2007'02.04.Sun
State Council's China Development Research Foundation Becomes Shareholder in Xinhua Finance
July 31, 2006
SHANGHAI, China, July 31 /Xinhua-PRNewswire/ -- Xinhua
Finance Limited ("Xinhua Finance") (TSE Mothers:
9399 and OTC: XHFNY), China's unchallenged leader in
financial information and media, today announced the
updated information regarding the 10-year cooperative
agreement ("Agreement") on November 16, 2005
signed between China Development Research Foundation
("Foundation") founded by State Council's
Development Research Center of the PRC ("DRC")
and the Company, and announced details of the issuance of
its shares to the Foundation under the Agreement.
As announced in the press release of November 16, 2005,
the Foundation would become a shareholder of Xinhua Finance
and provide another key level of support in China, to help
further deepen Xinhua Finance's strong roots in the PRC.
The DRC is an elite research, analysis and consulting
group reporting directly to the State Council. DRC
research and analysis helps inform government policy
development and implementation. The Foundation was founded
by the DRC and is a non-profit organization that supports
and promotes government policy, conducts academic research
and provides consultative advice on China's social and
economic development issues.
Pursuant to the Agreement, the Foundation will provide
various consulting and advisory services to Xinhua Finance
in China, and 1,500 Xinhua Finance shares shall be issued
to the Foundation.
Under the Agreement, the Foundation and Xinhua Finance
work together to raise standards in China's corporate and
financial market activities, and conduct seminars to
educate Chinese markets and corporations about
international standards and foreign investor requirements.
Details of the issuance:
1. No. of shares issued: 1,500 shares
2. Issue price per share: JPY58,400 per share (being
closing share
price on July 25, 2006)
3. Total amount of the issue price: JPY87,600,000
4. Amount to be added to share capital: HK$20 per
share
5. Date of issuance: July 25, 2006
6. Consideration: the shares were issued for services
provided by the
Foundation under the Agreement and Xinhua Finance
has not received
any cash or tangible assets of such issued price
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
For more information, please contact:
Xinhua Finance
Hong Kong / Shanghai
Ms. Joy Tsang
Tel: +852-3196-3983, +852-9486-4364 or
+86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Japan
Mr. Sun Jiong
Tel: +81-3-3221-9500
Email: jsun@xinhuafinance.com
Taylor Rafferty (IR Contact)
Japan
Mr. James Hawrylak
Tel: +81-3-5733-2621
Email: James.hawrylak@taylor-rafferty.com
United States
Ms. Ishviene Arora
Tel: +1-212-889-4350
Email: ishviene.arora@taylor-rafferty.com
Europe
Mr. John Dudzinsky
Tel: +44-20-7614-2900
Email: John.Dudzinsky@taylor-rafferty.co.uk
SOURCE Xinhua Finance Limited
PR
2007'02.04.Sun
Avastin and Xeloda Meet Primary Endpoints in Large Phase III First Line Metastatic Colorectal Cancer Study
July 31, 2006
BASEL, Switzerland, July 31 /Xinhua-PRNewswire/ --
Roche announced today that a large, international Phase III
study (NO16966) enrolling 2,035 previously untreated
metastatic colorectal patients met both primary endpoints.
Results of the study showed that:
-- The chemotherapy combination Xeloda plus
oxaliplatin, called XELOX is as effective in terms of
progression-free survival (PFS) -- a measure of the time
patients live without their disease progressing -- as
infused 5-FU/leucovorin plus oxaliplatin, called FOLFOX;
-- The addition of Avastin to chemotherapy (FOLFOX and
XELOX) significantly improved progression-free survival
compared to chemotherapy alone.
Some variability in treatment benefit was observed in
subgroups. No new safety signals related to Avastin were
observed in the trial.
"This is the first time that we have significant
data showing that oral Xeloda in combination with
oxaliplatin is as effective as FOLFOX, demonstrating that
XELOX provides a new treatment option for colorectal cancer
patients," said Ed Holdener, Head of Global Development
at Roche. "These data again show the benefit of adding
Avastin to chemotherapy. In this trial Avastin combined
with FOLFOX and XELOX improved the chance of delaying
progression of the disease by 20% in patients with
metastatic colorectal cancer."
Results from the study will be submitted to a future
international cancer congress.
In 2004, colorectal cancer was one of the leading
cancers and accounted for 13 percent of all cancers.(1)
It is estimated that more than 394,000 people die
worldwide from colorectal cancer each year.(2)
About the Study
The NO16966 trial is a large, international phase III
trial which randomized 2,035 patients and compared as first
line colorectal cancer treatment initially:
-- XELOX (Xeloda plus oxaliplatin) vs FOLFOX
(intravenous bolus and infusional 5-fluorouracil plus
oxaliplatin) After release of the pivotal Avastin data in
colorectal cancer in 2003, the protocol was amended to
investigate in a 2 by 2 factorial design:
-- XELOX + placebo vs XELOX + Avastin (7.5 mg/kg q3w)vs
FOLFOX + placebo vs FOLFOX + Avastin (5.0 mg/kg q2w).
The primary objectives were to answer two questions:
firstly whether the XELOX regimen is non-inferior to FOLFOX
and secondly whether the addition of Avastin to chemotherapy
is superior to chemotherapy alone. The secondary endpoints
included overall survival, overall response rates, and
safety profile.
About XELOX
An abbreviation for a type of combination chemotherapy
used to treat colorectal cancer; it contains Xeloda
(capecitabine) plus oxaliplatin.
About Xeloda (capecitabine)
Xeloda is licensed in more than 90 countries worldwide
including the EU, USA, Japan, Australia and Canada and has
been shown to be an effective, safe, simple and convenient
oral chemotherapy in treating over 1 million patients to
date.
Roche received marketing authorisation for Xeloda as a
first-line monotherapy (by itself) in the treatment of
metastatic colorectal cancer (colorectal cancer that has
spread to other parts of the body) in most countries
(including the EU and USA) in 2001. Xeloda has also been
approved by the European Medicines Agency (EMEA) and U.S.
Food and Drug Administration (FDA) for adjuvant
(post-surgery) treatment of colon cancer in March and June
2005, respectively.
Xeloda is licensed in combination with Taxotere
(docetaxel) in women with metastatic breast cancer (breast
cancer that has spread to other parts of the body) and
whose disease has progressed following intravenous (i.v.)
chemotherapy with anthracyclines. Xeloda monotherapy is
also indicated for treatment of patients with metastatic
breast cancer that is resistant to other chemotherapy drugs
such as paclitaxel and anthracyclines. Xeloda is licensed
for the first-line treatment of stomach cancer that has
spread, in South Korea.
The most commonly reported adverse events with Xeloda
include diarrhoea, abdominal pain, nausea, stomatitis and
hand-foot syndrome (palmar-plantar erythrodysesthaesia).
About Avastin (bevacizumab)
Avastin is the first treatment that inhibits
angiogenesis - the growth of a network of blood vessels
that supply nutrients and oxygen to cancerous tissues.
Avastin targets a naturally occurring protein called VEGF
(Vascular Endothelial Growth Factor), a key mediator of
angiogenesis, thus choking off the blood supply that is
essential for the growth of the tumour and its spread
throughout the body (metastasis).
In Europe, Avastin was approved in January 2005 and in
the US in February 2004 for the first-line treatment of
patients with metastatic colorectal cancer. It received
another approval in the US in June 2006 as a second-line
treatment for patients with metastatic colorectal cancer.
The first filing for Avastin in Japan occurred in April
2006 for the treatment of metastatic colorectal cancer.
More recently, Avastin was filed for the treatment of women
with metastatic breast cancer in the EU in July 2006, which
followed the US May 2006 filing.
Roche and Genentech are pursuing a comprehensive
clinical programme investigating the use of Avastin in
various tumour types (including colorectal, breast, lung,
pancreatic cancer, ovarian cancer, renal cell carcinoma and
others) and different settings (advanced and adjuvant i.e.
post-operation). The total development programme is
expected to include over 40,000 patients worldwide.
About Roche
Headquartered in Basel, Switzerland, Roche is one of
the world's leading research-focused healthcare groups in
the fields of pharmaceuticals and diagnostics. As a
supplier of innovative products and services for the early
detection, prevention, diagnosis and treatment of disease,
the Group contributes on a broad range of fronts to
improving people's health and quality of life. Roche is a
world leader in diagnostics, the leading supplier of
medicines for cancer and transplantation and a market
leader in virology. In 2005 sales by the Pharmaceuticals
Division totalled 27.3 billion Swiss francs, and the
Diagnostics Division posted sales of 8.2 billion Swiss
francs. Roche employs roughly 70,000 people in 150
countries and has R&D agreements and strategic
alliances with numerous partners, including majority
ownership interests in Genentech and Chugai. Additional
information about the Roche Group is available on the
Internet ( http://www.roche.com ).
All trademarks used or mentioned in this release are
legally protected.
Additional information
-- Roche in Oncology:
http://www.roche.com/pages/downloads/company/pdf/mboncology05e_b.pdf
-- Roche Health Kiosk, Cancer:
http://www.health-kiosk.ch/start_krebs
References:
1. Boyle P, Ferlay J. Cancer incidence and mortality in
Europe, 2004.
Annals of Oncology 2005; 16:481-488
2. Boyle P, Langman JS. ABC of colorectal cancer.
Epidemiology. BMJ 2000;
321:805-808
For more information, please contact:
Roche Group Media Office
Baschi Durr, Alexander Klauser or Martina Rupp, or
Daniel Piller, Head Roche Group Media Office, or
Katja Prowald, Head Science Communications
Tel: +41-61-688-8888
Email: basel.mediaoffice@roche.com
Web: http://www.roche.com
SOURCE Roche
2007'02.04.Sun
Bayne Appointed to Lead TFT-LCD Glass Substrate Business in China
July 31, 2006
SHANGHAI, China, July 31 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) announced recently that John Bayne
has been named president, Corning Display Technologies
(CDT) China. Bayne will be responsible for leading CDT
China's commercial activities and the establishment of
Corning's first manufacturing operation on the China
mainland.
Bayne has worked for Corning for 11 years. Prior to
this appointment, he was director of the OLED (organic
light emitting diode) Program, where he developed and
implemented Corning's strategy for participation in the
active matrix OLED market from 2003 to 2005. In 2005, he
led the company's display industry intelligence group,
which included end market forecasting and competitive
intelligence.
"John will lead Corning's Display commercial team
in China as we continue to build strong customer
relationships. He will also hone Corning's strategy to
ensure we meet both the near and long term needs of China's
LCD market," said Clark Kinlin, chief executive
officer, Corning Greater China. "With TFT-LCD
development included in the Chinese government's 11th
5-year plan, we see great opportunities in China's bright
future. Corning is the first TFT-LCD glass substrate
supplier to announce a manufacturing facility on the China
mainland. It shows our high level of commitment to the LCD
industry in China and to growing with our customers in this
important region," added Kinlin.
Bayne and his family will relocate from Corning, N.Y.
to Beijing in August 2006.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is a
diversified technology company that concentrates its
efforts on high-impact growth opportunities. Corning
combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties
of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize
significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life
sciences industries.
For more information, please contact:
Corning China
Lydia Lu
Tel: +86-21-5467-4666 ext 1900
Email: lulr@corning.com
US Corning
James E. Terry
Tel: +1-607-974-7343
Email: terryje@corning.com
SOURCE Corning Incorporated
2007'02.04.Sun
In the Interests of Patients, Roche Will Consider All Options Following CHMP Opinion on Tarceva in Pancreatic Cancer
July 31, 2006
BASEL, Switzerland, July 31 /Xinhua-PRNewswire/ --
Roche announced today that its cancer medicine Tarceva
(erlotinib) has received a negative opinion from the
European Committee for Medicinal Products for Human Use
(CHMP) for use in combination with gemcitabine chemotherapy
for the first line treatment of advanced pancreatic cancer,
a cancer with an extremely high fatality rate(1). Roche is
confident in the trial data, which has shown that the
Tarceva combination treatment significantly increases
patient survival. In the interest of the patients, Roche
will now consider all options following this decision,
including requesting a re-examination of this decision.
Tarceva has already been approved by the American Food
and Drug Administration in November 2005 for the first-line
treatment of patients with locally advanced, unresectable or
metastatic pancreatic cancer in combination with gemcitabine
chemotherapy. Both the US and the EU application are based
on data from the Phase III study (PA3)(2) which showed that
treatment with Tarceva plus gemcitabine results in
significantly longer survival compared to gemcitabine alone
(22%). In addition, 24% of patients receiving Tarceva plus
gemcitabine were alive after one year, compared to 19% on
gemcitabine alone.
"Pancreatic cancer is one of the most aggressive
forms of cancer and it kills more people within the first
year of diagnosis than any other cancer," said Eduard
Holdener, Head of Global Drug Development. "Given such
a poor outlook, even modest improvements in survival are
valuable to advanced stage patients."
Despite significant advances in the treatment of many
other tumors, the five year survival rate for men and women
diagnosed with pancreatic cancer has not changed in
decades(1). Treatment options for patients are extremely
limited and Tarceva is the first treatment for many years
to have shown a significant survival benefit in patients
with pancreatic cancer.
Roche and its partners are committed to realizing the
potential of Tarceva in treating pancreatic cancer through
its extensive clinical trial programme, including a
Roche-sponsored randomized, double blind, placebo
controlled study of gemcitabine and Tarceva+/- Avastin in
patients with metastatic pancreatic cancer (AVITA or
BO17706). Tarceva is approved and marketed in the US and
across the European Union for patients with locally
advanced or metastatic non-small cell lung cancer (NSCLC)
after failure of at least one prior chemotherapy regimen.
A variation application was submitted to the European
Health Authorities in October 2005 for Tarceva plus
gemcitabine chemotherapy for the first-line treatment of
patients with advanced pancreatic cancer. In April 2006,
Chugai Pharmaceutical Co., Ltd. filed a New Drug
Application (NDA) with the Japanese Ministry of Health,
Labour and Welfare (MHLW) for Tarceva in patients with
advanced or recurrent NSCLC.
About the PA3 study(2)
The pivotal Phase III randomized study (PA3)(2) of 569
patients was conducted by the National Cancer Institute of
Canada Clinical Trials Group based at Queen's University.
The double blind study evaluated Tarceva's efficacy in
patients with locally advanced or metastatic pancreatic
cancer.
The results of PA32 demonstrated the following:
-- Treatment with Tarceva plus gemcitabine in patients
with advanced
pancreatic cancer resulted in significantly longer
survival compared to
gemcitabine alone (22%)
-- 24% of patients receiving Tarceva plus gemcitabine
were alive after one
year, compared to 19% on gemcitabine alone
-- Patients receiving Tarceva plus gemcitabine
experienced significantly
longer progression-free survival of 30%
-- Tarceva plus gemcitabine was well tolerated by
patients with no
increase in haematological toxicity; as expected
rash and diarrhoea
were the principal Tarceva-related side effects seen
in the study and
were generally characterized as mild-to-moderate
-- Tarceva plus gemcitabine reported a safety profile
generally consistent
with that seen in other studies both monotherapy and
combination
settings
About pancreatic cancer
Pancreatic cancer is the tenth most frequently
occurring cancer in Europe(3) The main risk factors for
pancreatic cancer include advanced age, cigarette smoking,
a high-fat diet, diabetes mellitus, chronic inflammation of
the pancreas (pancreatitis), especially hereditary
pancreatitis, and a family history of pancreatic cancer(4).
The symptoms vary depending upon where the tumor is in the
pancreas. The major symptoms are weight loss, abdominal
pain and jaundice(1). The disease is rapidly fatal and
attempts to improve survival over the past 10 years have
been unsuccessful.
About Tarceva
Tarceva (erlotinib) is an investigational small
molecule that targets the human epidermal growth factor
receptor (HER1) pathway. HER1, also known as EGFR, is a key
component of this signaling pathway, which plays a role in
the formation and growth of numerous cancers. Tarceva
blocks tumor cell growth by inhibiting the tyrosine kinase
activity of the HER1 signaling pathway inside the cell.
Taken as an oral, once-daily therapy, Tarceva is the
only EGFR-inhibitor to have demonstrated a survival benefit
in lung cancer -- a striking 42.5%. Currently most lung
cancer patients are treated with chemotherapy, which can be
very debilitating due to its toxic nature. Tarceva works
differently to chemotherapy by specifically targeting tumor
cells, and avoids the typical side-effects of chemotherapy.
Tarceva is approved in the US and across the EU for
patients with locally advanced or metastatic non-small cell
lung cancer (NSCLC) after failure of at least one prior
chemotherapy regimen.
Tarceva has been approved by the FDA since November 2,
2005 for treatment of locally advanced, unresectable or
metastatic pancreatic cancer in combination with
gemcitabine chemotherapy.
Tarceva is currently being evaluated in an extensive
clinical development programme by a global alliance among
OSI Pharmaceuticals, Genentech, and Roche, focusing on
earlier stages of NSCLC. Additionally, Tarceva is being
studied in combination with Avastin in NSCLC. Trials are
also being conducted with Tarceva in other solid tumors,
such as ovarian, bronchioloalveolar (BAC), colorectal,
pancreatic, head and neck and glioma (brain).
About Roche
Headquartered in Basel, Switzerland, Roche is one of
the world's leading research-focused healthcare groups in
the fields of pharmaceuticals and diagnostics. As a
supplier of innovative products and services for the early
detection, prevention, diagnosis and treatment of disease,
the Group contributes on a broad range of fronts to
improving people's health and quality of life. Roche is a
world leader in diagnostics, the leading supplier of
medicines for cancer and transplantation and a market
leader in virology. In 2005 sales by the Pharmaceuticals
Division totaled 27.3 billion Swiss francs, and the
Diagnostics Division posted sales of 8.2 billion Swiss
francs. Roche employs roughly 70,000 people in 150
countries and has R&D agreements and strategic
alliances with numerous partners, including majority
ownership interests in Genentech and Chugai. Additional
information about the Roche Group is available on the
Internet ( http://www.roche.com ).
All trademarks used or mentioned in this release are
protected by law.
For further information about:
- Cancer: http://www.health-kiosk.ch
- Roche in Oncology:
http://www.roche.com/pages/downloads/company/pdf/mboncology05e_b.pdf
- Genentech: http://www.gene.com
- OSI Pharmaceuticals: http://www.osip.com
References:
1. Steward, B W and Kleihues, P. 2003. World Cancer
Report. World Health
Organisation and the International Agency for
Research on Cancer, IARC
Press/Lyon, p248
2. Moore MJ, Goldstein D, Hamm J, et al. Erlotinib plus
gemcitabine
compared to gemcitabine alone in patients with
advanced pancreatic
cancer. A Phase III trial of the National Cancer
Institute of Canada
Clinical Trials Group (NCIC-CTG). (Abstract #1, ASCO
2005)
3. De Braud F, Cascinu S, Gatta G. 2004, May. Cancer of
Pancreas.
Critical reviews in oncology/hematology,
50(2):147-55
4. Truninger K (ed). 2002, Aug. Risk groups for
pancreatic and bile duct
carcinomas. Schweizerische Rundschau fur Medizin
Praxis, 17;89
(33):1299-304
For more information, please contact:
Roche Group Media Office
Baschi Durr, Alexander Klauser or Martina Rupp, or
Daniel Piller, Head of Roche Group Media Office, or
Katja Prowald, Head of R&D Communications,
Tel: +41-61-688-8888
Email: basel.mediaoffice@roche.com
SOURCE Roche
2007'02.04.Sun
InterContinental Hotels Group Opens Four China Hotels in One Month
July 31, 2006
More than 1,100 Crowne Plaza and Holiday Inn rooms opened in June and July
SHANGHAI, China, July 31 /Xinhua-PRNewswire/ --
InterContinental Hotels Group, the world's largest hotel
group by number of rooms, marked a new milestone in China
with the opening of four hotels and 1,100 rooms during the
one-month period from June to July 2006.
The recent openings of Crowne Plaza Changshu, Crowne
Plaza Fudan Shanghai, Holiday Inn Jasmine Suzhou and
Holiday Inn Seaview Qinhuangdao bring the Group's portfolio
of hotels in China to 57, the largest of any international
hotel company. It also brings the company a step closer to
its goal of having 125 hotels open in China by 2008.
The Group's pioneering effort in China is also evident
as two of the hotels -- Crowne Plaza Changshu and Holiday
Inn Seaview Qinhuangdao -- opened as the first
internationally managed hotels in their respective cities.
The four hotels which opened during the period
include:
-- Crowne Plaza Changshu -- Opened on 12 July, the
strategically located 275-room hotel is adjacent to both
the new International Exhibition Center and the newly built
Sports Stadium. Part of the Jiangsu province, Changshu is
one of China's most developed counties and known for its
historical, cultural and scenic attractions.
-- Holiday Inn Sea View Qinhuangdao -- Opened on 1
July, the 290-room beachfront hotel will play a key role in
the growth of Qinhuangdao, one of China's upcoming tourist
destinations. In addition to being a seaside resort,
Qinhuangdao is a major port city and home to the eastern
end of the Great Wall.
-- Holiday Inn Jasmine Suzhou -- Opened on 28 June as
the first Holiday Inn hotel in Jiangsu province, the
287-room hotel is located in a main shopping district in
downtown Suzhou. The hotel provides easy access to the
growing commercial zones in the east and west of the city.
-- Crowne Plaza Fudan Shanghai -- Opened on 12 June
with a strategic location in Shanghai's `University Town',
opposite the prestigious Fudan University. This 309-room
hotel is targeted at academic and institutional conferences
as well as travellers who prefer upscale accommodation away
from the buzz of downtown Shanghai, yet near enough for
convenient access.
Edmond Ip, chief operating officer, North Asia,
InterContinental Hotels Group, said: "China is a key
market for InterContinental Hotels Group and where a
significant portion of our global expansion strategy will
be carried out. We continue to open new hotels in key
cities and secondary locations. The country is undergoing
rapid development and we look forward to contributing to
the continued growth of the country's tourism and hotel
industries."
About InterContinental Hotels Group
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
IndigoTM, 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 more information, 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
2007'02.04.Sun
LG Electronics Selects Tvia's TrueView 5605 Processor for New Line of Surveillance DVR Products
July 28, 2006
Tvia's TrueView 5605 Single-chip Solution Provides Industry-leading Video and Graphics Processing for LG's High-end DVR Product Range
SANTA CLARA, Calif., July 28 /Xinhua-PRNewswire/ --
Tvia, Inc. (Nasdaq: TVIA), a leading provider of digital
display processors for advanced flat-panel TVs, broadcast
quality digital DVRs (digital video recorders), consumer
displays, and monitor products, today announced that LG
Electronics has adopted Tvia's TrueView 5605 video and
graphics display processor for its newest line of digital
video recorder systems for security and surveillance
applications.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20050419/SFTU130LOGO )
Tvia's video and graphics display processors in the
CyberPro and TrueView families are used by the world's
leading broadcast and consumer electronics companies. LG
Electronics is one of the world's leading consumer
electronics and industrial system manufacturers and is
aggressively promoting its new security DVR products
worldwide.
"LG Electronics surveyed a wide range of
components to sit at the heart of our new LDV-S500 range of
high-end DVR systems and Tvia's TV5605 video and graphics
processor with PCI bus was the clear choice," said
J.W. Park, Chief Research Engineer in the Digital Media of
LG Electronics. "The TrueView 5605 supported our
strict requirements for HD signal input, high-quality video
and graphics processing, and direct digital output. All
qualities which allow us to reduce system cost while
providing the industry's leading video quality and user
interface functions. In addition, Tvia's application
engineering group provided outstanding support to put our
products into mass production ahead of expectations."
Said Mr. Park.
The high-end security DVR market is one of the fastest
growing technology markets due to the increased
requirements worldwide for significantly higher security
capabilities. The new generation of DVRs has enhanced
visual image capabilities with features such as High
Definition Video, increased graphics capabilities and face
recognition. Deployment estimates for high-end DVRs for
2007 are in excess of 3 million units worldwide.
"Tvia is very pleased to count LG amongst our
expanding list of worlds' leading consumer electronics
manufacturing customers," said Eli Porat, CEO of Tvia
Inc. "LG is one of the first customers to use the
TrueView 5605 in a DVR application. We fully support their
decision to focus on the combination of security DVR with
flat-panel displays for which the TV5605 display processor
is perfectly suited" said Mr. Porat.
About Tvia: Tvia, Inc. is a fabless semiconductor
company that designs and develops digital display
processors for digital LCD, PDP, HD, SD, and
progressive-scan TVs, as well as other broadcast and
consumer display products. Tvia owns and operates the
world's leading independent TV design center, providing
manufacturers with proven TV system designs, and allowing
manufacturers to produce the highest quality flat-panel
television at a significantly lower cost with the shortest
time to market. The combination of Tvia's TrueView display
processors and leading TV system designs gives Tvia's
manufacturing customers the advantage for building the most
cost-effective, highest quality display solutions on the
market. More information about Tvia is available at
http://www.tvia.com .
About LG Electronics: LG Electronics Inc., (KSE:
06657.KS) is the leader in consumer electronics and mobile
communications. The company has more than 72,000 employees
working in 77 subsidiaries and marketing units around the
world. LG Electronics is the world's largest producer of
CDMA handsets, residential air conditioners, optical
storage devices and home theatre systems. With total
revenue of more than USD 35 billion (consolidated USD 45
billion); LG Electronics is comprised of four business
units: Mobile Communications, Digital Appliance, Digital
Display and Digital Media. LG Electronics Digital Display
Company provides core technologies for cutting-edge digital
products and is a world leader in digital display products
including Plasma TVs, LCD TVs and Monitors, and HDTV
(high-definition televisions). For more information,
please visit http://www.lge.com .
For more information, please contact:
Diane Bjorkstrom
Chief Financial Officer
Tvia, Inc.
Tel: +1-408-982-8593
Email: dbjorkstrom@tvia.com
SOURCE Tvia, Inc.
2007'02.04.Sun
Analysys International Says Intel's Launch of Core Duo Processors Drives the Processor Market to a Turning Point
July 28, 2006
BEIJING, July 28 /Xinhua-PRNewswire/ -- Analysys
International, a leading Internet based provider of
business information about technology, media and telecom
(TMT) industries in China, says that Intel's new launch of
Core Duo Processors will drive the processor market to a
turning point of competition.
Background Information:
Analysys International had forecast the coming and
popularity of dual-core processors at the end of 2004.
With the coming of the dual-core time, Intel and AMD fight
against each other to strive hard for market share, verbal
exchange, product campaign and price campaign came one
after another. Intel launched new generation Core Duo
Processor on July 27, 2006. This shows Intel has blown the
clarion of counterattack, and also drives the competition
between Intel and AMD into a key time.
Quick Analysis:
The Core Duo architecture features delivery of higher
performance while consuming less power, smart cache,
optimized memory access, digital media boost etc., which
comply with Analysys International's forecast. Intel's
starting the new Core Duo brand to replace its years-long
Pentium Brand shows Intel's intention to emphasize the new
phase of parallel computing time of processor with enforced
performance as well as to rebuild its brand advantage.
Analysys International thinks that Intel will pay more
attention to the price/performance ratio in its future
product strategy planning since price factors will play a
more important role in the future competition. Intel's
action of reducing the price of some of the product has two
purposes: one is to pave the road for its new products;
another is to compete with its rival AMD and reduce market
pressure. Intel's considerable price reductions will
produce an adverse influence on AMD and finally lead the
competition of both parties into a new phase.
At this turning point, Intel should continue to drive
the industry with technical innovation while coming closer
to the market with faster response to customer's demands
and more flexible product strategy. Analysys International
also points out that Intel also faces two challenges when
promoting the new brand, one is how to combine business
customers with enterprise applications; another is to
coordinate with OEM vendors. And AMD should make the right
reaction to face the challenge.
Analysys International's Findings:
The launch of Core Duo will intensify the competition
between Intel and AMD, as well as drive the processor
market to a turning point to determine both parties' fate.
How to deal with the combination with industry application
and the coordination with OEM vendors will be the key
factors to determine this new architecture's success.
For more information, please check the website:
http://english.analysys.com.cn .
About Analysys International
Analysys International is the leading Internet based
provider of business information about Technology, Media
and Telecom industry in China. We provide data,
information and advice to 50,000 clients worldwide
representing 1,500 distinct organizations, deliver over 150
consulting engagements a year, and hold more than 20 events
that draw in over 8,000 attendees. Our clients include
executives from companies as technology vendors, vertical
information technology users, as well as professionals from
professional service companies, the investment community and
government agencies. Our mission is simple and clear: we
help our clients make better business decisions. For more
information, please visit our web site at
http://english.analysys.com.cn .
For more information, please contact:
Jessica Wang
Overseas Media Manager
Analysys International
Tel: +86-10-6466-6565 x394
Fax: +86-10-6466-7103
Email: jessica_wang@analysys.com.cn
SOURCE Analysys International
2007'02.04.Sun
Sunrise Real Estate Group, Inc. Gain Good Income from Co-investment Model
July 28, 2006
SHANGHAI, China, July 28 /Xinhua-PRNewswire/ -- Sunrise Real Estate Group, Inc. (OTC Bulletin Board: SRRE; Website: http://www.sunrise.sh ) announced that Sunrise has successfully sold the 29th floor of the Suzhou Sovereign Building. The Sovereign Building is a 30-storey newly completed office building located in the strategic center of The China-Singapore Suzhou Industrial Park. There are over 1,300 foreign companies and 6,500 domestic companies located in the park. The total sale price of the 29th floor is US$2.37 million (or RMB18.92 million). The total area of the 29th floor is about 1,653 square meters (or 17,793 square feet). The immediate financial impact of this sale is to increase the operating cash flow of the company. Lin, Chi-Jung, Chairman and CEO of Sunrise, stated, "In selling the floor, we have successfully completed the sale of all of the floors of this building. This represents a key milestone for Sunrise." Forward Looking Statements The common stock of Sunrise Real Estate Group, Inc. is quoted and traded on the OTC Bulletin Board under the trading symbol "SRRE". This press release contains forward-looking information within the meaning of section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forwarding-looking statements include statements concerning plans, objectives, goals, strategies, future events or performances and underlying assumption and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results, or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties, but there can be no assurance that management's expectations, beliefs or projections will result, or be achieved, or accomplished. For more information, please contact: Vivian Zhang, Sunrise Real Estate Group, Inc. Tel: +86-21-6422-0505 x840 Email: ir@sunrise-sh.net Web: http://www.sunrise.sh SOURCE Sunrise Real Estate Group, Inc.
2007'02.04.Sun
ASIMCO Technologies' Casting Facility Awarded Ford Q1
July 28, 2006
(One of the earliest Q1 suppliers of China)
BEIJING, July 28 /Xinhua-PRNewswire/ -- ASIMCO
Technologies Limited ("ASIMCO") today announced
that one of its casting facilities was named a Ford Q1
supplier, the highest quality honor given by Ford Motor
Company ("Ford"). ASIMCO Casting (Beijing) Co.,
Ltd. ("ASIMCO Casting") has been a supplier of
pressure die cast parts to Ford for over two years.
Located in Beijing, ASIMCO Casting was established as a
wholly foreign owned company in July, 1998. In addition to
producing high quality pressure die and gravity castings
for ASIMCO's internal use, ASIMCO Casting supplies castings
for both domestic and international customers such as Ford.
ASIMCO Casting has full machining capability, enabling it to
provide its customers with finished cast parts.
Jack Perkowski, Chairman and CEO of ASIMCO said,
"ASIMCO Casting is the first aluminum casting facility
in China to be given Ford Q1 supplier status and we are very
proud of this achievement. Aluminum castings are in great
demand in both the domestic and international markets, and
we have met the most stringent quality metrics in the
global automotive industry, demonstrating our capability
and dedication to achieving total customer
satisfaction."
Wilson Ni, Vice President of Global Sales and Marketing
for ASIMCO said, "The Ford Q1 designation requires a
collaborative partnership with our customer and is
acknowledgement of the hard work and efforts of the
ASIMCO-Ford team. We are delighted that ASIMCO Casting has
been recognized by Ford as a Q1 supplier and our goal is to
have the entire ASIMCO group continue its development to
become Ford's global partner."
The Ford Q1 designation recognizes suppliers that have
demonstrated manufacturing excellence, superior quality,
and continuous improvement in their operations.
Notes to Editor
About ASIMCO Technologies Limited
ASIMCO Technologies Limited is a privately held, large
scale, multi-product components manufacturing organization
based in Beijing, China with global reach and managed by an
international team in partnership with experienced local
managers. ASIMCO operates 18 manufacturing facilities and
a network of 36 sales offices in China, 3 manufacturing
facilities as well as a sales office in the United States
and a sales office in the United Kingdom. Since its
formation in 1994, ASIMCO has substantially expanded its
activities in supplying both the Chinese and international
automotive markets.
ASIMCO Technologies' strategy has been to provide
capital, management and technology as part of a
comprehensive program to enable its China based companies
to compete in the global marketplace. ASIMCO has also
established extensive strategic and technological
relationships with leading international companies from the
United States, Europe and Japan.
ASIMCO Technologies produces a broad range of
powertrain, chassis components, diesel fuel injection and
NVH products for passenger cars and commercial vehicles.
Powertrain products include piston rings, camshafts, and
cylinder blocks and heads, while chassis products include
most major components for the brake system. ASIMCO
supplies diesel fuel injection systems and compressors to
the heavy-duty market. ASIMCO has core capabilities in key
materials technologies such as ductile iron and aluminum
castings, NVH products and has extensive machining and
assembly capabilities.
John F. Perkowski "Jack", Chairman & CEO
of ASIMCO Technologies Limited
Mr. Perkowski received a Bachelor of Arts degree (cum
laude) from Yale University in 1970 and an MBA degree (with
high distinction) from the Harvard Graduate School of
Business Administration in 1973 and was designated a Baker
Scholar. Mr. Perkowski joined Paine Webber in 1973 and was
the Director of Investment Banking when he left in 1988 to
become the Managing Director of a leveraged buyout firm.
In 1990, Mr. Perkowski began to research the concept of
investing in Asia, leading to the formation of ASIMCO in
1994. Mr. Perkowski developed ASIMCO's industry approach
and strategy for taking an active management role which has
led to the formation of one of China's largest components
companies, which sells to both the domestic and overseas
markets. In 2001 and again in 2005, ASIMCO was named one
of the "10 Best Employers in China" in a survey
conducted by Hewitt Associates and 21st Century Business
Herald. A frequent speaker to a wide range of audiences on
China, Jack was also featured in Thomas L. Friedman's best
selling book, "The World is Flat: A Brief History of
the Twenty-First Century" in the chapter dealing with
China.
For further information contact:
Carleen Giacalone
Director of Corporate Communications
Tel: +86-10-6438-2738 x287
Mobile: +86-137-0125-3731
Fax: +86-10-6438-2379
Email: cgiacalone@asimco.com.cn
Web: http://www.asimco.com
SOURCE ASIMCO Technologies Limited
2007'02.04.Sun
Owens Corning & Saint-Gobain Announce Intent to Merge Reinforcements Businesses
July 28, 2006
Customers Benefit from Improved Technology, Expanded Product Range and Geographic Reach
Creates Focused and Efficient Business with World-Class Technology and Products
Establishes Strong Global Company with $1.8 Billion (Euro 1.5 Billion) in Annual Sales
Creates Focused and Efficient Business with World-Class Technology and Products
Establishes Strong Global Company with $1.8 Billion (Euro 1.5 Billion) in Annual Sales
TOLEDO, Ohio, and PARIS, July 28 /Xinhua-PRNewswire/ --
Owens Corning and Saint-Gobain jointly announced today that
they are in discussions to merge Owens Corning's
Reinforcements Business and Saint-Gobain's Reinforcement
and Composites Businesses (a part of the entity known as
Vetrotex) into a new company, to be called Owens
Corning-Vetrotex Reinforcements. The partnership of these
two businesses would establish a global company in
reinforcements and composite fabrics products, with
worldwide revenues of approximately $1.8 billion (euro 1.5
billion) and 10,000 employees. The new company would have
operations across Europe, North and South America, and
Asia, including the following key emerging markets: China,
India, Russia, Mexico and Brazil.
Saint-Gobain's Textile Solutions business, serving
mainly construction markets, will remain part of
Saint-Gobain's High Performance Materials Sector. Owens
Corning's Veil Technologies and Fabwel businesses will
remain part of the Owens Corning Composite Solutions
Business.
A Customer-Focused Enterprise
Owens Corning-Vetrotex Reinforcements would bring
together two pioneers in the reinforcements and composite
fabrics industry, each with long histories of product
innovation and customer focus.
Owens Corning-Vetrotex Reinforcements would provide
outstanding service to its customers as a result of
improved geographic scale, an expanded product base and
combined technological expertise. The new company would
better serve both regional and global customer needs by
taking advantage of new world-class technologies and
innovative products, and improved logistics, productivity
and supply efficiency. The new company and its customers
would also benefit from access to greater financial and
human resources.
The new company would have a strengthened presence in
both developed and emerging markets. This broad geographic
presence would lead to more security of supply and reduced
shipping time for current and future customers. Owens
Corning-Vetrotex Reinforcements would participate more
effectively in today's increasingly competitive
marketplace.
"This is an exciting opportunity for Owens
Corning, our customers and our employees," said Dave
Brown, President and Chief Executive Officer of Owens
Corning. "It demonstrates our commitment to the
composites business and our customers on every continent.
We plan to combine the best of both companies, grow with
our customers, and deliver strong operating results."
The Saint-Gobain Group President, Jean-Louis Beffa
said. "The combined company is an excellent project.
It would enable us to better serve our customers and ensure
a promising future for our Reinforcement and Composites
business and its employees."
Structure and Financial Impact
While the parties have not yet reached a definitive
agreement, it is anticipated that the transaction would be
structured as a joint venture, with Owens Corning owning a
60 percent equity interest and Saint-Gobain owning the
remaining 40 percent. After a minimum of four years, the
joint venture provisions would give an option to
Saint-Gobain to sell its 40 percent stake to Owens Corning,
and Owens Corning to buy the same.
On a pro forma basis, the new company would have
approximately $1.8 billion (euro 1.5 billion) in annual
revenues. The Owens Corning-Saint-Gobain joint venture
would present significant opportunities for synergies.
These are expected to come primarily from scale benefits in
purchasing and procurement; operational and technological
plant improvements; improved distribution costs; reduced
administrative costs; and asset management optimization.
The transaction is expected to close by early 2007 and
is subject to the negotiation and execution of definitive
transaction documents, Board of Directors approval by the
parent companies, and regulatory and antitrust approvals.
Leadership and Operations
Owens Corning-Vetrotex Reinforcements would be
headquartered in Toledo, Ohio, and would maintain
leadership offices in key locations around the world. The
Board of Directors for the new company would be comprised
of three representatives from Owens Corning and two from
Saint-Gobain. The Chief Executive Officer of Owens
Corning-Vetrotex Reinforcements would be Chuck Dana,
currently President of Owens Corning's Composite Solutions
Business. The new organization would be managed by an
executive management team comprised of key leaders from
Owens Corning and Vetrotex.
About Owens Corning
Owens Corning (OTC Bulletin Board: OWENQ) is a world
leader in building materials systems and composite
solutions. A Fortune 500 company for more than 50 years,
Owens Corning people redefine what is possible each day to
deliver high-quality products and services ranging from
insulation, roofing, siding and manufactured stone veneer,
to glass composite materials used in transportation,
electronic, telecommunications and other high-performance
applications. Since the company's founding in 1938, Owens
Corning has become a market-leading innovator of glass
fiber technology with sales of $6.3 billion in 2005 and
20,000 employees in 26 countries. Additional information is
available at http://www.owenscorning.com .
About Saint-Gobain
Saint-Gobain Group specializes in the design,
production and distribution of functional materials for the
construction, industrial and consumer markets. The Group is
organized into five business sectors: Flat Glass,
Packaging, Construction Products, Building Materials
Distribution, and High-Performance Materials.
Established in more than 50 countries, Saint-Gobain is
the market leader in each of its core businesses. In 2005,
it achieved more than euro 35 billion sales with around
200,000 employees.
Forward Looking Statements
This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking
statements are subject to risks and uncertainties that
could cause actual results to differ materially from those
projected in these statements. Further information on
factors that could affect the company's financial and other
results is included in the company's Forms 10-Q and 10-K,
filed with the Securities and Exchange Commission.
For more information, please contact:
Mr. Jason Saragian
Owens Corning Media Relations Department
Tel: +1-419-248-8987
Mr. Scott Deitz
Owens Corning Investor Relations Department
Tel: +1-419-248-8935
Saint-Gobain External Relations Department
Tel: +33-1-47-62-32-78
Mrs Florence TRIOU-TEIXEIRA
Saint-Gobain Investor Relations Department
Tel: +33-1-47-62-45-19
Mr. Alexandre ETUY
Saint-Gobain Investor Relations Department
Tel: +33-1-47-62-37-15
Fax: +33-1-47-62-50-62
SOURCE Owens Corning
2007'02.04.Sun
Global Supply Chain Experts Meet in Shanghai: Meeting the Challenges of a Booming Economy and Global Trade
July 28, 2006
SHANGHAI, China, July 28 /Xinhua-PRNewswire/ --
Hundreds of international logistics and supply chain
management leaders will converge on Shanghai August 2-3,
2006 for China Conference 2006 sponsored by the Council of
Supply Chain Management Professionals (CSCMP). Executives
from leading companies in China, the US, and other
countries around the world will exchange the latest
logistics techniques and share best-world supply chain
practices.
"China has become the second largest trading
partner with the US, so China is reshaping the world's
supply chain structure," said Rick Blasgen, president
and chief executive officer of CSCMP. "Consequently,
China's logistics and supply chain industries are playing a
key role in world business that no manager can afford to
ignore."
The two-day event entitled Transformation and Evolution
of Logistics and Supply Chain Management in China will be
held August 2-3, 2006 at the Pudong Shangri-la Hotel in
Shanghai. Opening ceremonies begin at 9:00 am with
representatives from the Shanghai Government, China
Enterprise Association, and Rick Blasgen, president and CEO
of CSCMP. On-site registration begins at 8:00 am.
Speakers feature prominent Chinese and US business
leaders and academics including:
-- Guangyu Huang, president of GOME Electrical
Appliances Holding Ltd.,
China's leading consumer electronics retailer
-- Junj Liu, COO of Lenova Group, China's leading
personal computer
company
-- Dr. Robert Yap, CEO and chairman of YCH Group, a
leading third party
logistics company working with Motorola and other
top companies
-- James Kellso, supply chain master, Intel
Corporation, a global leader
in semiconductors
"Managing the supply chain is a vital corporate
challenge," said Rick Blasgen. "It requires
planning, technology, communication, and most importantly,
collaboration."
About CSCMP
Founded in 1963 as the preeminent association for
individuals involved in supply chain management and
logistics, CSCMP provides educational, career development,
and networking opportunities to its over 9,000 members and
the entire industry worldwide. CSCMP's Asian office is in
Beijing; its world headquarters is in Lombard, Illinois,
USA.
For more information about the Shanghai conference,
visit http://www.cscmpchina.org .
More information about CSCMP is available at
http://www.cscmp.org .
For more information, please contact:
China Contacts:
Calvin Fang
Email: fangc@cscmpchina.org
Phone: +86-10-6279-9595 x618
Leo Liu
Email: liusy@cscmpchina.org
Phone: +86-10-6279-9595 x608
Joyce Zou
Email: admin@cscmpchina.org
Phone: +86-10-6279-9595 x600
US Contacts:
Madeleine Miller-Holodnicki
Email: mholodnicki@cscmp.org
Phone: +1-630-645-3487
Herb Ritchell
Email: ritchell@earthlink.net
Phone: +1-847-508-3518
SOURCE Council of Supply Chain Management Professionals
2007'02.04.Sun
'King of the Mile' Hicham El Guerrouj Joins ASPIRE Sports Academy, Qatar
July 28, 2006
DOHA, Qatar, July 28 /Xinhua-PRNewswire/ -- Triple
world record holder and sporting icon Hicham El Guerrouj
has joined the team at ASPIRE, the Academy for Sports
Excellence based in Doha, to offer encouragement and
inspiration for the next generation of athletic hopefuls.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20060727/221239 )
As an ASPIRE Ambassador, El Guerrouj will work with the
Academy to offer guidance and advice for current student
athletes as well as backing wider sports inclusion programs
for children in the Middle East and beyond.
Officially opened in November 2005, ASPIRE is one of
the most advanced Athletic Academies in the world, and was
developed as part of a billion dollar investment into sport
in Qatar.
The Academy is working hard to attract the world's best
coaches across a range of disciplines and executives hope
that attracting talents of the caliber of El Guerrouj will
offer ASPIRE's student athletes a unique source of learning
and inspiration.
The double Olympic champion, who holds the world record
for the 1,500 meters, the mile and 2,000 meters, announced
his retirement in May of this year and expressed his desire
to continue to contribute to the development of sport
throughout the region.
El Guerrouj said: "I have watched ASPIRE develop
as an institution from the very beginning and have been
very impressed by its impact upon youth development in the
Middle East and the wider Arab world. If my contribution
helps to inspire more young athletes to train and develop
their talents, it will be a worthwhile experience for us
all."
ASPIRE previously hosted El Guerrouj in November 2005,
when he was one of the sporting legends present at the
ceremony to inaugurate the opening of the world's largest
indoor sports dome on the ASPIRE campus.
Dr. Thomas Flock, Director General at ASPIRE,
commented: "Hicham El Guerrouj is widely recognized as
one of the greatest athletes in the history of international
competition, so his association with us is both an honor and
a major opportunity for our students.
"We hope that they will learn from his example and
that -- whatever levels of sport they are able to compete at
in the future -- they recognize the importance of character,
ambition and the sporting spirit that Hicham El Guerrouj
exemplifies."
About ASPIRE
ASPIRE, the Academy for Sports Excellence, Doha, was
created with the dual aims of identifying and transforming
promising student athletes into world renowned champions
across a wide range of sports and to act as a beacon to
draw sporting culture into the centre of life in Qatar and
the surrounding region.
The Academy is distinguished by a philosophy which aims
to develop the whole student, providing them with full
academic, social and sporting development.
Unrivalled facilities mark the Academy out as one of
the world's foremost sporting and educational institutions,
and entice an ever increasing number of visitors from across
the spectrum of world sports to use or simply view them.
These same facilities will also play host to events during
the forthcoming Asian Games 2006.
With one indoor and seven outdoor football pitches,
athletics tracks, an Olympic-sized swimming pool, diving
pool, combat arenas, gymnastics arena, specially designed
weight rooms, lecture halls, dormitories to accommodate
what will eventually become 1,000 students, a medical
centre and much more besides, beneath the world's largest
purpose built indoor sports dome, every aspect of the
development of elite athletes is catered for. ASPIRE is a
place for those who dare to dream.
ASPIRE TODAY, INSPIRE TOMORROW
http://www.aspire.qa
For more information, please contact:
Edward Barnfield
Wallis Marketing Consultants
Tel: +971-4-390-1950
Fax: +971-4-367-2801
Email: edward.barnfield@wallismc.com
SOURCE ASPIRE
2007'02.04.Sun
Dare to Bare All for Poker?
July 28, 2006
Guinness World Record attempt at biggest ever strip poker tournament
DUBLIN, July 28 /Xinhua-PRNewswire/ -- 200 poker buffs
will be baring all in an attempt to become the first ever
to win the title of World Strip Poker Champion this August
19th in London's swanky Cafe Royal.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20060727/221240 )
The event is the brainchild of cheeky Irish bookmakers
Paddy Power, who are attempting to set a brand new Guinness
World Record for the biggest ever strip poker tournament.
Along with setting a new World Record, the winner will
also be crowned the inaugural World Strip Poker Champion,
and will take home an exclusive "Golden Fig Leaf"
trophy plus 10,000 pounds Sterling cash. Officials from
Guinness World Records will be in attendance on the day
adjudicating over the proceedings.
Entry to event is open from today and the first 100 men
and 100 women to register on
http://www.paddypower.com/strippoker will be invited to
take part in this unique World Record attempt.
As an added bonus, the new Champ will also win a VIP
trip to Dublin including free entry (worth 3,000 pounds) to
the http://paddypowerpoker.com Irish Open next April, where
they will have a chance to play for over 1 million pounds
-- although they'll have to keep their clothes on at that
one!
The idea for the world record attempt came from an
April Fools day prank press release announcing a world
strip poker tournament which captured the imagination of
the public around the world. The phenomenal interest in
the prank idea prompted Paddy Power to do it for real.
The tournament, which will be filmed for TV, is free to
enter and each player will be provided with a goody bag
containing six items of clothing which are all they can
wear.
They will bet with these clothes and when they are
naked, will be eliminated from the tournament. The winner
will be the last person with clothes on!
Paddy Power said, "This will be the most fun you
can have with your clothes on -- or off! We've all played
strip poker at one stage or another, although the last time
I played I was a bit younger and fitter! We've already seen
phenomenal interest and one daring couple are even flying in
from Sydney, Australia especially to take part. It's not
often you get a chance to get into the Guinness Book of
Records".
For more information, please contact:
Ken Robertson
The Paddy Power Strip Poker Team
Tel: +353-1-4045915
Mobile: +353-87-8528718
Brendan Murray
The Paddy Power Strip Poker Team
Tel: +353-1-4881759
Mobile: +353-87-9166000
Paddy Power
The Paddy Power Strip Poker Team
Tel: +353-1-4049620
Mobile: +353-87-8250893
SOURCE Paddy Power
2007'02.04.Sun
SMIC Reports 2006 Second Quarter Results
July 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.
Overview:
-- Sales increased to $361.4 million in 2Q06, up 2.9%
from 1Q06 and up
29.3% from 2Q05.
-- Gross margins of 13.6% in 2Q06, up from 12.4% in
1Q06.
-- Net income of $2.2 million in 2Q06, compared to a
net loss of $8.7
million from 1Q06 and a net loss of $40.4 million in
2Q05.
SHANGHAI, China, July 28 /Xinhua-PRNewswire/ --
Semiconductor Manufacturing International Corporation
(NYSE: SMI; SEHK: 981) ("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 June 30,
2006. Sales increased 2.9% in the second quarter of 2006
to $361.4 million from $351.1 million in the prior quarter.
The Company reported an increase in capacity to 167,251
8-inch equivalent wafers per month and a utilization rate
of 93.5% in the second quarter of 2006. Gross margins were
13.6% in the second quarter of 2006 compared to 12.4% in the
first quarter of 2006. Net income was $2.2 million in the
second quarter of 2006, compared to a net loss of $8.7
million in the first quarter of 2006. The Company
recognized an income tax benefit of $18.9 million in the
second quarter as a result of strategic tax planning based
on US GAAP FAS 109 (Accounting for Income Taxes).
"We continue to improve on our manufacturing core
competency as we saw an increase in our revenues from 0.13
micron and below technologies contributing 47.5% of total
revenues in the second quarter," said Dr. Richard
Chang, Chief Executive Officer of SMIC. "Revenues
generated from 0.13 micron logic products as a percentage
of our logic revenues significantly increased to 22.5% from
13.3% in the first quarter. We expect this trend to
continue as more of our customers migrate to our 0.13
micron and 90 nanometer logic processes.
In the second quarter, we successfully qualified and
commenced commercial production of our first 90nm logic
product at our 300mm facility in Beijing. Also, we have
successfully qualified Elpida's 512M-bit DDR2 SDRAM using a
90nm manufacturing process also at our 300mm facility in
Beijing.
We have delivered the first engineering samples and are
pleased to announce that Saifun's 90nm NROM Flash is
functional. This marks an important achievement towards
commencing production of this product in the fourth quarter
of 2006.
We are cautiously optimistic on our outlook for the
second half of 2006 as some customers have pushed out wafer
orders due to an ongoing inventory correction. However, the
postponement of these orders is offset by the growing
strength in the China market as we see the emergence of
Mainland China customers and overseas customers partnering
with SMIC to help gain market share in China. We are
pleased with the development of our Mainland China
customers and expect that the percentage of revenues from
these customers will continue to increase. In addition, we
are observing a promising trend of global semiconductor
companies choosing to work with SMIC to take advantage of
our proximity to their China end-market customer.
As we continue to execute on our business plans, we are
carefully laying down a solid foundation for future growth
and development in the foundry industry and will expand our
business in a financially disciplined manner."
Conference Call / Webcast Announcement
Date: July 28, 2006
Time: 8:00 a.m. Shanghai time
Dial-in numbers and pass code: U.S. 1-617-597-5342 or
HK 852-3002-1672
(Pass code: SMIC).
A live webcast of the 2006 second 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
SMIC (NYSE: SMI; SEHK: 981) is one of the leading
semiconductor foundries in the world and the largest and
most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35mm to
90nm and finer line technologies. Headquartered in
Shanghai, China, SMIC operates three 200mm fabs in Shanghai
and one in Tianjin, and one 300mm fab in Beijing, the first
of its kind in Mainland China. SMIC has customer service
and marketing offices in the U.S., Italy, and Japan as well
as a representative office in Hong Kong. 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 concerning SMIC's
expectations that revenues from 0.13 micron and below
technologies as a percentage of total revenues and
percentage of revenues from Mainland China customers would
continue to increase, statements concerning the trend of
global semiconductor companies choosing to work with SMIC,
statements concerning the manner in which SMIC will execute
its business plan and expand its business, and statements
under "Capex Summary" and "Third Quarter
2006 Guidance" 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,
as amended, filed with the SEC on June 29, 2006, 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 of Second Quarter 2006 Operating Results
Amounts in US$ thousands, except for EPS and operating
data
2Q06 1Q06 QoQ
2Q05 YoY
Sales 361,446 351,138 2.9%
279,500 29.3%
Cost of sales 312,229 307,768 1.4%
273,111 14.3%
Gross profit 49,217 43,370 13.5%
6,389 670.4%
Operating expenses 56,141 49,335 13.8%
38,469 45.9%
Loss from operations (6,924) (5,965) 16.1%
(32,081) -78.4%
Other income (expenses) (9,491) (7,807) 21.6%
(8,234) 15.3%
Income tax credit (expense) 18,892 (14) --
118 --
Net income (loss) after
income taxes 2,476 (13,786) --
(40,433) --
Minority interest 767 947 -19.0%
(12) --
Share of loss of an affiliate
company (1,002) (1,058) -5.3%
-- --
Cumulative effect of a change
in accounting principle -- 5,154 --
-- --
Income (loss) attributable to
holders of ordinary shares 2,242 (8,743) --
(40,445) --
Gross margin 13.6% 12.4%
2.3%
Operating margin -1.9% -1.7%
-11.5%
Net income (loss) per
ordinary share - $0.0001 ($0.0005)
($0.0022)
basic(1)
Net income (loss) per ADS -
basic $0.0061 ($0.0239)
($0.1113)
Net income (loss) per
ordinary share -
diluted(1) $0.0001 ($0.0005)
($0.0022)
Net income (loss) per ADS -
diluted $0.0060 ($0.0239)
($0.1113)
Wafers shipped (in 8"
wafers)(2) 388,498 388,010 0.1%
330,499 17.5%
Logic ASP(3) $979 $945 3.6%
$938 4.4%
Blended ASP $888 $862 3.0%
$807 10.0%
Simplified ASP(4) $930 $905 2.8%
$846 9.9%
Capacity utilization 93.5% 94.9%
86.5%
Note:
(1) Based on weighted average ordinary shares of
18,303 million (basic)
and 18,729 million (diluted) in 2Q06, 18,278
million (basic/diluted)
in 1Q06 and 18,169 million (basic/diluted) in
2Q05
(2) Including copper interconnects
(3) Excluding copper interconnects
(4) Total sales/total wafers shipped
-- Sales increased to $361.4 million in 2Q06, up 2.9%
QoQ from $351.1
million in 1Q06 and up 29.3% YoY from $279.5 million
in 2Q05 primarily
due to a 3% increase in the blended ASP.
-- Cost of sales increased to $312.2 million in 2Q06,
up 1.4% QoQ from
$307.8 million in 1Q06, primarily due to a product
mix shift.
-- Gross profit increased to $49.2 million in 2Q06, up
13.5% QoQ from
$43.4 million in 1Q06 and up 670.4% YoY from $6.4
million in 2Q05.
-- Gross margins increased to 13.6% in 2Q06 from 12.4%
in 1Q06, primarily
due to an improved product mix.
-- Operating expenses of $56.1 million in 2Q06, up
13.8% QoQ from $49.3
million in 1Q06.
-- Loss from operations of $6.9 million in 2Q06, up
16.1% QoQ from a loss
of $6.0 million in 1Q06.
-- Other non-operating loss of $9.5 million in 2Q06, up
21.6% QoQ from a
loss of $7.8 million in 1Q06, primarily due to a
foreign exchange
loss of $2.0 million in 2Q06.
-- Net foreign exchange loss of $6.8 million in 2Q06.
-- Net income of $2.2 million in the second quarter of
2006, compared to a
net loss of $8.7 million in the first quarter of
2006 and a net loss of
$40.4 million in the second quarter of 2005.
-- As a result of a tax planning strategy that became
effective in 2Q06, a
temporary difference between the tax and book basis
of certain assets
was created. Under FAS109, the Company recognized
an income tax
benefit of $18.9 million.
Analysis of Revenues
Sales Analysis
By Application 2Q06 1Q06
4Q05 3Q05 2Q05
Computer 30.6 % 36.0 % 34.8
% 33.7 % 39.8 %
Communications 46.2 % 45.8 % 43.8
% 39.8 % 40.4 %
Consumer 18.6 % 13.3 % 16.6
% 22.8 % 15.2 %
Others 4.6 % 4.9 % 4.8
% 3.7 % 4.6 %
By Device 2Q06 1Q06
4Q05 3Q05 2Q05
Logic (including copper
interconnect) 66.6 % 62.8 % 65.3
% 65.5 % 58.9 %
DRAM(1) 28.8 % 32.4 % 31.3
% 31.0 % 36.5 %
Other (mask making & probing,
etc.) 4.6 % 4.8 % 3.4
% 3.5 % 4.6 %
By Customer Type 2Q06 1Q06
4Q05 3Q05 2Q05
Fabless semiconductor companies 49.8 % 41.8 % 43.2
% 43.2 % 42.2 %
Integrated device manufacturers
(IDM) 41.9 % 52.8 % 51.7
% 52.8 % 55.2 %
System companies and others 8.3 % 5.4 % 5.1
% 4.0 % 2.6 %
By Geography 2Q06 1Q06
4Q05 3Q05 2Q05
North America 46.7 % 43.5 % 39.2
% 42.9 % 40.8 %
Asia Pacific (ex. Japan) 20.9 % 21.3 % 28.2
% 25.7 % 26.3 %
Japan 4.9 % 3.3 % 3.6
% 4.5 % 6.0 %
Europe 27.5 % 31.9 % 29.0
% 26.9 % 26.9 %
Wafer Revenue Analysis
By Technology (logic, DRAM & 2Q06 1Q06
4Q05 3Q05 2Q05
copper interconnect only)
0.13um and below 47.5 % 46.6 % 42.9
% 43.8 % 44.5 %
0.15um 4.7 % 8.7 % 5.2
% 2.7 % 2.5 %
0.18um 38.0 % 35.7 % 42.3
% 45.3 % 40.7 %
0.25um 2.0 % 1.6 % 3.3
% 3.1 % 3.9 %
0.35um 7.8 % 7.4 % 6.3
% 5.1 % 8.4 %
By Logic Only(1) 2Q06 1Q06
4Q05 3Q05 2Q05
0.13um and below(2) 22.5 % 13.3 % 10.9
% 14.7 % 12.6 %
0.15um 7.2 % 14.5 % 8.6
% 5.3 % 4.8 %
0.18um 55.8 % 57.7 % 65.3
% 67.4 % 59.4 %
0.25um 2.5 % 2.3 % 4.8
% 4.0 % 7.1 %
0.35um 12.0 % 12.2 % 10.4
% 8.6 % 16.1 %
Note:
(1) Excluding 0.13mm copper interconnects
(2) Represents revenues generated from manufacturing
full flow wafers
-- Sales from the consumer products segment grew faster
than other
applications in 2Q06 compared to 1Q06.
-- Percentage of sales from logic wafers, including
copper interconnects,
increased to 66.6% of sales in 2Q06, as compared to
62.8% in 1Q06 and
58.9% in 2Q05.
-- Percentage of sales generated from North America and
Japan customers in
2Q06 increased to 46.7% and 4.9%, respectively as
compared to 43.5% and
3.3% in 1Q06, respectively.
-- Percentage of wafer revenues from 0.13mm and below
technologies
increased to 47.5% of sales in 2Q06, as compared
with 46.6% in 1Q06 and
44.5% in 2Q05.
-- Percentage of logic only wafer revenues from 0.13mm
and below
technologies increased to 22.5% of sales in 2Q06, as
compared with
13.3% in 1Q06 and 12.6% in 2Q05.
Capacity
Fab / (Wafer Size)
2Q06(1) 1Q06(1)
Fab 1 (8")
43,000 43,000
Fab 2 (8")
49,034 47,954
Fab 4 (12")
35,438 30,220
Fab 7 (8")
17,216 15,000
Total monthly wafer fabrication capacity
144,688 136,174
Copper Interconnects:
Fab 3 (8")
22,563 21,156
Total monthly copper interconnect capacity
22,563 21,156
Note:
(1) Wafers per month at the end of the period in
8" wafers
-- As of the end of 2Q06, monthly capacity increased to
167,251 8-inch
equivalent wafers mainly due to the expansion at the
Beijing (Fab 4)
and Tianjin (Fab 7) sites.
Shipment and Utilization
8" equivalent wafers 2Q06 1Q06
4Q05 3Q05 2Q05
Wafer shipments including
Copper interconnects 388,498 388,010 376,227
355,664 330,499
Utilization rate(1) 93.5% 94.9% 93.0%
92.1% 86.5%
Note:
(1) Capacity utilization based on total wafer out
divided by estimated
capacity
-- Wafer shipments increased to 388,498 units of 8-inch
equivalent wafers
in 2Q06 up 0.1% QoQ from 388,010 units of 8-inch
equivalent wafers in
1Q06, and up 17.5% YoY from 330,499 8-inch
equivalent wafers in 2Q05.
-- Utilization rate decreased to 93.5%.
Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands 2Q06 1Q06 QoQ
2Q05 YoY
Cost of sales 312,229 307,768 1.4%
273,111 14.3%
Depreciation 188,663 189,054 -0.2%
171,216 10.2%
Other manufacturing
costs 123,566 118,714 4.1%
101,895 21.3%
Gross Profit 49,217 43,370 13.5%
6,389 670.4%
Gross Margin 13.6% 12.4%
2.3%
-- Cost of sales increased to $312.2 million in 2Q06,
up 1.4% QoQ from
$307.8 million in 1Q06, primarily due to a product
mix shift.
-- Gross profit increased to $49.2 million in 2Q06, up
13.5% QoQ from
$43.4 million in 1Q06 and up 670.4% YoY from $6.4
million in 2Q05.
-- Gross margins increased to 13.6% in 2Q06 from 12.4%
in 1Q06, primarily
due to a higher blended ASP from a product mix
shift.
Operating Expense Analysis
Amounts in US$ thousands 2Q06 1Q06 QoQ
2Q05 YoY
Total operating expenses 56,141 49,335 13.8%
38,469 45.9%
Research and development 24,345 20,593 18.2%
17,590 38.4%
General and
administrative 16,837 11,749 43.3%
7,207 133.6%
Selling and marketing 3,918 5,970 -34.4%
3,590 9.2%
Amortization of
intangible assets 11,041 11,023 0.2%
10,082 9.5%
-- Total operating expenses were $56.1 million in 2Q06,
an increase of
13.8% QoQ from $49.3 million in 1Q06.
-- Research and development expenses increased to $24.3
million in 2Q06,
up 18.2% QoQ from $20.6 million in 1Q06, primarily
due to increased
depreciation and amortization costs associated with
R&D and a decrease
in R&D subsidy from the previous quarter.
-- General and administrative expenses increased to
$16.8 million in 2Q06,
up 43.3% QoQ from $11.7 million in 1Q06, primarily
due to foreign
exchange losses of $4.8 million in 2Q06.
-- Selling and marketing expenses decreased to $3.9
million in 2Q06, down
34.4% QoQ from $6.0 million in 1Q06, primarily due
to decreased
engineering material expense.
-- Amortization of acquired intangible assets
representing amortization
expenses associated with the acquisition of
intangible assets was $11.0
million in 2Q06.
Other Income (Expenses)
Amounts in US$ thousands 2Q06 1Q06 QoQ
2Q05 YoY
Other income (expenses) (9,491) (7,807) 21.6%
(8,234) 15.3%
Interest income 4,039 4,595 -12.1%
2,030 99.0%
Interest expense (12,214) (12,201) 0.1%
(8,971) 36.2%
Other, net (1,316) (201) 555.9%
(1,293) 1.7%
-- Other non-operating loss of $9.5 million in 2Q06 up
21.6%, QoQ from a
loss of $7.8 million in 1Q06, primarily due to a
foreign exchange
loss of $2.0 million in 2Q06.
-- Interest expenses of $12.2 million in 2Q06.
Liquidity
Amounts in US$ thousands
2Q06 1Q06
Cash and cash equivalents
584,643 485,121
Short term investments
3,487 3,525
Accounts receivable
257,248 241,020
Inventory
217,592 196,585
Others
25,956 16,363
Total current assets
1,088,926 942,614
Accounts payable
429,813 286,884
Short-term borrowings
118,284 211,608
Current portion of long-term debt
47,160 246,081
Others
114,636 119,057
Total current liabilities
709,893 863,630
Cash Ratio
0.8x 0.6x
Quick Ratio
1.2x 0.9x
Current Ratio
1.5x 1.1x
Capital Structure
Amounts in US$ thousands
2Q06 1Q06
Cash and cash equivalents
584,643 485,121
Short-term investment
3,487 3,525
Current portion of promissory note
29,242 29,493
Promissory note
90,537 104,140
Short-term borrowings
118,284 211,608
Current portion of long-term debt
47,160 246,081
Long-term debt
830,743 431,504
Total debt
996,187 889,193
Net cash
(527,836) (534,180)
Shareholders' equity
3,028,259 3,019,086
Total debt to equity ratio
32.9% 29.5%
Cash Flow Summary
Amounts in US$ thousands
2Q06 1Q06
Net income
2,242 (8,743)
Depreciation & amortization
220,242 210,595
Amortization of acquired intangible
assets
11,041 11,024
Net change in cash
99,523 (100,676)
Capex Summary
-- Capital expenditures for 2Q06 were $317.3 million.
-- Total planned capital expenditures for 2006 will be
approximately $1.1
billion and will be adjusted based on market
conditions.
Third Quarter 2006 Guidance
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.
-- Sales expected to remain flat or to increase up to
2% over 2Q06.
-- Gross margins expected to be in the 8% to 12%
range.
-- Operating expense as a percentage of sales expected
to be in the mid-
teens for 3Q06.
-- Non-operating interest expense expected to be
approximately $15 million
to $17 million.
-- Capital expenditures expected to be approximately
$325 million to $360
million.
-- Depreciation and amortization expected to be
approximately $250 million
to $260 million.
Recent Highlights and Announcements
-- Central China's First 12-inch Fab Began Construction
and Will be
Managed by SMIC (2006-06-28)
-- Elpida's Advanced 90nm DDR2 SDRAM Successfully
Qualified at SMIC
Beijing's 300mm Fab (2006-06-19)
-- SMIC Shanghai closed a US$600 million Syndicated
Term Loan (2006-06-08)
-- SMIC Shanghai is expecting to enter into a US$600
million Syndicated
Term Loan (2006-06-07)
-- Changes in Directorate (2006-06-01)
-- Annual General Meeting Held On 30th May, 2006 Poll
Results
(2006-06-01)
-- SMIC Adopts ARM Physical IP for Both Low-Power and
High-Performance
Designs at 90 Nanometer Technology Node
(2006-05-31)
-- SMIC Tianjin Secures Financing for Expansion
(2006-05-31)
-- Chipnuts and SMIC to Jointly Offer C626 Multimedia
Chip For Mobile
Phones (2006-05-17)
-- SMIC and Aurora Systems in Volume Production of
Digital LCOS Panel
Chips (2006-05-08)
-- SMIC reports 2006 first quarter results
(2006-04-28)
-- SMIC and CADENCE Deliver New Analog Mixed-Signal
Reference Flow to
Speed Fabless Chip Design (2006-04-13)
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
June 30, 2006
March 31, 2006
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents 584,643,407
485,120,565
Short term investments 3,486,997
3,525,210
Accounts receivable, net of
allowances of $4,360,447 and
$3,155,788, respectively 257,248,338
241,020,392
Inventories 217,592,385
196,584,559
Prepaid expense and other current
assets 20,171,994
16,363,507
Assets held for sale 5,782,422
--
Total current assets 1,088,925,543
942,614,233
Land use rights, net 39,975,613
41,392,218
Plant and equipment, net 3,378,265,128
3,286,544,385
Acquired intangible assets, net 183,230,540
191,933,630
Equity investment 15,760,166
16,762,335
Long-term prepayments 4,957,320
2,342,957
Deferred tax assets 18,892,396
--
TOTAL ASSETS 4,730,006,706
4,481,589,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 429,813,127
286,884,436
Accrued expenses and other current
liabilities 85,373,210
89,469,845
Short-term borrowings 118,283,829
211,607,902
Current portion of promissory note 29,242,001
29,492,874
Current portion of long-term debt 47,160,000
246,081,155
Income tax payable 20,548
93,634
Total current liabilities 709,892,715
863,629,846
Long-term liabilities:
Promissory note 90,537,615
104,140,277
Long-term debt 830,742,999
431,504,129
Long-term payables relating to
license agreements 23,507,429
25,395,010
Other long-term payable 10,000,000
--
Total long-term liabilities 954,788,043
561,039,416
Total liabilities 1,664,680,758
1,424,669,262
Commitments
Minority interest 37,066,848
37,834,500
Stockholders' equity:
Ordinary shares£¬$0.0004 par
value, 50,000,000,000 shares
authorized, shares issued
and outstanding 18,342,734,332
and 18,318,402,283, respectively 7,337,094
7,327,361
Warrants 32,387
32,387
Additional paid-in capital 3,275,146,135
3,268,265,625
Accumulated other comprehensive
income 163,674
122,675
Accumulated deficit (254,420,190)
(256,662,052)
Total stockholders' equity 3,028,259,100
3,019,085,996
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 4,730,006,706
4,481,589,758
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
June 30, 2006
March 31, 2006
(unaudited)
(unaudited)
Sales 361,445,898
351,137,952
Cost of sales 312,229,121
307,767,802
Gross profit 49,216,777
43,370,150
Operating expenses:
Research and development 24,344,979
20,592,655
General and administrative 16,837,020
11,748,899
Selling and marketing 3,918,343
5,970,146
Amortization of acquired intangible
assets 11,041,090
11,023,590
Total operating expenses 56,141,432
49,335,290
Loss from operations (6,924,655)
(5,965,140)
Other income (expenses):
Interest income 4,039,328
4,595,384
Interest expense (12,214,076)
(12,201,407)
Others, net (1,316,005)
(200,656)
Total other income (expenses), net (9,490,753)
(7,806,679)
Net loss before income taxes (16,415,408)
(13,771,819)
Income tax credit (expense) 18,891,787
(13,985)
Minority interest 767,652
947,364
Loss from equity investment (1,002,169)
(1,058,555)
Cumulative effect of a change in
accounting principle --
5,153,986
Net income (loss) 2,241,862
(8,743,009)
Deemed dividends on preference shares --
--
Income (loss) attributable to holders
of ordinary shares 2,241,862
(8,743,009)
On the basis of net income (loss)
before accounting change per share,
basic 0.0001
(0.0008)
Cumulative effect of a change in
accounting principal per share,
basic --
0.0003
Net income (loss) per share, basic 0.0001
(0.0005)
On the basis of net income (loss)
before accounting change per ADS,
basic 0.0061
(0.0380)
Cumulative effect of a change in
accounting principal per ADS, basic --
0.0141
Net income (loss) per ADS, basic 0.0061
(0.0239)
On the basis of net income (loss)
before accounting change per share,
diluted 0.0001
(0.0008)
Cumulative effect of a change in
accounting principle per share,
diluted --
0.0003
Net income (loss) per share, diluted 0.0001
(0.0005)
On the basis of net income (loss)
before accounting change per ADS,
diluted 0.0060
(0.0380)
Semiconductor Manufacturing
International Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
June 30, 2006
March 31, 2006
(unaudited)
(unaudited)
Cumulative effect of a change in
accounting principle per ADS,
diluted --
0.0141
Net income (loss) per ADS, diluted 0.0060
(0.0239)
Ordinary shares used in calculating
basic income per ordinary share (in
millions) 18,303
18,278
Ordinary shares used in calculating
diluted income per ordinary share
(in millions) 18,729
18,278
*Amortization of deferred stock
compensation related to:
Cost of sales 3,014,597
3,127,678
Research and development 1,254,569
1,281,330
General and administrative 1,227,469
1,211,830
Selling and marketing 509,831
543,929
Total 6,006,465
6,164,767
(1) 1 ADS equals 50 ordinary shares
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
(In US dollars)
For the
three months ended
June 30, 2006
March 31, 2006
(unaudited)
(unaudited)
Operating activities:
Income (loss) attributable to
holders of ordinary shares 2,241,862
(8,743,009)
Cumulative effect of a change in
accounting principle --
(5,153,986)
Net income (loss) 2,241,862
(13,896,995)
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Minority interest (767,652)
(947,364)
Gain (loss) on disposal of plant and
equipment (516,812)
1,018
Depreciation and amortization 220,242,447
210,595,208
Amortization of acquired intangible
assets 11,041,089
11,023,590
Amortization of deferred stock
compensation 6,006,465
6,164,767
Amortization of loan initiation fee 59,949
--
Non-cash interest expense on
promissory notes 1,503,505
1,465,312
Loss on long-term investment 1,002,169
1,058,555
Changes in operating assets and
liabilities:
Accounts receivable (16,227,946)
313,522
Inventories (21,007,826)
(5,346,923)
Prepaid expense and other current
assets (316,206)
(853,466)
Accounts payable (13,274,229)
3,521,334
Accrued expenses and other current
liabilities (11,319,565)
(10,144,265)
Other long term liabilities 10,000,000
--
Income tax payable (73,086)
93,634
Deferred tax assets (18,892,396)
--
Net cash provided by operating
activities 169,701,768
203,047,927
Investing activities:
Purchases of plant and equipment (164,934,281)
(197,518,652)
Purchases of acquired intangible
assets (253,074)
(1,439,000)
Sale of short-term investments 30,704
10,250,212
Proceeds received from living
quarter sales 5,631,255
--
Proceeds from disposal of fixed
assets 17,479
1,167,914
Net cash used in investing
activities (159,507,917)
(187,539,526)
Financing activities:
Proceeds from short-term borrowings 83,161,736
65,125,158
Proceeds from long-term debt 592,960,001
59,988,601
Repayment of long-term debt (392,642,286)
(123,040,282)
Repayment of promissory notes (15,000,000)
--
Repayment of short-term borrowings (176,485,809)
(118,998,338)
Payment of loan initiation fee (3,596,938)
--
Proceeds from exercise of employee
stock options 883,777
736,003
Net cash provided by financing
activities 89,280,481
(116,188,858)
Effect of foreign exchange rate
changes 48,510
4,135
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 99,522,842
(100,676,322)
CASH AND CASH EQUIVALENTS, beginning
of period 485,120,565
585,796,887
CASH AND CASH EQUIVALENTS, end of
period 584,643,407
485,120,565
For more information, please contact:
Calvin Lau
Tel: +86-21-5080-2000 x16693
Mobile: +852-9435-2603 or +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
2007'02.04.Sun
W.P. Stewart & Co., Ltd. Reports Net Income for Second Quarter of $9.6 Million After Non-recurring Charge
July 27, 2006
Diluted earnings per share of $0.21 and $0.49 for the second quarter and first six months, respectively
Strategic Growth Initiatives Broadened
Strategic Growth Initiatives Broadened
HAMILTON, Bermuda, July 27 /Xinhua-PRNewswire/ -- W.P.
Stewart & Co., Ltd. ("W.P. Stewart" or the
"Company") today reported net income of $9.6
million, or $0.21 per share (diluted) and $0.21 per share
(basic), for the second quarter ended 30 June 2006. Net
income for the second quarter 2006 includes a non-recurring
charge of $2.6 million ($0.05 per share, diluted) related to
the resetting of the performance fee "high water
mark" as required on 30 June 2006 in connection with
the completion of the transfer of W.P. Stewart Holdings NV
from Curacao to Luxembourg. Excluding this non-recurring
charge, second quarter net income was $11.9 million or
$0.26 per share (diluted) and $0.26 per share (basic).
These earnings results compare with net income in the
second quarter of the prior year of $12.3 million or $0.27
per share (diluted) and $0.27 per share (basic).
In announcing the results, John C. Russell, President
and Chief Executive Officer, said, "Although the
environment is challenging, we remain focused on a range of
strategic initiatives to enhance long term shareholder
value."
Mr. Russell announced that the Company is launching a
program to selectively rationalize and simplify its fee
structure to sustain and expand its exceptional client
relationships worldwide. As part of this effort, starting
1 July 2006, for accounts at $50 million and over W.P.
Stewart will charge a single fee, with no charge for
brokerage commissions. This single fee structure will be
tapered providing a significant reduction over the previous
schedules for these larger accounts.
In addition, for eligible pooled funds, sponsored and
marketed by third-parties, that engage the Company in a
sub-advisory role, the Company will introduce a new
advisory fee schedule effective 1 October 2006. Under that
new fee schedule, the annual advisory fee for these funds
will be 1.00% on the first $100 million of assets and will
be 0.75% for any amount over $100 million.
Effective 1 July 2006, brokerage commission charges for
all funds that engage the Company as an advisor or
sub-advisor and are marketed by W.P. Stewart or by
third-party sponsors were set at $0.08 per share for funds
with assets under management up to $25 million and $0.05
per share for funds with assets over $25 million.
Commenting on these changes, Mr. Russell said,
"These adjustments to our fees and commission charges,
coupled with broader use of performance fee structures based
on both absolute and relative performance measures, were
made in recognition of the strong opportunity we have in
the super high net worth and large institutional markets,
market segments heretofore unavailable to us, and to better
position ourselves in the important pooled fund
market."
"Our global marketing program lead by Fred
Busk," Mr. Russell continued, "is actively
expanding our profile worldwide, complementing a
reinvigorated focus on our core high net worth client base
with a new emphasis on super high net worth individuals and
large institutional investors."
As part of this initiative Mr. Russell noted that a
marketing agreement had recently been negotiated with
Perkins Fund Marketing LLC, an organization recognized for
its multifaceted investment marketing services. Perkins
represents a limited number of diverse, quality investment
fund managers to its sophisticated investor contacts.
Working with Perkins, W.P. Stewart will be launching an
asset gathering program directed at investors with large
asset bases utilizing a relative performance fee
structure.
Separately, the Company anticipates introducing a new
asset gathering initiative for large U.S. equity portfolios
utilizing an absolute performance fee structure.
Mr. Russell also noted the Company is concurrently
expanding its global portfolio management activity under
the direction of Mark Phelps, recently appointed Deputy
Managing Director - Global Investments, and anticipates
introducing an EAFE fund to its worldwide client base
during the fourth quarter of this year.
During the quarter, the Company negotiated new
employment arrangements with members of its senior
portfolio management team. As part of these arrangements,
the Company is committing to bring important new equity
ownership in W.P. Stewart to the next generation of
portfolio managers.
"As we look longer term," Mr. Russell said,
"we are confident that W.P. Stewart will generate
strong results by successfully pursuing multiple avenues to
develop new growth opportunities."
Second Quarter Highlights
Assets under management (AUM) for the quarter ended 30
June 2006 declined approximately $900 million to
approximately $8.4 billion. This compares with AUM of
approximately $8.8 billion reported at 30 June 2005.
As noted above, second quarter earnings included a
non-recurring charge of approximately $2.6 million or $0.05
per share, diluted. Excluding this non-recurring charge,
second quarter net income was $11.9 million or $0.26 per
share (diluted).
Cash earnings for the quarter ended 30 June 2006 were
$13.3 million (net income of $9.6 million adjusted to
include $3.7 million representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax effected basis), or $0.29 per share (diluted). In the
same quarter of the prior year, cash earnings were $15.2
million (net income of $12.3 million adjusted for the
inclusion of $2.9 million representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax-effected basis), or $0.33 per share (diluted).
Cash earnings include the previously noted
non-recurring charge of $2.6 million related to the
transfer of W.P. Stewart Holdings NV from Curacao to
Luxembourg. Excluding this non-recurring charge, second
quarter cash earnings totaled $15.5 million or $0.34 per
share (diluted).
For the second quarter of 2006 there were 45,915,096
common shares outstanding on a weighted average diluted
basis compared to 45,833,007 common shares outstanding for
the second quarter of 2005 on the same weighted average
diluted basis.
Six Month Results
For the six months ended 30 June 2006, net income was
$22.3 million, down 11.0%, compared to the $25.1 million
reported for the first six months of 2005. Net income was
$0.49 per share (diluted) and $0.49 per share (basic) for
the first six months of 2006, compared to $0.55 per share
(diluted) and $0.55 per share (basic) for the six month
period in 2005.
Net income and earnings per share for the six month
period ended 30 June 2006 include the non-recurring charge
related to W.P. Stewart Holdings NV detailed above. Net
income for the period adjusted to exclude this
non-recurring item was $24.6 million or $0.53 per share
(diluted).
Cash earnings for the six months ended 30 June 2006
were $27.7 million (net income of $22.3 million adjusted to
include $5.4 million, representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax-effected basis), or $0.60 per share (diluted). In the
same period of the prior year, cash earnings were $30.5
million (net income of $25.1 million adjusted for the
inclusion of $5.4 million representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax-effected basis), or $0.67 per share (diluted).
Cash earnings adjusted to exclude the non-recurring
charge related to the transfer of W.P. Stewart Holdings NV
were $30.0 million or $0.65 per share (diluted).
For the six months ended 30 June 2006, there were
45,928,110 common shares outstanding on a weighted average
diluted basis compared to 45,847,058 common shares
outstanding for the same period in 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 second
quarter of 2006 was -3.9% pre-fee and -4.2% post-fee. This
compares to -1.4% for the S&P 500.
For the six months ended 30 June 2006, performance in
the Composite was -2.5%, pre-fee and -3.1%, post-fee. This
compares to +2.7% for the S&P 500.
For the twelve month period ending 30 June 2006,
performance in the Composite was +8.3%, pre-fee and +7.1%,
post-fee. This compares to +8.6% for the S&P 500.
W.P. Stewart's five-year performance record for the
period ended 30 June 2006 averaged +5.3% pre-fee (+4.1%
post-fee), compounded annually, compared to an average of
+2.5 % for the S&P 500 in the five-year period.
As at 30 June 2006, these recent performance results
have negatively impacted one and three-year comparisons
with the S&P 500 Index, however, the five and ten-year
investment returns for the Composite remain substantially
ahead of the Index, both on a pre-fee basis and a post-fee
basis.
Portfolio returns in July have continued under pressure
with preliminary indications that year-to-date performance
is now approximately 940 basis points behind the S&P
500 on a pre-fee basis.
Assets Under Management
As noted above, AUM declined approximately $900 million
in the quarter ended 30 June 2006 to approximately $8.4
billion. This compares to AUM of approximately $8.8 billion
reported at 30 June 2005.
Total net flows of AUM for the quarter ended 30 June
2006 were -$510 million, compared with -$115 million in the
comparable quarter of 2005 and -$237 million in the first
quarter of 2006.
Total net flows of AUM for the six months ended 30 June
2006 and 2005 were -$747 million and -$158 million,
respectively.
In the second quarter of 2006, net cash flows of
existing accounts were approximately -$207 million compared
with net cash flows of approximately -$119 million in the
second quarter of 2005. Net cash flows of existing accounts
for the six months ended 30 June 2006 were -$238 million
compared to -$88 million for the six months ended 30 June
2005.
Net new flows (net contributions to our
publicly-available funds and flows from new accounts minus
closed accounts) were approximately -$303 million for the
quarter compared to approximately +$4 million for the same
quarter of the prior year. Net new flows were
approximately -$509 million and approximately -$70 million
for the six months ended 30 June 2006 and 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 as at 30 June 2006 expected to have 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 $38.5 million for the quarter ended 30
June 2006, compared to $33.9 million for the same quarter
2005. An increase in commissions was a major factor in the
revenue gain for the second quarter. Portfolio transactions
increased as portfolio managers took advantage of the market
weakness to reallocate portfolio capital to companies in
which they had the highest conviction and also to establish
new positions in certain companies.
Revenues for the six months ended 30 June 2006 and 2005
were $74.8 million and $68.7 million, respectively.
The average gross management fee was 1.13%, annualized,
for the quarter ended 30 June 2006 and 1.13% for the six
months ended 30 June 2006, compared to 1.18% and 1.17% in
each of the comparable periods of the prior year. Excluding
performance fee based accounts, the average gross management
fee was 1.25%, annualized, for the quarter ended 30 June
2006, and 1.26% for the six months ended 30 June 2006,
compared to 1.28% in each of the comparable periods of the
prior year.
Total operating expenses for the second quarter 2006,
including the non-recurring charge of $2.6 million,
increased 37.4% to $27.8 million from $20.3 million in the
same quarter of the prior year. Total operating expenses
were $49.1 million and $40.9 million for the six months
ended 30 June 2006 and 2005, respectively.
During 2004, 2005 and through the first half of 2006,
the Company issued restricted shares to various employees.
The non-cash compensation expense related to these
restricted share grants was approximately $2.3 million for
the second quarter of 2006 and approximately $2.6 million
for the six months ended 30 June 2006. This non-cash
compensation expense is included in "employee
compensation and benefits". The non-cash compensation
expense related to these restricted share grants is
expected to be at least $7.1 million for 2006.
Pre-tax income at $10.7 million was 27.8% of gross
revenues for the quarter ended 30 June 2006 compared to
$13.6 million or 40.2% of gross revenues in the comparable
quarter of the prior year. Pre-tax income was $25.7
million (34.4% of gross revenues) for the six months ended
30 June 2006 and $27.9 million (40.5% of gross revenues)
for the six months ended 30 June 2005.
The Company's provision for taxes for the quarter ended
30 June 2006 was $1.1 million versus $1.4 million in the
comparable quarter of the prior year, and was $3.4 million
versus $2.8 million for the six months ended 30 June 2006
and 2005, respectively. The effective tax rate was 9.9% of
income before taxes in the second quarter of 2006 compared
to 10.0% in the second quarter of 2005. The effective tax
rate was approximately 13.2% and 10.0% of income before
taxes for the six month periods ended 30 June 2006 and
2005, respectively.
The increase in the tax rate for the six month period
in 2006 relates to changes in the allocation of portfolio
management activities among various jurisdictions
reflecting recent portfolio manager departures and other
management changes. The proportion of various activities
based in high-tax jurisdictions has increased somewhat
relative to the activity based in lower-tax jurisdictions.
Whereas the Company had previously indicated that the
anticipated tax rate for 2006 would be between 17% and 20%,
it now expects that the tax rate will be approximately 14%
for 2006.
Other Events
The Company paid a dividend of $0.30 per common share
on 28 April 2006 to shareholders of record as of 13 April
2006. As always, the Board of Directors continues to
evaluate the Company's dividend policy in light of the
Company's financial performance and outlook, and the
Company will pay a dividend of $0.30 per common share on 28
July 2006 to shareholders of record as of 14 July 2006.
Conference Call
In conjunction with this second quarter 2006 earnings
release, W.P. Stewart & Co., Ltd. will host a
conference call on Thursday, 27 July 2006. The conference
call will commence promptly at 9:15am (EDT). Those who are
interested in participating in the teleconference should
dial 1-888-858-4723 (within the United States) or
+973-935-8508 (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 July 2006 at 12:00 noon (EDT) through Friday,
28 July 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 7600706.
You will be able to access a replay of the Internet
broadcast through Thursday, 3 August 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
June 30, Mar.
31, June 30,
2006
2006 2005
Revenue:
Fees $25,788,508
$27,187,308 $25,905,543
Commissions 11,916,558
8,260,794 7,334,973
Interest and other 832,272
798,077 632,934
38,537,338
36,246,179 33,873,450
Expenses:
Employee compensation and
benefits 11,228,135
7,738,837 7,231,107
Fees paid out 1,949,680
2,174,908 2,140,864
Performance fee charge 2,625,642
- -
Commissions, clearance and
trading 2,245,933
1,642,079 1,623,246
Research and administration 3,330,257
3,629,544 3,557,819
Marketing 1,488,922
1,711,094 1,183,848
Depreciation and amortization 1,648,745
1,575,794 2,052,745
Other operating 3,318,203
2,762,137 2,465,856
27,835,517
21,234,393 20,255,485
Income before taxes 10,701,821
15,011,786 13,617,965
Provision for taxes 1,053,940
2,347,675 1,361,796
Net income $9,647,881
$12,664,111 $12,256,169
Earnings per share:
Basic earnings per share $0.21
$0.28 $0.27
Diluted earnings per share $0.21
$0.28 $0.27
%
Change From
Mar. 31,
2006 June 30, 2005
Revenue:
Fees -5.15%
-0.45%
Commissions 44.25%
62.46%
Interest and other 4.28%
31.49%
6.32%
13.77%
Expenses:
Employee compensation and benefits 45.09%
55.28%
Fees paid out -10.36%
-8.93%
Performance fee charge -
-
Commissions, clearance and trading 36.77%
38.36%
Research and administration -8.25%
-6.40%
Marketing -12.98%
25.77%
Depreciation and amortization 4.63%
-19.68%
Other operating 20.13%
34.57%
31.09%
37.42%
Income before taxes -28.71%
-21.41%
Provision for taxes -55.11%
-22.61%
Net income -23.82%
-21.28%
Earnings per share:
Basic earnings per share -25.00%
-22.22%
Diluted earnings per share -25.00%
-22.22%
W.P. Stewart & Co., Ltd.
Unaudited Condensed Consolidated Statements of
Operations
For the Six
Months Ended June 30,
2006
2005 %
Revenue:
Fees $52,975,816
$53,141,444 -0.31%
Commissions 20,177,352
14,524,371 38.92%
Interest and other 1,630,349
1,041,431 56.55%
74,783,517
68,707,246 8.84%
Expenses:
Employee compensation and benefits 18,966,972
14,458,703 31.18%
Fees paid out 4,124,588
4,028,214 2.39%
Performance fee charge 2,625,642
- -
Commissions, clearance and trading 3,888,012
3,110,048 25.01%
Research and administration 6,959,801
7,293,853 -4.58%
Marketing 3,200,016
2,723,807 17.48%
Depreciation and amortization 3,224,539
4,096,134 -21.28%
Other operating 6,080,340
5,144,825 18.18%
49,069,910
40,855,584 20.11%
Income before taxes 25,713,607
27,851,662 -7.68%
Provision for taxes 3,401,615
2,785,166 22.13%
Net income $22,311,992
$25,066,496 -10.99%
Earnings per share:
Basic earnings per share $0.49
$0.55 -10.91%
Diluted earnings per share $0.49
$0.55 -10.91%
W.P. Stewart & Co., Ltd.
Net Flows of Assets Under Management*
(in millions)
For the Three
For the Six
Months Ended
Months Ended
Jun. 30, Mar. 31, Jun. 30,
Jun. 30, Jun. 30,
2006 2006 2005
2006 2005
Existing Accounts:
Contributions $168 $329 $171
$497 $483
Withdrawals (375) (360) (290)
(735) (571)
Net Flows of Existing
Accounts (207) (31) (119)
(238) (88)
Publicly Available Funds:
Contributions 78 34 62
112 116
Withdrawals (93) (69) (18)
(162) (93)
Direct Accounts Opened 27 57 104
84 175
Direct Accounts Closed (315) (228) (144)
(543) (268)
Net New Flows (303) (206) 4
(509) (70)
Net Flows of Assets Under
Management $(510) $(237) $(115)
$(747) $(158)
* The table above sets forth the total net flows of
assets under management for the three months ended June 30,
2006, March 31, 2006 and June 30, 2005, respectively, and
for the six months ended June 30, 2006 and 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: +441-295-8585
SOURCE W.P. Stewart & Co., Ltd.
2007'02.04.Sun
British American Tobacco: Interim Report to 30 June 2006
July 27, 2006
LONDON, July 27 /Xinhua-PRNewswire/ --
Summary
(in pounds Sterling)
SIX MONTHS RESULTS 2006 2005 Change
Revenue - as reported 4,808m 4,399m +9%
- like-for-like 4,808m 4,367m +10%
Profit from operations
- as reported 1,325m 1,253m +6%
- like-for-like 1,389m 1,211m +15%
Adjusted diluted
earnings per share 49.11p 40.85p +20%
Interim dividend per share 15.7p 14.0p +12%
* Reported Group profit from operations was 6 per cent
higher at
1,325 million pounds. However, profit from
operations would have been
15 per cent higher, or 9 per cent at comparable rates
of exchange, if
exceptional items and the impact arising from the
change in terms of
trade following the sale of Etinera are excluded,
with all regions
contributing to this good result. This like-for-like
information
provides a better understanding of the subsidiaries'
trading results.
* Group volumes from subsidiaries increased by 2 per
cent to 336 billion
on a reported basis. On a like-for-like basis,
volume growth was 3 per
cent and the four global drive brands achieved
impressive overall growth
of 20 per cent. The reported revenue rose by 9 per
cent to 4,808
million pounds. On a like-for-like basis, revenue
increased by 10 per
cent or 6 per cent at comparable rates of exchange.
This excellent
volume and revenue growth was achieved across a broad
spread of markets.
* Adjusted diluted earnings per share rose by 20 per
cent, as the higher
net finance costs and minority interests were more
than offset by the
improvement in profit from operations, the share of
associates' post-tax
results, a lower tax rate and the benefit from the
share buy-back
programme. Basic earnings per share were higher at
48.38p (2005:
44.14p).
* The Board has declared an interim dividend of 15.7p,
a 12 per cent
increase on last year, to be paid on 13 September
2006.
* The Chairman, Jan du Plessis, commented, "The
Group has again
demonstrated its ability to generate good revenue
growth, whilst
achieving higher operating profit in all regions.
The results for the
first six months have, however, been flattered by
significant foreign
exchange gains, which are unlikely to continue, as
well as by the timing
of shipments in some major markets, which will
inevitably reverse during
the third quarter."
For more information, please contact:
For investors
Ralph Edmondson
Tel: +44-20-7845-1180
Rachael Cummins
Tel: +44-20-7845-1519
For press
David Betteridge, Teresa La Thangue or Catherine
Armstrong
Tel: +44-20-7845-2888
SOURCE British American Tobacco
2007'02.04.Sun
TI Unveils Zero-Crossover, Rail-to-Rail Amplifier for High-Performance, Single-Supply Applications
July 27, 2006
DALLAS, July 27 /Xinhua-PRNewswire/ -- Texas
Instruments Incorporated (TI) (NYSE: TXN) today introduced
a precision operational amplifier that utilizes an
innovative zero-crossover, single-input stage architecture
to achieve glitchless rail-to-rail performance. Featuring
ultra-low distortion of 0.0006% THD+N, low noise of
4.5nV/rtHz and gain bandwidth of 50MHz, the OPA365 is ideal
for a wide variety of single-supply applications found in
portable instrumentation, data acquisition, test and
measurement, audio and portable medical systems. (See
http://www.ti.com/sc06130 .)
"The OPA365 leverages TI's expertise in analog
signal conditioning to solve the common design challenge of
finding an op amp that does not limit the capability of the
data converter," said Art George, senior vice
president of TI's high-performance analog business.
"The OPA365's zero-crossover topology, combined with
superior noise and speed performance, solves this design
challenge unlike any other amplifier on the market and
reinforces TI's position as the leading supplier of
high-performance amplifiers."
The unique single-stage input topology enables
rail-to-rail input without the crossover associated with
traditional complementary input stages. This design reduces
distortion and delivers outstanding common-mode rejection
ratio (CMRR) of 100dB minimum and 120dB typical over the
entire input range (100mV beyond the supply rails), making
it ideal for driving analog-to-digital converters without
degradation of differential linearity. Other features
include fast settling time of 300ns to 0.01%, low offset
voltage of 200uV maximum and single-supply operation from
2.2V to 5.5V.
TI provides customers with a state-of-the-art signal
chain solution for precision applications:
analog-to-digital converters such as ADS8327, ADS8361,
ADS7886; digital-to-analog converters such as DAC8811,
DAC8830; and precision voltage references such as REF32xx.
The OPA365 is also optimized to work with TI's
high-performance TMS320(TM) DSP platforms.
Availability and Packaging
The OPA365 is available now from TI and its authorized
distributors in a SOT23-5 package. The device is priced at
$0.95 in 1,000 piece quantities (suggested resale pricing).
An SO-8 package will be available in 3Q 2006.
A dual version, OPA2365, will be available in DFN-8 and
SO-8 packages in 3Q 2006. All devices are specified for
operation from -40C to +125C.
For more information on TI's complete analog design
support, and to download the latest Amplifier & Data
Converter Selection Guide, visit http://www.ti.com/analog .
Texas Instruments Incorporated provides innovative DSP
and analog technologies to meet our customers' real world
signal processing requirements. In addition to
Semiconductor, the company includes the Educational &
Productivity Solutions business. TI is headquartered in
Dallas, Texas, and has manufacturing, design or sales
operations in more than 25 countries.
Texas Instruments is traded on the New York Stock
Exchange under the symbol TXN. More information is located
on the World Wide Web at http://www.ti.com .
Please refer all reader inquiries to: Texas Instruments
Incorporated
Semiconductor Group, SC-06130
Literature Response Center
14950 FAA Blvd.
Fort Worth, TX 76155
1-800-477-8924
Safe Harbor Statement
Statements contained in this news release regarding TI
product availability and other statements of management's
beliefs, goals and expectations may be considered
forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995, and are
subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or
implied by these statements. The following factors and the
factors discussed in TI's most recent Form 10-K could cause
actual results to differ materially from the statements
contained in this news release: actual market demand for
amplifier products and TI products specifically, and actual
test results relating to TI products. TI disclaims any
intention or obligation to update any forward-looking
statements as a result of developments occurring after the
date of this news release.
Trademarks
All registered trademarks and other trademarks belong
to their respective owners.
For more information, please contact:
Brett Schroer
Tel: +1-520-746-7984
Email: schroer_brett@ti.com
Jacqi Moore
Tel: +1-972-341-2513
Email: jmoore@golinharris.com
SOURCE Texas Instruments Incorporated
2007'02.04.Sun
Gemalto Second Quarter 2006 Revenue: $368 Million
July 27, 2006
-- Strong increase in deliveries to mobile network operators
-- Solid growth with financial issuers
-- Outstanding commercial successes in governmental identity programs
-- Solid growth with financial issuers
-- Outstanding commercial successes in governmental identity programs
AMSTERDAM, Netherlands, July 27 /Xinhua-PRNewswire/ --
The Gemalto securities referred to herein to be issued in
connection with the exchange offer of Gemalto N.V. for the
securities of Gemplus International S.A. have not been, and
are not intended to be, registered under the United States
Securities Act of 1933 (the "Securities Act") and
may not be offered or sold, directly or indirectly, into the
United States except pursuant to an applicable exemption.
The Gemalto securities are to be made available within the
United States in connection with the exchange offer
pursuant to an exemption from the registration requirements
of the Securities Act.
The exchange offer relates to the securities of a
non-US company and is subject to disclosure requirements of
a foreign country that are different from those of the
United States. Financial statements presented have been
prepared in accordance with foreign accounting standards
that may not be comparable to the financial statements of
United States companies.
It may be difficult for an investor to enforce its
rights and any claim it may have arising under U.S. federal
securities laws, since Gemalto and Gemplus have their
corporate headquarters outside of the United States, and
some or all of their officers and directors may be
residents of foreign countries. An investor may not be able
to sue a foreign company or its officers or directors in a
foreign court for violations of the U.S. securities laws.
It may be difficult to compel a foreign company and its
affiliates to subject themselves to a U.S. court's
judgment.
This release does not constitute an offer to purchase
or exchange or the solicitation of an offer to sell or
exchange any securities of Gemalto N.V. or an offer to sell
or exchange or the solicitation of an offer to buy or
exchange any securities of Gemplus International S.A.
Gemalto (Euronext NL0000400653 - GTO) today announces
its revenue for the second quarter 2006, the first to
consolidate Gemalto and Gemplus activity following the
execution on June 2, 2006 of the first step of the
combination between the two companies. The revenue reported
so includes Gemplus' June revenue of $127 million.
During the period, Gemalto recorded revenue of $368
million, 2% lower than last year's comparable revenue,
which includes Gemplus' June 2005 revenue of $116 million.
Olivier Piou, Gemalto's Chief Executive Officer
commented: "The combination between Axalto and Gemplus
is now effective. Since its announcement eight months ago,
we have very steadily delivered on all the operational
objectives we had set for Gemalto, ahead of schedule, and
the integrated organization is in place. Gemalto confirms
its objective of 85 million euros annual net synergies in
2009.
Our performance should improve in the second half of
the year as we are to benefit from the usual seasonal
increase of activity in mobile communication, from
large-scale renewals of financial EMV cards and from
deployments of the many identity programs for which Gemalto
has recently been selected.
Today, demand is strong in our digital security
markets, and our secure personal identity computing
platforms are more and more recognized by our broad
customer base as a vital link to improve their relationship
with their end-users."
Second Quarter Change
relative % of total
Gemalto 2006 2005 to 2005
on a revenue in
comparable basis quarter
At
At
On a historical
constant
comparable As exchange
exchange
basis* reported** rates
rates
(USD (USD (USD
million) million) million) %
%
Mobile
Communication 214.6 228.5 160.4 -6%
-6% 58%
Secure
Transactions 88.0 79.5 56.2 11%
12% 24%
ID & Security 42.9 36.0 16.0
19% 19% 12%
Public
Telephony 9.2 14.7 10.5 -38%
-38% 2%
Point-of-Sale
Terminals 13.8 17.7 17.7 -22%
-21% 4%
Total 368.3 376.5 260.9 -2%
-2% 100%
* Including Gemplus June 2005 revenue of $116 million
** Gemalto (ex-Axalto) 2005 second quarter reported
revenue
All comparisons in this document are at historical
exchange rates, unless stated otherwise, and describe the
evolution of Gemalto second quarter 2006 reported revenue
relative to Gemalto comparable 2005 second quarter revenue
as defined above.
Mobile Communication
The market demand for Subscriber Identity Modules (SIM)
continues to show robust growth although price pressure
intensified following the Gemalto proposed transaction
announcement, more than offsetting the impact of volume
growth on revenue.
The Mobile Communication segment recorded revenue of
$215 million in the quarter, down 6% compared with last
year.
Gemalto delivered strong volumes, with 165 million
units shipped, a 45% increase on last year's comparable
figure. During the quarter, the average sales price
declined 36% compared with the second quarter of 2005
reflecting:
* the intensely competitive environment since the
announcement
of the combination,
* an unfavorable geographic mix, with a larger
proportion of
volumes delivered to operators in emerging
countries, with
lower-end products on average,
* price erosion accumulated over the past quarters.
Sales grew year-on-year in Europe despite significant
on going pricing pressures.
Against the backdrop of an outstanding second quarter
performance in 2005, revenue in the Americas region
decreased.
For the second consecutive quarter, Asia's Mobile
Communication revenue increased compared with the same
quarter of the previous year. In China, revenue grew again
as national operators placed large-scale orders to Gemalto,
for SIM cards that will be used prior to the deployment of
the Chinese third-generation technology -- now expected
around the New Year. Over the quarter, Gemalto consolidated
its position as one of the foremost suppliers in this new
third-generation Chinese mobile telephony technology by
participating successfully in the TD-SCDMA field trials.
Secure Transactions (Financial Services and Pay TV)
Gemalto's revenue in this segment was $88 million in
the quarter, up 11% year on year.
Gemalto delivered 41 million microprocessor cards
during the quarter.
Activity in Europe was stable and the CISMEA (Community
of Independent States - Middle-East - Africa) region posted
solid growth, with strong deliveries to financial
institutions in Turkey and Russia.
EMV migration propelled North Asia to almost triple its
revenue this quarter, a trend that also benefited to Latin
America.
North America's growth was powered by strong shipments
in Canada and continued roll-outs in contactless cards in
the US.
ID & Security
Revenue in this segment for the quarter was $43
million, a 19% improvement on last-year's figure.
This growth was notably due to a marked increase in the
revenue derived from the company's patent portfolio compared
with the second quarter of 2005.
Gemalto also recorded strong growth in its Identity
activity in Europe with initial large-scale deployments of
French, Portuguese and Slovenian electronic passports.
Gemalto's leading expertise in this promising domain is now
recognized throughout the world: the company has been
selected to supply electronic passport technology in
Denmark, Finland, Norway, Singapore, Sweden, the Czech
Republic and is currently participating in large-scale
trial deployments in Russia.
Public Telephony
Revenue in this non-strategic product line dropped by
38% this quarter, reflecting further decline in worldwide
demand. It represented 2% of Gemalto's total revenue in the
quarter.
Point-of-Sale Terminals
The Point-of-Sale Terminals segment's revenue decreased
by 22% this quarter compared with the same period last year.
This was essentially due to delays in large tender awards in
Asia and in deliveries related to several large-scale
contracts. This segment accounted for 4% of Gemalto's
second quarter revenue.
Geographical break-down of second quarter revenue
Second Quarter Second
Quarter Change**
2006 2005*
(%)
EMEA 197.4
203.1 (3%)
NSA 78.3
106.6 (27%)
Asia 92.7
66.7 +39%
Total 368.3
376.5 (2%)
* Including Gemplus June 2005 revenue of $116 million
** All comparisons in this document are at historical
exchange rates, unless stated otherwise, and describe the
evolution of Gemalto second quarter 2006 reported revenue
relative to Gemalto comparable 2005 second quarter revenue
as defined above
Creation of gemalto
On June 2, 2006, Axalto and Gemplus announced a major
step of their combination project to create Gemalto. The
contribution in kind, by Texas Pacific Group and the Quandt
family entities, of their interests in Gemplus International
SA (in aggregate 43.4% of Gemplus share capital) to Axalto
Holdings NV was completed on the basis of 2 Axalto shares
for every 25 Gemplus shares. On the same day, Axalto
Holding NV, renamed Gemalto NV, filed a public exchange
tender offer for the remaining shares and warrant issued by
Gemplus. Prior to the contribution in kind, Gemplus had
completed a distribution of euro 0.26 per share to all of
its shareholders on the record upon market close of the
same day.
The public exchange tender offer initiated by Gemalto
for the shares and warrants issued by Gemplus was opened on
July 11, 2006, at the same exchange ratio of 2 Gemalto
shares for every 25 Gemplus shares. On July 6, 2006, the
offering document filed by Gemalto received the visa n¡ã
06-252 from the "Autorite des Marches Financiers"
(AMF) in Paris, the French stock market authority.
This tender offer will be opened until August 14, 2006.
The result of the Offer should be published at the latest on
August 25, 2006. On the basis of the indicative timetable,
it is envisaged that settlement will occur on August 30,
2006.
Gemplus securityholders are strongly advised to read
the offering circular relating to the exchange offer and
related exchange offer materials regarding the transaction
(see below), as well as any amendments and supplements to
those documents because they contain important information.
The exchange offer described herein is not made,
directly or indirectly, in or into Australia, Canada or
Japan or in or into any other jurisdiction in which such
offer would be unlawful prior to the registration or
qualification under the laws of such jurisdiction.
Accordingly, persons who come into possession of this
release should inform themselves of and observe these
restrictions.
Copies of the free English translation of the joint
French language offering document which has received visa
No. 06-252 of July 6, 2006 from the French Autorite des
marches financiers and of the documents incorporated by
reference thereto are available from the Internet websites
of Gemalto N.V. ( http://www.gemalto.com ) and of Gemplus
International S.A. ( http://www.gemplus.com ) as well as
free of charge upon request to the following: Gemalto N.V.:
Koningsgracht Gebouw 1, Joop Geesinkweg 541-542, 1096 AX
Amsterdam, the Netherlands; Gemplus International S.A.:
46A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of
Luxembourg; Mellon Investor Services LLC, U.S. Exchange
Agent: 480 Washington Boulevard, Attn: Information Agent
Group,AIM # 074-2800, Jersey City, New Jersey 07310, Call
Toll Free: 1-866-768-4951 - Call Collect: 1-201-680-6590.
A conference call will be organized today at 3:30 pm
Paris time (2:30 pm London time - 9:30 am New York time).
Dial-in numbers: + 44 (0)207 138 0819 from
United-Kingdom
+ 1 718 354 1361 from
United States
+ 33 (0)1 55 17 41 50 from
France
Access code: 2344918
Replays of the conference call will be available
approximately 2 hours after the conclusion of the live
conference call until August 10th, 2006 at: +44 (0) 207 806
1970, or +1 718 354 1112 or +33(0)1 71 23 02 48 (Access
code: 2344918#).
Note that this conference call will be in English.
Gemalto will publish its 2006 consolidated first half
results, September 13th, 2006.
About Gemalto
Gemalto (Euronext NL 0000400653 GTO) is a leader in
digital security with pro forma 2005 annual revenues of
$2.2 billion (euro 1.7 billion), operations in 120
countries and 11,000 employees including 1,500 R&D
engineers. The company's solutions make personal digital
interactions secure and easy in a world where everything of
value -- from money to identities -- is represented as
information communicated over networks.
Gemalto thrives on creating and deploying secure
platforms, portable and secure forms of software in highly
personal objects like smart cards, SIMs, e-passports,
readers and tokens. More than a billion people worldwide
use the company's products and services for
telecommunications, banking, e-government, identity
management, multimedia digital right management, IT
security and other applications. Gemalto was formed in
June 2006 by the combination of Axalto and Gemplus. For
more information please visit http://www.gemalto.com .
Annex
Gemalto second quarter pro forma revenue
(Gemplus full second quarter revenue + Axalto full
second quarter revenue,
less eliminations)
Second quarter
Gemalto 2006 2005
Change % of
pro forma
total
revenue
(USD million) (USD million)
% in
quarter
Mobile
Communication 326.0 358.8
(9%) 59%
Secure
Transactions 125.7 118.4
+6% 23%
ID & Security 66.2 47.0
+41% 12%
Public Telephony 18.6 21.1
(11%) 3%
Point-of-Sale
Terminals 13.8 17.7
(22%) 2%
Total 550.3 562.9
(2%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
Gemalto first half pro forma revenue
(Gemplus full first half revenue + Axalto full first
half revenue, less eliminations)
First Half
Gemalto 2006 2005
Change % of
pro forma
total
revenue
(USD million) (USD million)
% in
semester
Mobile
Communication 600.8 672.8
(11%) 58%
Secure
Transactions 236.3 213.9
+10% 23%
ID & Security 128.4 77.0
+67% 12%
Public Telephony 40.1 44.7
(10%) 4%
Point-of-Sale
Terminals 30.2 38.6
(22%) 3%
Total 1,035.9 1,047.0
(1%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
Axalto Second Quarter stand-alone
Second quarter
Axalto 2006 2005
Change % of
total
(US $ million) (US $ million)
% revenue
in
quarter
Mobile
Communications 137.0 160.4
(15%) 57%
Secure
Transactions 57.8 56.2
+3% 24%
ID & Security 27.9 16.0
+74% 12%
Public Telephony 4.9 10.5
(53%) 2%
Point-of-Sale
terminals 13.8 17.7
(22%) 6%
Total 241.4 260.9
(7%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
For more information, please contact:
Emmanuelle SABY
Corporate Media Relations
Mobile: +33-6-09-10-76-10
Email: emmanuelle.saby@gemalto.com
Remi CALVET
Corporate Communications
Moblie: +33-06-22-72-81-58
Email: remi.calvet@gemalto.com
Stephane BISSEUIL
Investor Relations
Tel: +33-1-55-01-50-97
Mobile: +33-6-86-08-64-13
Email: stephane.bisseuil@gemalto.com
Guillaume GRANIER
TBWA \ CORPORATE
Tel: +33-1-49-09-25-87
Mobile: +33-6-63-64-63-73
Email: guillaume.granier@tbwa-corporate.com
SOURCE Gemalto
2007'02.04.Sun
/C O R R E C T I O N -- Owens Corning/
July 27, 2006
In the news release, Owens Corning Files Plan of
Reorganization, issued July 11, by Owens Corning over PR
Newswire, we are advised by the company that the original
release did not include all references to property damage
claimants. Complete, corrected release follows:
Owens Corning Files Plan of Reorganization
Votes Not Received By September 1, 2006 Deadline Will
Not Be Counted
WILMINGTON, Del., July 11 /Xinhua-PRNewswire/ -- The
Sixth Amended Joint Plan to reorganize Owens Corning
("Plan") has been filed in the United States
Bankruptcy Court for the District of Delaware by Owens
Corning and its affiliated debtors listed herein
("Debtors"), the Official Committee of Asbestos
Claimants and the Legal Representative for Future
Claimants.
Persons or entities with personal injury, wrongful
death or property damage claims relating to exposure to
asbestos or asbestos-containing products manufactured,
distributed or sold by any of the Debtors may vote to
accept or reject the Plan. All votes must be received in
writing by September 1, 2006. Many claims against the
Debtors concern high temperature insulation products
manufactured by the Fibreboard Corporation or Owens
Corning. Product names include PLANT, PABCO, KAYLO, PRASCO
and AIRCELL.
A detailed document describing the Plan, called the
"Disclosure Statement," which was approved by the
Court on July 11, 2006, together with a copy of the Plan
itself and voting materials called a "Solicitation
Package," will be mailed to known holders of claims
against the Debtors or their lawyers.
The Plan provides for certain Trusts to be set up to
process and pay all eligible asbestos personal injury and,
with respect to certain Debtors, property damage claims.
Asbestos-related claimants can only assert their claims
against the Trusts and will be forever barred from
asserting their claims directly against any of the Debtors.
Individuals and entities with personal injury, wrongful
death or property damage claims relating to exposure to
asbestos or asbestos-containing products manufactured,
distributed or sold by any of the Debtors should review the
Plan and Disclosure Statement carefully for details about
how it may affect their rights.
The Court has issued an order describing exactly who
can vote on the Plan and how to vote. The Disclosure
Statement contains information that will help claimants
decide how to vote on the Plan if they so choose. Those
not voting may still see their legal rights affected. To
be counted, a ballot must be received by the Debtors'
Voting Agent by September 1, 2006. If a ballot is not
received by this date, it will not be counted.
Copies of the Disclosure Statement, Solicitation
Package, the notice of the hearing to consider confirmation
of the Plan and the procedures related to it, and other key
documents related to the Debtors' bankruptcy cases may be
obtained on the Debtors' bankruptcy web site (
http://www.ocplan.com ) or may be obtained by writing the
Debtors' Voting Agent at the address below.
Proof of an asbestos personal injury or wrongful death
claim does not need to be filed with the Bankruptcy Court
at this time. Lawyers for holders of these claims may vote
on the Plan on behalf of their clients if authorized by
their client.
A hearing to confirm the Plan (the "Confirmation
Hearing") will be held before the Honorable Judith K.
Fitzgerald, United States Bankruptcy Judge on September 18,
2006. Those voting may attend the hearing, but are not
required to do so. Those wishing to object to the Plan
must follow the procedures outlined in the Solicitation
Package. Objections to the Plan must be filed with the
Clerk of the Bankruptcy Court, United States Bankruptcy
Court for the District of Delaware, 824 Market Street, 3rd
floor, Wilmington, Delaware 19801, and received by
September 1, 2006.
Votes should be mailed to: Voting Agent at Owens
Corning c/o Omni Management Group, LLC, 16161 Ventura
Blvd., PMB 626, Encino, California 91436-2522 U. S. A.
Affiliated Debtors
Owens Corning, CDC Corporation, Engineered Yarns
America, Inc., Falcon Foam Corporation, Integrex,
Fibreboard Corporation, Exterior Systems, Inc., Integrex
Professional Services LLC, Integrex Supply Chain Solutions
LLC, Integrex Testing Systems LLC, Integrex Ventures LLC,
HOMExperts LLC, Jefferson Holdings, Inc., Owens-Corning
Fiberglas Technology, Inc., Owens Corning HT, Inc.,
Owens-Corning Overseas Holdings, Inc., Owens Corning
Remodeling Systems, LLC, and Soltech, Inc.
For more information, please contact:
Jason Saragian for Owens Corning
Tel: +1-419-248-8987
Web: http://www.ocplan.com
SOURCE Owens Corning
2007'02.04.Sun
10 Million Shares Returned to Xinhua China For Cancellation
July 27, 2006
BEIJING, July 27 /Xinhua-PRNewswire/ -- Xinhua China
Ltd. (the "Company") (OTC Bulletin Board: XHUA),
a US-traded holding company, announced today that 10
million of its common shares held by four of its largest
shareholders are being surrendered to the Company for
cancellation.
This decision by the shareholders was agreed to as of
July 10, 2006, following the reduction of the Company's
equity interest in Xinhua Publications Circulation &
Distribution Co., Ltd ("Xinhua C & D") from
56.14% to 7.96%, as previously announced in the news
release dated June 30, 2006.
As a result of the cancellation of these 10 million
shares, the total stock outstanding will be reduced from
approximately 62 million to 52 million.
The Company said it appreciated the move by these large
shareholders that recognizes its history, current position
and outlook. It furthers a capital structure more in
keeping with present conditions, it said. The shares were
originally issued in connection with the anticipated
majority ownership interest in Xinhua C & D being
completed, the Company reported.
About Xinhua China
Xinhua China Ltd. is a US domiciled company with book
related publishing and distribution interests in China.
Through its subsidiary, Beijing Joannes Information
Technology Co., Ltd., it is entering into the online
distribution businesses through existing and new strategic
partnerships with both domestic and foreign publishers,
authors, and distributors in China.
INVESTOR CONTACT:
MR. ALEX HELMEL
1 800 884 3864 (EXT. 17)
http://www.xinhuachina.com.cn
Safe Harbor Statement
This news release may include forward-looking
statements within the meaning of section 27a of the UNITED
STATES SECURITIES ACT of 1933, as amended, and section 21e
of the UNITED STATES SECURITIES and EXCHANGE ACT of 1934,
as amended, with respect to achieving corporate objectives,
developing additional project interests, Xinhua China's
analysis of opportunities in the acquisition and
development of various project interests and certain other
matters. These statements are made under the "safe
harbor" provisions of the United States private
securities litigation reform act of 1995 and involve risks
and uncertainties, which could cause actual results to
differ materially from those in the forward-looking
statements contained herein.
For more information, please contact:
Alex Helmel
Investor Relations
Xinhua China Ltd.
Tel: +1-604-681-3864 or +1-800-884-3864
Email: info@xinhuachina.com.cn
Woody Wallace or Michael Arneth
The Investor Relations Company
Tel: +1-312-245-2700
SOURCE Xinhua China Ltd.
2007'02.04.Sun
Asia's Largest Aviation Maintenance Event Focuses On Reducing Costs, Outsourcing, and Global Best Practices
July 27, 2006
MRO Asia 2006, September 19 - 21 in Xiamen, China
NEW YORK, July 27 /Xinhua-PRNewswire/ -- Aircraft
safety and management strategies for maintaining aircraft
in a growing Asian aviation market -- issues that affect
airlines, OEMs, suppliers, service providers and the
military -- will be the focus of discussions and displays
during AVIATION WEEK'S MRO Asia Conference &
Exhibition, September 19-21 in Xiamen, China.
MRO Asia is the largest conference and exhibition in
the region dedicated to the aircraft maintenance, repair
and overhaul (MRO) market, and brings together more than
1,000 global leaders in aviation maintenance from airlines
and the government/military sectors who serve the industry.
In addition to a sold out exhibition hall with more
than 60 companies displaying the latest services and
technologies, the conference will offer educational and
informative sessions with over 25 speakers addressing:
-- Outsourcing or In House - Chinese Airlines
Maintenance
-- Outsourcing - Influencing the Airlines Decision
-- Cargo Conversion
-- Lower Wages
-- Joint Ventures
"Within the next ten years the MRO industry in
Asia is expected to reach $12.2 billion, accounting for 24%
of the global market, but the challenge today for MRO
executives is create strategies to manage growth and reduce
cost while maintaining profitability and quality," said
Tom Henricks, President of AVIATION WEEK. "Industry
executives, their suppliers and customers attending this
year's MRO Asia Conference & Exhibition will find a
comprehensive one-stop business environment that will help
them manage the extraordinary challenges of today's rapidly
changing MRO marketplace, and help them plan for
tomorrow."
Additional information and online registration for MRO
Asia is available at http://www.aviationnow.com/conferences
or by calling +1 800 240 7645 (U.S. & Canada only) or +1
212 904 6344.
Airlines attending MRO Asia include: Air China, Air
China Cargo, Changan Airlines, China Cargo, China Eastern
Airlines, China Eastern Airlines Jiangsu Co., China Eastern
Airlines Northwest Co., China Eastern Airlines Wuhan Co.,
China Postal Airlines, China Southern Airlines, China
Southern Airlines Group Hainan Co., China Southern Airlines
Northern Co., China Southern Airlines Shantou Co., China
United Airlines, China Xinhua Airlines, Deer Jet, East Star
Airlines, Greatwall Airlines, Guangxi Airlines, Guizhou
Airlines, Hainan Airlines, JADE Cargo International, OK
Airlines, Rainbow Jet, Shandong Airlines, Shanghai
Airlines, Shanxi Airlines, Shenzhen Airlines, Sichuan
Airlines, Spring Airlines, United Eagle Airlines, Xiamen
Airlines, Yangtze River Express Airlines, Zhuhai Airlines.
MRO Asia is produced by Aviation Week Conferences &
Exhibitions in association with Civil Aviation
Administration of China - CAAC, China Aviation Supplies
Imp. & Exp. Group Corp. (CASGC), International,
Aviation Group (IAG), and Overhaul & Maintenance
magazine. Gold sponsors are Boeing Commercial Airplanes,
Pratt & Whitney, and United Services. Silver sponsors
are Goodrich, Honeywell, and Sargent/Avborne. Bronze
sponsors are Airbus and HEICO Corp. MRO Asia is supported
by Xiamen Aviation Industry Co. Ltd. (XAICO), Beijing
Kailan Aviation Technology Co. Ltd/IAG's MRO China.
Airline support is from Air China, JetBlue Airways and
Quantas Airways and Xiamen Airlines.
About AVIATION WEEK
AVIATION WEEK, a division of The McGraw-Hill Companies,
is the largest multimedia information and services provider
to the global aviation, aerospace and defense industries,
and includes the publications Aviation Week & Space
Technology, Defense Technology International, Business
& Commercial Aviation, Overhaul & Maintenance,
ShowNews, Aviation Daily, The Weekly of Business Aviation,
Aerospace Daily & Defense Report and the World
Aerospace Database. The group's web portal,
http://www.aviationweek.com , offers the industry's most
reliable news, information, intelligence and features, and
its Aviation Week Intelligence Network (AWIN) at
http://www.aviationweek.com/awin is the industry's most
integrated business tool for managers, business developers,
buyers and technical professionals across the entire
aviation and aerospace field. The group also produces 12
major conferences and exhibitions in the MRO, defense and
programs sectors. Information is available at
http://www.aviationweek.com/conferences .
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading
global information services provider meeting worldwide needs
in the financial services, education and business
information markets through leading brands such as Standard
& Poor's, McGraw-Hill Education, BusinessWeek and J.D.
Power and Associates. The corporation has more than 290
offices in 38 countries. Sales in 2005 were $6.0 billion.
Additional information is available at
http://www.mcgraw-hill.com .
For more information, please contact:
Media Contact:
Rob Kulat
Kulat Communications
Tel: +732-219-5816
Email: kucomm@hotmail.com
SOURCE AVIATION WEEK
2007'02.04.Sun
Darby and Hana Bank Close $610 Million Korea Emerging Infrastructure Fund
July 26, 2006
Initial Target Exceeded Due to Strong Investor Demand
WASHINGTON and SEOUL, Korea, July 26
/Xinhua-PRNewswire/ -- Emerging markets investment firm
Darby Overseas Investments, Ltd. ("Darby") and
one of Korea's leading financial institutions, Hana Bank
("Hana"), announced the closing of the jointly
managed Korea Emerging Infrastructure Fund (KEIF) at KRW
580 billion (USD $610 million). KEIF will make private
equity investments in, and extend mezzanine loans to,
private companies engaged in a broad range of activities in
the Korean infrastructure sector, including transportation,
environment, logistics, energy and utilities. KEIF will be
managed by Darby Hana Infrastructure Fund Management
Company, which is owned 70% and 30% by Darby and Hana,
respectively.
KEIF will combine Darby's expertise as a leading
private equity and mezzanine fund manager in emerging
markets with substantial infrastructure investment
experience and Hana's significant experience in developing
the project finance and infrastructure market as a leading
bank in South Korea. Mr. Richard H. Frank, Darby's Chief
Executive Officer, commented: "Korea is actively
promoting development of its private infrastructure sector
to help sustain long-term economic growth and productivity.
We see excellent opportunities for investment and our
partnership with Hana will allow KEIF's investors to
participate in these opportunities." Mr. Jong Yeul
Kim, Hana's President, added: "Infrastructure funds
have been rapidly replacing construction companies as the
major providers of equity and mezzanine capital to
infrastructure projects in Korea. Institutional investors
have decided to participate in KEIF to better cope with the
market change and, through the Fund, Hana and Darby will
actively pursue investment opportunities in the
infrastructure sector. We also appreciate the opportunity
with this Fund to combine our own broad experience in the
Korean financial markets with Darby's global expertise in
infrastructure investing."
Driven by strong demand from domestic investors
including pension funds, commercial banks and insurance
companies, the Fund exceeded its original goal of KRW 500
billion. Many of the foremost institutional investors in
Korea are participating in the Fund, including National
Pension Service of Korea, Government Employees Pension
Corporation of Korea, Korea Post, Korea Life Insurance,
National Agricultural Cooperative Federation, Dongbu
Insurance and Kumho Life Insurance.
Darby is a leading manager of private equity and
mezzanine funds for institutional investors in Asia, Latin
America, and Central and Eastern Europe. The firm is the
private equity arm of Franklin Resources, Inc. [NYSE: BEN],
a global investment management organization operating as
Franklin Templeton Investments. Franklin Templeton
Investments provides global and domestic investment
management solutions managed by its Franklin, Templeton,
Mutual Series, Fiduciary Trust, and Darby investment teams.
The San Mateo, California-based company has more than 50
years of investment experience and $490.1 billion in assets
under management as of June 30, 2006.
Hana Bank has been a leader in energy and environmental
services markets in Korea, and was the first among
commercial banks to attract foreign capital and to arrange
project financing for privately-owned combined heat and
power plants, water treatment facilities and other utility
facilities. Lately, Hana Bank has been active in providing
financial advisory and finance arranging services to LRT
(light rail transits) and BTL (build transfer and lease)
projects.
For more information, please contact:
For Darby:
Woonki Sung
Tel: +1-82-2-3774-0628
Nigel Adam
Tel: +1-617-451-2034
For Hana Bank:
Yyung Joong Kim
Tel: +1-82-2-3771-2355
SOURCE Darby Overseas Investments, Ltd.
2007'02.04.Sun
Shanghai Century Acquisition Corporation Announces Separation of the Company's Units
July 26, 2006
HONG KONG and MENLO PARK, Calif., July 26
/Xinhua-PRNewswire/ -- Shanghai Century Acquisition
Corporation ("the Company") (Amex: SHA.U) today
announced that it has been notified by I-Bankers Securities
Incorporated, the Co-managing underwriter and book runner
for its initial public offering, which was consummated on
April 28, 2006, that commencing on July 26, 2006 there will
be a voluntary separation of the Company's units. At the
open of the market, the holders of the Company's units may
separately trade the common stock and warrants included in
such units. The symbols for the common stock, warrants and
units are SHA, SHA.WS, and SHA.U, respectively.
Any statements contained in this press release that do
not describe historical facts may constitute
forward-looking statements as that term is defined by the
United States Private Securities Litigation Reform Act of
1995. Any such forward-looking statements contained herein
are based on current expectations, but are subject to a
number of risks and uncertainties that may cause actual
results to differ materially from expectations such as
material adverse events affecting the Company, the ability
of the Company to satisfy the conditions to completion of
the business combination and those other risks and
uncertainties detailed in the Company's filings with the
Securities and Exchange Commission.
About Shanghai Century Acquisition Corporation
Shanghai Century Acquisition Corporation is a company
with principal offices in Hong Kong. The Company was
formed for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business
combination, or control, through contractual arrangements,
an operating business having its primary operations in the
People's Republic of China.
For more information, please contact:
Patricia Block
Block Consulting
Tel: +1-650-344-6691
Email: pblock@blockconsulting.net
SOURCE Shanghai Century Acquisition Corporation
2007'02.04.Sun
Corning Announces Second-Quarter Results Company Meets EPS Guidance
July 26, 2006
CORNING, N.Y., July 26 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) on July 25, 2006 announced
second-quarter sales of $1.26 billion and net income of
$514 million, or $0.32 per share. These results include
net special gains of $93 million, or $0.06 per share.
Excluding these net special gains, Corning's
second-quarter net income would have been $421 million, or
$0.26 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.
Wendell P. Weeks, president and chief executive
officer, said, "We were pleased to meet our
earnings-per-share (EPS) guidance as we overcame the impact
of the second-quarter panel inventory correction on our
Display Technologies segment. The decline in Display
Technologies' quarterly performance was offset by strength
in our Telecommunications segment and lower operating
expenses."
Corning's second-quarter results included the following
special gains and charges:
-- A $61 million gain primarily to reflect the decrease
in the market
value of Corning common stock to be contributed to
settle the asbestos
litigation related to Pittsburgh Corning
Corporation.
-- A $10 million reduction in income tax expense
related to the release of
the valuation allowance on certain deferred tax
assets in Australia.
-- A gain of $33 million in equity earnings related to
Dow Corning
Corporation's settlement with the U.S. Internal
Revenue Service
regarding liabilities for tax years 1992 to 2003.
The settlement
resolves all federal tax issues related to Dow
Corning's implant
settlement.
-- An $11 million charge related to Corning's ongoing
debt-reduction
program.
Second-Quarter Operating Results
Corning's second-quarter sales of $1.26 billion were
even with first-quarter sales and increased 11 percent over
last year's second-quarter sales of $1.14 billion. As
expected, gross margin for the second quarter was 43
percent, a slight decline from the previous quarter's gross
margin of 45 percent.
Equity earnings for the second quarter were $256
million, including the $33 million tax gain from Dow
Corning. First-quarter equity earnings of $200 million
included a $21 million impairment charge for Samsung
Corning Company, Ltd. (Samsung Corning), a producer of
glass panels and funnels for cathode ray tubes. Excluding
the special items in both quarters, Corning's
second-quarter equity earnings were even with the first
quarter. Including the $33 million tax gain, our
second-quarter equity earnings in Dow Corning were $104
million.
Second-quarter sales for Corning's Display Technologies
segment were $461 million, an 11-percent increase over 2005
second-quarter sales of $415 million. Year-over-year liquid
crystal display (LCD) glass volume increased by 38 percent
in the second quarter, but this was largely offset by the
change in foreign exchange rates and price declines.
Sequentially, second-quarter sales declined 16 percent from
first-quarter sales of $547 million, primarily due to volume
declines of 14 percent and lower prices. As expected, price
declines were less than those in the first quarter.
Samsung Corning Precision Glass Co., Ltd.'s (SCP)
second-quarter volume increased 52 percent year-over-year
and 3 percent sequentially. Equity earnings from SCP were
$133 million in the second quarter, compared to $140
million in the previous quarter, which included about $7
million in nonrecurring gains.
Total LCD glass volume, including both Corning's wholly
owned business and SCP, declined 6 percent sequentially in
the second quarter. Net income for the Display
Technologies segment was $344 million, down 18 percent from
$417 million last quarter, but up 20 percent versus the
second quarter of 2005.
"The quarterly sales decline in Display
Technologies was disappointing, but as we have warned in
the past, supply-chain issues can occur in any given
quarter. Our LCD volume decline of 6 percent was
consistent with our May 22 guidance change," Weeks
said.
Second-quarter Telecommunications segment sales
increased 19 percent to $472 million versus $397 million in
the first quarter. The increase was driven by strong demand
from U.S. and European carriers for the company's fiber and
cable and hardware and equipment products.
Fiber-to-the-premises (FTTP) sales in the second quarter
increased significantly over the previous quarter's
performance.
In the company's Environmental Technologies segment,
sales of $152 million were slightly lower than sales of
$155 million in the first quarter. An increase in diesel
retrofit sales was offset by lower automotive sales,
especially in North America. Corning's Life Sciences
segment sales increased $3 million to $75 million in the
second quarter.
Cash Flow/Liquidity Update
Corning ended the second quarter with $2.48 billion in
cash and short-term investments, consistent with the
previous quarter. The company's debt level declined to $1.5
billion compared to $1.8 billion at the end of the first
quarter. James B. Flaws, vice chairman and chief financial
officer, said, "As we continue to focus on improving
the company's overall financial health, you can expect us
to opportunistically issue or refinance certain debt over
the remainder of the year." In the second quarter
Corning had positive free cash flow of $299 million and
remains on track to be free cash flow positive for the
year. Free cash flow is a non-GAAP financial measure.
Flaws also noted that Moody's Investor Service recently
raised Corning's overall debt rating to Baa2 with a stable
outlook.
Third-Quarter Outlook
Corning expects third-quarter sales to be in the range
of $1.26 billion to $1.33 billion, and EPS in the range of
$0.22 to $0.26 before special items. This EPS estimate is a
non-GAAP financial measure and excludes any special items.
Gross margin for the third quarter is expected to be in
the range of 41 percent to 43 percent. The third-quarter
tax rate is expected to be between 15 percent and 20
percent.
For its Display Technologies segment, Corning
anticipates that third-quarter sequential volume growth for
its wholly owned business will be in the range of 5 percent
to 15 percent as the supply-chain correction begins to ease
and the LCD industry gears up for the holiday buying season.
Samsung Corning Precision should also see sequential volume
increases in the range of 5 percent to 15 percent. Corning
expects third-quarter price declines in its wholly owned
business to be in line with the previous quarter.
"As we start the third quarter, we believe there
will be inventory adjustments by some panel manufacturers,
while others are beginning to increase production
levels," Flaws said. "However, the long-term LCD
market dynamics remain positive. We have not changed our
expectation that the overall glass market volume growth
will be between 40 percent and 50 percent in 2006. We
believe that LCD TV penetration will reach about 20 percent
of the global television market this year, nearly doubling
that of 2005."
Corning's Telecommunications segment third-quarter
sales are expected to be flat to down slightly.
Third-quarter sales in the company's Environmental
Technologies segment are also expected to be flat.
Excluding the impact of the $33 million second-quarter
tax gain at Dow Corning, third-quarter equity earnings are
expected to be down 5 to 10 percent, as stronger earnings
at Dow Corning may be offset by lower earnings at SCP and
nonrecurring charges at Samsung Corning.
Weeks said, "While our first-half 2006 performance
met our expectations, we need to be cautious about the
potential negative impact that economic conditions and
political tensions could have on consumer sentiment. The
LCD TV market is strongly weighted towards the fourth
quarter and we need a robust retail holiday season to
achieve our goals. The good news is that retail prices for
LCD TVs have declined substantially and that should
accelerate consumer demand."
Separately, the company also announced that it will be
meeting with Boston-area investors on Tuesday, August 1 and
will host a luncheon at 12:30 p.m. Investors interested in
attending the luncheon should contact Corning's investor
relations department at (607) 974-8764.
Second-Quarter Conference Call Information
The company will host a second-quarter conference call
at 8:30 a.m. EDT on Wednesday, July 26. To access the
call, dial (210) 234-0003. The password is QUARTER TWO.
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, August 9. To listen, dial (402) 220-9709.
No pass code is required. To listen to a live audio webcast
of the call, 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 in global economic and political
conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity;
competition; manufacturing efficiencies; cost reductions;
availability and costs of critical components and
materials; new product development and commercialization;
order activity and demand from major customers; 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; adequacy and availability of insurance;
capital spending; equity company activities; 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;
stock price fluctuations; and adverse litigation or
regulatory developments. Additional 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:
Corning China
Lydia Lu
Tel: +86-21-5467-4666 x1900
Email: lulr@corning.com
US Corning
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
2007'02.04.Sun
UserJoy Selects BigWorld Technology Suite
July 26, 2006
TAIPEI, Taiwan, July 26 /Xinhua-PRNewswire/ -- UserJoy
Technologies, the Taipei, Taiwan-based game studio behind
the successful Chinese MMORPG The Legend of Three Kingdoms
Online, The Twin Heroes Online, the newly-released Angel
Love Online, and the successful PC title Fantasia Sango,
today announced that they have selected the BigWorld
Technology Suite as their development platform for future
games.
Tse Wen, Chu, General Manager at UserJoy is excited
about the agreement. "It takes a lot of time, human
resources, and risk to engage in developing a
next-generation MMOG engine. After a detailed 3 month
evaluation, we decided to use the most professional engine
for online games; that is the BigWorld Technology Suite,
which has been particularly developed for MMOG." Chu
continued, "It saves us plenty of time, manpower, and
cost to use the BigWorld Technology Suite, allowing us more
time and people to concentrate on the essence of the game
and developing innovative gameplay. Meanwhile, the
integral support and training session provided by BigWorld
allows us to get into production and start the project
right away."
The BigWorld Technology Suite, which will be shown to
the industry this week at the ChinaJoy expo in Shanghai, is
an integrated set of tools, software and systems that
provides all of the underlying technology and content
development tools required to produce an MMOG. BigWorld
has licensed their technology for use a number of highly
anticipated games, making it the de facto standard MMOG
development platform.
John DeMargheriti, CEO of BigWorld, was similarly
excited, "It is an honour to be selected by UserJoy
Technologies as their MMOG platform. UserJoy have
consistently created highly-rated MMORPGs and we look
forward to working with their very talented staff and
seeing the exciting new games that they will produce on the
BigWorld platform."
BigWorld Technology Suite provides operators and
studios with a lower total cost of ownership through
several innovations. The BigWorld Server architecture
allows operators to run several games on a single server
cluster, dramatically reducing the cost of running the
game, while the enhanced Content Creation Pipeline reduces
the cost of building and filling out the complex worlds
required in next-generation games.
Michael Shih, President of UserJoy, also praised
BigWorld's strategy of constant technology development,
"MMOG technology evolves very fast and selecting
BigWorld Technology Suite allows us to stay at the
forefront of this very competitive market."
About the BigWorld Technology Suite
Comprised of the BigWorld Server Software, Content
Creation Pipeline, 3D Client Engine Package, Live
Management Tools & Instrumentation, BigWorld Technology
Suite is the only complete MMOG solution, providing all of
the difficult technology required to produce an engaging
next-generation MMOG.
About BigWorld Pty Ltd
BigWorld Pty Ltd was formed in 2002 to commercialise
years of intense R&D, which started in 1999 and
continues to this day. BigWorld Pty Ltd is a privately
held company based in Australia that licenses its BigWorld
Technology Suite middleware platform to game studios and
publishers around the world that are looking to produce
successful next generation Massively Multiplayer Online
Games.
BigWorld Website
http://www.bigworldtech.com
About UserJoy Technologies
UserJoy, a creative and customer-caring company,
develops PC and online games with enthusiasm. There are
almost 110 people in our R&D teams presently, working
on projects not only for Taiwan and China, but also Japan
and other international markets. Fantasia Sango (published
by Falcom Inc.) was a great hit in Japan and The Legend of
Three Kingdoms Online always keeps a good record in China,
with more than 90,000 concurrent users and still growing.
UserJoy Website
http://www.uj.com.tw
For more information, please contact:
Maretta Buckley
Marketing Assistant
BigWorld Pty Ltd
Tel: +61-2-6162-5120
Email: buckley@bigworldtech.com
Nicole Wang
Special Assistant to General Manager
UserJoy Technology Co.
Tel: +886-2-8226-9989
Email: wytnicole@uj.com.tw
SOURCE BigWorld Pty Ltd
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