-looking statement.
For more information, please contact:
For investors
Steven Horwitz
OmniVision Technologies, Inc.
Tel: +1-408-542-3263
For media
Martijn Pierik
Impress Public Relations
Tel: +1-602-366-5599
Email: martijn@impress-pr.com
Scott Foster
OmniVision Technologies, Inc.
Tel: +1-408-542-3077
Email: sfoster@ovt.com
SOURCE OmniVision Technologies, Inc.
2007'02.01.Thu
Corning Announces First-Quarter Results
April 27, 2006
Results exceed guidance
Corning to restate 2003 Pittsburgh Corning Corporation litigation settlement
Corning to restate 2003 Pittsburgh Corning Corporation litigation settlement
CORNING, N.Y., April 27 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE:GLW) today announced first-quarter sales
of $1.26 billion, with net income of $257 million, or $0.16
per share.
Corning's first-quarter results included special
charges totaling $168 million, or $0.11 per share.
Excluding these charges, Corning's first-quarter net income
would have been $425 million, or $0.27 per share. These are
non-GAAP financial measures. These and all non-GAAP
financial measures are reconciled on the company's investor
relations Web site and in attachments to this news release.
The company's first-quarter results exceeded its sales
guidance range of $1.2 billion to $1.25 billion and
significantly exceeded its guidance for earnings. Corning
began expensing stock options in the first quarter of 2006.
First-quarter results included $0.01 per share of expense
related to stock options.
"Our first-quarter results were very
satisfying," Wendell P. Weeks, president and chief
executive officer, said. "We continue to be pleased
with the growth we experienced in our Display Technologies
segment. We also saw improved performance in our
Telecommunications, Life Sciences and Environmental
Technologies segments versus the fourth quarter."
Corning's first-quarter results were impacted by the
following non-cash items:
A $185 million pretax and after-tax net charge
primarily reflecting the increase in market value of
Corning common stock to be contributed to settle the
asbestos litigation related to the Pittsburgh Corning
Corporation.
A $38 million reduction in income tax expense related
to the release of the valuation allowance on certain
deferred tax assets in Germany.
A $21 million reduction in equity earnings related to
the impairment of long-lived assets at Samsung Corning
Company, Ltd., Corning's 50-percent owned equity venture in
Korea, which manufactures glass panels and funnels for
cathode ray tubes for televisions and computer monitors.
First-Quarter Operating Results
Corning's first-quarter sales of $1.26 billion
increased 5 percent over fourth-quarter sales of $1.2
billion, and increased 20 percent over last year's
first-quarter sales of $1.05 billion. Gross margin of 45
percent for the first quarter was consistent with the
fourth quarter.
Equity earnings for the first quarter were $200
million, including the $21 million impairment charge at
Samsung Corning. Absent this charge, equity earnings
reflect strong operating results at Dow Corning Corporation
and Samsung Corning Precision Glass Co., Ltd., (SCP),
Corning's 50-percent owned equity venture in Korea, which
manufactures liquid crystal display (LCD) glass substrates.
Corning's equity earnings from Dow Corning were $69 million
in the first quarter, a 38-percent increase over
fourth-quarter results. First-quarter equity earnings
include about $15 million of non-recurring gains.
First-quarter sales for Corning's Display Technologies
segment were $547 million, a 71-percent increase over 2005
first-quarter sales of $320 million. First-quarter
year-over-year LCD glass volume more than doubled.
Sequentially, first-quarter sales increased 6 percent over
fourth-quarter sales of $518 million.
Stronger-than-expected volume growth of 15 percent was
partially offset by the anticipated upper single-digit
price declines.
Samsung Corning Precision's first-quarter volume
increased 10 percent sequentially and 87 percent
year-over-year. Equity earnings from SCP were $140 million
in the first quarter, compared to $129 million in the
previous quarter.
Total volume in the Display Technologies segment,
including both Corning's wholly owned business and SCP,
increased 13 percent sequentially in the first quarter. Net
income for the Display Technologies segment was $417
million, up 13 percent compared to $368 million in the
fourth quarter.
First-quarter Telecommunications segment sales
increased 4 percent to $397 million versus $383 million
last quarter, primarily due to higher fiber and cable sales
in North America. Fiber-to-the-premises (FTTP) sales in the
first quarter increased slightly over fourth-quarter
results.
The Environmental Technologies segment had sales of
$155 million in the first quarter, compared to $142 million
in the fourth quarter of last year, a 9-percent increase.
The increase was driven by an improvement in global
automotive sales. The company also saw a 14-percent
sequential sales increase in its Life Sciences segment of
$72 million versus $63 million in the previous quarter.
Cash Flow/Liquidity Update
Corning ended the first quarter with $2.48 billion in
cash and short-term investments, an increase from $2.4
billion in the previous quarter. The company's debt level
remained at $1.8 billion. James B. Flaws, vice chairman and
chief financial officer, said, "We were delighted that
Standard & Poor's Rating Services raised its credit
rating on Corning to BBB from the previous grade of BBB
minus in early April. While we ended the quarter with a
negative $176 million of free cash flow, it was the result
of seasonally higher first-quarter working capital
expenditures, our continued capital spending in Display
Technologies, and our equity investment in SCP early in the
first quarter. We remain on track to be free cash flow
positive for the full year." Free cash flow is a
non-GAAP financial measure.
Restatement of 2003 Pittsburgh Corning Settlement
Corning has determined that its accounting for the 2003
Pittsburgh Corning Corporation (PCC) asbestos litigation
settlement was not in compliance with generally accepted
accounting principles (GAAP). Specifically, two components
of the settlement liability - Corning's investment in
Pittsburgh Corning Europe (PCE) and the proceeds of certain
insurance policies to be assigned - were accounted for at
book value rather than at estimated fair value, as required
by GAAP. The company also incorrectly suspended recognition
of equity earnings from Pittsburgh Corning Europe at that
time.
Corning management and its audit committee have
concluded that the company will restate its historical
financial statements to reflect the appropriate accounting.
The primary impact of this restatement will be to increase
the asbestos settlement liability by $94 million pretax,
($50 million after-tax) in the first quarter of 2003, and
to increase the deferred tax valuation allowance recorded
in the third quarter of 2004 by about $50 million. The
restatement will have no impact on 2005 reported earnings
per share. Corning will continue to recognize changes in
the fair value of all components of the liability until a
settlement occurs. Details of the restatement will be
included in a Form 8-K to be filed today.
Flaws said, "We would like to emphasize to
investors that this restatement is non-cash and solely
relates to our accounting for the asbestos settlement
liability and our investment in Pittsburgh Corning Europe.
Additionally, there has been no change to the accounting
for our contribution of Corning common stock as part of the
proposed settlement. We are awaiting the bankruptcy court's
ruling on the proposed settlement." The company said
that it will continue to have full access to its $975
million revolving credit agreement.
As a result of the 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.
Second-Quarter Outlook
Flaws said that the company expects second-quarter
sales to be in the range of $1.29 billion to $1.33 billion,
and EPS in the range of $0.24 to $0.26 before special items.
This EPS estimate is a non-GAAP financial measure and
excludes special items. The gross margin percentage for the
second quarter is expected to be in the range of 42 percent
to 44 percent. Corning expects that the second-quarter
corporate tax rate will be between 15 percent and 20
percent.
In the Display Technologies segment, Corning
anticipates that its second-quarter sequential volume
growth for its wholly owned business will be in the range
of flat to a 5 percent increase following very strong
first-quarter volume growth. Year-over-year volume growth
for the second quarter is expected to be greater than 60
percent. Samsung Corning Precision expects sequential
volume growth in a range from flat to up 5 percent and
year-over-year volume growth greater than 50 percent.
Corning said that it expects pricing declines in the second
quarter to be lower than first-quarter price declines.
Corning expects its Display segment sales to be consistent
with the first quarter.
Flaws said, "Some of the strong LCD demand that we
experienced last quarter may have contributed to an
inventory buildup in the supply channel late in the
quarter. This is contributing to Corning's slightly lower
sequential growth rate. In early April, a lightning strike
to a utility line caused a temporary power outage at our
Shizuoka, Japan LCD plant. This will result in slightly
lower second-quarter manufacturing volumes and unusually
high equipment repair expenses. These two items will result
in lower Display segment earnings in the second
quarter." Corning anticipates that no material
customer supply disruptions will result from the equipment
repair.
Corning's Telecommunications segment second-quarter
sales growth is expected to be in the range of 10 percent
to 15 percent, driven primarily by hardware and equipment
sales. Second-quarter sales in the company's Environmental
Technologies segment are expected to be down slightly from
the first quarter. Any weakness in the second quarter would
be driven primarily by the U.S. auto market.
The company anticipates second-quarter equity earnings
to be lower than the first quarter, due primarily to the
non recurring gains in the first quarter. Equity earnings
from Dow Corning are expected to be consistent with the
first quarter.
Weeks said, "We believe the LCD market will continue
to be strong over the course of the year, driven primarily
by the growing acceptance of LCD technology in the
television market. As we have told investors a number of
times, supply chain issues could impact our results in any
given quarter. However, we have not changed our view that
the LCD industry will grow between 40 percent and 50
percent this year and that Corning's Display segment will
grow at a rate faster than the industry."
Meeting Investors
The company also announced that it will be meeting
investors on Tuesday, May 2 at the Merrill Lynch Technology
conference in New York.
Annual Shareholders Meeting
Corning will hold its annual meeting of shareholders on
Thursday, April 27, 2006 beginning at 11 a.m. EDT at the
Corning Museum of Glass auditorium in Corning, N.Y.
First-Quarter Conference Call Information
The company will host a first-quarter conference call
at 8:30 a.m. EDT on Wednesday, April 26. To access the
call, dial (210) 234-0007. The password is RESULTS. The
leader is SOFIO. A replay of the call will begin at
approximately 10:30 a.m. EDT, and will run through 5 p.m.
EDT, Wednesday, May 10. To listen, dial (203) 369-1253, no
pass code is required. To listen to a live audio webcast of
the call, please go to Corning's Web site:
http://www.corning.com/investor_relations , and follow the
instructions. The audio webcast will be archived for one
year following the call.
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.
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
Daniel F. Collins
Tel: +1-607-974-4197
Email: collinsdf@corning.com
Investor Relations Contact:
Kenneth C. Sofio
Tel: +1-607-974-7705
Email: sofiokc@corning.com
SOURCE Corning Incorporated
2007'02.01.Thu
Tower Automotive Announces Leadership Changes in Its International Operations
April 27, 2006
NOVI, Mich., April 27 /Xinhua-PRNewswire/ -- Tower
Automotive (OTC Bulletin Board: TWRAQ.PK) today announced
that Dr. Gyula Meleghy, currently the president of Europe
and South America for Tower Automotive, and Vincent Pairet,
currently president of Asian Operations for Tower
Automotive, will switch positions effective July 1, 2006.
Dr. Meleghy will become president, Asia for Tower
Automotive and Mr. Pairet will become president, Europe and
South America for Tower Automotive. Both will continue to
report directly to Kathleen Ligocki, president and CEO of
the company.
"Both Gyula and Vincent have demonstrated
tremendous leadership in their regions," said Ligocki.
"The switch gives Gyula an opportunity to lead our
rapidly growing Asian operations based in Japan and
provides Vincent the chance to return to Europe after many
years abroad to lead our successful European and South
American business. I have great confidence that our
international operations will continue to strengthen and
grow, given the presidents' strong working relationships,
and that both leaders will continue to grow in their
careers."
Gyula Meleghy was appointed president, Europe and South
America for Tower in August 2004. He also has served as
chief operating officer Europe and has led European
Customer Service. Previously, Meleghy was president of the
Dr. Meleghy Group, a family-owned automotive supplier based
in Bergisch Gladbach, Germany, which was acquired by Tower
Automotive in 2000. Meleghy's responsibilities during his
time with the Dr. Meleghy Group included building up the
plants in Zwickau and Buchholz, Germany, as managing
director and leader of the press shops. Meleghy graduated
from the University of Cologne in 1980. He holds a PhD in
business and has more than 20 years of technical and
commercial experience in the automotive supplier industry.
Vincent Pairet joined Tower Automotive as vice
president, Asian Operations in September 2002. He was
promoted to president, Asian Operations on December 1,
2004. He came to Tower Automotive from Solvay Group,
Belgium's largest chemical/pharmaceutical group. While at
Solvay he held various management positions in Asia, Europe
and North America. Those positions included president,
Asia, INERGY Automotive Systems, a 50/50 joint venture
between Solvay and Plastic Omnium (France), and president,
Solvay Automotive Asia K.K. (Japan). He also served as
business development director for Solvay S.A. in Brussels,
Belgium, and as marketing director, Solvay Automotive Inc.
in Troy, Mich.
Pairet began his career with Solvay as deputy general
manager, Automotive Division in Brussels. He holds a
master's degree in engineering with a major in architecture
from the Universite Catholique de Louvain in
Louvain-la-Neuve, Belgium. He also has an MBA in finance
and international business from the Katholieke Universiteit
te Leuven in Leuven, Belgium.
About Tower Automotive
Tower Automotive, Inc. is a global designer and
producer of vehicle structural components and assemblies
used by every major automotive original equipment
manufacturer, including BMW, DaimlerChrysler, Fiat, Ford,
GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and
Volvo. Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components. Additional company
information is available at http://www.towerautomotive.com
.
NOTE TO EDITORS: High-resolution photos of Meleghy and
Pairet will be available at 4 p.m. EDT -- please visit
http://tower.quell.com .
For more information, please contact:
Joe Kirik
Tower Automotive, Inc.
Tel: +1-248-675-6253
SOURCE Tower Automotive, Inc.
2007'02.01.Thu
TOM Online to Report 2006 First Quarter Results on May 10
April 26, 2006
BEIJING, April 26 /Xinhua-PRNewswire/ -- TOM Online
Inc. (Nasdaq: TOMO; Hong Kong GEM: 8282), a leading
wireless Internet company in China, will announce its
financial results for the first quarter ended March 31st,
2006 after Hong Kong market hours on Wednesday, May 10th,
corresponding with Wednesday morning, May 10th, in US time
zones.
Company management will hold an investor conference
call at 8:00 PM Hong Kong time (8:00 AM EDT) to present an
overview of the Company's first quarter financial
performance and business operations during the period.
The dial-in numbers for the call are:
Australia: 1-800-750-079; China A (China Netcom
subscribers): 10800-852-0823; China B (China Telecom
subscribers): 10800-152-0823; Hong Kong: 2258-4002; India:
000-800-852-1133; Singapore: 800-852-3412; United Kingdom:
0800-096-7428; USA: 877-542-7993.
Password: TOM Online.
The conference call will be accompanied by a slide
presentation on http://ir.tom.com . An audio replay of the
call can be accessed by dialing +852-2802-5151; password:
735220. The audio replay will be kept for seven days.
About TOM Online Inc.
TOM Online Inc. (Nasdaq: TOMO, Hong Kong GEM: 8282) is
a leading wireless Internet Company in China providing
value-added multimedia products and services. A premier
online brand in China targeting the young and trendy
demographics, the company's primary business activities
include wireless value-added services and online
advertising. The company offers an array of services such
as SMS, MMS, WAP, wireless IVR (interactive voice response)
services, content channels, search and classified
information, and free and fee-based advanced email. As at
December 31st, 2005, TOM Online is the only portal in China
that enjoyed a top three ranking in every wireless Internet
segment.
For more information, please contact:
Rico Ngai
Investor and Corporate Communications
TOM Online Inc.
Tel: +86-10-6528-3399 x6940
Mobile: +86-139-118-95354
Skype: ricoinrio
SOURCE TOM Online Inc.
2007'02.01.Thu
Tianjin Economic-Technological Development Area Establishes the First Umbilical Cord Mesenchymal Stem Cell Bank in China
April 26, 2006
TIANJIN, China, April 26 /Xinhua-PRNewswire/ -- Tianjin
Economic-Technological Development Area announced today that
the first Umbilical Cord Mesenchymal Stem Cell Bank in
China, an important component of the national stem cell
system project, has been established in Tianjin University
Science Park in the Tianjin Economic-Technological
Development Area. This achievement follows on from the
establishment and opening of the most advanced stem cell
bank, with the largest Umbilical Cord Blood Hemopoietic
Stem Cell Bank, in 2001.
The new bank will considerably improve the diagnosis
and treatment of stem cell products for malignant
hemopathies, immunodeficiency diseases, hereditary
diseases, and malignant tumors etc., and will accelerate
conversion of achievements of stem cell-related
technologies and genetic engineering-related research into
practical productive forces, marking that our nation's
industrialization of stem cell engineering products has
climbed to new heights.
¡¡¡¡ Mesenchymal stem cells formerly needed marrow
sampling for separation, culture and collection, but
research personnel at Tianjin AmCellGene Engineering Co.,
Ltd. and the National Engineering Research Center of Cell
Products have succeeded in separating large amounts of
mesenchymal stem cells from umbilical cords; and proved
that mesenchymal stem cells from umbilical cords, compared
with mesenchymal stem cells from marrow, have stronger
increment abilities and lower immunological rejections, and
the umbilical cord features broad resources and convenient
material drawing while causing no harm to the donor,
therefore having obvious clinical advantages.
This newly established Umbilical Cord Mesenchymal Stem
Cell Bank has been approved as a project by the National
Development and Reform Commission. Its total reserve
capacity of Phase I is 40,000 sets with a daily treatment
capacity of 20 sets; the total reserve capacity of Phase II
is expected to be over 500,000 sets with a daily treatment
capacity of more than 300 sets. The stem cell treatment
center is built strictly according to standards of Good
Manufacturing Practice and Quality Control, having around
760 square meters of class 10,000 and local class 100
highly clean areas; main instruments and equipment are all
world class products; typing laboratory of the stem cell
bank is equipped in strict accordance with standards
concerning gene diagnosis laboratories issued by the
Ministry of Health, reaching domestic first class HLA
typing laboratory levels.
About Tianjin Economic-Technological Development Area
(TEDA)
Tianjin Economic-Technological Development Area (TEDA)
was established in 1984 with the approval of the State
Council of the People's Republic of China. It is one of
the first state-class economic-technological development
areas in the country.
TEDA is located in the center of a larger area
bordering Bohai Sea and the east of the Asia-Europe Land
Bridge, thus serving as the gate to the two super cities of
Beijing and Tianjin, and the throat connecting the northeast
of China. By the end of 2005, 4,067 foreign companies have
landed in TEDA. Of the Fortune 500 companies, 57
multinational companies, from 10 countries and regions,
including such well-established multinational giants as
Motorola, Samsung and Toyota, invested in 123 enterprises
in TEDA. In 2000, "Fortune" listed TEDA as one
of the most highly recommended economic areas in China. In
2002 UNIDO listed TEDA as one of the most dynamic areas of
China together with Shenzhen, Suzhou, Wenzhou, Shanghai
Pudong and Xi'an High-tech Park.
For more information, please contact:
Ding Lei
Tel: +86-22-2520-1576
Xu Hui
Tel: +86-22-2520-1118
Web: http://www.investteda.org
SOURCE Tianjin Economic-Technological Development Area
2007'02.01.Thu
Alvarion Mobile WiMAX Solution, 4Motion(TM), Targeted for Multiple Markets, Now Leverages Texas Instruments Wireless Infrastructure Technology
April 26, 2006
Flexible TI Technology Enables Alvarion to Quickly Roll Out Advanced BreezeMAX(TM) Products
LAS VEGAS, April 26 /Xinhua-PRNewswire/ -- Texas
Instruments' Incorporated (TI) (NYSE: TXN) today announced
that Alvarion (NASDAQ: ALVR), the world's leading provider
of wireless broadband solutions and specialized mobile
networks, has selected the company's portfolio of WiMAX
infrastructure technologies as part of its mobile WiMAX
solution, 4Motion. Alvarion's BreezeMAX system, the
primary building block of 4Motion's radio access network,
will leverage TI technology to address the growing demand
for mobile broadband wireless technologies, including
support for IEEE 802.16e standards, across a broad range of
spectrum. These products enable carriers to offer
high-performance broadband data, voice and multimedia
services over wider coverage areas.
Alvarion's current BreezeMAX WiMAX platform is designed
from the ground up according to the IEEE 802.16 standards
and uses OFDM technology for advanced non-line-of-sight
(NLOS) functionality. Its carrier-class design supports
broadband speeds and quality of service (QoS) to enable
carriers to offer triple play services to thousands of
subscribers in a single base station. Since its launch in
mid-2004, Alvarion's BreezeMAX has been successfully
deployed in over 150 installations in more than 30
countries around the world.
Alvarion is the first to provide WiMAX equipment
incorporating TI's flexible analog and DSP-based
infrastructure technology, compliant with the IEEE 802.16e
standard and its BreezeMax system is well suited to meet
the needs of fixed, portable and mobile wireless broadband
applications. Developing products for fixed, portable and
mobile WiMAX markets is a key to success in this growing
industry, as Forward Concepts estimates that by 2009, sales
of WiMAX equipment for both segments will total $2 billion.
"Alvarion works closely with carriers around the
world to understand the diverse needs in different regions
for delivering `personal broadband' to everyone,
everywhere," said Rudy Leser, corporate vice
president, strategy and marketing, Alvarion. "TI's
WiMAX products offer us the high-performance and
flexibility we need to meet this growing demand for current
as well as next generation of services. Alvarion and TI
have collaborated on past generations of broadband wireless
products, and we are pleased to extend those efforts to the
802.16e market." TI recently announced its complete
solution for the WiMAX market based on its TMS320TCI6482
1GHz DSP, designed for wireless infrastructure
applications. The chip is complimented with an advanced
software library that reduces product development time,
while allowing manufacturers to customize the software and
add their own intellectual property. TI's flexible
solution supports both fixed and mobile applications across
multiple frequency bands, enabling equipment manufacturers
to create cost-effective system configurations that can be
used for multiple broadband wireless applications.
"We have worked closely with Alvarion to help
define the right solution for this growing market and will
continue to focus on providing optimized solutions to best
meet industry demands," said Sandeep Kumar, worldwide
strategic marketing manager with TI's Communications
Infrastructure Group. "Our newest mobile WiMAX
offering easily integrates with Alvarion's existing
infrastructure products, allowing service providers to
quickly meet market requirements."
Alvarion will continue to deploy products incorporating
TI's WiMAX technology this year.
About Alvarion
With more than 2 million units deployed in 150
countries, Alvarion is the worldwide leader in wireless
broadband, providing systems to carriers, ISPs and private
network operators, and also in extending coverage of GSM
and CDMA mobile networks to developing countries and other
hard to serve areas.
Leading the WiMAX revolution, Alvarion has the most
extensive deployments and proven product portfolio in the
industry covering the full range of frequency bands with
both fixed and mobile solutions. Alvarion's products
enable the delivery of business and residential broadband
access, corporate VPNs, toll quality telephony, mobile base
station feeding, hotspot coverage extension, community
interconnection, public safety communications, and mobile
voice and data. Alvarion works with several global OEM
providers and more than 200 local partners to support its
diverse global customer base in solving their last-mile
challenges.
As a wireless broadband pioneer, Alvarion has been
driving and delivering innovations for more than 10 years
from core technology developments to creating and promoting
industry standards. Leveraging its key roles in the IEEE
and HiperMAN standards committees and experience in
deploying OFDM-based systems, the Company's prominent work
in the WiMAX Forum(TM) is focused on increasing the
widespread adoption of standards-based products in the
wireless broadband market and leading the entire industry
to mobile WiMAX solutions.
For more information, visit Alvarion's World Wide Web
site at http://www.alvarion.com .
About Texas Instruments
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company'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 .
Trademarks
All trademarks and registered trademarks are the
property of their respective owners.
For more information, please contact:
Press Contact: Alvarion
Heather Mills
GolinHarris
Tel: +1-972-341-2512
Email: hmills@golinharris.com
Investor Relations Contact: Alvarion
Carmen Deville
Tel: +1-650.314.2653
Email: carmen.deville@alvarion.com
Press Contact: Texas Instruments
Erin Arnold
GolinHarris
Tel: +1-972-341-2506
Email: earnold@golinharris.com
SOURCE Texas Instruments Incorporated
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